Forensic Analysis · Software & SaaS · as of Nov 9, 2026
Quantum X Labs Inc. (QXL)
A forensic read on Quantum X Labs Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-15.9
Distress distance
Watch
Earnings quality
5
Forensic signals
-358.5%
ROE
-99.8%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Quantum X Labs Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -15.9, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-18.6%
FY2025
Return on invested capital.Return on invested capital is -18.6% in the latest fiscal year, against -25.5% in FY2023, having run between -25.5% and -3.8% across FY2023–FY2025 with no direction held. After-tax operating profit was ($6M) in FY2023 and ($2M) in FY2025, with operating income at -9.4% of revenue in FY2023, -3.1% in FY2024 and -3466.7% in FY2025. The capital base behind it came down -60% across FY2023–FY2025, from $23M to $9M, so this return is struck on a smaller base than it started on. FY2023's operating profit carried a $5M asset write-down and a $5M goodwill write-off that alone took about 34.8 points off that year's return, so more than the whole 6.9-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more. FY2024's operating profit carried a $8M goodwill write-off that alone took about 34.4 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
+51.0%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +128% over the last 2 years to FY2025 (+51.0%/yr). The count is growing — 3.7M shares in FY2023, 8.5M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~51.0% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~56%.
119% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 119% of revenue in FY2025 — about $0.01 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 51.0% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
1825d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 8 to 1825 days FY2024→FY2025 (receivables -43% vs revenue -100%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 52 → 8 → 1825 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
$13M
FY2023–FY2024
Goodwill impairments.Took $13M of goodwill writedowns across 2 years (FY2023 ($5M), FY2024 ($8M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$63,000
Revenue Growth YoY-99.8%
Revenue CAGR (2yr)-97.2%
Net Margin-30611.1%
Return on Equity-358.5%
Debt / Equity0.27x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Quantum X Labs Inc.'s actual 10-K/10-Q/8-K filings?