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Zetrix AI Berhad is NOT a net cash company; it is a net debt company.As of mid-2026, the company holds roughly RM691.5 million in cash and short-term investments against RM1.93 billion to RM2.0 billion in total debt, leaving them with a net debt position of over RM1.2 billion.
this Rm1.2 billion is not consumptive debt; it is productive capital asset.
this debt has been transformed into MBI ＆the sole international supernode connecting to China Custom Xinghuo BSN.
The initial capital expenditure is painful, but once the infrastructure is laid, Zetrix will be collecting digital toll fees from China ASEAN cross border trade data for decades to come.
heavy investment phase is drawing to a close and deleveraging phase is about to begin.
With ZTrade and core blockchain infrastructure substantially completed, historical annual capital expenditure run rate of RM800 million to RM1 billion will face a sharp, structural drop.
paired with robust quarterly operational net profit of over RM270 million, the market only sees RM691.5 million in traditional fiat cash. What is being ignored is the USD 40 million direct equity investment recently injected by the IFC a member of the world bank group.
Zetrix have executed an mou with a Nasdaq listed spac to carve out ＆ list this exact blockchain asset in the US.
Choose to wait until fully pay off debts ＆ return to a net cash position b4 buying shares, Zetrix p/e will certainly not be sitting at 6 times.
blockchain ＆ cross border businesses are heavily influenced by government policies ＆regulations. If interest rates rise or debt repayment does not go smoothly, it will create significant pressure on the company. The spac listing plan may face uncertainties ，signing an mou does not guarantee successful completion..
