MeritValue

Alpha Compute Corp

ALPdata completeness 63%10 fiscal years on file

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

The thesis, from the filings

Alpha Compute Corp earns about -57% on invested capital, and has bought back 90% 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—————
Net income−$15.8M1−$16.9M2−$104.6M3−$75.3M3−$6.77M3
Operating cash flow−$4.28M4−$6.76M5−$12.1M6−$14.3M6−$5.46M6
Capital expenditure——$3,0007——
Free cash flow (derived)——−$12.1M6——
Total debt—————
Cash & equivalents$2.77M8$23.4M9$10.5M9$5.03M9$1.67M9
Diluted shares11.7M13.1M806,00019.8M1.2M

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
−$1.04
your share of equity
Profit it earned you last year
−$57.2
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$1.04 of net worth that earned you −$57.2 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-57% avg · 5y
FY21 -12%FY22 -12%FY23 -148%FY24 —FY25 —

It earned an average -57% 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
−90% shares · 5y

Share count is down 90% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 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. 20-F · period ending 2021-03-31 · accession 0001171843-23-004814 (ProfitLossAttributableToOwnersOfParent)
  2. 20-F · period ending 2022-03-31 · accession 0001171843-24-004800 (ProfitLossAttributableToOwnersOfParent)
  3. 20-F · period ending 2023-03-31 · accession 0001171843-25-004718 (ProfitLossAttributableToOwnersOfParent)
  4. 20-F · period ending 2021-03-31 · accession 0001171843-23-004814 (CashFlowsFromUsedInOperatingActivities)
  5. 20-F · period ending 2022-03-31 · accession 0001171843-24-004800 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F · period ending 2023-03-31 · accession 0001171843-25-004718 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F · period ending 2023-03-31 · accession 0001171843-25-004718 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  8. 20-F · period ending 2021-03-31 · accession 0001171843-24-004800 (CashAndCashEquivalents)
  9. 20-F · period ending 2022-03-31 · accession 0001171843-25-004718 (CashAndCashEquivalents)