MeritValue

ScanTech AI Systems Inc.

STAIdata completeness 88%2 fiscal years on file

Data notes: no data for concept 'stockholdersEquity'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

i. The business — what you’d actually own
FigureFY 2023FY 2024
Revenue—$542,1661
Net income−$35.5M2−$23.1M2
Operating cash flow−$5.43M3−$6.62M3
Capital expenditure$5,2324$1,9134
Free cash flow (derived)−$5.44M3−$6.62M3
Total debt$89M5$107.5M5
Cash & equivalents$43,9496$06
Diluted shares188.6M312.3M

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
—
your share of equity
Profit it earned you last year
−$0.74
Free cash flow it threw off
−$0.21
Debt you’d be carrying
$3.44

10 shares of this business that earned you −$0.74 and generated −$0.21 of cash last year, against $3.44 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 2y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+66% shares · 2y

Share count is up 66% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 21% 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
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
only 2 years of net income (need ≥3)
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 2024-12-31 · accession 0001410578-25-001275 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001410578-25-001275 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001410578-25-001275 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2023-12-31 · accession 0001410578-25-001275 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 10-K · period ending 2023-12-31 · accession 0001410578-25-001275 (ShortTermBorrowings)
  6. 10-K · period ending 2023-12-31 · accession 0001410578-25-001275 (CashAndCashEquivalentsAtCarryingValue)