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Datavault AI

DVLT on Nasdaq. Business services, nec. Market value $152m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Capital spending looks too small to be complete, so we leave free cash flow out.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Look carefully before going further

Why it could be worth it

What to watch out for

Read the warning sign in its own filings

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 40 of 100. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.

$0.15 a share, 7% above its 1-year low

Over the past year the price has ranged from $0.14 to $4.10.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.0
-0.0
-0.0
-0.0
n/a
20212022202320242025
Revenue
$7m$3m$2m$3m$39m
Operating margin
-176.0%-536.2%-1030.1%-790.5%-83.1%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.02bn0.02bn0.01bn0.29bn0.95bn

Health checks

  • Free cash flow positive0 of 4 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)4 of 8 checks we could run
  • Profit backed by cash (accruals)No
  • DebtUnknown
  • Revenue growth, five yearsStrong, 74.7% a year
  • Buying back its own sharesNo, 5448% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $7 million last quarter, up 287% on a year ago.
  • A loss of $88 million, compared with a loss of $37 million a year ago.
  • It loses 145 cents on each $1 of sales, compared with 754 cents a year earlier.
  • 967% more shares than a year ago. Each share owns a bit less of the company.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$1m
December 2024$902,000
March 2025$629,000
June 2025$2m
September 2025$3m
December 2025$34m
March 2026$3m
June 2026$7m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$5m
December 2024-$6m
March 2025-$10m
June 2025-$37m
September 2025-$33m
December 2025$661,000
March 2026-$53m
June 2026-$88m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
18 March 2026
Next quarterly (estimated, 10-Q)
18 November 2026

Who owns it

1 long-term investor we follow owns it, up from 0 last quarter. 97 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

  • Scilex Holding Company
    17.2%−20.1 pts
    Since 20 August 2026
    What they said

    Item 4 is hereby amended and supplemented as follows: On August 8, 2026 (the "Effective Date"), Vivasor, Inc. ("Vivasor"), as borrower, issued a Promissory Note (Revolving Line of Credit) (the "Vivasor Note") to the Reporting Person, pursuant to which the Reporting Person…

    Read the filing
  • Nathaniel Bradley
    Insider or founder
    at least 16.9%+7.0 pts
    (filed with 2 related holders)
    Since 7 September 2025
    What they said

    Item 4 of the Schedule 13D is amended to add the following: 110,909 shares of Common Stock of the Issuer were transferred by EOS Technology Holdings Inc. ("EOS") to a third party in connection with a consulting agreement, dated as of August 19, 2025 (the "Consulting Agreement"),…

    Read the filing
  • Michael A. Fazio
    Passive investor
    7.8%
    Since 20 May 2025
  • Vivasor, Inc.
    Passive investor
    5.3%−1.2 pts
    Since 30 June 2026
  • NYIAX, Inc.
    Passive investor
    5.1%
    Since 16 March 2025
    What they said

    This Schedule 13D is being filed to report a change in the shares beneficially owned by the Reporting Person. The Reporting Person intends to evaluate on an ongoing basis the investment in the Issuer and their options with respect to such investment. The Reporting Person may…

    Read the filing
  • at least 4.9%
    (filed with 5 related holders)
    Since 31 March 2025
  • Gregory Castaldo
    Passive investor
    Sold down below 5%
    Since 13 February 2026
  • Joseph Reda
    Passive investor
    Sold down below 5%
    Since 13 February 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 5 sold $581,170.

  • Wilson Wendy
    Director
    Sold
    Date
    11 June 2026
    Shares
    25,856
    Price
    $0.39
    Value
    $10,084
  • Mbugua Stanley
    See Remarks
    Sold
    Date
    10 June 2026
    Shares
    62,982
    Price
    $0.41
    Value
    $25,823
  • MOYER BRETT
    Chief Financial Officer, Director
    Sold
    Date
    24 March 2026
    Shares
    159,968
    Price
    $0.63
    Value
    $100,780
  • Mbugua Stanley
    See Remark, Director
    Sold
    Date
    24 March 2026
    Shares
    50,463
    Price
    $0.06
    Value
    $3,028
  • BRADLEY NATHANIEL T
    Chief Executive Officer, Director
    Sold
    Date
    24 March 2026
    Shares
    242,001
    Price
    $0.63
    Value
    $152,461
  • Mbugua Stanley
    See Remarks
    Sold
    Date
    23 December 2025
    Shares
    14,720
    Price
    $0.93
    Value
    $13,690
  • BRADLEY NATHANIEL T
    Chief Executive Officer, Director
    Sold
    Date
    23 December 2025
    Shares
    43,018
    Price
    $0.93
    Value
    $40,007
  • MOYER BRETT
    See Remarks, Director
    Sold
    Date
    23 December 2025
    Shares
    49,016
    Price
    $0.93
    Value
    $45,585
  • Howitt David Marc
    Director
    Sold
    Date
    8 December 2025
    Shares
    19,656
    Price
    $1.63
    Value
    $32,039
  • MOYER BRETT
    See Remarks, Director
    Sold
    Date
    21 November 2025
    Shares
    28,594
    Price
    $2.44
    Value
    $69,769

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Datavault AI’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 18 Mar 2026, plus the 10-Q filed 19 Aug 2026 and 20 later 8-Ks.

  • Doubt it can keep going

    Serious

    The company or its auditor warned it may not have enough money to last the next year.

    “These factors raise substantial doubt about the Company’s ability to continue as a going concern for the twelve months from the date that the financial statements are issued.”
    Show the full paragraph
    Based on current operating levels, the Company will need to raise additional funds in the next 12 months by selling additional equity or incurring debt. To date, the Company has funded its operations primarily through sales of its securities in public and private markets, proceeds from the exercise of warrants to purchase common stock and the sale of convertible notes. Additionally, future capital requirements will depend on many factors, including the rate of revenue growth, the selling price of the Company’s products, the expansion of sales and marketing activities, the timing and extent of spending on research and development efforts and the continuing market acceptance of the Company’s products. These factors raise substantial doubt about the Company’s ability to continue as a going concern for the twelve months from the date that the financial statements are issued.

    From the 10-Q filed 19 August 2026, Part I, Item 1. Financial Statements. Read it in the filing

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “On June 15, 2026, BPM LLP (“BPM”) notified Datavault AI Inc. (the “Company”) of its decision to resign as the Company’s independent registered public accounting firm effective immediately.”

    From an 8-K filed 22 June 2026: Change of auditor. Read it in the filing

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 51% last year. Losing that customer would hurt.

    “For the year ended December 31, 2025, Vivasor, Inc. (“Vivasor”) accounted for 51% and Scilex Holding Company (“Scilex”) 26% of our net revenue.”

    From the 10-K filed 18 March 2026, Item 1. Business. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.