MeritValue

MicroCloud Hologram Inc.

HOLOdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

MicroCloud Hologram Inc. earns about -116% on invested capital, with a roughly flat share count. 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$56.3M1$72.5M1$28.9M2$40.8M3$56.5M4
Net income$12.8M5−$20.3M6−$11.6M7−$9.02M7−$7.02M7
Operating cash flow$16.2M8−$20M8−$3.94M9−$13.8M10$7.89M11
Capital expenditure$21,29212$270,75612$109,92613$1,67514$13,98515
Free cash flow (derived)$16.1M8−$20.3M8−$4.05M9−$13.8M10$7.88M11
Total debt—————
Cash & equivalents$7.53M16$21.9M16$17.8M17$118.5M18$262.3M19
Diluted shares13.2M100,3586,552319,50313.2M

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
$290.53
your share of equity
Profit it earned you last year
−$5.33
Free cash flow it threw off
$5.98
Debt you’d be carrying
—

10 shares is a claim on $290.53 of net worth that earned you −$5.33 and generated $5.98 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-116% avg · 5y
FY21 126%FY22 -244%FY23 -452%FY24 -7%FY25 -5%

It earned an average -116% 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
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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 · period ending 2021-12-31 · accession 0001829126-23-002018 (Revenues)
  2. 20-F · period ending 2023-12-31 · accession 0001829126-24-002145 (Revenues)
  3. 20-F · period ending 2024-12-31 · accession 0001829126-25-001963 (Revenues)
  4. 20-F · period ending 2025-12-31 · accession 0001829126-26-002773 (Revenues)
  5. 20-F · period ending 2021-12-31 · accession 0001829126-24-002145 (NetIncomeLoss)
  6. 20-F · period ending 2022-12-31 · accession 0001829126-25-001963 (NetIncomeLoss)
  7. 20-F · period ending 2023-12-31 · accession 0001829126-26-002773 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001829126-23-002018 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001829126-24-002145 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2024-12-31 · accession 0001829126-25-001963 (NetCashProvidedByUsedInOperatingActivities)
  11. 20-F · period ending 2025-12-31 · accession 0001829126-26-002773 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001829126-23-002018 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2023-12-31 · accession 0001829126-24-002145 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 20-F · period ending 2024-12-31 · accession 0001829126-25-001963 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 20-F · period ending 2025-12-31 · accession 0001829126-26-002773 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001829126-23-002018 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2023-12-31 · accession 0001829126-24-002145 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2024-12-31 · accession 0001829126-25-001963 (CashAndCashEquivalentsAtCarryingValue)
  19. 20-F · period ending 2025-12-31 · accession 0001829126-26-002773 (CashAndCashEquivalentsAtCarryingValue)