MeritValue

RedCloud Holdings plc

RCTdata completeness 100%3 fiscal years on file

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

i. The business — what you’d actually own
FigureFY 2023FY 2024FY 2025
Revenue$19.8M1$46.5M2$48.5M2
Net income−$32.4M3−$50.7M4−$46.2M4
Operating cash flow−$22M5−$34.7M6−$37M6
Capital expenditure$101,1787$629,9588$147,1968
Free cash flow (derived)−$22.1M5−$35.3M6−$37.1M6
Total debt$544,7319$558,20610$3.77M10
Cash & equivalents$554,72411$800,73512$478,98312
Diluted shares19.2M24.3M45.0M

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
−$1.55
your share of equity
Profit it earned you last year
−$10.27
Free cash flow it threw off
−$8.25
Debt you’d be carrying
$0.84

10 shares is a claim on −$1.55 of net worth that earned you −$10.27 and generated −$8.25 of cash last year, against $0.84 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 3y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+135% shares · 3y

Share count is up 135% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 591% 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
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 0001641172-25-011298 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F/A · period ending 2024-12-31 · accession 0001493152-26-035511 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001641172-25-011298 (NetIncomeLoss)
  4. 20-F/A · period ending 2024-12-31 · accession 0001493152-26-035511 (NetIncomeLoss)
  5. 20-F · period ending 2023-12-31 · accession 0001641172-25-011298 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F/A · period ending 2024-12-31 · accession 0001493152-26-035511 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2023-12-31 · accession 0001641172-25-011298 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F/A · period ending 2024-12-31 · accession 0001493152-26-035511 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2023-12-31 · accession 0001641172-25-011298 (ShortTermBorrowings)
  10. 20-F/A · period ending 2024-12-31 · accession 0001493152-26-035511 (ShortTermBorrowings)
  11. 20-F · period ending 2023-12-31 · accession 0001641172-25-011298 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F/A · period ending 2024-12-31 · accession 0001493152-26-035511 (CashAndCashEquivalentsAtCarryingValue)