Share count
1Mpeak FY2023
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BGDE, Big Digital Energy Inc.
Big Digital Energy Inc. is a technology company focused on digital infrastructure platforms, headquartered in the United States.
Big Digital Energy Inc. designs, builds and operates next-generation digital infrastructure platforms for enterprise customers and for its own purposes.
Big Digital Energy Inc. provides services spanning artificial intelligence ("AI"), high-performance computing ("HPC"), digital assets including Bitcoin mining, and other intensive compute applications.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$40M
−32.9% YoY · 55% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $31M 5-yr avg $54M
Revenue $5M −65.1% vs yr-ago qtr
Operating margin −169.1% yr-ago 4.2%
Net income $610K yr-ago ($311K)
Net margin 12.7% yr-ago −2.3%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn.
- What moves the needle
- Net interest margin, loan losses, and book value. A lender is read on the quality of its balance sheet, not an earnings multiple, and the worst year of credit losses matters more than the best. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on equity has sat below the cost of equity (median -67%, above 12% in only 3 of 9 years). The cycle and the loan book decide this one; weigh the recession years in the record, not the average, and read the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2017–2025
realized figures from each filing · older years to the left| 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| $6K | $0 | $3K | $4M | $44M | $84M | $44M | $59M | $40M | $31M | RevenueRevenue |
| ($3M) | ($3M) | ($3M) | ($5M) | ($45M) | ($53M) | ($60M) | ($46M) | ($24M) | ($23M) | Net incomeNet inc. |
| Cash flow & returns | ||||||||||
| -498.5% | -96.4% | -293.4% | -51.7% | -30.9% | -39.6% | -71.3% | -75.1% | -41.2% | -47.0% | Return on assetsROA |
| — | -1547% | -645% | -67% | -39% | -68% | -207% | — | — | -523% | Return on equityROE |
| — | n/m | −645% | −67% | −39% | −68% | −207% | — | — | −523% | Retained to equityRetained/eq |
| — | -1547% | -645% | -67% | -39% | -68% | -207% | — | — | -523% | Return on tangible equityROTCE |
| Balance sheet | ||||||||||
| $595K | $3M | $1M | $10M | $145M | $133M | $85M | $61M | $57M | $48M | Total assetsAssets |
| — | — | — | — | — | — | $15M | $15M | — | $15M | DepositsDeposits |
| ($3M) | $212K | $535K | $8M | $115M | $77M | $29M | ($3M) | ($3M) | $4M | Shareholders’ equityEquity |
| Per share | ||||||||||
| 17.2M | 28.2M | 52.6M | 35.5M | 46.9M | 63.5M | 78.3M | 4.5M | 5.9M | 5.3M | Shares out (diluted)Shares |
| $-0.17 | $-0.12 | $-0.07 | $-0.14 | $-0.96 | $-0.83 | $-0.77 | $-10.35 | $-4.02 | $-4.29 | EPS (diluted)EPS |
| $-0.18 | $0.01 | $0.01 | $0.21 | $2.45 | $1.21 | $0.37 | $-0.73 | $-0.53 | $0.82 | Book value / shareBVPS |
| $-0.18 | $0.01 | $0.01 | $0.21 | $2.45 | $1.21 | $0.37 | $-0.73 | $-0.53 | $0.82 | Tangible book / shareTBVPS |
The diluted share count moved ×1.64 into 2018 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1.86 into 2019 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1/1.48 into 2020 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1/17.57 into 2024 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Share counts before TTM are restated ×5 for a stock split, so per-share figures sit on one basis.
Per-share growththe realized rate an owner's share compounded
| 8-yr | 5-yr | |
|---|---|---|
| Revenue / share | +243.5%/yr | +122.0%/yr |
| Capital spending / share | +79.7%/yr | −30.4%/yr |
The record, charted
FY2017–2025Each measure over its full record; the current point and the worst year marked.
Revenue
$40Mlow FY2018
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Is it a good business?
- Not enough dataIndustry peers: median -17%
What this means
Net income or equity wasn't found in the filing data.
- Not enough dataIndustry peers: median -17%
What this means
Equity, goodwill or intangibles missing.
- Not enough data
What this means
Noninterest expense or revenue missing.
Is it sound?
