MeritValue

SUNHYDROGEN, INC.

HYSRdata completeness 75%16 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

SUNHYDROGEN, INC. earns about 80% on equity, but has diluted owners by 93% 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—————
Net income−$81.5M1$90M2$974,9793−$9.88M4−$8.23M4
Operating cash flow−$5.38M5−$3.44M6−$4.26M7−$1.84M8−$3.65M8
Capital expenditure$213,8669—$33,81410$23,26011$17,00011
Free cash flow (derived)−$5.59M5—−$4.3M7−$1.87M8−$3.66M8
Total debt$1.27M12$827,50013———
Cash & equivalents$56M14$27.7M15$37.2M16$39M17$34.6M17
Diluted shares2.76B5.22B4.79B5.03B5.32B

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
$0.07
your share of equity
Profit it earned you last year
−$0.02
Free cash flow it threw off
−$0.01
Debt you’d be carrying
—

10 shares is a claim on $0.07 of net worth that earned you −$0.02 and generated −$0.01 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
80% avg · 5y
FY21 —FY22 365%FY23 2%FY24 -24%FY25 -22%

It earned an average 80% 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
+93% shares · 5y

Share count is up 93% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 35% — deleveraging.

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 2021-06-30 · accession 0001213900-22-062803 (NetIncomeLoss)
  2. 10-K · period ending 2022-06-30 · accession 0001213900-23-081088 (NetIncomeLoss)
  3. 10-K · period ending 2023-06-30 · accession 0001213900-24-083387 (NetIncomeLoss)
  4. 10-K · period ending 2024-06-30 · accession 0001213900-25-087311 (NetIncomeLoss)
  5. 10-K · period ending 2021-06-30 · accession 0001213900-22-062803 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-06-30 · accession 0001213900-23-081088 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-06-30 · accession 0001213900-24-083387 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-06-30 · accession 0001213900-25-087311 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-06-30 · accession 0001213900-22-062803 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2023-06-30 · accession 0001213900-24-083387 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2024-06-30 · accession 0001213900-25-087311 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-06-30 · accession 0001213900-21-052059 (LongTermDebt)
  13. 10-K · period ending 2022-06-30 · accession 0001213900-22-062803 (LongTermDebt)
  14. 10-K · period ending 2021-06-30 · accession 0001213900-22-062803 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-06-30 · accession 0001213900-23-081088 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-06-30 · accession 0001213900-24-083387 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-06-30 · accession 0001213900-25-087311 (CashAndCashEquivalentsAtCarryingValue)