MeritValue

ORANGEKLOUD TECHNOLOGY INC.

ORKTdata completeness 100%2 fiscal years on file
The thesis, from the filings

ORANGEKLOUD TECHNOLOGY INC. earns about -86% on invested capital, but has diluted owners by 9% over 2 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 2025
Revenue$2.96M1$4.42M2
Net income−$6.33M3−$3.48M4
Operating cash flow−$7.26M5−$3.55M6
Capital expenditure$27,2767$292,0688
Free cash flow (derived)−$7.28M5−$3.84M6
Total debt$368,5999$191,82210
Cash & equivalents$5.98M11$2.32M12
Diluted shares5.4M5.8M

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
$11.34
your share of equity
Profit it earned you last year
−$5.95
Free cash flow it threw off
−$6.58
Debt you’d be carrying
$0.33

10 shares is a claim on $11.34 of net worth that earned you −$5.95 and generated −$6.58 of cash last year, against $0.33 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-86% avg · 2y
FY24 -113%FY25 -59%

It earned an average -86% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+9% shares · 2y

Share count is up 9% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 48% — 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
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
only 2 years of net income (need ≥3)
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. 20-F · period ending 2024-12-31 · accession 0001641172-25-008322 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2025-12-31 · accession 0001493152-26-019732 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2024-12-31 · accession 0001641172-25-008322 (NetIncomeLoss)
  4. 20-F · period ending 2025-12-31 · accession 0001493152-26-019732 (NetIncomeLoss)
  5. 20-F · period ending 2024-12-31 · accession 0001641172-25-008322 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2025-12-31 · accession 0001493152-26-019732 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2024-12-31 · accession 0001641172-25-008322 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2025-12-31 · accession 0001493152-26-019732 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2024-12-31 · accession 0001641172-25-008322 (LongTermDebt)
  10. 20-F · period ending 2025-12-31 · accession 0001493152-26-019732 (LongTermDebt)
  11. 20-F · period ending 2024-12-31 · accession 0001641172-25-008322 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2025-12-31 · accession 0001493152-26-019732 (CashAndCashEquivalentsAtCarryingValue)