MeritValue

GAXOS.AI INC.

GXAIdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

GAXOS.AI INC. earns about -93% on equity, but has diluted owners by 717% over 4 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 2022FY 2023FY 2024FY 2025
Revenue—$2561$4,0272$1.93M2
Net income−$1.42M3−$3.95M4−$3.42M5−$3.9M5
Operating cash flow−$1.26M6−$2.98M7−$3.28M8−$3.85M8
Capital expenditure————
Free cash flow (derived)————
Total debt————
Cash & equivalents$679,7819$1.02M9$14.4M10$840,49911
Diluted shares868,154987,9381.8M7.1M

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
$18.51
your share of equity
Profit it earned you last year
−$5.5
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $18.51 of net worth that earned you −$5.5 last year.

iii. Is this a good business?
Moat signal · return on equity
-93% avg · 4y
FY22 -207%FY23 -115%FY24 -21%FY25 -30%

It earned an average -93% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+717% shares · 4y

Share count is up 717% over 4 years — owners have been diluted. Worth asking what they got for it.

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 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 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 2023-12-31 · accession 0001013762-25-004271 (Revenues)
  2. 10-K · period ending 2024-12-31 · accession 0001213900-26-029223 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2022-12-31 · accession 0001213900-24-026681 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001013762-25-004271 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001213900-26-029223 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-026681 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001013762-25-004271 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-029223 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001213900-24-026681 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K · period ending 2024-12-31 · accession 0001213900-26-029223 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  11. 10-K · period ending 2025-12-31 · accession 0001213900-26-029223 (CashAndCashEquivalentsAtCarryingValue)