Bekanntmachung • May 04
The Blockchain Group announced that it expects to receive €1.1 million in funding The Blockchain Group has announced to issue 10,000,000 warrants at an issue price of €0.11 per warrant for €1,100,000 on May 4, 2026. The transaction includes investor participation from strategic investor Adam Back. The warrants are converted into ordinary shares for conversion price of €0.84. The12th EGM held on June 10, 2025. The warrants will mature on May 2, 2029. Bekanntmachung • Apr 13
The Blockchain Group announced that it has received €2.845424 million in funding from UTXO Management GP, LLC On April 13, 2026, The Blockchain Group closed the transaction. Bekanntmachung • Mar 31
The Blockchain Group announced that it expects to receive €2.845424 million in funding from UTXO Management GP, LLC The Blockchain Group announced a private placement of 5,230,559 Ordinary Shares of the company at a price per Share of €0.544 for gross proceeds of € 2,845,424.096 on March 30, 2026. The transaction involves participation from new institutional investor Blockstream Capital Holdings to subscribe up to 4,700,000 ordinary shares of the Company amounting to € 2,556,800 and UTXO Management to subscribe up to 530,559 ordinary shares of the Company amounting € 288,624.096. The transaction has been approved in the first resolution of the General Meeting of February 21, 2025. Blockstream Capital Holdings will receive 32,900,000 ordinary shares upon following the conversion of OCA B-01 and 4,700,000 new shares after subscription totalling to 43,118,442 ordinary shares post-completion of the operations with % capital holding pre-operations of 2.40% and post-operations of 15.88% and 38.00% on fully diluted basis and UTXO Management will receive 3,713,919 shares upon the conversion of OCA B-01 and 530,559 new shares after subscription totaling to 4,244,478 ordinary shares post-completion of the operations with % capital holding pre-operations of 0% and post-operations of 1.56% and 1.07% on fully diluted basis. Bekanntmachung • Mar 23
The Blockchain Group has filed a Follow-on Equity Offering in the amount of €0.509129 million. The Blockchain Group has filed a Follow-on Equity Offering in the amount of €0.509129 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 669,906
Price\Range: €0.76
Transaction Features: Subsequent Direct Listing Bekanntmachung • Mar 17
The Blockchain Group announced that it expects to receive €3.013 million in funding The Blockchain Group has announced to issue 18,300,000 convertible bonds at the price of €0.11 for the gross proceeds of €2,013,000 and 9,090,910 share subscription warrants at the price of €0.11 for the gross proceeds of €1,000,000.10 for the total aggregates of €3,013,000.10 on March 17, 2026. The transaction involves the new and returning investor participation of TOBAM for 18,300,000 bonds and UTXO Management for 9,090,910 warrants. Each bond and warrant granting the right to subscribe to 1 ordinary share of the company. The transaction is approved by the board of directors in 12th resolution of the combined general meeting of June 10, 2025. The bonds have a maturity date of March 10, 2029. New Risk • Nov 02
New major risk - Revenue and earnings growth Earnings have declined by 38% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 38% per year over the past 5 years. Shareholders have been substantially diluted in the past year (169% increase in shares outstanding). Bekanntmachung • Sep 16
The Blockchain Group announced that it has received €50 million in funding announced that it has raised €50 million in a round of funding on September 15, 2025. The transaction included participation from new investor Blockchain.com and existing investor Tobam. Bekanntmachung • Jul 28
The Blockchain Group announced that it has received €4.999998 million in funding On July 28, 2025, the company has closed the transaction and received €4,999,998.20. The transaction included participation from the individual investor Adam Back. Bekanntmachung • Jul 14
The Blockchain Group has completed a Follow-on Equity Offering in the amount of €2.997384 million. The Blockchain Group has completed a Follow-on Equity Offering in the amount of €2.997384 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 739,000
Price\Range: €4.056
Transaction Features: Subsequent Direct Listing Bekanntmachung • Jul 08
The Blockchain Group announced that it has received €1.051775 million in funding from TOBAM S.A.S. On July 7, 2025, The Blockchain Group closed the transaction. New Risk • Jun 01
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 36% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). High level of non-cash earnings (23% accrual ratio). Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Bekanntmachung • May 27
The Blockchain Group announced that it expects to receive €63.3 million in funding The Blockchain Group announced a private placement that it will issue convertible bond for the aggregate gross proceeds of up to €63,300,000 on May 26, 2025. Reported Earnings • May 19
Full year 2024 earnings released: EPS: €0.015 (vs €0.27 loss in FY 2023) Full year 2024 results: EPS: €0.015 (up from €0.27 loss in FY 2023). Revenue: €16.2m (down 28% from FY 2023). Net income: €1.36m (up €22.5m from FY 2023). Profit margin: 8.4% (up from net loss in FY 2023). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. New Risk • May 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 82% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Shareholders have been diluted in the past year (17% increase in shares outstanding). Bekanntmachung • May 06
The Blockchain Group, Annual General Meeting, Jun 10, 2025 The Blockchain Group, Annual General Meeting, Jun 10, 2025. Location: tour w 102 terrasses boieldieu, puteaux France Bekanntmachung • Dec 05
The Blockchain Group has completed a Follow-on Equity Offering in the amount of €2.499998 million. The Blockchain Group has completed a Follow-on Equity Offering in the amount of €2.499998 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 8,333,328
Price\Range: €0.3 New Risk • Nov 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 82% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (7.0% increase in shares outstanding). Market cap is less than US$100m (€21.2m market cap, or US$22.6m). Reported Earnings • Nov 01
