New Risk • May 30
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 Israeli stocks, typically moving 11% 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 Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 48% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (₪196.3m market cap, or US$69.6m). Reported Earnings • May 05
Full year 2025 earnings released: ₪0.66 loss per share (vs ₪1.48 loss in FY 2024) Full year 2025 results: ₪0.66 loss per share (improved from ₪1.48 loss in FY 2024). Revenue: ₪270.2m (up 13% from FY 2024). Net loss: ₪35.7m (loss narrowed 47% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 33% per year, which means it has not declined as severely as earnings. New Risk • Apr 26
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 Risk Earnings have declined by 25% per year over the past 5 years. 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 (7.3% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (₪140.8m market cap, or US$47.2m). New Risk • Apr 24
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 Israeli stocks, typically moving 7.1% 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 Risk Earnings have declined by 25% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (₪148.7m market cap, or US$49.5m). New Risk • Dec 21
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 Israeli stocks, typically moving 6.5% 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 Risk Earnings have declined by 25% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (₪224.3m market cap, or US$70.0m). Annuncio • Nov 26
InterCure Ltd., Annual General Meeting, Dec 30, 2025 InterCure Ltd., Annual General Meeting, Dec 30, 2025. Location: amit, pollak, matalon & co., at apm house, 18 raoul wallenberg st., building d, 6th floor, ramat hachayal., tel aviv Israel Reported Earnings • Oct 11
First half 2025 earnings released: ₪0.03 loss per share (vs ₪0.03 profit in 1H 2024) First half 2025 results: ₪0.03 loss per share (down from ₪0.03 profit in 1H 2024). Revenue: ₪130.0m (up 3.4% from 1H 2024). Net loss: ₪1.70m (down 219% from profit in 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Board Change • Aug 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. Non-Executive Director Alon Granot was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annuncio • May 02
InterCure Ltd. announced delayed 20-F filing On 05/01/2025, InterCure Ltd. announced that they will be unable to file their next 20-F by the deadline required by the SEC. Annuncio • Feb 13
Intercure Names Announces Board Changes, Effective February 13, 2025 InterCure Ltd. announces that Mr. Ehud Barak will step down as Chairman of the board of directors of the Company, effective February 13, 2025. He will be succeeded by Mr. Alexander Rabinovich, who has successfully led the Company as CEO for the past five years, executing hundreds of percentages of profitable growth, building strategic international partnerships, and establishing InterCure's position as a leader in pharmaceutical cannabis. Mr. Barak, who is marking his 83rd birthday, has decided to pursue personal endeavors after six years of service as Chairman of their Board. InterCure extends its deepest appreciation to Mr. Barak for his contributions, which has helped guide the Company's progress alongside its executive team. Annuncio • Nov 26
InterCure Ltd., Annual General Meeting, Dec 30, 2024 InterCure Ltd., Annual General Meeting, Dec 30, 2024. Location: at the offices of the companys attorneys, doron tikotzky kantor gutman & amit gross., 7 metsada st., b.s.r tower 4, 33 floor, bnei brak Israel Annuncio • Feb 15
InterCure Ltd. Announces Resignation of Rami Levy as Chief of Operations InterCure Ltd. announced that effective February 7, 2024, Rami Levy, resigned as the Chief of Operations of the company due to personal reasons. Mr. Levy’s resignation was not the result of any disagreement with the Company, or due to any matter relating to the Company’s operations, policies or practices. Annuncio • Nov 09
InterCure Ltd., Annual General Meeting, Dec 14, 2023 InterCure Ltd., Annual General Meeting, Dec 14, 2023, at 16:00 Israel Standard Time. Location: the offices of the Company's attorneys, Doron Tikotzky Kantor Gutman Nass & Amit Gross., 7 Metsada St., lB.S.R Tower 4, 33 Floor, Bnei Brak, Israe Bnei Brak Israel Agenda: To approve the re-election of Ehud Barak, Alexander Rabinovich, and Alon Granot, to the board of directors of the Company, each until the next annual general meeting of shareholders ; to approve, upon the recommendation of the Company's audit committee and of the Board of Directors, the re-election of David Salton to our Board of Directors, as an independent director until the next annual general meeting of shareholders; to approve the re-appointment of Somekh Chaikin, a member firm of KPMG International (the "Auditors"), as the Company's independent registered public accounting firm for the year ending December 31, 2023, and to authorize the Board of Directors, upon the recommendation of the Audit Committee, to determine the Auditors' remuneration to be fixed in accordance with the volume and nature of their services to the Company for such fiscal year; and to consider other matters if any. Annuncio • Nov 01
InterCure Ltd. Wins Cannolam Arbitration Proceeding InterCure Ltd. reported that, further to the Company's press release issued on August 31, 2023, in which the Company reported that the Tel Aviv-Jaffa District Court dismissed the lawsuit that filed against the Company by minority shareholders of its subsidiary, Cannolam Ltd. (‘Cannolam’), and the parties agreed on a binding arbitration process (the ‘Arbitration’), in which the amount owed to the Company and the parties will be determined and paid as part of a full separation process, the Company hereby reports that the Arbitration has been concluded, and the arbitrator has decided in favor of the Company on most of the claims presented to him by the Company, while rejecting almost all of the claims presented by the minority shareholders. Additionally, the arbitrator determined that Cannolam owes InterCure significant amounts (tens of NIS millions), which InterCure has claimed as part of the Arbitration, in recognition of InterCure's ongoing support to Cannolam. The minority shareholders did not transfer their part of the Cannolam debt owed to InterCure, and as a result, in accordance with the Arbitration decision, their shares in Cannolam were transferred to InterCure. As a result, as of the date hereof, InterCure now holds 100% of the shares in Cannolam, which has the exclusive right to use the ‘CookiesTM’ brand in Israel and other territories. Cannolam is the leading pharmacy chain specializing in dispensing pharmaceutical-grade cannabis. It operates under GivolTM and CookiesTM branded locations. Annuncio • Jul 12
