Using Signal8 / Research pages
The Signal8 Dilution Tab, Card by Card
A walkthrough of every card on Signal8's Dilution tab, what each figure means, how coverage works, and why "Not measured" never means zero.
6 min readLast verified
The short version
The Dilution tab on a Signal8 company page, for example AAPL's Dilution tab, is a structured read of a company's SEC filings. It lists every dilutive instrument the analysis found (warrants, convertibles, preferred stock, ATM programs, shelf registrations, equity lines and recent offerings), each figure traced to the filing it came from, alongside cash, runway and a 0 to 100 pressure score.
The full snapshot is part of Signal8 Pro. Coverage focuses on small-cap issuers and is generated on demand, so a company may not have a snapshot yet. The tab is careful about one distinction throughout: a figure that could not be measured is shown as Not measured, never as zero.
What you see depends on coverage and access
There are five possible states, and the tab tells you which one you are in.
| State | What the tab shows |
|---|---|
| No Pro access, no snapshot | A "Dilution Intelligence" panel explaining what the analysis reads, with an upgrade button |
| No Pro access, snapshot exists | A locked preview: the section names with real counts, and cards with values replaced by an "Upgrade required" badge |
| Company out of scope | A notice such as "Small-cap issuers only" or "No matching SEC filer", with no button |
| Pro, not yet covered | "No dilution data generated for this company yet", with a Get dilution data button |
| Pro, snapshot exists | The full tab described below |
The locked preview is useful on its own: if it shows, say, Warrants with a count of 4 and ATM with a count of 1, you know the analysis found those instruments even before you open them.
Requesting coverage
On Pro, Get dilution data queues the company. The button then reports progress ("Reading the company's SEC filings…", "Queued. N runs ahead") and notes that a run typically takes 10 to 90 minutes. If a snapshot is more than a month old, a banner says so, shows the generation date and the as-of date of the anchor filing, and offers Regenerate dilution data.
Section navigation
A row of pills runs across the top: Overview first, then one pill per instrument family the analysis found, such as Warrants, Convertibles, Shelf, ATM, ELOC, S-1 and Direct, each with a count. A family with nothing found has no pill. Clicking a pill jumps to that family's detail cards, where each row carries the filing it was read from.
The Overview, card by card
Dilution Summary
A short AI-written summary, the latest dilution event, and an Overall Risk badge, followed by four ratings: Offering Ability, Overhead Supply, Historical and Cash Need. Underneath sit four key metrics: Cash, Runway, In-the-money Supply and O/S Growth.
Each rating can show a level (Low, Medium or High), or one of three non-answers that mean different things:
- Not measured: an input was missing or withheld, so no level was computed.
- Not rated: the level is simply not available.
- Not assessed: shown for the overall rating when it could not be determined.
Runway can also read Exhausted on estimates (estimated cash has run out) or No burn reported (the filings show no cash burn to project). How each rating is derived is covered in the Dilution Pressure Score guide.
Dilution Pressure
The 0 to 100 score with its seven components. It is always shown as points out of the points that could be measured, for example 58 out of 85, never rescaled. That guide explains why.
Red Flags
Structural terms found in the financing documents, each with a severity pill (CRITICAL, HIGH or MEDIUM) and a Show full text link to the source language. The header counts them, for example "5 flags · 2 critical/high". If none were found, the card says "No structural flags detected in extracted terms", which is a statement about the extracted terms, not a clean bill of health.
Financing Counterparties
The investors, placement agents and underwriters named in the company's financings. It appears only when counterparties were actually measured.
Instruments
A badge per instrument family and a Total Remaining figure: the shares that could still be issued from what is outstanding.
Historical O/S & Potential Dilution
Shares outstanding over time, with potential dilution stacked on top. The bars are share counts as filed, not adjusted for later splits, so a reverse split shows as a step down.
Cash Position
Cash over time, with Capital Raises and Material Cash Events tables listing each raise and the filing it came from.
Price History & Dilution Events
The share price with financing events marked on it.
Restricted Share Blocks
Blocks of shares that cannot yet be sold freely. Where a filing does not state a size, the row says "Size not disclosed in filings" rather than showing zero.
Reading the numbers together
The Baby Shelf section, where shown, applies the one-third-of-public-float limit to companies with under $75 million of public float: it lists Public Float Value, Max Offering (1/3), Trailing 12M Offerings and Remaining Capacity. A dash means the value was not available, not zero.
How to use the Dilution tab on Signal8
- Open any company's tab directly, for example AAPL's Dilution tab. Large caps are usually out of scope; the tab will say so.
- Compare companies side by side with the dilution screener or find short runways with the must-raise screener.
- See plan details on the Pro page. For background on warrant overhang and cash runway, see the dilution track.
FAQ
Why does the Dilution tab say "Not measured" instead of showing a number?
Because the input needed to compute it was missing, could not be verified, or was withheld. Signal8 never fills those gaps with zero, because a zero would read as a favourable finding (for example, no dilution) that nobody actually measured. Check the company's filings, or regenerate the snapshot if it is old.
How long does it take to get dilution data for a new company?
On Signal8 Pro, the Get dilution data button queues the company, and a run typically takes 10 to 90 minutes depending on the queue and the number of filings. The button shows your place in the queue and the progress of the run.
Why is a large-cap company outside dilution coverage?
Dilution analysis is built for small-cap issuers, where offerings, warrants and convertibles move the share count most. Companies outside that scope show a notice explaining why, such as "Small-cap issuers only" or "No matching SEC filer". Being out of scope says nothing about whether the company issues shares.
Is the Dilution tab free?
The tab is visible to everyone, and logged-out or free visitors can see a locked preview with the count of instruments found. The full snapshot, with every instrument, figure and source filing, is part of Signal8 Pro, which is $59 a month or $588 a year.
Terms in this guide
- Warrant overhang
- The block of shares that could be created if a company's outstanding warrants are exercised. It is potential dilution that does not yet appear in the shares outstanding figure.
- At-the-market (ATM) offering
- A program that lets a company sell newly issued shares directly into the open market at prevailing prices, a little at a time, through a sales agent.
- Shelf registration
- A registration statement, usually on Form S-3, that registers securities now so the company can sell them later in one or more offerings without filing a new registration each time.
- Equity line of credit (ELOC)
- An agreement under which an investor commits to buy a company's newly issued shares over time, at the company's request, at a price set by a formula tied to recent trading.
- Baby shelf rule
- The Form S-3 limit (General Instruction I.B.6) that caps companies with under $75 million of public float at selling one-third of that float in primary offerings in any 12 months.
- Cash runway
- An estimate of how many months a company's cash could fund its operations at its recent rate of cash burn, before any new financing.
- Public float
- The shares of a company held by investors other than its officers, directors and controlling holders, or their market value; the SEC uses the dollar figure for form eligibility.
Put it to work
Try it on Signal8
See this in live data with Company research pages.
Also useful: Dilution screener · Signal8 Pro
Related guides
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What Is Dilution? How New Shares Change What You Own
Dilution explained with worked numbers. What happens to your ownership when a company issues shares, and where to spot it coming in SEC filings.
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How to Read the Dilution Pressure Score: Score, Max Measured and Risk Levels
The seven components of Signal8's Dilution Pressure Score, why it reads as points out of points measured, and how the risk levels and lower bounds work.
Educational content only. Signal8 is not a broker-dealer or investment adviser, and nothing here is a recommendation to buy or sell any security.