MeritValue

Digital Currency X Technology Inc.

DCXdata completeness 63%5 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'

The thesis, from the filings

Digital Currency X Technology Inc. earns about -23% on equity, and has bought back 98% 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$22.3M1$15M2$9.48M2$6.92M2—
Net income−$29.9M3−$77.3M4−$98.5M5−$69M5−$30.1M5
Operating cash flow−$22.4M6$22.4M7−$40M8−$25.5M8−$54.6M8
Capital expenditure$951,0009$11.8M10$5.34M10$1.09M10—
Free cash flow (derived)−$23.3M6$10.5M7−$45.4M8−$26.6M8—
Total debt—$100.7M11$97.8M12$95.2M12—
Cash & equivalents$43.1M13$37.9M14$10.7M15$1.68M16$3.94M16
Diluted shares152.1M5.1M4,4014,5112.3M

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
$645.79
your share of equity
Profit it earned you last year
−$128.65
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $645.79 of net worth that earned you −$128.65 last year.

iii. Is this a good business?
Moat signal · return on equity
-23% avg · 5y
FY21 -27%FY22 —FY23 —FY24 —FY25 -20%

It earned an average -23% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−98% shares · 5y

Share count is down 98% 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. 20-F · period ending 2021-12-31 · accession 0001493152-24-017246 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001641172-25-010954 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2021-12-31 · accession 0001493152-24-017246 (NetIncomeLoss)
  4. 20-F · period ending 2022-12-31 · accession 0001641172-25-010954 (NetIncomeLoss)
  5. 20-F · period ending 2023-12-31 · accession 0001493152-26-020595 (NetIncomeLoss)
  6. 20-F · period ending 2021-12-31 · accession 0001493152-24-017246 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-12-31 · accession 0001641172-25-010954 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2023-12-31 · accession 0001493152-26-020595 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2021-12-31 · accession 0001493152-24-017246 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F · period ending 2022-12-31 · accession 0001641172-25-010954 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001493152-24-017246 (LongTermDebtCurrent)
  12. 20-F · period ending 2023-12-31 · accession 0001641172-25-010954 (LongTermDebtCurrent)
  13. 20-F · period ending 2021-12-31 · accession 0001641172-25-010954 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 20-F · period ending 2022-12-31 · accession 0001493152-24-017246 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2023-12-31 · accession 0001641172-25-010954 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2024-12-31 · accession 0001493152-26-020595 (CashAndCashEquivalentsAtCarryingValue)