Annuncio • May 27
E-Pango SA, Annual General Meeting, Jun 29, 2026 E-Pango SA, Annual General Meeting, Jun 29, 2026. Location: 61 rue des belles feuilles, paris France New Risk • May 21
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 35% 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 Less than 1 year of cash runway based on free cash flow trend (-€1.0m free cash flow). Share price has been highly volatile over the past 3 months (44% average weekly change). Negative equity (-€529k). Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Revenue is less than US$1m (€395k revenue, or US$459k). Market cap is less than US$10m (€6.84m market cap, or US$7.95m). Reported Earnings • May 06
Full year 2025 earnings released Full year 2025 results: Revenue: €395.0k (up 482% from FY 2024). Net loss: €323.2k (loss narrowed 77% from FY 2024). New Risk • Feb 15
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 Less than 1 year of cash runway based on free cash flow trend (-€1.4m free cash flow). Share price has been highly volatile over the past 3 months (27% average weekly change). Negative equity (-€1.6m). Revenue is less than US$1m (€16k revenue, or US$19k). Market cap is less than US$10m (€3.48m market cap, or US$4.13m). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). New Risk • Nov 04
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 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 (12% average weekly change). Negative equity (-€1.8m). Earnings have declined by 5.0% per year over the past 5 years. Shareholders have been substantially diluted in the past year (218% increase in shares outstanding). Revenue is less than US$1m (€68k revenue, or US$78k). Market cap is less than US$10m (€5.48m market cap, or US$6.30m). Minor Risk Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Annuncio • May 06
E-Pango SA, Annual General Meeting, Jun 10, 2025 E-Pango SA, Annual General Meeting, Jun 10, 2025. Location: 61 rue des belles feuilles, paris France Reported Earnings • Apr 21
Full year 2024 earnings: Revenues miss analyst expectations Full year 2024 results: Net loss: €1.39m (loss narrowed 52% from FY 2023). Revenue missed analyst estimates by 86%. New Risk • Mar 25
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 (36% average weekly change). Negative equity (-€2.2m). Earnings have declined by 13% per year over the past 5 years. Shareholders have been substantially diluted in the past year (74% increase in shares outstanding). Revenue is less than US$1m (€765k revenue, or US$826k). Market cap is less than US$10m (€1.52m market cap, or US$1.64m). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). New Risk • Jan 06
New major risk - Revenue and earnings growth Earnings have declined by 13% 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 (43% average weekly change). Negative equity (-€2.2m). Earnings have declined by 13% per year over the past 5 years. Shareholders have been substantially diluted in the past year (74% increase in shares outstanding). Revenue is less than US$1m (€765k revenue, or US$797k). Market cap is less than US$10m (€1.12m market cap, or US$1.17m). New Risk • Oct 07
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 74% 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 (46% average weekly change). Negative equity (-€2.2m). Earnings have declined by 13% per year over the past 5 years. Shareholders have been substantially diluted in the past year (74% increase in shares outstanding). Revenue is less than US$1m (€765k revenue, or US$839k). Market cap is less than US$10m (€701.7k market cap, or US$769.8k). Annuncio • May 17
E-Pango SA, Annual General Meeting, Jun 20, 2024 E-Pango SA, Annual General Meeting, Jun 20, 2024. Location: 61 rue des belles feuilles, paris France New Risk • May 13
New major risk - Revenue and earnings growth Earnings have declined by 26% 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). Negative equity (-€1.8m). Earnings have declined by 26% per year over the past 5 years. Revenue is less than US$1m (€783k revenue, or US$844k). Market cap is less than US$10m (€1.79m market cap, or US$1.93m). Minor Risk Currently unprofitable and not forecast to become profitable next year (€900k net loss next year). New Risk • Mar 17
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 Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Negative equity (-€567k). Market cap is less than US$10m (€3.34m market cap, or US$3.64m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€15m). Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Currently unprofitable and not forecast to become profitable next year (€1.1m net loss next year). Revenue is less than US$5m (€1.0m revenue, or US$1.1m). New Risk • Aug 23
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.14m (US$9.93m) 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 Earnings are forecast to decline by an average of 44% per year for the foreseeable future. Market cap is less than US$10m (€9.14m market cap, or US$9.93m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€863k net loss in 2 years). Share price has been volatile over the past 3 months (9.2% average weekly change). Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Guillaume Leenhardt is the most experienced director on the board, commencing their role in 2021. Independent Director Etienne Beeker was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Price Target Changed • Aug 18
Price target decreased to €0.75 Down from €1.00, the current price target is provided by 1 analyst. New target price is 114% above last closing price of €0.35. Stock is down 93% over the past year. The company is forecast to post a net loss per share of €0.45 next year compared to a net loss per share of €1.46 last year. Board Change • Jun 29
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Guillaume Leenhardt is the most experienced director on the board, commencing their role in 2021. Independent Director Etienne Beeker was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. 
