MeritValue

Core AI Holdings, Inc.

CHAIdata completeness 75%8 fiscal years on file
The thesis, from the filings

Core AI Holdings, Inc. earns about 587% on invested capital, but has diluted owners by 278% 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$7.55M1$6.48M2$8.23M2$34.9M3$55.2M3
Net income−$23.6M4−$15.3M5−$12.9M5−$372,3206−$31.6M6
Operating cash flow−$12.6M7−$13.9M8−$8.34M8−$52,9059−$6.65M9
Capital expenditure$224,51310$14,22011$3,73711$18,37811—
Free cash flow (derived)−$12.8M7−$13.9M8−$8.35M8−$71,2839—
Total debt$27,00012—$89,29813$2.08M13—
Cash & equivalents$1.62M14$1.91M14$898,77114$5.56M15$1.93M15
Diluted shares5.3M44.9M570,462787,73319.9M

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
$1.56
your share of equity
Profit it earned you last year
−$15.86
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $1.56 of net worth that earned you −$15.86 last year.

iii. Is this a good business?
Moat signal · return on invested capital
587% avg · 5y
FY21 2088%FY22 165%FY23 580%FY24 —FY25 -484%

It earned an average 587% 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
+278% shares · 5y

Share count is up 278% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 7594% over the same window.

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. 20-F · period ending 2021-12-31 · accession 0001213900-24-031251 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001641172-25-005573 (Revenue)
  3. 20-F · period ending 2024-12-31 · accession 0001493152-26-023908 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-031251 (ProfitLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001641172-25-005573 (ProfitLoss)
  6. 20-F · period ending 2024-12-31 · accession 0001493152-26-023908 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-031251 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001641172-25-005573 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2024-12-31 · accession 0001493152-26-023908 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001213900-24-031251 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001641172-25-005573 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F/A · period ending 2021-12-31 · accession 0001213900-23-041221 (Borrowings)
  13. 20-F · period ending 2023-12-31 · accession 0001641172-25-005573 (Borrowings)
  14. 20-F · period ending 2021-12-31 · accession 0001641172-25-005573 (CashAndCashEquivalents)
  15. 20-F · period ending 2024-12-31 · accession 0001493152-26-023908 (CashAndCashEquivalentsAtCarryingValue)