KNOREX LTD.

KNRXdata completeness 75%3 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'cash'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'dividendsPaid'

The thesis, from the filings

KNOREX LTD. earns about -5249% on equity, but has diluted owners by 15% over 3 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

Figure	FY 2023	FY 2024	FY 2025
Revenue	$8.73M¹	$10.8M¹	$6.04M¹
Net income	−$7.96M²	−$5.88M²	−$11.5M²
Operating cash flow	−$5.51M³	−$5.35M³	−$10.4M³
Capital expenditure	—	—	—
Free cash flow (derived)	—	—	—
Total debt	—	$2.22M⁴	$4.17M⁴
Cash & equivalents	—	—	—
Diluted shares	24.4M	27.1M	28.2M

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

Net assets behind them

−$2.3

your share of equity

Profit it earned you last year

−$4.1

Free cash flow it threw off

—

Debt you’d be carrying

$1.48

10 shares is a claim on −$2.3 of net worth that earned you −$4.1 last year, against $1.48 of debt.

iii. Is this a good business?

Moat signal · return on equity

-5249% avg · 3y

FY23 -5249%FY24 —FY25 —

It earned an average -5249% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+15% shares · 3y

Share count is up 15% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 88% 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 v0.5.0

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

20-F · period ending 2023-12-31 · accession 0001493152-26-039058 (RevenueFromContractWithCustomerExcludingAssessedTax)
20-F · period ending 2023-12-31 · accession 0001493152-26-039058 (NetIncomeLoss)
20-F · period ending 2023-12-31 · accession 0001493152-26-039058 (NetCashProvidedByUsedInOperatingActivities)
20-F · period ending 2024-12-31 · accession 0001493152-26-039058 (ShortTermBorrowings)