MeritValue

AZIO AI HOLDINGS, INC.

AZIOdata completeness 100%11 fiscal years on file
The thesis, from the filings

AZIO AI HOLDINGS, INC. earns about -52% on invested capital, and has bought back 70% 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
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$2.04M1$4.5M2$2.86M3$1.87M4$5.94M4
Net income−$7.65M5−$43.8M6−$12.7M7−$8.85M8−$39.1M8
Operating cash flow−$12.9M9−$7.43M10−$4.71M11−$3.5M12−$5.59M12
Capital expenditure$27,95813$168,58314$35,81015$430,33316$176,82816
Free cash flow (derived)−$13M9−$7.6M10−$4.75M11−$3.94M12−$5.76M12
Total debt——$279,66417$3.38M18$485,77319
Cash & equivalents$4.85M20$2.77M21$456,71922$1.94M23$358,96623
Diluted shares11.5M15.0M15.1M1.6M3.4M

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
−$26.32
your share of equity
Profit it earned you last year
−$115.36
Free cash flow it threw off
−$17
Debt you’d be carrying
$1.43

10 shares is a claim on −$26.32 of net worth that earned you −$115.36 and generated −$17 of cash last year, against $1.43 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-52% avg · 5y
FY21 -9%FY22 -118%FY23 -49%FY24 -31%FY25 —

It earned an average -52% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−70% shares · 5y

Share count is down 70% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 74% 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
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 0001437749-23-026704 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-009818 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-012095 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-012170 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-026704 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-009818 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-012095 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-012170 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-026704 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-009818 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-012095 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-012170 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-026704 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-009818 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-012095 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-012170 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2023-12-31 · accession 0001437749-24-009818 (LongTermDebt)
  18. 10-K · period ending 2024-12-31 · accession 0001437749-25-012095 (LongTermDebt)
  19. 10-K · period ending 2025-12-31 · accession 0001437749-26-012170 (LongTermDebt)
  20. 10-K · period ending 2021-12-31 · accession 0001437749-23-026704 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0001437749-24-009818 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001437749-25-012095 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001437749-26-012170 (CashAndCashEquivalentsAtCarryingValue)