MeritValue

GENELUX Corp

GNLXdata completeness 88%4 fiscal years on file

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

The thesis, from the filings

GENELUX Corp earns about -179% on equity, but has diluted owners by 308% over 4 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 2022FY 2023FY 2024FY 2025
Revenue$11.1M1$170,0002$8,0003$8,0003
Net income−$5.21M4−$28.3M5−$29.9M6−$32.1M6
Operating cash flow−$3.57M7−$20.3M8−$21.2M9−$25.3M9
Capital expenditure$49,00010$1.03M11$381,00012$1.1M12
Free cash flow (derived)−$3.62M7−$21.3M8−$21.6M9−$26.4M9
Total debt—$900,00013——
Cash & equivalents$397,00014$9.42M15$8.57M16$5.33M16
Diluted shares9.1M24.4M31.5M37.2M

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
$3.11
your share of equity
Profit it earned you last year
−$8.65
Free cash flow it threw off
−$7.09
Debt you’d be carrying
—

10 shares is a claim on $3.11 of net worth that earned you −$8.65 and generated −$7.09 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-179% avg · 4y
FY22 —FY23 -145%FY24 -114%FY25 -278%

It earned an average -179% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+308% shares · 4y

Share count is up 308% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 2022-12-31 · accession 0001493152-24-011946 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001641172-25-001184 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001493152-26-011616 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-12-31 · accession 0001493152-24-011946 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001641172-25-001184 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-011616 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001493152-24-011946 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001641172-25-001184 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001493152-26-011616 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-011946 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001184 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-011616 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001641172-25-001184 (ShortTermBorrowings)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-011946 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-001184 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-011616 (CashAndCashEquivalentsAtCarryingValue)