MeritValue

RICHTECH ROBOTICS INC.

RRdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

RICHTECH ROBOTICS INC. earns about -14% on invested capital, but has diluted owners by 205% over 4 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 2022FY 2023FY 2024FY 2025
Revenue$6.05M1$8.76M2$4.24M3$5.05M3
Net income−$507,0004−$339,0005−$8.14M6−$15.8M6
Operating cash flow−$2.65M7−$2.9M8−$5.06M9−$9.04M9
Capital expenditure——$725,00010$5.01M10
Free cash flow (derived)——−$5.79M9−$14.1M9
Total debt—$845,00011$53,00012—
Cash & equivalents$327,00013$433,00014$14.6M15$193.6M15
Diluted shares40.0M62.2M70.0M122.0M

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
$22.13
your share of equity
Profit it earned you last year
−$1.29
Free cash flow it threw off
−$1.15
Debt you’d be carrying
—

10 shares is a claim on $22.13 of net worth that earned you −$1.29 and generated −$1.15 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-14% avg · 4y
FY22 -12%FY23 -7%FY24 -23%FY25 -16%

It earned an average -14% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+205% shares · 4y

Share count is up 205% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 94% — deleveraging.

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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 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
  1. 10-K/A · period ending 2022-09-30 · accession 0001213900-24-026171 (Revenues)
  2. 10-K/A · period ending 2023-09-30 · accession 0001213900-25-019499 (Revenues)
  3. 10-K · period ending 2024-09-30 · accession 0001213900-26-005343 (Revenues)
  4. 10-K/A · period ending 2022-09-30 · accession 0001213900-24-026171 (NetIncomeLoss)
  5. 10-K/A · period ending 2023-09-30 · accession 0001213900-25-019499 (NetIncomeLoss)
  6. 10-K · period ending 2024-09-30 · accession 0001213900-26-005343 (NetIncomeLoss)
  7. 10-K/A · period ending 2022-09-30 · accession 0001213900-24-026171 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K/A · period ending 2023-09-30 · accession 0001213900-25-019499 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-09-30 · accession 0001213900-26-005343 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-09-30 · accession 0001213900-26-005343 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K/A · period ending 2023-09-30 · accession 0001213900-25-019499 (ShortTermBorrowings)
  12. 10-K · period ending 2024-09-30 · accession 0001213900-26-005343 (ShortTermBorrowings)
  13. 10-K/A · period ending 2022-09-30 · accession 0001213900-24-026171 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K/A · period ending 2023-09-30 · accession 0001213900-25-019499 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-09-30 · accession 0001213900-26-005343 (CashAndCashEquivalentsAtCarryingValue)