MeritValue

BIOHARVEST SCIENCES INC.

BHSTdata completeness 100%3 fiscal years on file

Data notes: no data for concept 'epsDiluted'; no data for concept 'interestExpense'

The thesis, from the filings

BIOHARVEST SCIENCES INC. earns about -349% on invested capital, but has diluted owners by 31% over 3 years — worth asking whether the growth reaches owners. 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 2023FY 2024FY 2025
Revenue$12.7M1$25.2M2$34.5M2
Net income−$12.6M3−$12.9M4−$11.1M4
Operating cash flow−$8.52M5−$6.68M6−$7.23M6
Capital expenditure$1.47M7$2.84M8$2.36M8
Free cash flow (derived)−$10M5−$9.52M6−$9.58M6
Total debt$09$3.91M10$149,00010
Cash & equivalents$5.36M11$2.39M12$23M12
Diluted shares—17.3M22.7M

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
$11.23
your share of equity
Profit it earned you last year
−$4.91
Free cash flow it threw off
−$4.23
Debt you’d be carrying
$0.07

10 shares is a claim on $11.23 of net worth that earned you −$4.91 and generated −$4.23 of cash last year, against $0.07 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-349% avg · 3y
FY23 —FY24 -358%FY25 -340%

It earned an average -349% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+31% shares · 3y

Share count is up 31% over 3 years — owners have been diluted. Worth asking what they got for it.

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. 40-F · period ending 2023-12-31 · accession 0001376474-25-000299 (Revenues)
  2. 40-F · period ending 2024-12-31 · accession 0001376474-26-000257 (Revenues)
  3. 40-F · period ending 2023-12-31 · accession 0001376474-25-000299 (NetIncomeLoss)
  4. 40-F · period ending 2024-12-31 · accession 0001376474-26-000257 (NetIncomeLoss)
  5. 40-F · period ending 2023-12-31 · accession 0001376474-25-000299 (NetCashProvidedByUsedInOperatingActivities)
  6. 40-F · period ending 2024-12-31 · accession 0001376474-26-000257 (NetCashProvidedByUsedInOperatingActivities)
  7. 40-F · period ending 2023-12-31 · accession 0001376474-25-000299 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 40-F · period ending 2024-12-31 · accession 0001376474-26-000257 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 40-F · period ending 2023-12-31 · accession 0001376474-25-000299 (ShortTermBorrowings)
  10. 40-F · period ending 2024-12-31 · accession 0001376474-26-000257 (ShortTermBorrowings)
  11. 40-F · period ending 2023-12-31 · accession 0001376474-25-000299 (CashAndCashEquivalentsAtCarryingValue)
  12. 40-F · period ending 2024-12-31 · accession 0001376474-26-000257 (CashAndCashEquivalentsAtCarryingValue)