DarkIris Inc.

DKIdata completeness 75%3 fiscal years on file

Data notes: no data for concept 'cash'; no data for concept 'totalDebt'

The thesis, from the filings

DarkIris Inc. earns about 9% on invested capital, but has diluted owners by 3% over 3 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 2023FY 2024FY 2025
Revenue$3.95M1$7.92M1$10.1M1
Net income−$1.26M2$1.1M2−$8.64M2
Operating cash flow−$1.33M3$53,6673−$457,9353
Capital expenditure$2,7664$12,1484$5,1254
Free cash flow (derived)−$1.33M3$41,5193−$463,0603
Total debt
Cash & equivalents
Diluted shares16.0M16.0M16.5M

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
$4.1
your share of equity
Profit it earned you last year
−$5.23
Free cash flow it threw off
−$0.28
Debt you’d be carrying

10 shares is a claim on $4.1 of net worth that earned you −$5.23 and generated −$0.28 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
9% avg · 3y
FY23 FY24 117%FY25 -100%

It earned an average 9% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+3% shares · 3y

Share count is up 3% over 3 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. 20-F · period ending 2023-09-30 · accession 0001493152-26-004488 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2023-09-30 · accession 0001493152-26-004488 (NetIncomeLoss)
  3. 20-F · period ending 2023-09-30 · accession 0001493152-26-004488 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F · period ending 2023-09-30 · accession 0001493152-26-004488 (PaymentsToAcquirePropertyPlantAndEquipment)