DVLT  – Datavault AI Inc.

Technology | Software – Infrastructure | Nasdaq: DVLT

As of: May 27, 2026 | Market: CLOSED (After-Hours Active: $0.4766)

Why in focus: DVLT is down 88% from its November 2025 spike to $4.10 and is trading at $0.4742 after a $60M equity raise priced at $0.55/share on May 3 smashed the stock lower, while management simultaneously reiterates a $200M FY2026 revenue target it cannot yet substantiate with reported revenue ($3.4M in Q1). The gap between the story and the financials is the entire trade.

 LOG

 LOG — DVLT — May 27, 2026 ~18:00 ET | Sources: Yahoo Finance (primary), SEC EDGAR (filings direct), Finviz (BLOCKED by safety policy)

# Source Result Captured
[1] Yahoo Finance – Price & Volume SUCCESS Price $0.4742, vol 30.4M vs 48.5M avg, 52w $0.25-$4.10, mkt cap $405.7M
[2] Yahoo Finance – Financials SUCCESS Rev TTM $41.9M, Q1 rev $3.4M, gross margin 3% (Q1), net loss $(53.1M) Q1, cash $2.2M
[3] Yahoo Finance – Holders SUCCESS Insider 30.92%, institutional 4.42%, float held by inst. 6.40%, 107 institutions
[4] Yahoo Finance – Insider Txns SUCCESS Last 90 days: CEO/CFO/COO sold at $0.63 (Mar 24); Scilex sold 13.2M shares Jan 14
[5] Finviz (blocked) / Yahoo Stats PARTIAL P/S 3.34, P/B 1.92, EV/Rev 10.22 from Yahoo; SMA/RSI/ATR MISSING (Finviz blocked)
[6] Yahoo Finance – Options FAILED No calls or puts listed – no options market for DVLT
[7] SEC EDGAR – 8-K filings SUCCESS Q1 earnings 8-K (May 15), $60M offering 8-K (May 5), $120M Scilex term sheet (Apr 28), acoustic spin-out
[8] Yahoo Finance – Analysis SUCCESS 1 analyst: Maxim Group Buy, $3.00 PT (lowered from $4 on Mar 30 2026)
[9] Social Sentiment MISSING StockTwits/Reddit not scraped (not in allowed domains)
[10] Chart Reference STALE Fallback: $0.4742 | High $0.4848 | Low $0.46 | 52w $0.25-$4.10 | Vol 30.4M vs 48.5M avg

CURRENT STATE

Price: $0.4742 (-3.93% today) | After-hours: $0.4766 (+0.51%) [FRESH]

Volume: 30,429,434 vs 48,482,793 20-day avg (63% of normal) [FRESH]

52-Week Range: $0.25 – $4.10 | Current position: 49% above 52w low [FRESH]

Market Cap: $405.7M (intraday) / $422.9M (stat) [FRESH]

Float / Shares Out: 617,813,176 shares outstanding (March 31 per 10-Q). Float not separately disclosed. [FRESH]

SSR Active: Unknown [MISSING]

Bid/Ask: $0.3389 x 200 / $0.6008 x 200 (wide spread, thin market) [FRESH]

Authorized Shares: 2,000,000,000 (enormous headroom for dilution) [FRESH]

Tape Read

Price is drifting lower on below-average volume – sellers are not urgent but there is no genuine bid either. The $0.40-$0.50 range has held since the offering crush on May 5 but each bounce fails at lower highs. The $0.3389 bid on the quote is 29% below the last trade, which is not a normal spread – it signals market-makers are pricing in gap risk. Until volume returns above the 48M average on a green day, the structure reads as distribution, not accumulation.

