Current, actionable dilution is minimal. There are ZERO convertible notes, ZERO outstanding preferred shares, and ZERO disclosed warrants — the 40% convertible/preferred component and the 30% warrant component both score 0. There has been no dilutive issuance since the June 2025 IPO (~$5.8M gross); share count is unchanged at 21,448,632 across every data point from 2025-09-30 through the 2026-07-24 prospectus, so recent-activity risk is low and driven only by the July 24, 2026 filing of a $200M F-3 shelf. That shelf is the sole live mechanism, and it is materially constrained: it is not yet effective, and General Instruction I.B.5 (baby shelf) caps primary sales at one-third of non-affiliate market value in any trailing 12 months. At $6.99, non-affiliate market value is roughly $9-10M, so the practical near-term takedown ceiling is ~$3.0-3.4M, or roughly 430,000-490,000 shares. The offsetting concern is scale relative to float, not scale in absolute terms: against a 1,282,132-share tradeable float, even a fully permitted baby-shelf takedown would expand supply by ~35%, and the 10,000,000 Class B shares are convertible 1:1 into Class A at the holder's option at any time. Historical pattern risk is near zero — no reverse splits, no toxic counterparties, no serial financing cadence, single lifetime capital raise.