ATLAS CRITICAL MINERALS Corp

ATCXdata completeness 88%9 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

ATLAS CRITICAL MINERALS Corp earns about -673% on invested capital, and has bought back 48% 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

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	$667,131¹	$92,491¹
Net income	−$548,438²	−$657,375³	−$1.07M³	−$1.71M³	−$5.42M³
Operating cash flow	−$377,579⁴	−$534,073⁵	−$862,696⁶	−$846,948⁶	−$2.98M⁶
Capital expenditure	—	—	—	$133,424⁷	$133,424⁸
Free cash flow (derived)	—	—	—	−$980,372⁶	−$3.12M⁶
Total debt	—	—	—	—	—
Cash & equivalents	$849⁹	$25,438¹⁰	$92,813¹¹	$396,216¹¹	$30,220¹¹
Diluted shares	6.1M	8.1M	752,476	1.1M	3.2M

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

Net assets behind them

$2.51

your share of equity

Profit it earned you last year

−$16.92

Free cash flow it threw off

−$9.73

Debt you’d be carrying

—

10 shares is a claim on $2.51 of net worth that earned you −$16.92 and generated −$9.73 of cash last year.

iii. Is this a good business?

Moat signal · return on invested capital

-673% avg · 5y

FY21 -377%FY22 -1581%FY23 —FY24 -185%FY25 -548%

It earned an average -673% 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

−48% shares · 5y

Share count is down 48% 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

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

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

20-F · period ending 2024-12-31 · accession 0001493152-26-007592 (RevenueFromContractWithCustomerExcludingAssessedTax)
20-F · period ending 2021-12-31 · accession 0001493152-24-009676 (NetIncomeLoss)
20-F · period ending 2022-12-31 · accession 0001493152-26-007592 (NetIncomeLoss)
20-F · period ending 2021-12-31 · accession 0001493152-24-009676 (NetCashProvidedByUsedInOperatingActivities)
20-F · period ending 2022-12-31 · accession 0001493152-25-008689 (NetCashProvidedByUsedInOperatingActivities)
20-F · period ending 2023-12-31 · accession 0001493152-26-007592 (NetCashProvidedByUsedInOperatingActivities)
20-F · period ending 2024-12-31 · accession 0001493152-25-008689 (PaymentsToAcquirePropertyPlantAndEquipment)
20-F · period ending 2025-12-31 · accession 0001493152-26-007592 (PaymentsToAcquirePropertyPlantAndEquipment)
20-F · period ending 2021-12-31 · accession 0001493152-24-009676 (CashAndCashEquivalentsAtCarryingValue)
20-F · period ending 2022-12-31 · accession 0001493152-25-008689 (CashAndCashEquivalentsAtCarryingValue)
20-F · period ending 2023-12-31 · accession 0001493152-26-007592 (CashAndCashEquivalentsAtCarryingValue)