MeritValue

I-ON Digital Corp.

IONIdata completeness 75%12 fiscal years on file
The thesis, from the filings

I-ON Digital Corp. earns about -3% on invested capital, and has bought back 10% of its shares over 5 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
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$01$01$97,8752$32,6253$433,0124
Net income$1.99M5−$27,6256−$805,1387−$1.91M8−$2.88M8
Operating cash flow$136,3619−$792,93610−$498,83411−$1.06M12−$997,98112
Capital expenditure$66,72113————
Free cash flow (derived)$69,6409————
Total debt$014$015———
Cash & equivalents$016$016$36,07517$270,09518$158,19318
Diluted shares35.0M19.7M26.1M27.4M31.5M

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
$4.53
your share of equity
Profit it earned you last year
−$0.92
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $4.53 of net worth that earned you −$0.92 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-3% avg · 5y
FY21 17%FY22 —FY23 -4%FY24 -7%FY25 -16%

It earned an average -3% 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
−10% shares · 5y

Share count is down 10% over 5 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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 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
  1. 10-K · period ending 2021-12-31 · accession 0001140361-23-021075 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001641172-25-003678 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001493152-26-016842 (Revenues)
  4. 10-K · period ending 2025-12-31 · accession 0001493152-26-016842 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001140361-23-021075 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-022975 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-003678 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-016842 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001140361-23-021075 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-022975 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-003678 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-016842 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001140361-22-013661 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0001140361-22-013661 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2022-12-31 · accession 0001140361-23-021075 (ShortTermBorrowings)
  16. 10-K · period ending 2021-12-31 · accession 0001140361-23-021075 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001641172-25-003678 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001493152-26-016842 (CashAndCashEquivalentsAtCarryingValue)