FUNDAMENTALS

All figures from: Yahoo Finance financials tab + SEC EDGAR 8-K (May 15, 2026)

Revenue (TTM): $41.9M | Q1 2026 actual: $3.4M (+443% YoY). NOTE: ‘443%’ headline is entirely from the CompuSystems Inc. (CSI) acquisition closed May 2025. Organic legacy audio revenue actually declined. [FRESH]

Gross Margin: TTM ~72.7% (full year 2025: $30.4M/$39.1M). Q1 2026: 3.2% ($0.1M gross profit on $3.4M rev) due to low-margin live event production from CSI. [FRESH]

EPS (TTM): -$0.43 (diluted). Q1 2026 EPS: -$0.09 on 574M weighted avg shares. [FRESH]

Cash: $2.205M (March 31, 2026). Post-$60M raise: approx. $62M gross but $50M+ is earmarked for GPU build-out. Working capital: ~$140M per company disclosure but includes $57.1M crypto assets and $29.5M related-party receivable. [FRESH]

Debt: Convertible notes $3.38M + short-term promissory notes $3.16M = ~$6.5M. Total liabilities $30.1M. Debt/equity 2.97%. [FRESH]

Operating Cash Burn: -$8.7M in Q1 2026 alone. FY2025 annual figure not scraped but TTM EBITDA: -$42.8M. [FRESH]

Net Loss: -$122.6M TTM | -$53.1M in Q1 2026 alone (includes $16.1M crypto fair value loss + $2.5M investment impairment).[FRESH]

Valuation: P/S 3.34x (TTM $41.9M rev). EV/Revenue 10.22x. P/E: N/A (deeply unprofitable). P/B: 1.92x. [FRESH]

Dilution Watch

ACTIVE AND EXTENSIVE. Since July 2025, Datavault has filed 10+ S-3 registration statements. The May 3 offering alone issued 109,090,910 new shares at $0.55 – a 19% discount to the prior close. Shares outstanding went from 573M to 617M in Q1 alone (+7.7% in 90 days). An active ATM program generated $29.985M in Q1 from share sales. The authorized share count is 2 billion against 617M outstanding, meaning the company has headroom to issue another 1.38 billion shares with no shareholder vote. The most recent S-3 (filed Apr 30, amended May 4) registers 2.75M shares for resale on behalf of a selling stockholder – smaller, but the pattern of continuous shelf activity is structural. This is a company that funds operations primarily through equity issuance.

Fundamentals Read

The balance sheet does not support the valuation story. Real cash is $2.2M – everything else is either crypto (volatile, $57.1M), a related-party receivable ($29.5M, counterparty risk unknown), or goodwill/intangibles from acquisitions ($102.6M + $27.3M goodwill). Q1 reported a $3.4M revenue quarter against $31M in operating expenses. The $200M FY2026 revenue target requires approximately $196.6M in the remaining three quarters from tokenization contracts that have been signed but not yet recognized. That is not impossible – it is conditional on contract terms, customer performance, and exchange launches that have not yet happened. The story is speculation, not fundamentals.

POSITIONING & OWNERSHIP

Short Interest: Not captured (Finviz blocked, no Yahoo SI data). Days to cover: MISSING. [MISSING]

Borrow Fee: MISSING [MISSING]

Institutional Ownership: 4.42% of shares. 107 institutions. Largest: Vanguard Capital 15.65M shares (1.83%), Blackrock 4.52M (0.53%). Institutional net change Q1 2026: -10.76% (-4.07M shares). [FRESH]

Insider Ownership: 30.92% of shares held by all insiders. [FRESH]

Insider Activity (last 90 days): SELLING ONLY. CEO Bradley, CFO Moyer, COO Mbugua all sold on Mar 24, 2026 at $0.63. Scilex Holding (10%+ holder) sold 13.2M shares Jan 14 at $0.72-$0.91 and 18.2M shares Jan 8 at $1.07-$1.37. No open-market buys by any insider in the scraped period. Stock awards granted Apr 20 at $0.00 (non-cash comp). [FRESH]

Positioning Read

Institutions are net sellers – they cut 10.76% of their position in Q1. The only named institutional buyers of size are passive index funds (Vanguard, Blackrock) holding tiny percentages. Scilex, simultaneously the company’s largest outside investor AND the proposed $120M cash contributor, was a consistent seller from November through January, offloading shares at $2.06 down to $0.72. That behavior is not consistent with a confident strategic partner. Insider selling has been relentless at every price level from $5.10 to $0.40. There is no insider accumulation signal here at any price.

