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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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Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow on any basis, so a reverse DCF can't be run.
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.
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 -$75.0M 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 7 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: -827%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 7 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 2026-11-03
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 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $1.3M 100.0% | $183K 100.0% | $1.6M 100.0% | $0 | $6K 100.0% | $388K 100.0% | $681K 100.0% |
| Cost of Revenue | $17.6M 1354.7% | $3.7M 2011.5% | $3.3M 203.4% | $547K | $995K 16583.3% | $647K 166.8% | $490K 72.0% |
| Gross Profit | -$16.3M -1254.7% | -$3.5M -1911.5% | -$1.7M -103.4% | -$547K | -$989K -16483.3% | -$259K -66.8% | $191K 28.0% |
| Research & Development | $45.4M 3502.9% | $49.5M 27027.3% | $82.7M 5140.7% | $78.2M | $252.4M 4207066.7% | $29.6M 7626.0% | $7.0M 1033.5% |
| Selling, General & Admin | $20.0M 1541.1% | $26.2M 14301.1% | $35.6M 2211.9% | $49.2M | $262.1M 4368050.0% | $38.3M 9858.2% | $7.2M 1054.0% |
| Total Operating Expenses | $90.1M 6949.6% | $75.6M 41328.4% | $118.2M 7352.6% | $127.4M | $514.5M 8575116.7% | $67.8M 17484.3% | $14.2M 2087.5% |
| Operating Income | -$106.4M -8204.3% | -$79.1M -43239.9% | -$119.9M -7456.0% | -$128.0M | -$515.5M -8591600.0% | -$68.1M -17551.0% | -$14.0M -2059.5% |
| Interest Expense | $959K 73.9% | $924K 504.9% | $80K 5.0% | $0 | — | — | — |
| Interest & Investment Income | $1.5M 117.4% | $2.9M 1570.5% | $4.5M 279.1% | $2.9M | — | — | — |
| Other Income (Expense), net | $10.7M 821.7% | -$7.8M -4268.9% | $3.9M 244.3% | $4.4M | $423K 7050.0% | $385K 99.2% | $1.8M 268.7% |
| Pretax Income | -$57.8M -4456.4% | -$109.7M -59940.4% | -$115.6M -7187.1% | -$105.7M | -$504.0M -8400816.7% | -$67.7M -17451.8% | -$12.2M -1790.7% |
| Income Tax Expense | -$2.0M -153.6% | $2.1M 1127.3% | -$1.4M -84.6% | $1.7M | $1.3M 21350.0% | $0 0.0% | $0 0.0% |
| Net Income | -$55.8M -4302.8% | -$111.8M -61067.8% | -$114.2M -7102.5% | -$107.4M | -$505.3M -8422166.7% | -$67.7M -17451.8% | -$12.2M -1790.7% |
| Per Share | |||||||
| Weighted Avg Shares (Basic) | 32.1M | 15.9M | 10.1M | 9.8M | 7.9M | 155.9M | 126.6M |
| Weighted Avg Shares (Diluted) | 32.1M | 15.9M | 10.1M | 9.8M | 7.9M | 155.9M | 126.6M |
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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest.
Cash of $14.2M fully covers short-term debt of $0.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-11-03
Where each multiple sits in its own 5-yr range
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 5-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 -827% against ROIC -827% — 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 -373.6% — 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
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Cost of Revenue | 72.0 | 166.8 | 16583.3 | — | 203.4 | 2011.5 | 1354.7 |
| Gross Profit | 28.0 | -66.8 | -16483.3 | — | -103.4 | -1911.5 | -1254.7 |
| R&D | 1033.5 | 7626.0 | 4207066.7 | — | 5140.7 | 27027.3 | 3502.9 |
| SG&A | 1054.0 | 9858.2 | 4368050.0 | — | 2211.9 | 14301.1 | 1541.1 |
| Operating Income | -2059.5 | -17551.0 | -8591600.0 | — | -7456.0 | -43239.9 | -8204.3 |
| Income Tax | 0.0 | 0.0 | 21350.0 | — | -84.6 | 1127.3 | -153.6 |
| Net Income | -1790.7 | -17451.8 | -8422166.7 | — | -7102.5 | -61067.8 | -4302.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on REEAF: 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.