MeritValue

Independence Power Holdings, Inc.

ITXPdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Independence Power Holdings, Inc. earns about -300% on invested capital, but has diluted owners by 5801% 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 2024FY 2024FY 2025FY 2025
Revenue$8,0001$02$22,1271$97.2M2
Net income−$21,3823−$2.76M4−$25,3233$68.9M5
Operating cash flow$27,9716−$2.72M7−$32,0986−$337,2677
Capital expenditure$5768—$08—
Free cash flow (derived)$27,3956—−$32,0986—
Total debt————
Cash & equivalents$27,7759$67,60710$27,9279$1.58M10
Diluted shares3.8M224.0M4.6M224.2M

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
$3.28
your share of equity
Profit it earned you last year
$3.07
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $3.28 of net worth that earned you $3.07 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-300% avg · 4y
FY24 —FY24 -696%FY25 —FY25 97%

It earned an average -300% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+5801% shares · 4y

Share count is up 5801% 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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$1.51
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2024-07-31 · accession 0001477932-25-007056 (Revenues)
  2. 10-K · period ending 2024-12-31 · accession 0001477932-26-001878 (Revenues)
  3. 10-K · period ending 2024-07-31 · accession 0001477932-25-007056 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001477932-26-001878 (NetIncomeLoss)
  5. 10-K · period ending 2025-12-31 · accession 0001477932-26-001878 (ProfitLoss)
  6. 10-K · period ending 2024-07-31 · accession 0001477932-25-007056 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2024-12-31 · accession 0001477932-26-001878 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-07-31 · accession 0001477932-25-007056 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2024-07-31 · accession 0001477932-25-007056 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  10. 10-K · period ending 2024-12-31 · accession 0001477932-26-001878 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)