MeritValue

QTREX Quantum Ltd.

QTEXdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

QTREX Quantum Ltd. earns about -241% on equity, but has diluted owners by 458% over 5 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue——$01$01$289,0001
Net income−$17.2M2−$15M3−$11.3M4−$11.1M4−$13.2M4
Operating cash flow−$6.69M5−$9.21M6−$9.69M7−$9.37M7−$9.86M7
Capital expenditure$182,0008$263,0009$206,00010$164,00010$103,00010
Free cash flow (derived)−$6.87M5−$9.47M6−$9.9M7−$9.54M7−$9.96M7
Total debt—————
Cash & equivalents$23.9M11$6.78M12$5.04M13$5.11M13$3.16M13
Diluted shares5.3M10.8M12.1M18.5M29.6M

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
$0.78
your share of equity
Profit it earned you last year
−$4.46
Free cash flow it threw off
−$3.36
Debt you’d be carrying
—

10 shares is a claim on $0.78 of net worth that earned you −$4.46 and generated −$3.36 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-241% avg · 5y
FY21 -72%FY22 -110%FY23 -197%FY24 -256%FY25 -569%

It earned an average -241% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+458% shares · 5y

Share count is up 458% over 5 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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
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
  1. 20-F · period ending 2023-12-31 · accession 0001185185-26-001072 (Revenues)
  2. 20-F · period ending 2021-12-31 · accession 0001213900-24-025316 (NetIncomeLoss)
  3. 20-F/A · period ending 2022-12-31 · accession 0001013762-25-004105 (NetIncomeLoss)
  4. 20-F · period ending 2023-12-31 · accession 0001185185-26-001072 (NetIncomeLoss)
  5. 20-F · period ending 2021-12-31 · accession 0001213900-24-025316 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F/A · period ending 2022-12-31 · accession 0001013762-25-004105 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2023-12-31 · accession 0001185185-26-001072 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2021-12-31 · accession 0001213900-24-025316 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F/A · period ending 2022-12-31 · accession 0001013762-25-004105 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F · period ending 2023-12-31 · accession 0001185185-26-001072 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F/A · period ending 2021-12-31 · accession 0001013762-25-004105 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 20-F/A · period ending 2022-12-31 · accession 0001013762-25-004105 (CashAndCashEquivalentsAtCarryingValue)
  13. 20-F · period ending 2023-12-31 · accession 0001185185-26-001072 (CashAndCashEquivalentsAtCarryingValue)