MeritValue

Hyperscale Data, Inc.

GPUSdata completeness 100%16 fiscal years on file
The thesis, from the filings

Hyperscale Data, Inc. earns about -52% on invested capital, but has diluted owners by 302263% 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$52.4M1$117.6M2$134.8M3$106.7M4$102.1M4
Net income−$23.3M5−$181.8M6−$231M7−$56.2M8−$66.4M8
Operating cash flow−$61.7M9$26.5M10−$5.43M11−$19.4M12−$62.5M12
Capital expenditure$152M13$99.3M14$14.7M15$4.83M16$24.5M16
Free cash flow (derived)−$213.7M9−$72.8M10−$20.2M11−$24.2M12−$87.1M12
Total debt—$157.1M17$54.5M17$96.7M18$83.1M19
Cash & equivalents$15.9M20$7.94M21$6.11M22$4.55M23$13.1M23
Diluted shares—30,000106,000903,00090.7M

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
$13.2
your share of equity
Profit it earned you last year
−$7.32
Free cash flow it threw off
−$9.6
Debt you’d be carrying
$9.16

10 shares is a claim on $13.2 of net worth that earned you −$7.32 and generated −$9.6 of cash last year, against $9.16 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-52% avg · 5y
FY21 -8%FY22 -34%FY23 -167%FY24 -32%FY25 -20%

It earned an average -52% 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
+302263% shares · 5y

Share count is up 302263% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 47% — 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/A · period ending 2021-12-31 · accession 0001214659-23-007664 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0001214659-24-016683 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001214659-25-005868 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001214659-26-004697 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K/A · period ending 2021-12-31 · accession 0001214659-23-007664 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001214659-24-016683 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001214659-25-005868 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001214659-26-004697 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-12-31 · accession 0001214659-23-007664 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001214659-24-016683 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001214659-25-005868 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001214659-26-004697 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2021-12-31 · accession 0001214659-23-007664 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-12-31 · accession 0001214659-24-016683 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001214659-25-005868 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001214659-26-004697 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K/A · period ending 2022-12-31 · accession 0001214659-24-016683 (LongTermDebtCurrent)
  18. 10-K · period ending 2024-12-31 · accession 0001214659-25-005868 (LongTermDebt)
  19. 10-K · period ending 2025-12-31 · accession 0001214659-26-004697 (LongTermDebt)
  20. 10-K/A · period ending 2021-12-31 · accession 0001214659-23-007664 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K/A · period ending 2022-12-31 · accession 0001214659-24-016683 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001214659-25-005868 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001214659-26-004697 (CashAndCashEquivalentsAtCarryingValue)