MeritValue

reAlpha Tech Corp.

AIREdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

reAlpha Tech Corp. earns about -206% on invested capital, but has diluted owners by 89% over 3 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2023FY 2024FY 2025
Revenue$419,4121$948,4202$4.52M2
Net income−$5.45M3−$26M4−$17.6M4
Operating cash flow−$4.96M5−$6.04M6−$11.3M6
Capital expenditure—$12,5337$42,8967
Free cash flow (derived)—−$6.05M6−$11.3M6
Total debt———
Cash & equivalents$1.26M8$3.12M9$7.78M9
Diluted shares40.4M44.6M76.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$1.51
your share of equity
Profit it earned you last year
−$2.31
Free cash flow it threw off
−$1.48
Debt you’d be carrying
—

10 shares is a claim on $1.51 of net worth that earned you −$2.31 and generated −$1.48 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-206% avg · 3y
FY23 -36%FY24 —FY25 -375%

It earned an average -206% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+89% shares · 3y

Share count is up 89% over 3 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K/A · period ending 2023-04-30 · accession 0001213900-25-042783 (Revenues)
  2. 10-K · period ending 2024-12-31 · accession 0001213900-26-026653 (Revenues)
  3. 10-K/A · period ending 2023-04-30 · accession 0001213900-25-042783 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-026653 (NetIncomeLoss)
  5. 10-K/A · period ending 2023-04-30 · accession 0001213900-25-042783 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001213900-26-026653 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2024-12-31 · accession 0001213900-26-026653 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K/A · period ending 2023-04-30 · accession 0001213900-25-042783 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  9. 10-K · period ending 2024-12-31 · accession 0001213900-26-026653 (CashAndCashEquivalentsAtCarryingValue)