MeritValue

AVAX ONE TECHNOLOGY LTD.

AVXdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

AVAX ONE TECHNOLOGY LTD. earns about -528% on invested capital, but has diluted owners by 49% 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——$16,2811$26,5722$2.34M2
Net income−$6.64M3−$12.9M4−$11.7M5−$16.3M6−$33.2M6
Operating cash flow−$5.14M7−$12.1M8−$6.51M9−$5.27M10−$14.4M10
Capital expenditure—————
Free cash flow (derived)—————
Total debt—$11.1M11$11.5M12$1.49M13—
Cash & equivalents$7.78M14$2.27M14$3.88M15$489,86816$22.1M16
Diluted shares11.2M361,60711,60591,04916.6M

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
$112.32
your share of equity
Profit it earned you last year
−$19.94
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $112.32 of net worth that earned you −$19.94 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-528% avg · 5y
FY21 -2334%FY22 -53%FY23 -57%FY24 -181%FY25 -16%

It earned an average -528% 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
+49% shares · 5y

Share count is up 49% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 87% — deleveraging.

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 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 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 2023-12-31 · accession 0001641172-25-002955 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001493152-26-014138 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0001493152-23-007486 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001493152-24-012418 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001641172-25-002955 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-014138 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001493152-23-007486 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001493152-24-012418 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001641172-25-002955 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001493152-26-014138 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2022-12-31 · accession 0001493152-23-007486 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0001493152-24-012418 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0001641172-25-002955 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0001493152-23-007486 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-002955 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-014138 (CashAndCashEquivalentsAtCarryingValue)