MeritValue

Atlas Lithium Corp

ATLXdata completeness 88%14 fiscal years on file
The thesis, from the filings

Atlas Lithium Corp earns about -367% on invested capital, but has diluted owners by 394% over 5 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$10,2321$6,7652—$748,6543$121,3883
Net income−$2.77M4−$4.93M5−$40.8M6−$42.2M7−$28.1M7
Operating cash flow−$1.1M8−$3.16M9−$5.96M10−$18.8M11−$22.2M11
Capital expenditure$6,85612$1.02M13$7.94M14$22.4M15$6.09M15
Free cash flow (derived)−$1.11M8−$4.18M9−$13.9M10−$41.2M11−$28.3M11
Total debt$016————
Cash & equivalents$22,77617$280,35818$29.5M19$15.5M20$35.9M20
Diluted shares3.7M4.6M9.3M14.5M18.2M

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
$28.49
your share of equity
Profit it earned you last year
−$15.42
Free cash flow it threw off
−$15.5
Debt you’d be carrying
—

10 shares is a claim on $28.49 of net worth that earned you −$15.42 and generated −$15.5 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-367% avg · 5y
FY21 —FY22 -345%FY23 —FY24 -602%FY25 -154%

It earned an average -367% 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
+394% shares · 5y

Share count is up 394% over 5 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
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
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-009846 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-011539 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001493152-26-008854 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001493152-23-009846 (NetIncomeLoss)
  5. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-044298 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001493152-25-010384 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001493152-26-008854 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001493152-23-009846 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-044298 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001493152-25-010384 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001493152-26-008854 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001493152-23-009846 (PaymentsForCapitalImprovements)
  13. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-044298 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001493152-25-010384 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001493152-26-008854 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K/A · period ending 2021-12-31 · accession 0001493152-22-008045 (LongTermDebt)
  17. 10-K/A · period ending 2021-12-31 · accession 0001493152-24-044298 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-044298 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001493152-25-010384 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001493152-26-008854 (CashAndCashEquivalentsAtCarryingValue)