MeritValue

GridAI Technologies Corp.

GRDXdata completeness 75%11 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

GridAI Technologies Corp. earns about -333% on equity, but has diluted owners by 3704% 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————$36,2511
Net income−$58.5M2−$14.6M3−$15.8M4−$18.1M5−$6.39M5
Operating cash flow−$32.3M6−$22.3M7−$12.4M8−$9.22M9−$5.7M9
Capital expenditure$69,48810————
Free cash flow (derived)−$32.4M6————
Total debt—————
Cash & equivalents$8.25M11$1.36M12$3.71M13$163,47614$899,78414
Diluted shares42,50335,912336,3421.1M1.6M

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
$154.28
your share of equity
Profit it earned you last year
−$39.54
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $154.28 of net worth that earned you −$39.54 last year.

iii. Is this a good business?
Moat signal · return on equity
-333% avg · 5y
FY21 —FY22 -534%FY23 -438%FY24 —FY25 -26%

It earned an average -333% 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
+3704% shares · 5y

Share count is up 3704% 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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 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 2025-12-31 · accession 0001104659-26-054106 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2021-12-31 · accession 0001410578-23-000299 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001410578-24-000364 (NetIncomeLoss)
  4. 10-K/A · period ending 2023-12-31 · accession 0001410578-25-000673 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001104659-26-054106 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001410578-23-000299 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001410578-24-000364 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K/A · period ending 2023-12-31 · accession 0001410578-25-000673 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001104659-26-054106 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001410578-23-000299 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2021-12-31 · accession 0001410578-23-000299 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-12-31 · accession 0001410578-24-000364 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K/A · period ending 2023-12-31 · accession 0001410578-25-000673 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001104659-26-054106 (CashAndCashEquivalentsAtCarryingValue)