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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$7.2M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -30%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2022 | FY2021 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $24.8M 100.0% | $12.5M 100.0% | $0 | $0 | $40.0M 100.0% | $33.9M 100.0% | $35.1M 100.0% | $36.8M 100.0% | $41.5M 100.0% | $40.5M 100.0% |
| Cost of Revenue | $14.7M 59.0% | $6.2M 49.8% | $0 | $0 | $31.2M 77.8% | $25.0M 73.9% | $27.3M 77.8% | $25.7M 70.0% | $28.4M 68.4% | $28.1M 69.5% |
| Gross Profit | $10.2M 41.0% | $5.6M 45.1% | $0 | $0 | $8.9M 22.2% | $8.8M 26.1% | $7.8M 22.2% | $11.1M 30.0% | $13.1M 31.6% | $12.4M 30.5% |
| Selling, General & Admin | $33.0M 133.0% | $12.6M 100.3% | $4.7M | $3.1M | $12.1M 30.2% | $17.8M 52.6% | $20.2M 57.6% | $17.1M 46.6% | $13.4M 32.2% | $11.2M 27.8% |
| Total Operating Expenses | $33.0M 133.0% | $12.6M 100.3% | $19.8M | $3.1M | $12.1M 30.2% | $17.8M 52.6% | — | — | — | — |
| Operating Income | -$22.9M -92.0% | -$6.9M -55.2% | -$19.8M | -$3.1M | -$16.8M -41.9% | -$9.0M -26.6% | -$12.4M -35.4% | -$6.1M -16.6% | -$231K -0.6% | $1.1M 2.8% |
| Interest Expense | — | — | — | — | — | — | — | $668K 1.8% | $894K 2.2% | $1.2M 2.9% |
| Other Income (Expense), net | -$405.4M -1632.0% | -$1.5M -12.3% | $2.3M | $4.5M | $180K 0.4% | $71K 0.2% | -$2.7M -7.8% | -$238K -0.6% | -$52K -0.1% | $9K 0.0% |
| Pretax Income | -$428.2M -1723.9% | -$8.5M -67.5% | -$17.5M | $1.4M | $3.0M 7.6% | -$8.9M -26.4% | -$15.2M -43.2% | -$6.3M -17.2% | $4.1M 9.8% | -$40K -0.1% |
| Income Tax Expense | -$86.7M -349.2% | -$160K -1.3% | -$429K | -$6.6M | $273K 0.7% | $427K 1.3% | -$3.2M -9.1% | -$727K -2.0% | -$1.3M -3.2% | $426K 1.1% |
| Net Income | -$344.5M -1386.9% | -$7.6M -60.4% | -$7.8M | $11.0M | -$16.9M -42.2% | -$8.5M -25.1% | -$12.0M -34.1% | -$5.6M -15.2% | -$378K -0.9% | -$1.8M -4.4% |
| Per Share | ||||||||||
| EPS (Basic) | -$5.91 | -$0.68 | -$1.95 | $3.49 | -$6.35 | -$4.59 | -$6.78 | -$3.75 | $0.02 | -$0.24 |
| EPS (Diluted) | -$5.91 | -$0.68 | -$1.95 | $3.49 | -$6.35 | -$4.59 | -$6.78 | -$3.75 | $0.02 | -$0.24 |
| Weighted Avg Shares (Basic) | 58.3M | 11.2M | 4.0M | 3.2M | 2.7M | 1.9M | 1.8M | 1.5M | 6.7M | 6.1M |
| Weighted Avg Shares (Diluted) | 58.3M | 11.2M | 4.4M | 3.2M | 2.7M | 1.9M | 1.8M | 1.5M | 6.7M | 6.1M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 2 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $0.25 today, the market must believe free cash flow compounds 23.2%/yr for a decade (off $471K on the SBC-adjusted basis).
On the basis ($1.6M) the requirement is 6.3%/yr. The difference is what charging stock compensation costs.
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 0.14B shares (market data) · net debt -$5.7M
mean -50.9% · volatility σ 202% · implied rate exceeded in 1/4 yrs
Central path = implied 23.2%/yr growth; shaded band = ±1σ (202%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $61K is below the $4.8M due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2022-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~99.0% on $675K of debt. Interest last disclosed in FY2018 (no longer broken out).
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-30
Where each multiple sits in its own 16-yr range · 42th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 16-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -30% against ROIC -30% — -0% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is -59.2% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 2.3× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2021 | FY2022 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 70.0 | 77.8 | 73.9 | 77.8 | — | — | 49.8 | 59.0 |
| Gross Profit | 30.0 | 22.2 | 26.1 | 22.2 | — | — | 45.1 | 41.0 |
| SG&A | 46.6 | 57.6 | 52.6 | 30.2 | — | — | 100.3 | 133.0 |
| Operating Income | -16.6 | -35.4 | -26.6 | -41.9 | — | — | -55.2 | -92.0 |
| Income Tax | -2.0 | -9.1 | 1.3 | 0.7 | — | — | -1.3 | -349.2 |
| Net Income | -15.2 | -34.1 | -25.1 | -42.2 | — | — | -60.4 | -1386.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AIFC: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cash conversion and accruals. The full answer — share-based compensation, the cash conversion waterfall, working-capital trend — is still being built, so this block states what it measures rather than issuing a verdict.
One year is not a trend. The spec asks for a 3- and 5-year average of FCF/net income precisely because a single year turns on working-capital timing, and that arrives with the full Q2 block.