ROBO.AI INC.

AIIOdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

ROBO.AI INC. earns about -214% on equity, and has bought back 93% of its shares over 5 years. 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

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	$37.3M¹	$12M¹	$950,000¹
Net income	−$12.4M²	−$47.7M³	−$265.3M⁴	−$172.5M⁴	−$167.3M⁴
Operating cash flow	−$6.11M⁵	−$178M⁶	−$138M⁷	$33.6M⁷	−$5.07M⁷
Capital expenditure	—	$1.21M⁸	$5.51M⁹	$160,000⁹	—
Free cash flow (derived)	—	−$179.2M⁶	−$143.6M⁷	$33.4M⁷	—
Total debt	—	$490,000¹⁰	$272,000¹¹	$172,000¹²	$123,000¹²
Cash & equivalents	$21,301¹³	$211.9M¹⁴	$23.2M¹⁵	$148,000¹⁶	$4.14M¹⁶
Diluted shares	240.0M	245.9M	14.3M	14.6M	15.8M

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

Net assets behind them

−$70.77

your share of equity

Profit it earned you last year

−$105.94

Free cash flow it threw off

—

Debt you’d be carrying

$0.08

10 shares is a claim on −$70.77 of net worth that earned you −$105.94 last year, against $0.08 of debt.

iii. Is this a good business?

Moat signal · return on equity

-214% avg · 5y

FY21 —FY22 -17%FY23 -410%FY24 —FY25 —

It earned an average -214% 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

−93% shares · 5y

Share count is down 93% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 75% — deleveraging.

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

20-F · period ending 2023-12-31 · accession 0001213900-26-050409 (Revenues)
20-F · period ending 2021-12-31 · accession 0001213900-25-036073 (NetIncomeLoss)
20-F · period ending 2022-12-31 · accession 0001213900-25-052905 (NetIncomeLoss)
20-F · period ending 2023-12-31 · accession 0001213900-26-050409 (NetIncomeLoss)
20-F · period ending 2021-12-31 · accession 0001213900-25-036073 (NetCashProvidedByUsedInOperatingActivities)
20-F · period ending 2022-12-31 · accession 0001213900-25-052905 (NetCashProvidedByUsedInOperatingActivities)
20-F · period ending 2023-12-31 · accession 0001213900-26-050409 (NetCashProvidedByUsedInOperatingActivities)
20-F · period ending 2022-12-31 · accession 0001213900-25-052905 (PaymentsToAcquirePropertyPlantAndEquipment)
20-F · period ending 2023-12-31 · accession 0001213900-26-050409 (PaymentsToAcquirePropertyPlantAndEquipment)
20-F · period ending 2022-12-31 · accession 0001213900-25-036073 (ShortTermBorrowings)
20-F · period ending 2023-12-31 · accession 0001213900-25-052905 (ShortTermBorrowings)
20-F · period ending 2024-12-31 · accession 0001213900-26-050409 (ShortTermBorrowings)
20-F/A · period ending 2021-12-31 · accession 0001013762-25-004384 (CashAndCashEquivalentsAtCarryingValue)
20-F · period ending 2022-12-31 · accession 0001213900-25-036073 (CashAndCashEquivalentsAtCarryingValue)
20-F · period ending 2023-12-31 · accession 0001213900-25-052905 (CashAndCashEquivalentsAtCarryingValue)
20-F · period ending 2024-12-31 · accession 0001213900-26-050409 (CashAndCashEquivalentsAtCarryingValue)