A company still losing money with shrinking sales, with high risk.
Going well
Buying back shares: share count down 63% in 3 years
Watch out for
Owes more than it owns (negative equity)
Losing money, losses are large next to sales
Bills due within a year exceed short-term assets
Money moves
No insider buying or selling in the last 30 days
Facts from SEC filings, not a recommendation.
What the price means
Price as of Oct 26
$2.25+8.2% that day
Company value
$33M
Share price times all shares
Price vs sales
16.5x
No profit over the last year, so this compares value with sales instead
Cash vs value
39%
A big cushion: cash is a large part of what the company is worth
From VAI's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.
The business over time
Last 12 quarters, from SEC filings
Sales, Jun '26
$361K-16% vs a year earlier
Sep '23Tap a barJun '26
Last 12 months: $2.0M, down 3.1% from the 12 months before. Over 5 years, sales shrank about 24% a year.
What the price assumes
Your guesses, our math
Move the sliders to your own view of VAI. Starting points are the company's recent numbers (it isn't profitable yet, so the margin starts at a 10% guess).
Sales in 5 years$2M
Profit in 5 years$0M
Price these guesses point to$0.23-90% vs $2.25 todayAbout -37% a year, before dividends
What today's price needs: with a 10% margin and a 15x P/E, sales would have to grow about 54% a year for 5 years just to match today's price.
Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.
The checklist Warren Buffett-style investors use. Annual numbers for 2025.
1/6Weak
MissDebt under half of equityNot relying on borrowed money.Owes more than it owns
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-340.9%
MissProfitable every yearSteady profits, not one good year.0 of 9 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$1.6M
PassShare count not growingNot diluting owners. Falling means buybacks.-62.8% in 3 years
MissGross margin 40%+Pricing power: sells for well above what it costs to make.13.6%
Revenue
$1.5M
-53.7% vs prior year
5-year growth
-24.2%/yr
revenue, per year
Current ratio
0.63x
short-term assets / bills due
Free cash flow
-$1.6M
-103.6% of revenue
From annual reports filed with the SEC. Not in this company's SEC data, so not scored: return on equity 15%+. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Nov 14, 2023
Revenue
$361K
-15.6% YoY
EPS
-$6.41
vs -$0.15
Op. margin
-174.8%
-76.8 pts
Gross margin
17.1%
-2.0 pts
Free cash flow
-$944K
Share count
+371.7%
vs a year ago
Insider rating
Last 90 days
No open-market insider buys or sells in the last 90 days.
Weekly insider trend
No trades to chart yet.
Filing buzz
Last 7 days vs normal
86/ 100
This week
3
Normal week
0.5
vs normal
6.0x
SEC filings of any kind. 50 means a normal week.
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+162.3%
Cash runwayAt last year's cash burn
96 months
Debt to equityLatest balance sheet: debt compared with what owners have
Owes more than it owns
Shares outstandingLatest reported
15M
Why high risk
Losing money, losses are large next to sales
Share count growing 162.3% a year (dilution)
Owes more than it owns (negative equity)
Bills due within a year exceed short-term assets
Revenue down 18.5% from the year before
3 offering filings in 6 months (may sell new shares)
Exchange listing notice (a delisting warning or a move to another exchange)
Late annual report notice
Past financials no longer reliable
Late quarterly report notice
Earnings reports
Last 12
Next reportDue any dayEstimated from the same quarter last year
Results filedNov 14, 2023
Results filedAug 14, 2023
Results filedJul 12, 2023
Results filedFeb 14, 2023
Results filedNov 14, 2022
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days