IMPACT BIOMEDICAL INC.

IBOdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

IMPACT BIOMEDICAL INC. earns about -236% on invested capital, and has bought back 55% of its shares over 4 years. 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 2022	FY 2023	FY 2024	FY 2025
Revenue	$50,000¹	—	—	$32,000²
Net income	−$7.26M³	−$4.34M⁴	−$24.7M⁵	−$11.8M⁵
Operating cash flow	−$2.24M⁶	−$2.85M⁷	−$2.85M⁸	−$1.89M⁸
Capital expenditure	—	—	—	—
Free cash flow (derived)	—	—	—	—
Total debt	—	—	—	—
Cash & equivalents	$2,000⁹	$1,000¹⁰	$2M¹¹	$3,000¹¹
Diluted shares	70.5M	60.2M	10.8M	31.6M

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

Net assets behind them

your share of equity

Profit it earned you last year

−$3.75

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $4 of net worth that earned you −$3.75 last year.

iii. Is this a good business?

Moat signal · return on invested capital

-236% avg · 4y

FY22 -20%FY23 -12%FY24 -827%FY25 -86%

It earned an average -236% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−55% shares · 4y

Share count is down 55% over 4 years — management has been buying back stock, quietly handing owners a bigger slice.

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 2022-12-31 · accession 0001493152-24-007229 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2025-12-31 · accession 0001493152-26-009711 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2022-12-31 · accession 0001493152-24-007229 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001641172-25-001199 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001493152-26-009711 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001493152-24-007229 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001641172-25-001199 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001493152-26-009711 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001493152-24-007229 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001641172-25-001199 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001493152-26-009711 (CashAndCashEquivalentsAtCarryingValue)