MeritValue

SuperX AI Technology Ltd

SUPXdata completeness 100%4 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

SuperX AI Technology Ltd earns about -211% on invested capital, but has diluted owners by 41% over 4 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 2022FY 2023FY 2024FY 2025
Revenue$9.62M1$6.14M2$2.9M2$3.6M2
Net income−$65,9113$38,6784−$854,9274−$21.2M4
Operating cash flow−$229,0815$45,0676−$751,7046−$8.33M6
Capital expenditure$11,3657$14,6208$6,5358$300,9538
Free cash flow (derived)−$240,4465$30,4476−$758,2396−$8.64M6
Total debt—$777,7389$490,7689$575,96110
Cash & equivalents$999,22711$558,38612$7.24M13$17.2M13
Diluted shares10.7M10.7M11.1M15.1M

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
$13.16
your share of equity
Profit it earned you last year
−$14.08
Free cash flow it threw off
−$5.73
Debt you’d be carrying
$0.38

10 shares is a claim on $13.16 of net worth that earned you −$14.08 and generated −$5.73 of cash last year, against $0.38 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-211% avg · 4y
FY22 -5%FY23 4%FY24 -318%FY25 -525%

It earned an average -211% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+41% shares · 4y

Share count is up 41% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 26% — 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
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 2022-06-30 · accession 0001213900-24-095132 (Revenues)
  2. 20-F · period ending 2023-06-30 · accession 0001213900-25-104687 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2022-06-30 · accession 0001213900-24-095132 (NetIncomeLoss)
  4. 20-F · period ending 2023-06-30 · accession 0001213900-25-104687 (NetIncomeLoss)
  5. 20-F · period ending 2022-06-30 · accession 0001213900-24-095132 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-06-30 · accession 0001213900-25-104687 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-06-30 · accession 0001213900-24-095132 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2023-06-30 · accession 0001213900-25-104687 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2023-06-30 · accession 0001213900-24-095132 (LongTermDebtNoncurrent)
  10. 20-F · period ending 2025-06-30 · accession 0001213900-25-104687 (LongTermDebt)
  11. 20-F · period ending 2022-06-30 · accession 0001213900-25-104687 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 20-F · period ending 2023-06-30 · accession 0001213900-24-095132 (CashAndCashEquivalentsAtCarryingValue)
  13. 20-F · period ending 2024-06-30 · accession 0001213900-25-104687 (CashAndCashEquivalentsAtCarryingValue)