New Risk • Jun 30
New major risk - Revenue and earnings growth Revenue has declined by 13% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Revenue has declined by 13% over the past year. Market cap is less than US$10m (€1.07m market cap, or US$1.22m). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (11% average weekly change). New Risk • May 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. 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 (12% average weekly change). Market cap is less than US$10m (€1.08m market cap, or US$1.25m). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Board Change • Jan 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Director Gregoire Cabri-Wiltzer was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Dec 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of French stocks, typically moving 10% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. 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 (-€1.1m free cash flow). Share price has been highly volatile over the past 3 months (10% average weekly change). Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Market cap is less than US$10m (€2.39m market cap, or US$2.82m). Annuncio • Jul 16
Lucibel SA, Annual General Meeting, Jul 30, 2025 Lucibel SA, Annual General Meeting, Jul 30, 2025. Location: 165 rue du general de gaulle, le houlme France New Risk • Jul 02
New major risk - Negative shareholders equity The company has negative equity. Total equity: -€713k This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Negative equity (-€713k). Shareholders have been substantially diluted in the past year (34% increase in shares outstanding). Market cap is less than US$10m (€2.67m market cap, or US$3.15m). New Risk • May 19
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 (15% average weekly change). Shareholders have been substantially diluted in the past year (67% increase in shares outstanding). Market cap is less than US$10m (€3.04m market cap, or US$3.39m). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). New Risk • Apr 19
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 67% 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 (16% average weekly change). Shareholders have been substantially diluted in the past year (67% increase in shares outstanding). Market cap is less than US$10m (€2.67m market cap, or US$3.04m). Annuncio • Mar 28
Lucibel SA announced that it expects to receive €0.850108 million in funding Lucibel SA announced a private placement that it will issue up to 8,501,082 shares at an issue price of €0.1 per share for the gross proceeds of up to €850,108.20 on March 27, 2025. Annuncio • May 26
Lucibel SA, Annual General Meeting, Jun 27, 2024 Lucibel SA, Annual General Meeting, Jun 27, 2024. Location: 101 allee des vergers, barentin France Reported Earnings • Apr 17
Full year 2023 earnings released Full year 2023 results: Revenue: €9.04m (up 11% from FY 2022). Net income: €73.0k (up €2.36m from FY 2022). Profit margin: 0.8% (up from net loss in FY 2022). New Risk • Apr 12
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.25m (US$9.92m) 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 (11% average weekly change). Market cap is less than US$10m (€9.25m market cap, or US$9.92m). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (19% increase in shares outstanding). New Risk • Apr 07
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. 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 Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (€9.59m market cap, or US$10.4m). New Risk • Feb 02
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.00m (US$9.71m) 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 Less than 1 year of cash runway based on free cash flow trend (-€1.6m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Market cap is less than US$10m (€9.00m market cap, or US$9.71m). Minor Risk Shareholders have been diluted in the past year (19% increase in shares outstanding). New Risk • Nov 30
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.96m (US$9.77m) 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 Less than 1 year of cash runway based on free cash flow trend (-€1.6m free cash flow). Market cap is less than US$10m (€8.96m market cap, or US$9.77m). Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Shareholders have been diluted in the past year (19% increase in shares outstanding). Reported Earnings • Sep 25
First half 2023 earnings released: EPS: €0.01 (vs €0.043 loss in 1H 2022) First half 2023 results: EPS: €0.01 (up from €0.043 loss in 1H 2022). Revenue: €5.01m (up 25% from 1H 2022). Net income: €179.0k (up €831.0k from 1H 2022). Profit margin: 3.6% (up from net loss in 1H 2022). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 12
First half 2022 earnings released: €0.04 loss per share (vs €0.096 loss in 1H 2021) First half 2022 results: €0.04 loss per share (improved from €0.096 loss in 1H 2021). Revenue: €4.01m (down 21% from 1H 2021). Net loss: €652.0k (loss narrowed 55% from 1H 2021). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 13
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: €0.20 loss per share (down from €0.18 loss in FY 2020). Revenue: €9.15m (down 10% from FY 2020). Net loss: €2.93m (loss widened 14% from FY 2020). Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) also missed analyst estimates by 64%. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Oct 20
First half 2021 earnings released: €0.096 loss per share (vs €0.087 loss in 1H 2020) The company reported a soft first half result with increased losses and weaker control over costs, although revenues improved. First half 2021 results: Revenue: €5.05m (up 1.5% from 1H 2020). Net loss: €1.44m (loss widened 17% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 14
Full year 2020 earnings released: €0.18 loss per share (vs €0.18 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: €10.2m (down 25% from FY 2019). Net loss: €2.57m (loss widened 2.8% from FY 2019). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 12
New 90-day low: €0.99 The company is down 1.0% from its price of €1.00 on 13 November 2020. The French market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 7.0% over the same period. Is New 90 Day High Low • Nov 19
New 90-day high: €1.06 The company is up 11% from its price of €0.95 on 21 August 2020. The French market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 12% over the same period. Reported Earnings • Oct 17
First half earnings released Over the last 12 months the company has reported total losses of €2.39m, with losses narrowing by 59% from the prior year. Total revenue was €12.2m over the last 12 months, down 32% from the prior year. 
