MeritValue

INTELLIGENT BIO SOLUTIONS INC.

INBSdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

INTELLIGENT BIO SOLUTIONS INC. earns about -221% on equity, but has diluted owners by 101% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$437,1461$1.26M2$3.11M3$3.05M4$4.22M4
Net income−$8.31M5−$10.6M6−$10.2M7−$10.6M8−$12.4M8
Operating cash flow−$3.36M9−$7.38M10−$9.57M11−$9.68M12−$11.9M12
Capital expenditure——$221,42613$231,83814$125,73114
Free cash flow (derived)——−$9.79M11−$9.91M12−$12.1M12
Total debt—————
Cash & equivalents$8.24M15$1.54M16$6.3M17$1.02M18$3.99M18
Diluted shares733,26383,7171.6M527,3641.5M

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
$37.42
your share of equity
Profit it earned you last year
−$84.41
Free cash flow it threw off
−$81.84
Debt you’d be carrying
—

10 shares is a claim on $37.42 of net worth that earned you −$84.41 and generated −$81.84 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-221% avg · 5y
FY22 -125%FY23 -280%FY24 -122%FY25 -353%FY26 -226%

It earned an average -221% 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
+101% shares · 5y

Share count is up 101% 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 v0.5.0
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 2022-06-30 · accession 0001493152-22-026526 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-06-30 · accession 0001493152-24-036953 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-06-30 · accession 0001641172-25-024279 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-06-30 · accession 0001493152-26-039136 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2022-06-30 · accession 0001493152-23-029992 (NetIncomeLoss)
  6. 10-K · period ending 2023-06-30 · accession 0001493152-24-036953 (NetIncomeLoss)
  7. 10-K · period ending 2024-06-30 · accession 0001641172-25-024279 (NetIncomeLoss)
  8. 10-K · period ending 2025-06-30 · accession 0001493152-26-039136 (NetIncomeLoss)
  9. 10-K · period ending 2022-06-30 · accession 0001493152-23-029992 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-06-30 · accession 0001493152-24-036953 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-06-30 · accession 0001641172-25-024279 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-06-30 · accession 0001493152-26-039136 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2024-06-30 · accession 0001641172-25-024279 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2025-06-30 · accession 0001493152-26-039136 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2022-06-30 · accession 0001493152-23-029992 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-06-30 · accession 0001493152-24-036953 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-06-30 · accession 0001641172-25-024279 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2025-06-30 · accession 0001493152-26-039136 (CashAndCashEquivalentsAtCarryingValue)