MeritValue

Solana Co

HSDTdata completeness 75%13 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Solana Co earns about -367% on equity, but has diluted owners by 797% 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$493,0001$778,0002$605,0003$520,0004$548,0004
Net income−$18.1M5−$14.1M6−$8.85M7−$11.7M8−$40.9M8
Operating cash flow−$13.4M9−$14.3M10−$10.4M11−$11M12−$16.5M12
Capital expenditure$54,00013$17,00014$29,00015$5,00016—
Free cash flow (derived)−$13.4M9−$14.3M10−$10.4M11−$11M12—
Total debt—————
Cash & equivalents$11M17$14.5M18$5.18M19$1.09M20$7.28M20
Diluted shares2.5M269,929607,8903,57722.0M

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
$136.48
your share of equity
Profit it earned you last year
−$18.55
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $136.48 of net worth that earned you −$18.55 last year.

iii. Is this a good business?
Moat signal · return on equity
-367% avg · 5y
FY21 -161%FY22 -173%FY23 -377%FY24 -1109%FY25 -14%

It earned an average -367% 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
+797% shares · 5y

Share count is up 797% 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
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 0001558370-23-003338 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-004260 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-003619 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-037194 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-003338 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-004260 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-003619 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-037194 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-003338 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-004260 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-003619 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-037194 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-003338 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-004260 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-003619 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-037194 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001558370-23-003338 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001558370-24-004260 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001558370-25-003619 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001104659-26-037194 (CashAndCashEquivalentsAtCarryingValue)