MeritValue

QT IMAGING HOLDINGS, INC.

QTIdata completeness 100%5 fiscal years on file
The thesis, from the filings

QT IMAGING HOLDINGS, INC. earns about -327% on equity, but has diluted owners by 28% over 5 years — worth asking whether the growth reaches owners. 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$40,3552$4.88M3$18.9M3
Net income−$1.11M4−$2.77M5−$6.1M6−$8.99M7−$21.1M7
Operating cash flow−$1.37M8−$1.26M9−$2.65M10−$10M11−$8.96M11
Capital expenditure——$13,04012$88,00013$124,00013
Free cash flow (derived)——−$2.66M10−$10.1M11−$9.08M11
Total debt———$9.93M14$10.1M15
Cash & equivalents———$1.17M16$10.4M16
Diluted shares8.2M6.5M9.5M6.7M10.5M

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
$6.15
your share of equity
Profit it earned you last year
−$20.13
Free cash flow it threw off
−$8.67
Debt you’d be carrying
$9.65

10 shares is a claim on $6.15 of net worth that earned you −$20.13 and generated −$8.67 of cash last year, against $9.65 of debt.

iii. Is this a good business?
Moat signal · return on equity
-327% avg · 5y
FY21 —FY22 —FY23 —FY24 —FY25 -327%

It earned an average -327% 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
+28% shares · 5y

Share count is up 28% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 2022-12-31 · accession 0001193125-24-075608 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001844505-25-000038 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001628280-26-020909 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001564590-23-005063 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001193125-24-075608 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001844505-25-000038 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001628280-26-020909 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001564590-23-005063 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001193125-24-075608 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001844505-25-000038 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001628280-26-020909 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2023-12-31 · accession 0001844505-25-000038 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2024-12-31 · accession 0001628280-26-020909 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001844505-25-000038 (LongTermDebt)
  15. 10-K · period ending 2025-12-31 · accession 0001628280-26-020909 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-020909 (CashAndCashEquivalentsAtCarryingValue)