MeritValue

ChronoScale Holdings Corp

CHRNdata completeness 88%15 fiscal years on file
The thesis, from the filings

ChronoScale Holdings Corp earns about -343% on invested capital, and has bought back 80% 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$11.2M1$12.9M2$18.3M3$17.9M4$12.8M4
Net income−$9.76M5−$15.1M6−$15.2M7−$11.3M8−$11.7M8
Operating cash flow−$11.2M9−$14.7M10−$12.1M11−$9.85M12−$11.8M12
Capital expenditure$59,00013$194,00014$157,00015$37,00016$188,00016
Free cash flow (derived)−$11.2M9−$14.9M10−$12.2M11−$9.88M12−$12M12
Total debt$3.99M17————
Cash & equivalents$40.4M18$20.5M19$8.64M20$4.49M21$1.17M21
Diluted shares12.3M13.0M13.9M20.2M2.4M

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
$37.21
your share of equity
Profit it earned you last year
−$48.21
Free cash flow it threw off
−$49.42
Debt you’d be carrying
—

10 shares is a claim on $37.21 of net worth that earned you −$48.21 and generated −$49.42 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-343% avg · 5y
FY21 -954%FY22 -240%FY23 -297%FY24 -109%FY25 -118%

It earned an average -343% 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
−80% shares · 5y

Share count is down 80% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

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 0001549084-23-000011 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-006423 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-005913 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-005086 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001549084-23-000011 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-006423 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-005913 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-005086 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001549084-23-000011 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-006423 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-005913 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-005086 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001549084-23-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-006423 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-005913 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-005086 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001549084-22-000006 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001549084-22-000006 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001437749-24-006423 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001437749-25-005913 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001437749-26-005086 (CashAndCashEquivalentsAtCarryingValue)