MeritValue

Fabric.AI, Inc.

FABCdata completeness 63%16 fiscal years on file
The thesis, from the filings

Fabric.AI, Inc. earns about -187% on equity, and has bought back 98% of its shares over 5 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
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$2.68M1$2.99M2$498,9173$63,7774—
Net income−$33.1M5−$22.9M6−$34.2M7−$1.76M8−$21.1M8
Operating cash flow−$26.6M9−$18.7M10−$26.2M11−$13.3M12−$7.7M12
Capital expenditure$538,01213$1.59M14$2.14M15$199,32316—
Free cash flow (derived)−$27.2M9−$20.3M10−$28.3M11−$13.5M12—
Total debt—————
Cash & equivalents$69.2M17$39.1M18$33.4M19$16M20$4.98M20
Diluted shares36.9M4.6M4.8M385,652875,190

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
$42.39
your share of equity
Profit it earned you last year
−$240.97
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $42.39 of net worth that earned you −$240.97 last year.

iii. Is this a good business?
Moat signal · return on equity
-187% avg · 5y
FY21 -45%FY22 -44%FY23 -242%FY24 -37%FY25 -568%

It earned an average -187% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−98% shares · 5y

Share count is down 98% over 5 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
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 0001493152-23-008631 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-012412 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001705 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-013650 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-008631 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-012412 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001705 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-013650 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-008631 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-012412 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001705 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-013650 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-008631 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-012412 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-001705 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-013650 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-23-008631 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001493152-24-012412 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001641172-25-001705 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001493152-26-013650 (CashAndCashEquivalentsAtCarryingValue)