Rankings Software, cloud & internet Datavault AI
Datavault AI
22
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−12
- Multiples vs own history−12
- Quality of growth−8
Strengths
- No documented strengths.
Speculative profile
A penny stock under DKK 3. The asymmetry rating is separate from the Bjarvik score and is not a recommendation.
- Asymmetry (1–10)
- 1
- Price
- 1.03 DKK
- Market value
- DKK 974m
- Cash runway
- 0 months
- Cash / debt
- 1.4 / 34.7m USD
- Dilution, 12 months
- +1,231%
Bull case
The tokenisation agreements turn into real revenue: the company reaches just a third of guidance (approx. USD 70m annually) with positive gross margin, financing stabilises, and the acquisitions form a coherent platform. At P/S 5 that equals approx. USD 350m – just over 2 times today, before further dilution.
Bear case
Guidance fails to hold, the crypto holdings are used up, and the toxic Streeterville convertible and ATM sales push the price down in a spiral. Reverse split followed by further declines, or delisting to OTC – effectively zero for a Nordnet investor.
Catalysts
- 2026-11-16 (approx.)Q3 2026 results: test of guidance of approx. 200m USD for 2026 after 10m in H1binary stockanalysis.com
- 22 Feb 2027Nasdaq's deadline to regain USD 1 – reverse split or delistingbinary tipranks.com
- no date (awaiting regulatory approval)Closing of the BankWyse acquisition (digital asset custody) and integration of NYIAXgradual nasdaq.com
Risk of going to zerohigh – going concern warning, USD 1.4m in cash, a burn of about 40m per quarter, toxic convertible with no floor and a listing deadline in February 2027.
Next financingOngoing: cash is USD 1.4m, so operations are funded by sales of crypto assets (49m), ATM sales and the Streeterville note (25m + option for 25m). Money must be raised every quarter, and the CyberCatch purchase (USD 94.5m in cash) requires additional financing.
Warrants & convertibles17.9m warrants as of 30/6-2026 in several tranches. Convertible note to Streeterville Capital of USD 25.03m (18/8-2026) with 15m pre-delivery shares and the right to a further USD 25m over 12 months; conversion at a market-based price with no floor. ATM program active (USD 32.4m raised in H1 2026). Earlier convertibles (13.3m and 6.67m in 2025) have been converted.
Insiders, last 12 monthsNot examined in detail; no insider purchases found in the sources read. Insiders own c. 4.2% according to stockanalysis.
Largest ownersNot examined in detail. Insiders c. 4.2% and institutions c. 6.3% according to stockanalysis; Scilex/Vivasor have received shares in connection with licence and investment agreements.
Circio check(1) Small market cap: partial – approx. DKK 0.97bn. (2) Hot theme: yes – AI, tokenization and crypto. (3) Upcoming milestones: partial – Q3 results vs an extreme guidance, acquisitions. (4) Major partner: no – the partners are mainly related parties (Scilex, Vivasor). (5) Funding for 2+ years: no – going concern and runway under half a year. (6) Price near the bottom: yes – −86% in a year, but the dilution continues.
Why this asymmetryAll the warning signs at once: going concern, 1,231% dilution in a year, a toxic convertible with no floor, revenue from related parties, unrealistic guidance and an upcoming reverse split. A hype-driven price run can happen briefly, but the expected value for a long-term owner is poor.
How the score is built
From 100 to 22, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 19 Oct 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.14 USD
- Median analyst target
- 2.50 USD
- Upside to median
- +1730.2%
- Analysts
- 2
- Target range
- 2.00 – 3.00 USD
- 52-week change
- −92%
- P/E (trailing)
- n/a
- Forward P/E
- 1.5
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−30 of −30
- −12MarginOperating margin was −394% in Q2 2026 (operating loss USD 26.5m on revenue of 6.7m), and net loss was USD 88m in the quarter and 173m TTM. The company has never made money; in 2021–2025 operating margin ranged between −82% and −1,030%.
- −8Quality of growthOf 2025 revenue (USD 39m), 30m was a one-off patent license from the related party Scilex, booked in Q4. H1 2026 delivered only USD 10.1m, partly from acquired event production, while the company maintains guidance of about USD 200m for 2026 – almost 20 times the H1 level.
- −4MoatTokenisation and 'data monetisation' is an unproven business: the USD 2.5bn in 'signed contracts for issuing tokens' is not revenue, and the old WiSA audio business is effectively wound down. No documented competitive advantage.
- −6Capital allocationThe share count rose 1,231% over a year (from about 64m at end-2024 to 950m in August 2026). At the same time the company is buying NYIAX, BankWyse and CyberCatch (the latter for USD 94.5m in cash) and guaranteeing a bridge loan to CyberCatch – while itself carrying a going concern warning.
Price
Today's multiples against the company's own history and its peers. · 1 finding−12 of −35
- −12Multiples vs own historyP/S 3.2 and EV/Sales 3.3 trailing (2021–2025: P/S 1.3–6.4) for a company with a −144% operating margin. P/B 0.54 looks cheap, but equity is primarily goodwill and intangible assets (USD 127m) and crypto assets; P/TBV is 1.25. Forward P/S 0.56 presupposes the unrealistic guidance of USD 200m.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−30 of −35
- −8Going concern and liquidityThe 10-Q for Q2 2026 explicitly contains a going concern warning ('substantial doubt'). Cash was only USD 1.4m as of 30/6-2026 vs operating spending of USD 80m in H1; the company lives off the crypto holdings (49m), share issuance and new loans.
- −8Dilution (toxic convertible and ATM)On 18/8-2026 the company issued a convertible note of USD 25.0m + 15m 'pre-delivery' shares to Streeterville Capital, with the right to a further 25m; the conversion price follows the market price with no floor. In addition ATM sales (USD 32.4m in H1) and a discounted issue in August. Classic death-spiral financing.
- −6Listing riskNasdaq notice 24/2-2026; the first deadline (24/8) was not met, and Nasdaq gave a new deadline to 22/2-2027. With a price of USD 0.16 that requires a reverse split of at least approx. 1:7, and the company has previously done 1:150 (2024). Without a split the share is delisted to OTC, which Nordnet does not trade.
- −5Related parties and customer concentrationRelated parties Vivasor and Scilex make up 54% and 32% of receivables at 30/6-2026, and two customers accounted for 46% of Q2 revenue. The largest 'revenue' in the company's history came from Scilex - this raises questions about revenue quality and governance.
- −3Execution and credibilityQ2 loss per share (−0.12 USD) was four times larger than expected (−0.03), and revenue disappointed despite +287%; the stock is down 86% over a year, and short interest is 18% of the float.
Plus
Only documented strengths. · 0 findings±0 of +15
- No findings recorded.
Caveats
What the score does not capture, or where the data is weak.
Penny analysis (Under DKK 3 – USA). Formerly WiSA Technologies (1:150 reverse split in April 2024). Cash and burn are from the 10-Q at 30/6-2026; quarterly burn (USD 40m) is H1 operating cash flow (−80m) divided by two. Runway is set to 0 months on cash alone (USD 1.4m); including the crypto holdings (49m) and the Streeterville note from August (25m) it is about 5–6 months. Debt in the penny object includes the convertible Streeterville note of USD 25m (issued after the quarter). Details of the CyberCatch purchase (USD 94.5m cash) and its financing have only been partially investigated. Stockanalysis' forward P/S (0.56) is based on the company's guidance of about USD 200m revenue in 2026, which seems unrealistic after 10m in H1. Largest owners not investigated in detail. Industry: tokenisation/data monetisation + legacy audio technology, placed in 'Software, cloud & internet'.
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