i. The business — what you’d actually own
| Figure | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| Net income | −$15,0001 | −$284,1022 | −$52,7253 | −$82,1323 |
| Operating cash flow | −$5,0004 | −$40,1025 | −$18,5846 | −$104,2136 |
| Capital expenditure | — | — | — | — |
| Free cash flow (derived) | — | — | — | — |
| Total debt | — | — | — | — |
| Cash & equivalents | $07 | $08 | $09 | $010 |
| Diluted shares | 179.4M | 221.8M | 28.4M | 120.2M |
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
−$0.01
your share of equity
Profit it earned you last year
−$0.01
Free cash flow it threw off
—
Debt you’d be carrying
—
10 shares is a claim on −$0.01 of net worth that earned you −$0.01 last year.
iii. Is this a good business?
Moat signal · return on equity
— avg · 4y
Not enough data in the filings for a return-on-capital reading.
seeing a moat in the numbers →Management signal · capital allocation
−33% shares · 4y
Share count is down 33% 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 v0.5.0
Different models answer different questions — which to trust when →
Sources — the receipts
- 10-K · period ending 2023-05-31 · accession 0001829126-25-004292 (NetIncomeLoss)
- 10-K · period ending 2024-05-31 · accession 0001829126-25-007322 (NetIncomeLoss)
- 10-K · period ending 2025-05-31 · accession 0001829126-26-010112 (NetIncomeLoss)
- 10-K · period ending 2023-05-31 · accession 0001829126-25-004292 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-05-31 · accession 0001829126-25-007322 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2025-05-31 · accession 0001829126-26-010112 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-05-31 · accession 0001829126-24-001415 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-05-31 · accession 0001829126-25-004292 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2025-05-31 · accession 0001829126-25-007322 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2026-05-31 · accession 0001829126-26-010112 (CashAndCashEquivalentsAtCarryingValue)