E-Power Inc.

EPOWdata completeness 100%8 fiscal years on file

The thesis, from the filings

E-Power Inc. earns about -83% on invested capital, but has diluted owners by 23% 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

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$7.41M¹	$38.1M¹	$45.1M¹	$65M²	$46.4M²
Net income	−$8.4M³	−$22.6M⁴	−$24.2M⁵	−$11.8M⁵	−$16.6M⁵
Operating cash flow	−$5.23M⁶	−$9.57M⁷	−$7.28M⁸	−$5.35M⁸	−$25.2M⁸
Capital expenditure	$1.37M⁹	$43.7M¹⁰	$5.47M¹¹	$2.46M¹¹	$6.39M¹¹
Free cash flow (derived)	−$6.61M⁶	−$53.3M⁷	−$12.8M⁸	−$7.82M⁸	−$31.6M⁸
Total debt	$5.38M¹²	$3.02M¹²	$11M¹³	$28.5M¹⁴	$74.8M¹⁴
Cash & equivalents	$13.9M¹⁵	$1.66M¹⁶	$1.4M¹⁷	$1.26M¹⁷	$21.8M¹⁷
Diluted shares	23.6M	24.8M	25.6M	26.4M	29.0M

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

Net assets behind them

−$4.17

your share of equity

Profit it earned you last year

−$5.73

Free cash flow it threw off

−$10.86

Debt you’d be carrying

$25.75

10 shares is a claim on −$4.17 of net worth that earned you −$5.73 and generated −$10.86 of cash last year, against $25.75 of debt.

iii. Is this a good business?

Moat signal · return on invested capital

-83% avg · 5y

FY21 -15%FY22 -59%FY23 -208%FY24 -83%FY25 -49%

It earned an average -83% 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

+23% shares · 5y

Share count is up 23% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 1290% over the same window.

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

20-F · period ending 2021-12-31 · accession 0001213900-24-043843 (RevenueFromContractWithCustomerIncludingAssessedTax)
20-F · period ending 2024-12-31 · accession 0001213900-26-056928 (Revenues)
20-F · period ending 2021-12-31 · accession 0001213900-24-043843 (NetIncomeLoss)
20-F · period ending 2022-12-31 · accession 0001213900-25-044226 (NetIncomeLoss)
20-F · period ending 2023-12-31 · accession 0001213900-26-056928 (NetIncomeLoss)
20-F · period ending 2021-12-31 · accession 0001213900-24-043843 (NetCashProvidedByUsedInOperatingActivities)
20-F · period ending 2022-12-31 · accession 0001213900-25-044226 (NetCashProvidedByUsedInOperatingActivities)
20-F · period ending 2023-12-31 · accession 0001213900-26-056928 (NetCashProvidedByUsedInOperatingActivities)
20-F · period ending 2021-12-31 · accession 0001213900-24-043843 (PaymentsToAcquirePropertyPlantAndEquipment)
20-F · period ending 2022-12-31 · accession 0001213900-25-044226 (PaymentsToAcquirePropertyPlantAndEquipment)
20-F · period ending 2023-12-31 · accession 0001213900-26-056928 (PaymentsToAcquirePropertyPlantAndEquipment)
20-F/A · period ending 2021-12-31 · accession 0001213900-23-098267 (LongTermDebt)
20-F · period ending 2023-12-31 · accession 0001213900-25-044226 (LongTermDebtNoncurrent)
20-F · period ending 2024-12-31 · accession 0001213900-26-056928 (LongTermDebtNoncurrent)
20-F · period ending 2021-12-31 · accession 0001213900-24-043843 (CashAndCashEquivalentsAtCarryingValue)
20-F · period ending 2022-12-31 · accession 0001213900-25-044226 (CashAndCashEquivalentsAtCarryingValue)
20-F · period ending 2023-12-31 · accession 0001213900-26-056928 (CashAndCashEquivalentsAtCarryingValue)