TECHNICALS

SMA/RSI/ATR data: Finviz blocked. Chart reference from Yahoo Finance fallback.

SMA20: MISSING (Finviz blocked) [MISSING]

SMA50: MISSING [MISSING]

SMA200: MISSING [MISSING]

RSI (14): MISSING [MISSING]

ATR (14): MISSING – but 1D range today was $0.46-$0.4848, implying daily range ~5.2% of price. Intraday volatility is elevated.[MISSING]

Key Support: $0.40 (round number, Aug 2025 sale by CFO), $0.25 (52w low) [FRESH]

Key Resistance: $0.55 (May 3 offering price – overhead supply from 109M shares issued here), $0.63 (Mar 24 insider sell level), $0.80-$0.90 (Jan 2026 Scilex sale zone) [FRESH]

Open Gaps: Likely multiple unfilled gaps from Nov 2025 spike to $4.10 and subsequent collapse. Cannot confirm without chart data.[MISSING]

Chart Structure: Downtrend. Stock is down 88% from November 2025 peak. Series of lower highs since $4.10. [STALE]

Technicals Read

Without SMA/RSI data the technical picture relies on price structure alone. The pattern is a textbook post-spike distribution: blowoff high at $4.10 (Nov 2025), followed by a staircase lower through $2.00, $1.00, and now sub-$0.50. The $0.55 offering price is now overhead resistance – 109M shares were issued there less than four weeks ago and those holders are sitting on a loss. A reclaim of $0.55 with volume would be the first structural positive, but until then, every bounce into that level should be treated as supply. The wide bid/ask ($0.34 bid vs $0.60 ask) means slippage risk on any exit is real.

CATALYST MAP

Catalyst Date / Window Type Source Tag
Acoustic Sciences spin-out announced May 2026 (ongoing) Corporate Yahoo News / 8-K Apr 23 FRESH
DelivMeds AI JV with Wellgistics Health Announced May 20 Partnership Yahoo News (7d ago) FRESH
CyberCatch acquisition (all-stock LOI) May 2026, closing TBD M&A 8-K May 15 (Q1 8-K) FRESH
$120M Scilex term sheet close Multiple tranches, final by end 2026 Financing 8-K Apr 28 FRESH
100-city GPU edge network rollout (NY/PHI live Q2 2026) Q2 2026 launch, 25 sites in 12 months Operational 8-K Apr 28 FRESH
IDE/IEE/NYIAX exchange relaunch H2 2026 (summer) Revenue 8-K May 15 FRESH
CLARITY Act (digital asset regulation) Legislative calendar, H2 2026 est. Regulatory 8-K May 15 FRESH
Q2 2026 Earnings ~Aug 13, 2026 (est.) Earnings Yahoo Finance FRESH

Macro Overlay

No specific FOMC meetings or CPI prints are immediately scheduled in the next two weeks (next FOMC June 17-18). The broader AI infrastructure/digital asset theme remains in play after Bitcoin’s 2025-26 run, and the CLARITY Act legislative push is a real potential tailwind for tokenization revenue recognition if passed. However, macro tailwinds do not save a company with $2.2M in cash from diluting its way to zero.

Catalyst Read

The catalyst stack is high-volume PR but low-verification. Five major announcements in 30 days (Scilex term sheet, $60M raise, CyberCatch LOI, DelivMeds JV, acoustic spin-out) is a lot of news for a company generating $3.4M in quarterly revenue. The pattern – announce deals, raise equity, repeat – is the operational signature of a company in a promotional cycle, not a revenue-scaling cycle. Bulls need one of these deals to produce actual recognized revenue. The earliest that could show up is Q2 earnings in August.

