Q/C TECHNOLOGIES, INC. earns about -91% on invested capital, and has bought back 95% of its shares over 5 years. 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.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Net income | −$29.9M1 | −$15.2M2 | −$4M3 | −$23.4M4 | −$11.6M4 |
| Operating cash flow | −$19.5M5 | −$12.3M6 | −$13M7 | −$8.98M8 | −$9.07M8 |
| Capital expenditure | — | — | — | — | $1.75M9 |
| Free cash flow (derived) | — | — | — | — | −$10.8M8,9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $555,96710 | $749,09011 | $2.68M12 | $173,15413 | $986,99613 |
| Diluted shares | 35.0M | 1.3M | 1.5M | 25,129 | 1.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $125.74 of net worth that earned you −$67.21 and generated −$62.52 of cash last year.
It earned an average -91% on invested capital over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is down 95% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 10-K filed 2023-03-31 · period ending 2021-12-31 · accession 0001493152-23-010384 (NetIncomeLoss)
- 10-K filed 2024-04-01 · period ending 2022-12-31 · accession 0001493152-24-012533 (NetIncomeLoss)
- 10-K filed 2025-04-11 · period ending 2023-12-31 · accession 0001641172-25-003814 (NetIncomeLoss)
- 10-K filed 2026-04-15 · periods ending 2024-12-31, 2025-12-31 · accession 0001493152-26-016872 (NetIncomeLoss)
- 10-K filed 2023-03-31 · period ending 2021-12-31 · accession 0001493152-23-010384 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2024-04-01 · period ending 2022-12-31 · accession 0001493152-24-012533 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-04-11 · period ending 2023-12-31 · accession 0001641172-25-003814 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-04-15 · periods ending 2024-12-31, 2025-12-31 · accession 0001493152-26-016872 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-04-15 · period ending 2025-12-31 · accession 0001493152-26-016872 (PaymentsToAcquireProductiveAssets)
- 10-K filed 2023-03-31 · period ending 2021-12-31 · accession 0001493152-23-010384 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2024-04-01 · period ending 2022-12-31 · accession 0001493152-24-012533 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2025-04-11 · period ending 2023-12-31 · accession 0001641172-25-003814 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2026-04-15 · periods ending 2024-12-31, 2025-12-31 · accession 0001493152-26-016872 (CashAndCashEquivalentsAtCarryingValue)