MeritValue

REZOLVE AI PLC

RZLVdata completeness 100%3 fiscal years on file
The thesis, from the filings

REZOLVE AI PLC earns about -41% on equity, but has diluted owners by 77% over 3 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 2023FY 2024FY 2025
Revenue$145,0511$2.01M2$46.8M2
Net income−$30.7M3−$173.5M4−$101.4M4
Operating cash flow−$13M5−$22.4M6−$63.1M6
Capital expenditure$14,3767$8,2588$90,2178
Free cash flow (derived)−$13M5−$22.4M6−$63.2M6
Total debt$47M9$37.3M9$152.2M10
Cash & equivalents$9.4M11$9.73M12$111.1M12
Diluted shares151.3M163.7M268.0M

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
$9.21
your share of equity
Profit it earned you last year
−$3.78
Free cash flow it threw off
−$2.36
Debt you’d be carrying
$5.68

10 shares is a claim on $9.21 of net worth that earned you −$3.78 and generated −$2.36 of cash last year, against $5.68 of debt.

iii. Is this a good business?
Moat signal · return on equity
-41% avg · 3y
FY23 —FY24 —FY25 -41%

It earned an average -41% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+77% shares · 3y

Share count is up 77% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 224% over the same window.

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. 20-F · period ending 2023-12-31 · accession 0000950170-25-057622 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2024-12-31 · accession 0001193125-26-132456 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0000950170-25-057622 (NetIncomeLoss)
  4. 20-F · period ending 2024-12-31 · accession 0001193125-26-132456 (NetIncomeLoss)
  5. 20-F · period ending 2023-12-31 · accession 0000950170-25-057622 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2024-12-31 · accession 0001193125-26-132456 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2023-12-31 · accession 0000950170-25-057622 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2024-12-31 · accession 0001193125-26-132456 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2023-12-31 · accession 0000950170-25-057622 (DebtCurrent)
  10. 20-F · period ending 2025-12-31 · accession 0001193125-26-132456 (LongTermDebtNoncurrent)
  11. 20-F · period ending 2023-12-31 · accession 0000950170-25-057622 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2024-12-31 · accession 0001193125-26-132456 (CashAndCashEquivalentsAtCarryingValue)