FLOW & SENTIMENT

Options Flow: No options market exists for DVLT. No calls or puts listed on Yahoo Finance. [FRESH]

Put/Call Ratio: N/A – no options [FRESH]

Dark Pool: MISSING [MISSING]

Retail Sentiment: MISSING (StockTwits not in allowed domains). Inference from Yahoo news comment tone and headline volume: elevated retail attention from ‘443% revenue jump’ headline, likely bullish bias in retail community based on PR cadence. [MISSING]

Sentiment vs. Price: Likely DIVERGING. Retail reading headlines (‘443% revenue growth’, ‘$800M in tokenization contracts’) while price keeps declining. Classic momentum trap setup. [MISSING]

Flow Read

No options market means no hedging mechanism and no smart money flow signal from options. This is a pure equity trade. The absence of options is itself informative – market-makers have not been willing to price volatility product on DVLT, which means institutional conviction is too low to support it. The bid/ask on the stock itself ($0.34/$0.60) is effectively a 28% spread and suggests market-makers are treating this as a high-risk name.

THESIS STRESS TEST

Bull Case Requires

  • Scilex definitive agreement closes and first tranche of $120M arrives before end of Q2 2026, providing real non-dilutive cash for GPU build-out
  • IDE/IEE/NYIAX exchange relaunch in summer 2026 generates recognized revenue from tokenization contracts (the $750M+ backlog converts to P&L)
  • Acoustic Sciences spin-out executes cleanly and either unlocks equity value or removes a drag on the AI infrastructure narrative
  • Q2 2026 revenue shows a step-change toward the quarterly run-rate needed to reach $200M annual (implies ~$65M in Q2 alone per the single analyst estimate)

Bull Case Dies If

  • Scilex fails to close the definitive agreement or restructures the $120M term sheet – DVLT would need another equity raise within weeks given $2.2M starting cash
  • H2 2026 exchange launches are delayed past Q3 – at that point the $200M guidance becomes mathematically impossible and the stock re-rates toward book value of ~$0.36 (total equity $220M / 617M shares)

Bear Case Requires

  • Status quo: ongoing ATM dilution, delayed exchange launches, no material Scilex cash received, crypto assets continue deteriorating, and Q2 revenue disappoints relative to guidance

Bear Case Dies If

  • Scilex closes a large initial tranche ($40M+) and revenue recognition from tokenization begins showing up in quarterly filings with verifiable third-party validation

Base Case

Over the next 30-90 days, DVLT most likely continues drifting in the $0.35-$0.60 range. The $60M raise has bought management time but the cash is earmarked for infrastructure not operations, and the ATM program will continue to provide drip dilution pressure above $0.50. The company will announce additional partnerships and deals – that is the pattern – but recognized revenue will not show dramatic improvement until H2 at the earliest. Q2 earnings in August are the next real binary. Before that, price action is driven by PR cadence and retail sentiment, not fundamentals.

RISK / REWARD POV

The risk here is binary and deep: if Scilex does not close, DVLT needs another dilutive raise within one to two quarters. The ATM alone is not enough to fund a 100-city GPU deployment. The stock could realistically reach $0.25 (the 52w low) or lower if guidance is formally withdrawn. That is a 47% downside from current levels. The reward, if the exchange launches work and Scilex money arrives, is a move back toward the offering zone of $0.80-$1.00 – roughly 70-110% upside. But the probability of the bull case materializing in the next 60 days is lower than retail sentiment suggests, given the track record of these announcements not yet producing recognized revenue. This is a speculative long at best, sized small, with a hard catalyst gate (Scilex close or Q2 revenue beat) before adding. Shorting at sub-$0.50 is dangerous given the squeeze potential from 30%+ insider ownership and the promotional news cadence – but the risk/reward asymmetry does not favor a conviction long here either.

