MeritValue

TerraVolt Holdings, Inc.

GEDCdata completeness 63%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

TerraVolt Holdings, Inc. earns about -294% on equity, but has diluted owners by 32% 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——$01——
Net income−$6.75M2$2.18M3−$4.63M4−$12.6M5−$6.5M5
Operating cash flow−$565,0006−$820,0007−$35,0008−$859,0009−$750,0009
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$3.05M10$2.07M11$308,00012$286,00013$287,00013
Diluted shares19.5M29.3M19.2M25.2M25.7M

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
−$1.09
your share of equity
Profit it earned you last year
−$2.53
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$1.09 of net worth that earned you −$2.53 last year.

iii. Is this a good business?
Moat signal · return on equity
-294% avg · 5y
FY21 —FY22 —FY23 -297%FY24 -292%FY25 —

It earned an average -294% 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
+32% shares · 5y

Share count is up 32% 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
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
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 0001493152-24-014061 (Revenues)
  2. 10-K · period ending 2021-12-31 · accession 0001493152-23-012482 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001493152-24-014061 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001641172-25-002190 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001493152-26-014045 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001493152-23-012482 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001493152-24-014061 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001641172-25-002190 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001493152-26-014045 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001493152-23-012482 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0001493152-24-014061 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0001641172-25-002190 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-31 · accession 0001493152-26-014045 (CashAndCashEquivalentsAtCarryingValue)