AMAZE HOLDINGS, INC.

AMZEdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

AMAZE HOLDINGS, INC. earns about -264% on equity, and has bought back 24% 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	$1.7M¹	$2.86M²	$1.83M³	$299,065⁴	$1.97M⁴
Net income	−$9.97M⁵	−$15.2M⁶	−$10.6M⁷	−$2.52M⁸	−$55.2M⁸
Operating cash flow	−$5.79M⁹	−$13.5M¹⁰	−$4.81M¹¹	−$1.93M¹²	−$17.5M¹²
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	$1.03M¹³	$14.3M¹⁴
Cash & equivalents	$16.1M¹⁵	$2.08M¹⁵	$236,000¹⁶	$156,000¹⁷	—
Diluted shares	8.9M	12.6M	15.3M	700,651	6.8M

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

$14.43

your share of equity

Profit it earned you last year

−$81.5

Free cash flow it threw off

—

Debt you’d be carrying

$21.2

10 shares is a claim on $14.43 of net worth that earned you −$81.5 last year, against $21.2 of debt.

iii. Is this a good business?

Moat signal · return on equity

-264% avg · 5y

FY21 -58%FY22 —FY23 —FY24 -170%FY25 -565%

It earned an average -264% 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

−24% shares · 5y

Share count is down 24% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 1290% over the same window.

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

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

10-K · period ending 2021-12-31 · accession 0001213900-23-025410 (Revenues)
10-K · period ending 2022-12-31 · accession 0001213900-24-021045 (Revenues)
10-K · period ending 2023-12-31 · accession 0001554795-25-000088 (Revenues)
10-K · period ending 2024-12-31 · accession 0001493152-26-014431 (Revenues)
10-K · period ending 2021-12-31 · accession 0001213900-23-025410 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001213900-24-021045 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001554795-25-000088 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001493152-26-014431 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001213900-23-025410 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001213900-24-021045 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001554795-25-000088 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001493152-26-014431 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001554795-25-000088 (LongTermDebtNoncurrent)
10-K · period ending 2025-12-31 · accession 0001493152-26-014431 (LongTermDebt)
10-K · period ending 2021-12-31 · accession 0001213900-23-025410 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001213900-24-021045 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001554795-25-000088 (CashAndCashEquivalentsAtCarryingValue)