MeritValue

AIxCrypto Holdings, Inc.

AIXCdata completeness 63%12 fiscal years on file
The thesis, from the filings

AIxCrypto Holdings, Inc. earns about -405% on invested capital, and has bought back 18% of its shares over 5 years. 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$5.65M1$4.98M1———
Net income−$17.9M2−$18.6M3−$13.4M4−$6.26M5−$17M5
Operating cash flow−$14.7M6−$13.2M7−$10.3M8−$6.33M9−$6.95M9
Capital expenditure$134,47110$164,68410———
Free cash flow (derived)−$14.9M6−$13.4M7———
Total debt—$950,72211———
Cash & equivalents$9.17M12$7.04M13$401,80314$1.17M15$19.3M15
Diluted shares2.9M3.8M101,454361,5872.4M

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
$116.08
your share of equity
Profit it earned you last year
−$70.46
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $116.08 of net worth that earned you −$70.46 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-405% avg · 5y
FY21 -191%FY22 -959%FY23 —FY24 -323%FY25 -146%

It earned an average -405% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−18% shares · 5y

Share count is down 18% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

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 · period ending 2021-12-31 · accession 0001493152-23-015184 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2021-12-31 · accession 0001493152-23-015184 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001493152-24-013400 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001641172-25-017212 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001493152-26-013434 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001493152-23-015184 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001493152-24-013400 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001641172-25-017212 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001493152-26-013434 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001493152-23-015184 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001493152-23-015184 (ShortTermBorrowings)
  12. 10-K · period ending 2021-12-31 · accession 0001493152-24-013400 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  13. 10-K · period ending 2022-12-31 · accession 0001641172-25-017212 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2023-12-31 · accession 0001641172-25-017212 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001493152-26-013434 (CashAndCashEquivalentsAtCarryingValue)