MeritValue

Edgemode, Inc.

EDGMdata completeness 88%12 fiscal years on file
The thesis, from the filings

Edgemode, Inc. earns about -167% on equity, but has diluted owners by 745% 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$1.57M1$438,0422$03$04$04
Net income−$3.56M5−$32.2M6−$3.01M7−$1.59M8−$24.6M8
Operating cash flow−$3.13M9−$2.17M10$42,23711$17,68012−$825,71312
Capital expenditure———$013$47,91613
Free cash flow (derived)———$17,68012−$873,62912
Total debt—$1.18M14$1.18M15——
Cash & equivalents$23,94216$7017$29818$10318$248,36718
Diluted shares230.5M377.6M390.6M390.7M1.95B

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
−$0.1
your share of equity
Profit it earned you last year
−$0.13
Free cash flow it threw off
−$0
Debt you’d be carrying
—

10 shares is a claim on −$0.1 of net worth that earned you −$0.13 and generated −$0 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-167% avg · 5y
FY21 -167%FY22 —FY23 —FY24 —FY25 —

It earned an average -167% 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
+745% shares · 5y

Share count is up 745% over 5 years — owners have been diluted. Worth asking what they got for it. 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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
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 0001683168-23-002430 (Revenues)
  2. 10-K/A · period ending 2022-12-31 · accession 0001683168-25-001176 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001683168-25-003051 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001683168-26-002865 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001683168-23-002430 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001683168-25-001176 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001683168-25-003051 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001683168-26-002865 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001683168-23-002430 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001683168-25-001176 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001683168-25-003051 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001683168-26-002865 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2024-12-31 · accession 0001683168-26-002865 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001683168-23-002430 (LongTermDebt)
  15. 10-K/A · period ending 2023-12-31 · accession 0001683168-25-001176 (LongTermDebt)
  16. 10-K/A · period ending 2021-12-31 · accession 0001683168-25-001176 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K · period ending 2022-12-31 · accession 0001683168-25-003051 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2023-12-31 · accession 0001683168-26-002865 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)