ENTRY & EXIT PLAN

Sizing mode: Swing (5-15 days). No options available. Sized for speculation, NOT conviction.

Element Level Logic
Entry trigger $0.48 – $0.50 Reclaim of today’s open / prior day close on volume > 40M. Confirms bid returning
Soft stop $0.43 Below today’s close – thesis still intact but momentum gone
Hard stop $0.38 Below 52w range midpoint. Thesis invalidated – new low territory
Target 1 $0.60 May 3 offering price. Previous supply zone / psychological round number
Target 2 $0.75 – $0.80 Pre-offering consolidation zone from late April
Time horizon 5-15 days (swing) Catalyst-dependent: any Scilex tranche close or exchange relaunch update could accelerate

Entry sizing: Volume is at 63% of 20-day average today. Apply 50% max normal size. Short interest data is MISSING – squeeze potential unknown, treat as two-way risk. No options available for hedging.

Catalyst gate: Do not add to position before confirmed Scilex tranche close or a Q2 print that shows $20M+ quarterly revenue. Neither of those is in this price today.

RISK REGISTER

Risk Severity Likelihood Trigger / Notes
ATM + serial S-3 dilution HIGH ACTIVE 10 S-3 filings since Jul 2025; ATM generated $30M in Q1 alone (573M -> 617M shares in Q1). Watch daily share count vs authorized 2B
Scilex term sheet fails / renegotiates HIGH MEDIUM Binding term sheet only – no definitive agreement. Scilex itself is financially stressed (check SCLX). If cash contribution delays, DVLT has <$3M cash on hand
$200M revenue guidance is contract-dependent HIGH MEDIUM Q1 actual rev $3.4M. Reiterated $200M FY2026 target is almost entirely from tokenization contracts not yet recognized. 443% headline is acquisition-driven (CSI), not organic
Crypto asset impairment (Bitcoin) MEDIUM MEDIUM $57.1M crypto on balance sheet (Q1); $16.1M fair value loss in Q1 already. BTC drawdown would hit book value hard
Cash ($2.2M) vs burn ($8.7M/quarter op CF) CRITICAL ACTIVE Operating cash burn $8.7M in Q1. Cash was $2.2M at March 31 before the $60M raise. Post-raise working capital ~$140M but most is non-cash (crypto, intangibles, related party receivable)
Insider selling consistent MEDIUM ONGOING CEO, CFO, COO all sold at every price point from $0.40 to $5.10 over past 9 months. No open market buys
Related party receivable $29.5M HIGH MEDIUM Large related-party receivable on balance sheet – if uncollected, overstates working capital significantly
Liquidity gap on breakout LOW-MEDIUM MEDIUM Volume 30.4M vs 48.5M avg – currently below average. Wide bid/ask spread ($0.34/$0.60 per Yahoo) suggests thin market

DATA GAPS SUMMARY

All MISSING tags from this report consolidated below:

  • [MISSING] Short interest % of float and days to cover – Finviz blocked, no Yahoo SI data available
  • [MISSING] Borrow fee / cost to borrow – no source accessible
  • [MISSING] SMA20, SMA50, SMA200 – Finviz blocked
  • [MISSING] RSI (14) – Finviz blocked
  • [MISSING] ATR (14) – Finviz blocked (approximated from 1D range as 5.2% of price)
  • [MISSING] Open gaps – chart not available
  • [MISSING] SSR status – not confirmed
  • [MISSING] Dark pool activity – no source accessible
  • [MISSING] Social sentiment (StockTwits / Reddit) – not in allowed domains
  • [MISSING] S-3 Apr 30 total registered dollar amount – file too large to fully parse; cover page shows 2.75M resale shares for selling stockholder

Key analytical impact: Absence of short interest data is the most material gap. DVLT with 30%+ insider ownership and heavy retail attention could theoretically squeeze. Without SI%, borrow cost, and days-to-cover, squeeze potential cannot be quantified. Size accordingly.