NOMAD POWER SOLUTIONS, INC.

NMADdata completeness 50%20 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'pretaxIncome'

The thesis, from the filings

NOMAD POWER SOLUTIONS, INC. earns about -177% on equity, and has bought back 64% 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

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	−$6.73M¹	−$6.31M²	−$5.09M³	−$3.59M⁴	−$6.08M⁴
Operating cash flow	−$4.14M⁵	−$4.61M⁶	−$4.29M⁷	−$3.16M⁸	−$3.07M⁸
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$4.82M⁹	$5.35M¹⁰	$4.2M¹⁰	—	—
Diluted shares	13.5M	1.6M	1.9M	2.2M	4.8M

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

Net assets behind them

$19.96

your share of equity

Profit it earned you last year

−$12.56

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $19.96 of net worth that earned you −$12.56 last year.

iii. Is this a good business?

Moat signal · return on equity

-177% avg · 5y

FY21 -140%FY22 -122%FY23 -127%FY24 -433%FY25 -63%

It earned an average -177% 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

−64% shares · 5y

Share count is down 64% 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 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 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

10-K · period ending 2021-12-31 · accession 0001493152-23-009386 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001493152-24-010427 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001641172-25-000208 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001493152-26-014052 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001493152-23-009386 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001493152-24-010427 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001641172-25-000208 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001493152-26-014052 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001493152-23-009386 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001493152-24-010427 (CashAndCashEquivalentsAtCarryingValue)