Graphene & Solar Technologies Ltd

GSTXdata completeness 63%15 fiscal years on file

The thesis, from the filings

Graphene & Solar Technologies Ltd earns about -1067% on equity, but has diluted owners by 94% 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

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	−$34.8M¹	−$21M²	−$1.31M³	−$2.64M³	−$3.3M⁴
Operating cash flow	−$320,127⁵	−$43,823⁶	−$72,180⁷	−$96,029⁷	−$429,796⁸
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$3,728⁹	$2,857⁹	$1,094¹⁰	$1,845¹⁰	$57,365¹¹
Diluted shares	343.2M	374.3M	387.2M	454.4M	667.1M

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

−$0.07

your share of equity

Profit it earned you last year

−$0.05

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on −$0.07 of net worth that earned you −$0.05 last year.

iii. Is this a good business?

Moat signal · return on equity

-1067% avg · 5y

FY21 -1067%FY22 —FY23 —FY24 —FY25 —

It earned an average -1067% 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

+94% shares · 5y

Share count is up 94% 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

10-K · period ending 2021-09-30 · accession 0001903596-23-000299 (NetIncomeLoss)
10-K · period ending 2022-09-30 · accession 0001903596-24-000016 (NetIncomeLoss)
10-K/A · period ending 2023-09-30 · accession 0001903596-26-000081 (NetIncomeLoss)
10-K · period ending 2025-09-30 · accession 0001903596-26-000052 (NetIncomeLoss)
10-K · period ending 2021-09-30 · accession 0001903596-23-000299 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-09-30 · accession 0001903596-24-000016 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2023-09-30 · accession 0001903596-26-000081 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2025-09-30 · accession 0001903596-26-000052 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-09-30 · accession 0001903596-24-000016 (CashAndCashEquivalentsAtCarryingValue)
10-K/A · period ending 2023-09-30 · accession 0001903596-26-000081 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2025-09-30 · accession 0001903596-26-000052 (CashAndCashEquivalentsAtCarryingValue)