i. The business — what you’d actually own
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Net income | −$135.4M1 | $60.8M2 | $20.3M3 | $45M3 | −$126.4M3 |
| Operating cash flow | — | — | — | — | — |
| Capital expenditure | — | — | — | — | — |
| Free cash flow (derived) | — | — | — | — | — |
| Total debt | — | — | — | — | — |
| Cash & equivalents | — | — | — | — | — |
| Diluted shares | — | — | — | — | — |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
iii. Is this a good business?
Moat signal · return on equity
— avg · 5y
Not enough data in the filings for a return-on-capital reading.
seeing a moat in the numbers →Management signal · capital allocation
— shares · 5y
Not enough history to read capital allocation.
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 v0.5.0
Different models answer different questions — which to trust when →
Sources — the receipts
- 10-K · period ending 2022-06-30 · accession 0000950170-24-104235 (NetIncomeLoss)
- 10-K · period ending 2023-06-30 · accession 0001732409-25-000005 (NetIncomeLoss)
- 10-K · period ending 2024-06-30 · accession 0001193125-26-381856 (NetIncomeLoss)