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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
FigureFY 2021FY 2022FY 2023FY 2024FY 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)−$6.61M6,9−$53.3M7,10−$12.8M8,11−$7.82M8,11−$31.6M8,11
Total debt$5.38M12$3.02M12$11M13,14,15$28.5M13,14,15$74.8M16,17,18
Cash & equivalents$13.9M19$1.66M20$1.4M21$1.26M21$21.8M21
Diluted shares23.6M24.8M25.6M26.4M29.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
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 v0.6.0
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 →

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Sources — the receipts
  1. 20-F filed 2024-05-16 · periods ending 2021-12-31, 2022-12-31, 2023-12-31 · accession 0001213900-24-043843 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F filed 2026-05-15 · periods ending 2024-12-31, 2025-12-31 · accession 0001213900-26-056928 (Revenues)
  3. 20-F filed 2024-05-16 · period ending 2021-12-31 · accession 0001213900-24-043843 (NetIncomeLoss)
  4. 20-F filed 2025-05-15 · period ending 2022-12-31 · accession 0001213900-25-044226 (NetIncomeLoss)
  5. 20-F filed 2026-05-15 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001213900-26-056928 (NetIncomeLoss)
  6. 20-F filed 2024-05-16 · period ending 2021-12-31 · accession 0001213900-24-043843 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F filed 2025-05-15 · period ending 2022-12-31 · accession 0001213900-25-044226 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F filed 2026-05-15 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001213900-26-056928 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F filed 2024-05-16 · period ending 2021-12-31 · accession 0001213900-24-043843 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F filed 2025-05-15 · period ending 2022-12-31 · accession 0001213900-25-044226 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F filed 2026-05-15 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001213900-26-056928 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F/A filed 2023-12-22 · periods ending 2021-12-31, 2022-12-31 · accession 0001213900-23-098267 (LongTermDebt)
  13. 20-F filed 2025-05-15 · periods ending 2023-12-31, 2024-12-31 · accession 0001213900-25-044226 (LongTermDebtNoncurrent)
  14. 20-F filed 2025-05-15 · periods ending 2023-12-31, 2024-12-31 · accession 0001213900-25-044226 (LongTermDebtCurrent)
  15. 20-F filed 2025-05-15 · periods ending 2023-12-31, 2024-12-31 · accession 0001213900-25-044226 (ShortTermBorrowings)
  16. 20-F filed 2026-05-15 · period ending 2025-12-31 · accession 0001213900-26-056928 (LongTermDebtNoncurrent)
  17. 20-F filed 2026-05-15 · period ending 2025-12-31 · accession 0001213900-26-056928 (LongTermDebtCurrent)
  18. 20-F filed 2026-05-15 · period ending 2025-12-31 · accession 0001213900-26-056928 (ShortTermBorrowings)
  19. 20-F filed 2024-05-16 · period ending 2021-12-31 · accession 0001213900-24-043843 (CashAndCashEquivalentsAtCarryingValue)
  20. 20-F filed 2025-05-15 · period ending 2022-12-31 · accession 0001213900-25-044226 (CashAndCashEquivalentsAtCarryingValue)
  21. 20-F filed 2026-05-15 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001213900-26-056928 (CashAndCashEquivalentsAtCarryingValue)