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1. The Real Numbers (The Income Statement)
According to the official Q1 2026 financial report released yesterday:
Revenue: RM386.30 million (Up 28.8%)
Net Profit (Profit After Tax): RM271.11 million (Up 49.3%)
On paper, the company did not make a loss of RM130 million. They made a staggering net profit. So where did the "400 mil cost / 130 mil loss" narrative come from? It comes from their Statement of Cash Flows and Capital Expenditure (CapEx).
2 Where the "RM400 Million" and "Loss" Rumor Comes From
When a tech/blockchain company builds a platform like the Zetrix blockchain, the money they spend on building it isn’t fully subtracted from their net profit immediately. Instead, it is capitalized as an asset (Intangible Assets/Development Costs) on the Balance Sheet.
The High Spend Rate: Zetrix has been spending a massive amount of cash—historically running at a rate of RM500 million to RM600 million a year—strictly on blockchain infr
The "Negative Free Cash Flow" Reality: Because they are spending hundreds of millions out of pocket to build this technology while simultaneously paying off debts and buying back their own shares, their actual "Free Cash Flow" can look deeply negative.
The Math Behind the Rumor: If a retail trader looks at the Cash Flow statement and sees that the company pulled in ~RM270 million in profit but immediately poured roughly RM400 million out the door into development costs and capital expenditures,
it creates a cash deficit of roughly RM130 million for that period.
💡 In simple terms: They didn't lose RM130 million in business operations. They spent more cash on building their future infrastructure than the profit they brought in for the quarter, forcing them to fill the gap using the money they raised from those private placements (diluting the shares) and Sukuk bonds.
Some gurus interpret negative free cash flow as "fake income", they compare it to Serba Dinamik due to Zertrix's close relationship with gov and also its significant overseas revenue.
