MeritValue

FIREFLY NEUROSCIENCE, INC.

AIFFdata completeness 63%16 fiscal years on file
The thesis, from the filings

FIREFLY NEUROSCIENCE, INC. earns about -885% on equity, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.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$15M1$11M2$498,0003$108,0004$1.14M4
Net income−$1.13M5−$17.8M6−$2.6M7−$10.5M8−$19.9M8
Operating cash flow−$735,0159−$6.01M10−$2.17M11−$6.16M12−$8.19M12
Capital expenditure$69,75413$535,90214$014——
Free cash flow (derived)−$804,7699−$6.55M10−$2.17M11——
Total debt—————
Cash & equivalents$4.93M15$731,08116$681,99516——
Diluted shares12.6M1.8M3.2M6.5M12.4M

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
$6.14
your share of equity
Profit it earned you last year
−$15.98
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $6.14 of net worth that earned you −$15.98 last year.

iii. Is this a good business?
Moat signal · return on equity
-885% avg · 5y
FY21 -6%FY22 —FY23 -2388%FY24 —FY25 -260%

It earned an average -885% 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
−1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001437749-23-010426 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-008626 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-010818 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-010500 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-010426 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-008626 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-010818 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-010500 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-010426 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-008626 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-010818 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-010500 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-010426 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-008626 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001437749-23-010426 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001437749-24-008626 (CashAndCashEquivalentsAtCarryingValue)