MeritValue

SOLAI Ltd

SLAIdata completeness 88%13 fiscal years on file
The thesis, from the filings

SOLAI Ltd earns about -67% on invested capital, but has diluted owners by 178% 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$53.8M1$57M2$43.1M3$32.9M3$23M3
Net income−$62.4M4−$155.4M5−$28.7M6$12.1M6−$33.9M6
Operating cash flow−$34.3M7−$63.6M8−$28.4M9−$32.7M9−$26.9M9
Capital expenditure$56.6M10$13.8M11$1.43M12$1.18M12$220,00012
Free cash flow (derived)−$90.9M7−$77.3M8−$29.8M9−$33.9M9−$27.1M9
Total debt—————
Cash & equivalents$17.7M13$5.5M14$3.24M15$1.81M15$1.42M15
Diluted shares622.3M871.0M1.10B1.17B1.73B

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
$0.2
your share of equity
Profit it earned you last year
−$0.2
Free cash flow it threw off
−$0.16
Debt you’d be carrying
—

10 shares is a claim on $0.2 of net worth that earned you −$0.2 and generated −$0.16 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-67% avg · 5y
FY21 -19%FY22 -131%FY23 -92%FY24 -10%FY25 -83%

It earned an average -67% 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
+178% shares · 5y

Share count is up 178% 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. 20-F · period ending 2021-12-31 · accession 0001104659-24-061925 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001410578-25-000990 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-26-045107 (Revenues)
  4. 20-F · period ending 2021-12-31 · accession 0001104659-24-061925 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001410578-25-000990 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001104659-26-045107 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001104659-24-061925 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001410578-25-000990 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001104659-26-045107 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001104659-24-061925 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001410578-25-000990 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001104659-26-045107 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001410578-23-000687 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2022-12-31 · accession 0001410578-25-000990 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2023-12-31 · accession 0001104659-26-045107 (CashAndCashEquivalentsAtCarryingValue)