MeritValue

Trident Digital Tech Holdings Ltd

TDTHdata completeness 100%4 fiscal years on file
The thesis, from the filings

Trident Digital Tech Holdings Ltd earns about -196% on equity, but has diluted owners by 75% 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$1.26M1$1.48M2$465,4352$160,9252
Net income−$1.13M3−$4.77M4−$8.12M4−$22.8M4
Operating cash flow−$609,9465−$4.94M6−$9.51M6−$9.72M6
Capital expenditure$73,8857$139,7578$2,5218$92,6298
Free cash flow (derived)−$683,8315−$5.08M6−$9.51M6−$9.81M6
Total debt—$245,5769$311,02210$1.07M10
Cash & equivalents$945,26511$1.81M11$194,11311$150,33411
Diluted shares410.2M454.9M506.3M716.2M

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
−$0.09
your share of equity
Profit it earned you last year
−$0.32
Free cash flow it threw off
−$0.14
Debt you’d be carrying
$0.01

10 shares is a claim on −$0.09 of net worth that earned you −$0.32 and generated −$0.14 of cash last year, against $0.01 of debt.

iii. Is this a good business?
Moat signal · return on equity
-196% avg · 4y
FY22 —FY23 -196%FY24 —FY25 —

It earned an average -196% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+75% shares · 4y

Share count is up 75% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 336% 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 v0.1.0
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 2022-12-31 · accession 0001213900-25-036076 (Revenues)
  2. 20-F · period ending 2023-12-31 · accession 0001213900-26-048646 (Revenues)
  3. 20-F · period ending 2022-12-31 · accession 0001213900-25-036076 (NetIncomeLoss)
  4. 20-F · period ending 2023-12-31 · accession 0001213900-26-048646 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-036076 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-048646 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-12-31 · accession 0001213900-25-036076 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2023-12-31 · accession 0001213900-26-048646 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-25-036076 (LongTermDebtNoncurrent)
  10. 20-F · period ending 2024-12-31 · accession 0001213900-26-048646 (LongTermDebtNoncurrent)
  11. 20-F · period ending 2022-12-31 · accession 0001213900-26-048646 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)