QS Energy, Inc.

QSEPdata completeness 88%27 fiscal years on file

Data notes: no data for concept 'totalDebt'

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$0¹	$0²	$0³	$0⁴	$0⁴
Net income	−$1.42M⁵	−$1.55M⁶	−$1.22M⁷	−$1.93M⁸	−$15.3M⁸
Operating cash flow	−$722,000⁹	−$923,000¹⁰	−$629,000¹¹	−$1.17M¹²	−$4.01M¹²
Capital expenditure	$0¹³	$1,000¹⁴	$0¹⁵	$2,000¹⁶	$0¹⁶
Free cash flow (derived)	−$722,000⁹	−$924,000¹⁰	−$629,000¹¹	−$1.17M¹²	−$4.01M¹²
Total debt	—	—	—	—	—
Cash & equivalents	$114,000¹⁷	$133,000¹⁸	$70,000¹⁹	$150,000¹⁹	$6,000¹⁹
Diluted shares	336.0M	361.8M	385.6M	405.0M	499.7M

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

Net assets behind them

−$0.12

your share of equity

Profit it earned you last year

−$0.31

Free cash flow it threw off

−$0.08

Debt you’d be carrying

—

10 shares is a claim on −$0.12 of net worth that earned you −$0.31 and generated −$0.08 of cash last year.

iii. Is this a good business?

Moat signal · return on equity

— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →

Management signal · capital allocation

+49% shares · 5y

Share count is up 49% 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 v0.1.0

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

10-K · period ending 2021-12-31 · accession 0001683168-23-001974 (Revenues)
10-K · period ending 2022-12-31 · accession 0001683168-24-002236 (Revenues)
10-K · period ending 2023-12-31 · accession 0001683168-25-001980 (Revenues)
10-K · period ending 2024-12-31 · accession 0001683168-26-002551 (Revenues)
10-K · period ending 2021-12-31 · accession 0001683168-23-001974 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001683168-24-002236 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001683168-25-001980 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001683168-26-002551 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001683168-23-001974 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001683168-24-002236 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001683168-25-001980 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001683168-26-002551 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001683168-23-001974 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2022-12-31 · accession 0001683168-24-002236 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2023-12-31 · accession 0001683168-25-001980 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2024-12-31 · accession 0001683168-26-002551 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2021-12-31 · accession 0001683168-24-002236 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
10-K · period ending 2022-12-31 · accession 0001683168-25-001980 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
10-K · period ending 2023-12-31 · accession 0001683168-26-002551 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)