MeritValue

Lite Strategy, Inc.

LITSdata completeness 88%24 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Lite Strategy, Inc. earns about -116% on invested capital, and has bought back 94% 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$34.8M1$40.7M2$48.8M3$65.3M4$04
Net income−$41M5−$54M5−$32M6$17.8M6−$15.9M6
Operating cash flow−$32M7−$48.7M8−$52.5M9−$50.5M10−$20.8M10
Capital expenditure$708,00011$479,00012$35,00012$7,00013$013
Free cash flow (derived)−$32.7M7−$49.2M8−$52.5M9−$50.5M10−$20.8M10
Total debt—————
Cash & equivalents$8.54M14$15.7M15$16.9M16$3.71M17$18M17
Diluted shares114.5M6.3M6.7M6.7M6.7M

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
$25.41
your share of equity
Profit it earned you last year
−$23.93
Free cash flow it threw off
−$31.28
Debt you’d be carrying
—

10 shares is a claim on $25.41 of net worth that earned you −$23.93 and generated −$31.28 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-116% avg · 5y
FY21 -80%FY22 -117%FY23 -326%FY24 61%FY25 —

It earned an average -116% 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
−94% shares · 5y

Share count is down 94% 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
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 2021-06-30 · accession 0000950170-22-018236 (Revenues)
  2. 10-K · period ending 2022-06-30 · accession 0000950170-23-049927 (Revenues)
  3. 10-K · period ending 2023-06-30 · accession 0000950170-24-108185 (Revenues)
  4. 10-K · period ending 2024-06-30 · accession 0001193125-25-220421 (Revenues)
  5. 10-K/A · period ending 2021-06-30 · accession 0000950170-23-055978 (NetIncomeLoss)
  6. 10-K · period ending 2023-06-30 · accession 0001193125-25-220421 (NetIncomeLoss)
  7. 10-K · period ending 2021-06-30 · accession 0000950170-22-018236 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-06-30 · accession 0000950170-23-049927 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-06-30 · accession 0000950170-24-108185 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-06-30 · accession 0001193125-25-220421 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-06-30 · accession 0000950170-22-018236 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-06-30 · accession 0000950170-23-049927 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2024-06-30 · accession 0001193125-25-220421 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-06-30 · accession 0000950170-22-018236 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-06-30 · accession 0000950170-23-049927 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-06-30 · accession 0000950170-24-108185 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-06-30 · accession 0001193125-25-220421 (CashAndCashEquivalentsAtCarryingValue)