First half 2024 earnings released: EPS: €0.017 (vs €0.093 loss in 1H 2023) First half 2024 results: EPS: €0.017 (up from €0.093 loss in 1H 2023). Revenue: €8.35m (down 32% from 1H 2023). Net income: €1.38m (up €6.77m from 1H 2023). Profit margin: 17% (up from net loss in 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 29 percentage points per year, which is a significant difference in performance. New Risk • Sep 20
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.00m (US$8.93m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 98% per year over the past 5 years. Market cap is less than US$10m (€8.00m market cap, or US$8.93m). Board Change • Aug 15
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Chairman Jean-François Descaves was the last director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Jun 04
New major risk - Revenue and earnings growth Earnings have declined by 98% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 98% per year over the past 5 years. Market cap is less than US$10m (€8.00m market cap, or US$8.69m). Minor Risk Shareholders have been diluted in the past year (37% increase in shares outstanding). Bekanntmachung • May 26
The Blockchain Group, Annual General Meeting, Jun 28, 2024 The Blockchain Group, Annual General Meeting, Jun 28, 2024. Location: tour w 102 terrasses boieldieu, puteaux France New Risk • May 24
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2022. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2022 fiscal period end). Market cap is less than US$10m (€7.96m market cap, or US$8.63m). Minor Risk Shareholders have been diluted in the past year (37% increase in shares outstanding). New Risk • Dec 11
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Market cap is less than US$10m (€7.94m market cap, or US$8.55m). Minor Risk Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). New Risk • Oct 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.32m (US$9.85m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Shareholders have been substantially diluted in the past year (58% increase in shares outstanding). Market cap is less than US$10m (€9.32m market cap, or US$9.85m). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (€2.4m net loss in 2 years). New Risk • Sep 03
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 58% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Shareholders have been substantially diluted in the past year (58% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€2.4m net loss in 2 years). Market cap is less than US$100m (€9.48m market cap, or US$10.2m). Reported Earnings • May 30
Full year 2022 earnings released: €0.087 loss per share (vs €0.013 loss in FY 2021) Full year 2022 results: €0.087 loss per share (further deteriorated from €0.013 loss in FY 2021). Revenue: €26.0m (up 38% from FY 2021). Net loss: €5.02m (loss widened €4.51m from FY 2021). Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 8.6% growth forecast for the Software industry in France. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 107 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 20
First half 2022 earnings released: €0.067 loss per share (vs €0.002 loss in 1H 2021) First half 2022 results: €0.067 loss per share (further deteriorated from €0.002 loss in 1H 2021). Revenue: €13.6m (up 85% from 1H 2021). Net loss: €2.77m (loss widened €2.70m from 1H 2021). Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Software industry in France. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). CFO & Board member Rodolphe Cadio was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Buying Opportunity • May 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.8%. The fair value is estimated to be €1.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 67% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 153% in 2 years. Earnings is forecast to grow by 342% in the next 2 years. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). CFO & Board member Rodolphe Cadio was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Buying Opportunity • Apr 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be €1.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 67% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 153% in 2 years. Earnings is forecast to grow by 342% in the next 2 years. Buying Opportunity • Mar 23
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be €1.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 67% per annum over the last 3 years. The company has become profitable over the last 3 years. Buying Opportunity • Mar 03
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 8.9%. The fair value is estimated to be €1.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 67% per annum over the last 3 years. The company has become profitable over the last 3 years. Buying Opportunity • Feb 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be €1.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 67% per annum over the last 3 years. The company has become profitable over the last 3 years. Buying Opportunity • Jan 24
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 6.1%. The fair value is estimated to be €1.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 67% per annum over the last 3 years. The company has become profitable over the last 3 years. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €1.05, the stock trades at a forward P/E ratio of 105x. Average forward P/E is 38x in the Software industry in France. Total returns to shareholders of 1,103% over the past three years. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €1.31, the stock trades at a forward P/E ratio of 131x. Average forward P/E is 38x in the Software industry in France. Total returns to shareholders of 1,168% over the past three years. Reported Earnings • Apr 17
Full year 2020 earnings released The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: €9.52m (up 289% from FY 2019). Net income: €724.0k (up 240% from FY 2019). Profit margin: 7.6% (down from 8.7% in FY 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Dec 28
New 90-day high: €2.19 The company is up 192% from its price of €0.75 on 29 September 2020. The French market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 3.0% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: €1.79 The company is up 127% from its price of €0.79 on 09 September 2020. The French market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 1.0% over the same period. Is New 90 Day High Low • Nov 16
New 90-day high: €1.20 The company is up 17% from its price of €1.03 on 18 August 2020. The French market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is flat over the same period.