QS Energy Inc (QSEP)

[mr_sano]

Here’s the hard dilution history for QS Energy (QSEP) – straight from the SEC filings (10-Ks and 10-Qs), no fluff. Three-Year Total (Jan 2023 ? Jan 2026 est.) - Started ~372 million shares - Ends ~550–560 million shares - Net dilution ˜ +180–185 million shares - Overall increase ˜ +48–50 % in three years That’s roughly 16–17 % compounded annual dilution just to keep the lights on — zero revenue, zero product sales the entire time. Cash raised from all that paper: roughly $9–10 million total since 2023. Cash burned: roughly the same + whatever Temple is still owed. Bottom line: every two to three years the share count grows another ~50 %. The stock price has done the mirror image (down ~90 % in the same window) because the market knows exactly what the new shares are paying for — another quarter of survival, not commercialization. That’s the entire business model in one ugly table.