- Capital (equity / assets) -5.4%ThinEquity ($3M) ÷ assets $57M
What this means
A plain-English leverage read: how much of the balance sheet is the owners' own money. This is a rough proxy; the regulatory figure is the CET1 ratio, which is risk-weighted and reported in the filing. The point is the same, how much loss the bank can absorb before depositors are at risk.
- Deposit funding 27%Leans on wholesale fundingDeposits $15M ÷ assets $57M
What this means
Low-cost, sticky deposits are a bank's real moat, the cheap raw material it lends out at a spread. A bank funded mostly by deposits earns more durably than one that rents its money in the wholesale market.
- Credit cost —Not enough data
What this means
Provision or net interest income missing.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Named as a competitive risk
Its FY2025 10-K names artificial intelligence as a competitive threat.
“There is a risk of dependency on vast datasets for training AI models and obtaining quality data could become more difficult due to legal restrictions or competitive factors. 4.”
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$20M
- Cash & short-term investments$2M
- Other current assets$17M
Current liabilities$43M
- Debt due within a year$26M
- Accounts payable$15M
- Other current liabilities$2M
Current ratio0.47×all current assets ÷ what's due · Graham looked for 2×
Quick ratio0.47×stricter: inventory excluded
Cash ratio0.06×strictest: cash alone against what's due
Working capital($23M)the cushion left after near-term bills
Debt due this year vs. cash$26M due · $2M cash
cash alone won't cover the maturities; it leans on refinancing or operating cash · both figures from the Mar 31, 2026 balance sheet
Cash runway0.1 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Revenue, latest quarter vs. a year ago−65.1%the freshest read on whether the business is still growing
Current ratio, recent quarters0.4× → 0.5×
Deeper floors
Tangible book value$4Mequity stripped of goodwill & intangibles
Net current asset value($24M)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$55M$3M of it operating leases
From the company's latest filing.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Pay, as filed | “Actually paid” | Owner earnings |
|---|---|---|---|
| 2022 | $2.0M | $991k | ($36M) |
| 2023 | $11.6M | $20.5M | ($8M) |
| 2023 | $5.6M | $2.0M | ($8M) |
| 2024 | $20.3M | $2.6M | $2M |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.
- Stock-based compensation$9M
The slice of the business handed to employees in shares this year, 23% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Capital Markets & Asset Management
The same industry, side by side on the bank lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | ROE | ROTCE | Efficiency | NII / assets |
|---|---|---|---|---|---|
| KEELKeel Infrastructure Corp. | $229M | -17% | -17% | — | 0.5% |
| ABTCAmerican Bitcoin Corp. | $185M | -38% | -152% | — | 0.0% |
| BETRBetter Home & Finance Holding Company | $165M | -446% | -3947% | — | 1.0% |
| ECPGEncore Capital Group Inc | $88M | 15% | 58% | — | 0.5% |
| BGDEBig Digital Energy Inc. | $40M | -138% | -138% | — | 0.2% |
| TRONTron Inc. | $5M | -50% | -50% | — | 0.1% |
| CDChaince Digital Holdings Inc. | $2M | -12% | -12% | — | 1.0% |
| VELVelocity Financial Inc. | $186M | 16% | 16% | — | 2.5% |
| Group median | — | -28% | -33% | — | 0.5% |
The price
What a price has to assume.
What the price implies
price / tangible bookA bank is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what Big Digital Energy Inc.’s record justifies.
$
The assumptions
Tangible book / share, delivered10%/yr’20→’25
The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). A bank earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for a bank.
Enter a price above to run it.
Price / tangible book—
Justified by the return—
Normalized return on tangible equity−138%
Price / book—
Earnings yield—
P/E (3-yr avg ’23–’25)—
Graham’s price gate—
Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Tangible book $4M on 6M shares, a −138% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the bank keeps earning that return; a credit cycle, a rate shock or a bad acquisition changes it, which is what the record and the 10-K are for.
Cite: Owner Scorecard, "Big Digital Energy Inc. (BGDE), the owner's record," https://ownerscorecard.com/c/BGDE, data as of 2026-07-09.
Manual order: ← BGC its page in the Manual BGS →
Industry order: ← BGC the Capital Markets & Asset Management chapter BGIN →