Black Titan Corporation
BTTC Technology Software Application
In the quarter to January 2026, EPS grew 71.6% and free cash flow fell 474.2%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
Follow BTTC
Black Titan Corporation (BTTC) Beneish M-score
Black Titan Corporation's Beneish M-score for fiscal 2023 is −0.00; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2023 | −0.00 | 6.19 |
| FY2022 | −6.19 | (2.47) |
| FY2021 | −3.72 | (7.71) |
| FY2020 | 3.99 | 3.78 |
| FY2019 | 0.21 | (23.94) |
| FY2018 | 24.15 | 42.08 |
| FY2017 | −17.93 | (21.69) |
| FY2016 | 3.77 | 7.22 |
| FY2015 | −3.45 | — |
How fiscal 2023’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 3.87 | — | 3.56 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.14 | — | 0.06 | |
| Sales growth index | 0.33 | — | 0.29 | |
| Depreciation index | 0.77 | — | 0.09 | |
| SG&A index | 2.78 | — | −0.48 | |
| Total accruals to total assets | 0.19 | — | 0.88 | |
| Leverage index | 0.28 | — | −0.09 | |
| Beneish M-score | Flagged by the model | −0.00 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| LDTCF LeddarTech Holdings Inc. compare | −33.4× |
| IFBD Infobird Co., Ltd. compare | −11.0× |
| RCT RedCloud Holdings plc compare | −6.0× |
| NVNIF Nvni Group Limited compare | −4.1× |
| AMST Amesite Inc. compare | −2.1× |
| BTTC Black Titan Corporation | 0.0× |
| ORKT Orangekloud Technology Inc. compare | 0.2× |
| VS Versus Systems Inc. compare | — |
| AUUD Auddia Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI