PILLAR 116
SI and AR readiness
Where can SI (people working with AI) and AR change this business, and is it already happening?
- Use-case clarity
- Deployed evidence
- Technology and IP depth
- Platform and ecosystem position
- Execution cadence
Method v2
Eight pillars, 100 points. Each pillar asks one question and answers it five ways.
Every factor is rated 0 to 4 against a published rubric and cited to its source. A pillar’s points are split equally across its five factors, so a reader can rebuild any score from the ledger. Weights change only with a new method version, dated and announced before it is used. Method v1 (2026-10-24) had five measures; it was superseded by v2 before any score was published under it.
PILLAR 214
Business quality
Does the business earn its keep, and is it getting better or worse?
- Revenue trajectory
- Gross margin level and direction
- Revenue visibility
- Customer concentration
- Operating leverage
PILLAR 312
Liquidity and runway
How long can the company fund itself, and on what terms?
- Months of runway
- Burn trend
- Debt and covenants
- Going-concern language
- Capital access
PILLAR 412
Capital structure and dilution
What has happened, and what can happen, to a common shareholder's stake?
- Dilution, three years
- Overhang
- Senior and preferred terms
- Reverse splits and listing compliance
- Ownership and alignment
PILLAR 512
Governance and disclosure
Who watches management, and how much does the company tell its owners?
- Board independence and leadership
- Audit quality and controls
- Disclosure depth
- Shareholder voice
- Related parties and conflicts
PILLAR 612
Market and position
Is the market real and growing, and does this company hold a defensible place in it?
- Market size and growth
- Competitive intensity
- Differentiation
- Channel and distribution
- Demand catalysts, dated
PILLAR 710
Momentum and attention
Is the story converting into orders, and is anyone paying attention?
- Announcement-to-order conversion
- Dated catalysts, next 90 days
- Headline velocity on our board
- Insider and strategic transactions
- Search interest
PILLAR 812
Investor access and IR quality
Can an ordinary investor get the information, and is it told straight?
- Reporting cadence and call access
- Analyst and institutional coverage
- Listing and compliance status
- Trading liquidity and float
- Communication quality
How a factor is rated
One rubric, one confidence grade, eight red flags.
The rubric
4Exceptional. Best in the coverage universe; documented in primary filings; no caveat.
3Strong. Clearly above the small-cap norm; documented; minor caveats.
2Adequate. In line with the norm, or strong on evidence that is only partly documented.
1Weak. Below the norm, deteriorating, or claimed without documentation.
0Absent or adverse. Not present, or a disclosed condition that works against common holders.
Confidence grades
The grade describes the evidence, never the company. A company can score high with confidence C and low with confidence A.
Confidence A · PrimaryEvery factor in the pillar rests on an audited filing, a 10-Q/10-K, a proxy or an exchange record.
Confidence B · MixedAt least one factor rests on a company release, a reputable third-party dataset or a derived figure.
Confidence C · ThinAt least one factor could not be documented and was rated from circumstantial evidence or left at the midpoint.
The red-flag register
Listed whenever present, whatever the score. A flag never moves the number; it sits beside it.
- Going-concern language. Substantial doubt raised in Note 1, MD&A, the auditor's report or the XBRL going-concern flag, even if management states it was alleviated.
- Reverse split. Any reverse stock split in the past five years.
- Ineffective controls. Management or auditor concludes internal control over financial reporting was not effective.
- Customer above 50%. Any single customer above 50% of a revenue line or of receivables in the latest period.
- Under twelve months of cash. Cash and equivalents below twelve months of trailing operating cash burn without new financing.
- Negative gross margin. Gross loss in the latest fiscal year.
- Listing deficiency. An open exchange deficiency notice.
- Adverse financing terms. Variable-rate convertibles, full-ratchet warrants or other terms that reset against common holders.
Worked example · preliminary
Vuzix Corporation Nasdaq: VUZI under method v2.
Preliminary worked example for method v2. Official score follows the Q3 2026 results (12 Nov 2026). The record used runs to 2026-10-29: the FY2025 10-K, the Q1 and Q2 2026 10-Qs, the 2026 proxy, 8-Ks and dated releases. Every factor below shows its rating, the fact behind it and the document it came from. Full workings, with the sources, are in the featured report.
Confidence B · MixedThresholds marked at 50 (labeled IR may be bought) and 60 (may apply to Timebroker.ai). Preliminary scores open nothing.
Points by pillar
SI and AR readiness11.2 / 16
Business quality2.1 / 14
Liquidity and runway6.0 / 12
Capital structure and dilution7.2 / 12
Governance and disclosure5.4 / 12
Market and position7.8 / 12
Momentum and attention6.0 / 10
Investor access and IR quality9.0 / 12
Red flags present
Going-concern language. Substantial doubt raised in Note 1, MD&A, the auditor's report or the XBRL going-concern flag, even if management states it was alleviated.
Customer above 50%. Any single customer above 50% of a revenue line or of receivables in the latest period.
Under twelve months of cash. Cash and equivalents below twelve months of trailing operating cash burn without new financing.
Negative gross margin. Gross loss in the latest fiscal year.
Not present: reverse split, ineffective controls, listing deficiency, adverse financing terms.
The evidence ledger · forty factors
- Use-case clarity · StrongEnterprise logistics (LX1, M400), defence displays (Shrike), OEM waveguide platforms (Ultralite) and optical interconnect (Causeway) are each tied to named workflows.Source: 10-K FY2025 Item 1; releases 29 Sep, 12 Oct 2026
- Deployed evidence · StrongAmazon named as M400 and Ultralite Pro customer with expanded fulfilment-centre deployments; Collins Aerospace program in initial production; order values undisclosed.Source: Q2 2026 results release, 13 Aug 2026
- Technology and IP depth · StrongMore than 500 patents and applications; all waveguides made in-house at the West Henrietta cleanroom; FY2025 capex $2.0M mainly waveguide tooling.Source: 10-K FY2025; release 27 Oct 2026
- Platform and ecosystem position · StrongQuanta Computer is a $20M investor (13.6%) and manufactures the LX1; microdisplays sourced from Sony, Jade Bird Display and Texas Instruments.Source: 10-K FY2025 Note 11; DEF 14A 28 Apr 2026
- Execution cadence · AdequateA dense release calendar, but FY2025 revenue of $6.3M remains half of FY2023's $12.1M; Q2 2026 revenue fell 14%.Source: FY2025 results 12 Mar 2026; Q2 2026 results 13 Aug 2026
A preliminary score is a worked example of the method on the public record to its stated date. It is not published to the score log, carries no timestamp proof and opens nothing. The official score follows the company’s next results and is published as its own dated entry.
The rules
Checkable by anyone, including us.
Never for sale
No company pays for coverage or for its score, and paying for anything else never changes it. A company may point out a factual error; it cannot review or approve a score.
Dated and timestamped
Each score file is stamped with OpenTimestamps, a free standard anchored on the Bitcoin blockchain, so anyone can prove when a score existed. Nobody, us included, can backdate one.
Never edited, never deleted
A score that changes is published as a new entry with its own date and reason. The old one stays in the log.
The quarterly scorecard
Each quarter we publish how every scored public company has done since its score, against a small-cap benchmark, misses included.
What a score opens
The score comes first. Everything paid comes after it.
Any score
Public coverage and a public score, free to every reader. The company pays nothing.
50 or more
The company may buy labeled IR from us at flat, published prices: briefings, a quarterly program, the Boardroom.
60 or more
The company may apply to Timebroker.ai, a related party, for a private SI Evaluation. What Timebroker.ai learns never reaches our research.
Thresholds are reviewed after the first 25 scores and republished here with their date. Timebroker.ai and AIEDGE Holdings, Inc. are related parties under common control with First Look Equities; when either works with a company we cover, it is disclosed on that company’s page.
Plain answers
Questions readers ask about the score.
What does a First Look Score measure?
How a company stands against a published method of eight pillars and forty factors, each rated 0 to 4 from public information, weighted to 100 points. It is not a rating of any security, a price target or a recommendation.
Can a company pay for a better score?
No. No company pays for coverage or for its score, none sees a score before publication, and paying for labeled IR afterwards never changes a score.
What is the confidence grade?
A grade for the evidence, not the company: A means every factor in a pillar rests on an audited filing, proxy or exchange record; B means at least one rests on a company release, third-party dataset or derived figure; C means at least one factor could not be documented.
What are red flags?
Eight conditions that are always listed when present, whatever the score: going-concern language, a reverse split, ineffective controls, a customer above 50%, under twelve months of cash, a negative gross margin, a listing deficiency, or adverse financing terms.
Why does a score never change?
Because it is a record. A score that changes is published as a new entry with its own date and reason; the old one stays in the log, and each file is timestamped with OpenTimestamps so anyone can prove when it existed.
The score log
Every official score, in the order it was published.
The first official scores publish in November 2026, beginning with Vuzix Corporation after its Q3 results. Each will appear here with its date, method version, confidence grade, red flags and the link to its timestamp proof.
The First Look Score measures a company against the published method above. It is not a rating of any security, a price target, or a recommendation to buy, sell or hold anything, and it is not advice tailored to any reader. First Look Equities is not a broker-dealer or a registered investment adviser.