MeritValue

Datavault AI Inc.

DVLTdata completeness 88%9 fiscal years on file
The thesis, from the filings

Datavault AI Inc. earns about -118% on invested capital, but has diluted owners by 122932% over 5 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$6.54M1$3.37M2$2.08M3$2.67M4$39.1M4
Net income−$11.8M5−$16.2M6−$18.7M7−$51.4M8−$79M8
Operating cash flow−$11.5M9−$17.5M10−$14.8M11−$17.5M12−$23.6M12
Capital expenditure$99,00013$43,00014$50,00015$35,00016$380,00016
Free cash flow (derived)−$11.6M9−$17.6M10−$14.9M11−$17.6M12−$24M12
Total debt—————
Cash & equivalents$13.1M17$2.9M18$411,00019$3.33M20$2M20
Diluted shares124,016194,85252,6564.2M152.6M

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
$15.6
your share of equity
Profit it earned you last year
−$5.18
Free cash flow it threw off
−$1.57
Debt you’d be carrying
—

10 shares is a claim on $15.6 of net worth that earned you −$5.18 and generated −$1.57 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-118% avg · 5y
FY21 -285%FY22 —FY23 —FY24 -48%FY25 -20%

It earned an average -118% 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
+122932% shares · 5y

Share count is up 122932% over 5 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 2021-12-31 · accession 0001410578-23-000276 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001410578-24-000412 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001410578-25-000600 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-031280 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001410578-23-000276 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001410578-24-000412 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001410578-25-000600 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-031280 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001410578-23-000276 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001410578-24-000412 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001410578-25-000600 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-031280 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001410578-23-000276 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001410578-24-000412 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001410578-25-000600 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-031280 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001410578-23-000276 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001410578-24-000412 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001410578-25-000600 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001104659-26-031280 (CashAndCashEquivalentsAtCarryingValue)