Annonce • Jun 18
VARSAV Game Studios S.A., Annual General Meeting, Jul 13, 2026 VARSAV Game Studios S.A., Annual General Meeting, Jul 13, 2026, at 11:00 Central European Standard Time. New Risk • Jan 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 32% per year over the past 5 years. Revenue is less than US$1m (zł1.2m revenue, or US$323k). Market cap is less than US$10m (€2.19m market cap, or US$2.58m). Minor Risk Share price has been volatile over the past 3 months (7.8% average weekly change). Reported Earnings • Nov 20
Third quarter 2025 earnings released Third quarter 2025 results: Net loss: zł34.9k (down 111% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Annonce • Nov 13
VARSAV Game Studios S.A. to Report Q3, 2025 Results on Nov 14, 2025 VARSAV Game Studios S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 New Risk • Sep 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m (zł1.2m revenue, or US$338k). Market cap is less than US$10m (€2.98m market cap, or US$3.50m). Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Large one-off items impacting financial results. Annonce • Jul 11
VARSAV Game Studios S.A., Annual General Meeting, Aug 04, 2025 VARSAV Game Studios S.A., Annual General Meeting, Aug 04, 2025, at 12:00 Central European Standard Time. Reported Earnings • May 19
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł168.2k (down 62% from 1Q 2024). Net loss: zł513.5k (down 292% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. New Risk • Feb 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 9.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (27% accrual ratio). Revenue is less than US$1m (zł1.5m revenue, or US$371k). Market cap is less than US$10m (€2.66m market cap, or US$2.79m). Minor Risk Share price has been volatile over the past 3 months (9.1% average weekly change). Reported Earnings • Feb 20
Full year 2024 earnings released Full year 2024 results: Revenue: zł1.47m (up 18% from FY 2023). Net income: zł1.10m (up zł6.48m from FY 2023). Profit margin: 75% (up from net loss in FY 2023). New Risk • Oct 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-zł1.3m free cash flow). Earnings have declined by 35% per year over the past 5 years. Revenue is less than US$1m (zł1.5m revenue, or US$397k). Market cap is less than US$10m (€2.65m market cap, or US$2.93m). Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Shareholders have been diluted in the past year (13% increase in shares outstanding). New Risk • Aug 20
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -zł1.3m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-zł1.3m free cash flow). Earnings have declined by 35% per year over the past 5 years. Revenue is less than US$1m (zł1.5m revenue, or US$399k). Market cap is less than US$10m (€2.67m market cap, or US$2.97m). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Shareholders have been diluted in the past year (13% increase in shares outstanding). New Risk • Aug 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (27% accrual ratio). Revenue is less than US$1m (zł1.5m revenue, or US$390k). Market cap is less than US$10m (€2.72m market cap, or US$2.99m). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Shareholders have been diluted in the past year (13% increase in shares outstanding). Annonce • Jun 18
VARSAV Game Studios S.A., Annual General Meeting, Jul 16, 2024 VARSAV Game Studios S.A., Annual General Meeting, Jul 16, 2024. Reported Earnings • May 20
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł443.3k (up 152% from 1Q 2023). Net income: zł267.1k (up zł537.6k from 1Q 2023). Profit margin: 60% (up from net loss in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 27% per year whereas the company’s share price has fallen by 28% per year. New Risk • Mar 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% 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 High level of non-cash earnings (24% accrual ratio). Revenue is less than US$1m (zł1.2m revenue, or US$312k). Market cap is less than US$10m (€3.24m market cap, or US$3.52m). Minor Risk Shareholders have been diluted in the past year (13% increase in shares outstanding). Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: zł0.007 (vs zł0.13 loss in FY 2022) Full year 2023 results: EPS: zł0.007 (up from zł0.13 loss in FY 2022). Revenue: zł1.24m (up 23% from FY 2022). Net income: zł136.6k (up zł2.64m from FY 2022). Profit margin: 11% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. New Risk • Feb 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-zł2.6m free cash flow). Earnings have declined by 3.8% per year over the past 5 years. Revenue is less than US$1m (zł992k revenue, or US$248k). Market cap is less than US$10m (€3.05m market cap, or US$3.29m). Minor Risk Share price has been volatile over the past 3 months (7.2% average weekly change). Annonce • Feb 03
VARSAV Game Studios S.A. to Report Fiscal Year 2023 Results on May 31, 2024 VARSAV Game Studios S.A. announced that they will report fiscal year 2023 results on May 31, 2024 New Risk • Nov 19
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -zł2.6m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-zł2.6m free cash flow). Earnings have declined by 3.8% per year over the past 5 years. Revenue is less than US$1m (zł992k revenue, or US$247k). Market cap is less than US$10m (€3.34m market cap, or US$3.64m). Minor Risk Share price has been volatile over the past 3 months (7.5% average weekly change). Reported Earnings • Nov 19
Third quarter 2023 earnings released Third quarter 2023 results: Net loss: zł144.7k (down 174% from profit in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 18
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł162.0k (up 22% from 2Q 2022). Net income: zł471.2k (up zł1.56m from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Annonce • Jun 22
VARSAV Game Studios S.A., Annual General Meeting, Jul 17, 2023 VARSAV Game Studios S.A., Annual General Meeting, Jul 17, 2023, at 12:00 Central European Standard Time. Reported Earnings • May 21
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł175.9k (down 43% from 1Q 2022). Net loss: zł270.4k (loss narrowed 78% from 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 18
Full year 2022 earnings released: zł0.12 loss per share (vs zł0.093 loss in FY 2021) Full year 2022 results: zł0.12 loss per share (further deteriorated from zł0.093 loss in FY 2021). Revenue: zł1.01m (up 17% from FY 2021). Net loss: zł2.35m (loss widened 26% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Annonce • Jun 07
VARSAV Game Studios S.A., Annual General Meeting, Jun 30, 2022 VARSAV Game Studios S.A., Annual General Meeting, Jun 30, 2022, at 14:00 Central European Standard Time. Is New 90 Day High Low • Mar 05
New 90-day low: €0.35 The company is down 13% from its price of €0.40 on 04 December 2020. The German market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is down 6.0% over the same period. Reported Earnings • Feb 18
Full year 2020 earnings released: EPS zł0.10 (vs zł0.12 in FY 2019) Full year 2020 results: Net income: zł2.06m (down 11% from FY 2019). Is New 90 Day High Low • Feb 04
New 90-day low: €0.35 The company is down 3.0% from its price of €0.36 on 05 November 2020. The German market is up 14% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is down 7.0% over the same period. Is New 90 Day High Low • Dec 10
New 90-day high: €0.55 The company is up 16% from its price of €0.47 on 10 September 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is down 15% over the same period. Is New 90 Day High Low • Oct 10
New 90-day low: €0.41 The company is down 46% from its price of €0.75 on 10 July 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is down 14% over the same period. Is New 90 Day High Low • Sep 23
New 90-day low: €0.43 The company is down 38% from its price of €0.69 on 25 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is down 9.0% over the same period.