Dilution profile // every instrument, one screen, from SEC filings

Next Technology Holding Inc. (NXTT)

CIK 1784970 · all EDGAR filings →

Overall dilution risk
HIGHworst of 4 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
Offering ability
HIGH$500M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
registered capacity, not remaining: amounts already taken down are not subtracted yet
Overhead supply
MEDIUMwarrants = 24% of O/S
= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)
warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this
Historical dilution
HIGH+13868% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
a reverse-split-sized cliff is in this window; read the chart
Cash need
LOW~620.7 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2022-04-142026-07-24

Latest: 147.3M shares as of Jul 24, 2026 (10-Q). Share count fell from 195.1M to 1.1M between Nov 22, 2022 and Jul 14, 2023, a pattern consistent with a reverse split (roughly 1-for-185); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

Self-funding

profitable · generates cash

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
Warrant294.1Mnot tagged5y
Pre Funded Warrants350,000$1.099

Tranches exactly as the company dimensioned them in its 10-Q filed Jul 24, 2026. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Warrants outstanding: 34.7M underlying shares, as reported Sep 3, 2025 (10-Q).

Reported exercise price: $0.149 (aggregate figure as tagged; individual tranches vary).

Balance-sheet fair value of warrants: $300.0M as of Jun 30, 2026.

Rough fully diluted estimate: 182.0M = 147.3M O/S + 34.7M warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

NotePrincipalCarryingConv. priceRateIf converted
BTC Consultant Feenot tagged$4.8

Notes exactly as the company dimensioned them in its 10-Q filed Jul 24, 2026. Principal is face amount as tagged, not what remains after repurchases unless the filer updated the tag. A note the filer did not dimension is absent here, not absent from the balance sheet; the exhibits stay the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding147.3MJul 24, 2026
+ Warrant (if exercised)294.1MJun 30, 2026
+ Pre Funded Warrants (if exercised)350,000Jun 30, 2026
Fully diluted estimate441.8M+199.9% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Registered offering capacity on live registrations: $500.0Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3Sep 15, 2025$500.0M registeredfiling →

Last 12 months: 2 executed · 2 registered.

EXECUTEDMar 25, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
REGISTEREDOct 31, 2025S-3/A registration — capacity to sell shares, not a sale yetS-3/A
REGISTEREDSep 15, 2025S-3 registration — capacity to sell shares, not a sale yetS-3
EXECUTEDSep 3, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDMar 12, 2025Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDMay 29, 2024Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDMay 6, 2024Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDApr 12, 2024Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDMar 7, 2024Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDSep 29, 2023Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDAug 31, 2023Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDAug 24, 2023Unregistered share sale disclosed (8-K item 3.02)8-K

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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