MeritValue

SpringBig Holdings, Inc.

SBIGdata completeness 100%6 fiscal years on file
The thesis, from the filings

SpringBig Holdings, Inc. earns about -359% on invested capital, but has diluted owners by 167% 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$23.4M1$26.6M2$28.1M2$24.6M3$22.8M3
Net income−$5.75M4−$13.1M5−$10.2M6−$1.88M7−$3.25M7
Operating cash flow−$7.88M8−$14.5M9−$3.98M10−$953,00011$361,00011
Capital expenditure$252,00012$154,00013$351,00014$64,00015$40,00015
Free cash flow (derived)−$8.14M8−$14.7M9−$4.33M10−$1.02M11$321,00011
Total debt$016$8.27M17$6.29M17$16.7M18$9.24M18
Cash & equivalents$2.23M19$3.55M20$331,00021$1.18M22$1.5M22
Diluted shares17.8M22.3M36.1M45.9M47.4M

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
−$2.63
your share of equity
Profit it earned you last year
−$0.69
Free cash flow it threw off
$0.07
Debt you’d be carrying
$1.95

10 shares is a claim on −$2.63 of net worth that earned you −$0.69 and generated $0.07 of cash last year, against $1.95 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-359% avg · 5y
FY21 -203%FY22 -878%FY23 —FY24 5%FY25 —

It earned an average -359% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+167% shares · 5y

Share count is up 167% 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
  1. 10-K · period ending 2021-12-31 · accession 0001801602-23-000028 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-24-013998 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001213900-26-034944 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001801602-23-000028 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001628280-24-013998 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001013762-25-003507 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001213900-26-034944 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001801602-23-000028 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001628280-24-013998 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001013762-25-003507 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001213900-26-034944 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001801602-23-000028 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001628280-24-013998 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001013762-25-003507 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001213900-26-034944 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001801602-23-000028 (LongTermDebtCurrent)
  17. 10-K · period ending 2022-12-31 · accession 0001628280-24-013998 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2024-12-31 · accession 0001213900-26-034944 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2021-12-31 · accession 0001801602-23-000028 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001628280-24-013998 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001013762-25-003507 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001213900-26-034944 (CashAndCashEquivalentsAtCarryingValue)