MeritValue

ACORN ENERGY, INC.

ACFNdata completeness 75%17 fiscal years on file
The thesis, from the filings

ACORN ENERGY, INC. earns about 72% on equity, but has diluted owners by 6295% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.49 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$6.78M1$7M2$8.06M3$11M4$11.5M4
Net income−$21,0005−$633,0006$119,0007$6.29M8$2.51M8
Operating cash flow$132,0009$31,00010$72,00011$905,00012$2.09M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$1.72M13$1.45M13$1.45M14$2.33M15$4.45M16
Diluted shares39,6882.5M2.5M2.5M2.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$32.51
your share of equity
Profit it earned you last year
$9.89
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $32.51 of net worth that earned you $9.89 last year.

iii. Is this a good business?
Moat signal · return on equity
72% avg · 5y
FY21 —FY22 —FY23 —FY24 114%FY25 30%

It earned an average 72% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+6295% shares · 5y

Share count is up 6295% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$0.49
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$119,000
  • growthAssumed0.0%
Graham Number
$8.51
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-007830 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-009150 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001493152-25-009325 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-008937 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-007830 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-009150 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001493152-25-009325 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-008937 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-007830 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-009150 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001493152-25-009325 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-008937 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-007830 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001493152-24-009150 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001493152-25-009325 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2025-12-31 · accession 0001493152-26-008937 (CashAndCashEquivalentsAtCarryingValue)