MeritValue

LQR House Inc.

YHCdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

LQR House Inc. earns about -95% on equity, but has diluted owners by 3131% over 4 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 2022FY 2023FY 2024FY 2025
Revenue$601,1311$1.12M2$2.5M3$1.56M3
Net income−$1.84M4−$15.7M5−$22.8M6−$25.5M6
Operating cash flow−$918,1977−$9.11M8−$6.62M9−$33.8M9
Capital expenditure—$10,00010—$340,54111
Free cash flow (derived)—−$9.12M8—−$34.2M9
Total debt————
Cash & equivalents$7,56512$7.06M13$5.39M13$5.98M14
Diluted shares225,376925,607157,6567.3M

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
$40.28
your share of equity
Profit it earned you last year
−$35.05
Free cash flow it threw off
−$46.91
Debt you’d be carrying
—

10 shares is a claim on $40.28 of net worth that earned you −$35.05 and generated −$46.91 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-95% avg · 4y
FY22 -90%FY23 -108%FY24 —FY25 -87%

It earned an average -95% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+3131% shares · 4y

Share count is up 3131% over 4 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
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
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 2022-12-31 · accession 0001213900-24-028934 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001213900-25-026396 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001213900-26-044131 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2022-12-31 · accession 0001213900-24-028934 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001213900-25-026396 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001213900-26-044131 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001213900-24-028934 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001213900-25-026396 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001213900-26-044131 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001213900-25-026396 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2025-12-31 · accession 0001213900-26-044131 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001213900-25-026396 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  13. 10-K · period ending 2023-12-31 · accession 0001213900-25-026396 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2025-12-31 · accession 0001213900-26-044131 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)