MeritValue

Infobird Co., Ltd

IFBDdata completeness 63%8 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Infobird Co., Ltd earns about -58% on invested capital, but has diluted owners by 136816% 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$9.64M1$5.51M1$280,0002$1.44M2$8.71M2
Net income−$13.9M3−$16.2M4−$2.87M5−$2.1M5−$53.6M5
Operating cash flow−$7.54M6−$5.22M7−$2.72M8$3.25M8−$521,7348
Capital expenditure$109,5299$4,1879—$768,80310—
Free cash flow (derived)−$7.65M6−$5.23M7—$2.48M8—
Total debt—————
Cash & equivalents$6.29M11$1.04M12$52,65912$4.69M12—
Diluted shares5,8557,192393,5722.0M8.0M

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
$22.05
your share of equity
Profit it earned you last year
−$66.89
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $22.05 of net worth that earned you −$66.89 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-58% avg · 5y
FY21 -3%FY22 -18%FY23 -28%FY24 -2%FY25 -237%

It earned an average -58% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+136816% shares · 5y

Share count is up 136816% 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. 20-F · period ending 2021-12-31 · accession 0001731122-23-000801 (Revenues)
  2. 20-F/A · period ending 2023-12-31 · accession 0001731122-26-000847 (Revenues)
  3. 20-F · period ending 2021-12-31 · accession 0001731122-24-001097 (NetIncomeLoss)
  4. 20-F/A · period ending 2022-12-31 · accession 0001731122-25-001106 (NetIncomeLoss)
  5. 20-F/A · period ending 2023-12-31 · accession 0001731122-26-000847 (NetIncomeLoss)
  6. 20-F · period ending 2021-12-31 · accession 0001731122-24-001097 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F/A · period ending 2022-12-31 · accession 0001731122-25-001106 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F/A · period ending 2023-12-31 · accession 0001731122-26-000847 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2021-12-31 · accession 0001731122-23-000801 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F/A · period ending 2024-12-31 · accession 0001731122-26-000847 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2021-12-31 · accession 0001731122-22-000935 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F/A · period ending 2022-12-31 · accession 0001731122-26-000847 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)