NFT Limited Class A Ordinary Share (MI) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

MI carries an RQD Score of 22 out of 100, a letter grade of E, and the verdict label "Roarable Strong Sell — Forensic Risk / Avoid." Across the five pillars, the Fundamental Cash Engine scores 3 of 20 (ROIC -0.9%; FCF yield 0%), indicating that the business is not currently generating returns on capital or free cash flow to shareholders. Whale/13F Flow scores 3 of 20, reflecting weak institutional accumulation and options positioning. Insider Conviction scores 3 of 20 based on SEC Form 4 and Congressional PTR cluster flow. Macro Regime Fit scores 8 of 20, with a beta of 1.0 and a sector sensitivity noted in the rating. Forensic Balance Sheet scores 5 of 20, with an Altman Z-Score of 2.5, a Piotroski F-Score of 1 out of 9, and a Debt/Equity ratio of 0.5. For a prospective investor, the pattern is that every pillar sits at the low end of its range, and the forensic pillar in particular flags elevated risk. The upside case rests on a price and sentiment recovery rather than on current cash generation, and the valuation tradeoff is that the reported financials do not currently support the equity on earnings or cash flow. This is an educational reading of the rating, not personalized advice.

The profile identifies MI as a NYSE-listed issuer in the Financials sector, operating in the Finance: Consumer Services industry. The profile lists a market capitalization of $0.0B, and the market data separately reports $35.7M.

Operating income was negative in each reported period shown, and the trailing margins are gross 0%, operating -60%, and net -60%. Net income was positive in FY 2024 and FY 2023 but negative in FY 2025, and reported revenue declined from $2.2M in FY 2023 to $0.7M in FY 2025. ROIC is -0.9%, and the Altman Z-Score is 2.5 and the Piotroski F-Score is 1 out of 9. The rating reports a Debt/Equity ratio of 0.5, while the financials table lists debt as N/A in every period.

• 🐂 Primary Bull Case: The stock trades at $0.43 against a 52-week range that reaches $19.84, leaving room for a price rebound if sentiment and cash generation recover. With Fundamental Cash Engine at 3/20 (ROIC -0.9%, FCF yield —) and Institutional Whale Flow at 3/20, sustained execution supports upside toward the top of the $0.18 – $19.84 52-week range.
• 🐻 Primary Bear Case: Free cash flow was -$99.3M in FY 2025 and the RQD rating scores the forensic balance sheet at 5 of 20 with a Piotroski F-Score of 1 out of 9. Investors must weigh current valuation against -60.0% operating margins and a 1.00 macro beta if sector demand softens.

Sector is Financials and industry is Finance: Consumer Services, but no upstream or downstream dependencies, sector correlations, or second-order bottlenecks are provided in the source data.

• Key Question #1: What drove the fall in FY 2025 free cash flow to -$99.3M against a much smaller figure in FY 2024?
• Key Question #2: Why does the financials table report debt as N/A while the RQD rating cites a Debt/Equity ratio of 0.5?
• Key Question #3: What explains the net income swing from $6.3M in FY 2024 to -$1.4M in FY 2025?