Q/C TECHNOLOGIES, INC.

QCLSdata completeness 75%13 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

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.

i. The business — what you’d actually own

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
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).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$125.74

your share of equity

Profit it earned you last year

−$67.21

Free cash flow it threw off

−$62.52

Debt you’d be carrying

—

10 shares is a claim on $125.74 of net worth that earned you −$67.21 and generated −$62.52 of cash last year.

iii. Is this a good business?

Moat signal · return on invested capital

-91% avg · 5y

FY21 -102%FY22 -86%FY23 -33%FY24 -192%FY25 -44%

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 →

Management signal · capital allocation

−95% shares · 5y

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.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 1 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 1 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

10-K · period ending 2021-12-31 · accession 0001493152-23-010384 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001493152-24-012533 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001641172-25-003814 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001493152-26-016872 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001493152-23-010384 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001493152-24-012533 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001641172-25-003814 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001493152-26-016872 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2025-12-31 · accession 0001493152-26-016872 (PaymentsToAcquireProductiveAssets)
10-K · period ending 2021-12-31 · accession 0001493152-23-010384 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001493152-24-012533 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001641172-25-003814 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001493152-26-016872 (CashAndCashEquivalentsAtCarryingValue)