AGM

Business model is hardware assembly and sales with a history in crypto miners and, in 2026, a pivot to AI all‑flash storage servers.

Switching costs are low and products face intense, well‑capitalized competition; there is no network effect. 2025 customer concentration was high (five customers accounted for roughly 82 percent of revenue) and supplier concentration was extreme (one supplier was 99 percent of cost of revenue), both of which undermine bargaining power and durability.

Intangibles are limited; the 20‑F lists only domain names among identifiable IP. Efficient‑scale dynamics are absent given global server competitors. Overall, the moat today is weak and unproven.