MeritValue

DarkPulse, Inc.

DPLSdata completeness 100%30 fiscal years on file
The thesis, from the filings

DarkPulse, Inc. earns about -41% 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$7.78M1$9.1M2$2.02M3$126,8364$308,4924
Net income−$4.69M5−$35.3M6−$20.8M7−$3.88M8−$2.97M8
Operating cash flow−$11.4M9−$21.7M10−$5.65M11−$1.51M12−$66,48312
Capital expenditure$754,96113$2.07M14$102,35015$33,16216$016
Free cash flow (derived)−$12.1M9−$23.8M10−$5.76M11−$1.55M12−$66,48312
Total debt$1.17M17$1.09M18$1.1M19$1.04M20$614,75620
Cash & equivalents$3.66M21$2.06M22$11,91223$86,53124$62,78624
Diluted shares4.78B5.71B7.41B8.21B72.0M

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
−$2.71
your share of equity
Profit it earned you last year
−$0.41
Free cash flow it threw off
−$0.01
Debt you’d be carrying
$0.09

10 shares is a claim on −$2.71 of net worth that earned you −$0.41 and generated −$0.01 of cash last year, against $0.09 of debt.

iii. Is this a good business?
Moat signal · return on equity
-41% avg · 5y
FY21 -41%FY22 —FY23 —FY24 —FY25 —

It earned an average -41% 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 fallen 48% — 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
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 0001683168-23-004387 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001683168-24-004848 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001683168-25-002535 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K/A · period ending 2024-12-31 · accession 0001683168-26-003484 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001683168-23-004387 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001683168-24-004848 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001683168-25-002535 (NetIncomeLoss)
  8. 10-K/A · period ending 2024-12-31 · accession 0001683168-26-003484 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001683168-23-004387 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001683168-24-004848 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001683168-25-002535 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K/A · period ending 2024-12-31 · accession 0001683168-26-003484 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001683168-23-004387 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001683168-24-004848 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001683168-25-002535 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K/A · period ending 2024-12-31 · accession 0001683168-26-003484 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001683168-22-002722 (LongTermDebt)
  18. 10-K · period ending 2022-12-31 · accession 0001683168-24-004848 (LongTermDebt)
  19. 10-K · period ending 2023-12-31 · accession 0001683168-25-002535 (LongTermDebt)
  20. 10-K/A · period ending 2024-12-31 · accession 0001683168-26-003484 (LongTermDebt)
  21. 10-K · period ending 2021-12-31 · accession 0001683168-24-004848 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  22. 10-K · period ending 2022-12-31 · accession 0001683168-24-004848 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001683168-25-002535 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K/A · period ending 2024-12-31 · accession 0001683168-26-003484 (CashAndCashEquivalentsAtCarryingValue)