SciSparc Ltd.

SPRCdata completeness 75%10 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

SciSparc Ltd. earns about -151% on invested capital, and has bought back 93% of its shares over 5 years. 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

Figure	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024
Revenue	—	—	$1.35M¹	$2.88M¹	$1.31M¹
Net income	−$3.54M²	−$5.79M³	−$2.59M⁴	−$5.12M⁴	−$6.28M⁴
Operating cash flow	−$4.31M⁵	−$5.06M⁶	−$7.92M⁷	−$5.89M⁷	−$5.1M⁷
Capital expenditure	—	$35,000⁸	$8,000⁸	—	—
Free cash flow (derived)	—	−$5.1M⁶	−$7.93M⁷	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$1.95M⁹	$6.88M¹⁰	$3.57M¹⁰	$2.08M¹⁰	$1.54M¹⁰
Diluted shares	145.1M	3.1M	6.8M	706,683	10.8M

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

Net assets behind them

$7.53

your share of equity

Profit it earned you last year

−$5.8

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $7.53 of net worth that earned you −$5.8 last year.

iii. Is this a good business?

Moat signal · return on invested capital

-151% avg · 5y

FY20 —FY21 -361%FY22 -71%FY23 -84%FY24 -89%

It earned an average -151% 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

−93% shares · 5y

Share count is down 93% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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

$4.66

assumptions (1)

grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts

20-F · period ending 2022-12-31 · accession 0001213900-25-035115 (Revenue)
20-F · period ending 2020-12-31 · accession 0001213900-21-018407 (ProfitLoss)
20-F/A · period ending 2021-12-31 · accession 0001213900-24-038779 (ProfitLossAttributableToOwnersOfParent)
20-F · period ending 2022-12-31 · accession 0001213900-25-035115 (ProfitLossAttributableToOwnersOfParent)
20-F · period ending 2020-12-31 · accession 0001213900-23-034606 (CashFlowsFromUsedInOperatingActivities)
20-F/A · period ending 2021-12-31 · accession 0001213900-24-038779 (CashFlowsFromUsedInOperatingActivities)
20-F · period ending 2022-12-31 · accession 0001213900-25-035115 (CashFlowsFromUsedInOperatingActivities)
20-F/A · period ending 2021-12-31 · accession 0001213900-24-038779 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
20-F/A · period ending 2020-12-31 · accession 0001213900-24-038779 (CashAndCashEquivalents)
20-F · period ending 2021-12-31 · accession 0001213900-25-035115 (CashAndCashEquivalents)