Electrovaya Inc.

ELVAdata completeness 75%2 fiscal years on file

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

The thesis, from the filings

Electrovaya Inc. earns about -21% on equity, and has bought back 100% of its shares over 2 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

Figure	FY 2022	FY 2023
Revenue	$16.3M¹	$44.1M¹
Net income	−$9.21M²	−$1.48M²
Operating cash flow	−$8,825³	−$4,856³
Capital expenditure	—	—
Free cash flow (derived)	—	—
Total debt	—	—
Cash & equivalents	$600,000⁴	$1M⁴
Diluted shares	29.34B	33.8M

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

Net assets behind them

$2.11

your share of equity

Profit it earned you last year

−$0.44

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $2.11 of net worth that earned you −$0.44 last year.

iii. Is this a good business?

Moat signal · return on equity

-21% avg · 2y

FY22 —FY23 -21%

It earned an average -21% on equity over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−100% shares · 2y

Share count is down 100% over 2 years — management has been buying back stock, quietly handing owners a bigger slice.

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

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

only 2 years of net income (need ≥3)

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

40-F · period ending 2022-09-30 · accession 0001654954-24-000631 (Revenue)
40-F · period ending 2022-09-30 · accession 0001654954-24-000631 (ProfitLoss)
40-F · period ending 2022-09-30 · accession 0001654954-24-000631 (CashFlowsFromUsedInOperatingActivities)
40-F · period ending 2022-09-30 · accession 0001654954-24-000631 (CashAndCashEquivalents)