MeritValue

CLOUDASTRUCTURE, INC.

CSAIdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

CLOUDASTRUCTURE, INC. earns about -144% on equity, but has diluted owners by 29% 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$607,0001$1.36M2$5.07M2
Net income−$9.01M3−$6.54M4−$8.46M4
Operating cash flow−$5.72M5−$3.28M6−$6.92M6
Capital expenditure$43,0007$27,0008$315,0008
Free cash flow (derived)−$5.76M5−$3.3M6−$7.23M6
Total debt———
Cash & equivalents$4.04M9$52,00010$8.45M10
Diluted shares14.6M14.6M18.8M

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
shares
Net assets behind them
$4.73
your share of equity
Profit it earned you last year
−$4.49
Free cash flow it threw off
−$3.84
Debt you’d be carrying
—

10 shares is a claim on $4.73 of net worth that earned you −$4.49 and generated −$3.84 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-144% avg · 3y
FY23 -192%FY24 —FY25 -95%

It earned an average -144% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+29% shares · 3y

Share count is up 29% 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. 10-K · period ending 2023-12-31 · accession 0001683168-25-002122 (Revenues)
  2. 10-K · period ending 2024-12-31 · accession 0001683168-26-002561 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001683168-25-002122 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001683168-26-002561 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001683168-25-002122 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001683168-26-002561 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001683168-25-002122 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2024-12-31 · accession 0001683168-26-002561 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0001683168-25-002122 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K · period ending 2024-12-31 · accession 0001683168-26-002561 (CashAndCashEquivalentsAtCarryingValue)