InterCure Announces Proposed Voluntary Delisting from the Toronto Stock Exchange InterCure Ltd. ("InterCure" or the "Company"), announced that its board of directors (“Board”) has approved the voluntarily delisting of the Company’s common shares (“Shares”) from the Toronto Stock Exchange (the “TSX”) (the “Delisting”). The Company has decided to delist from the TSX after concluding that maintaining the listing does not offer substantial benefits to the Company and its shareholders. The Shares are currently listed on the NASDAQ and the Tel Aviv Stock Exchange, in addition to them being listed on the TSX. After a careful review of the trading volume data relating to the Shares, the Board has concluded that the trading volume on the TSX in insufficient to justify the continued listing. The Issuer will, however, remain a “reporting issuer” under applicable Canadian securities laws and continue to provide regular comprehensive disclosure pursuant to National Instrument 71-102 – Continues Disclosure and Other Exemptions Relating to Foreign Issuers as a “SEC Foreign Issuer”. Most brokers in Canada, including discount and online brokers, have the ability to buy and sell securities listed on the NASDAQ. Therefore, the Company’s NASDAQ listing will continue to provide shareholders with the same accessibility to trade the Company’s common shares. The value of the Company’s common shares is not related to or dependent on the TSX listing. Shareholders holding common shares in Canadian brokerage accounts should contact their brokers to confirm how to trade the Company’s shares on the NASDAQ. The Company has applied to the TSX to delist the Shares from the TSX at the end of the trading session on August 14, 2023. The Delisting is subject to the approval of the TSX. As per Section 720 of the TSX Company Manual, shareholder approval is not required as an acceptable alternate market exists for the listed securities. In connection with the Delisting, in accordance with Israeli securities laws, the Company will seek the approval of its shareholders, at a special meeting of shareholders called on August 14, 2023, to rely on the dual listing of the Shares on the Nasdaq Global Market and on Tel Aviv Stock Exchange for the purposes of compliance with Israeli securities laws, in accordance with Section 35FF of the Israeli Securities Law, 5728-1968. Annuncio • Jun 15
Better Files A Lawsuit Against InterCure and its Chairman Ehud Barak Medical cannabis company Better is suing InterCure, a company headed by Ehud Barak, for $35 million. A lawsuit has been filed against InterCure and its management, adding to a series of lawsuits recently filed against the company's conduct. According to Better, the lawsuit stems from InterCure's alleged attempts to push competitors like Better and other cannabis companies out of the market. Better claims that InterCure has a history of misrepresenting facts to acquisition companies for the purpose of merging and abusing its power in the deal. Better also claims that InterCure has the bad faith of engaging in predatory activities that drain the financial reserves of the acquisition targets. The lawsuit addresses the actions taken by InterCure's executives during the negotiations with Better, allegedly including making false representations, exerting pressure to transfer commercial materials, damaging production capabilities and harming the company's customers, assets, and means. Better is asking the court for a number of remedies outlined in its lawsuit, as compensation for InterCure's damages to Better during negotiations. Reported Earnings • May 17
First quarter 2023 earnings released: EPS: ₪0.005 (vs ₪0.38 in 1Q 2022) First quarter 2023 results: EPS: ₪0.005 (down from ₪0.38 in 1Q 2022). Revenue: ₪106.2m (up 22% from 1Q 2022). Net income: ₪214.0k (down 98% from 1Q 2022). Profit margin: 0.2% (down from 15% in 1Q 2022). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Pharmaceuticals industry in Asia. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₪7.76, the stock trades at a trailing P/E ratio of 10.6x. Average forward P/E is 18x in the Pharmaceuticals industry in Asia. Total loss to shareholders of 52% over the past three years. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₪7.32, the stock trades at a trailing P/E ratio of 10x. Average forward P/E is 18x in the Pharmaceuticals industry in Asia. Total loss to shareholders of 22% over the past three years. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₪10.13, the stock trades at a trailing P/E ratio of 13.9x. Average forward P/E is 19x in the Pharmaceuticals industry in Asia. Total loss to shareholders of 36% over the past three years. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ₪0.16 (vs ₪0.04 loss in 3Q 2021) Third quarter 2022 results: EPS: ₪0.16 (up from ₪0.04 loss in 3Q 2021). Revenue: ₪100.6m (up 63% from 3Q 2021). Net income: ₪7.26m (up ₪8.90m from 3Q 2021). Profit margin: 7.2% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Pharmaceuticals industry in Asia. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 18
Second quarter 2022 earnings released: EPS: ₪0.35 (vs ₪0.14 in 2Q 2021) Second quarter 2022 results: EPS: ₪0.35 (up from ₪0.14 in 2Q 2021). Revenue: ₪95.3m (up 111% from 2Q 2021). Net income: ₪15.6m (up 153% from 2Q 2021). Profit margin: 16% (up from 14% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 45%, compared to a 24% growth forecast for the Pharmaceuticals industry in Israel. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • May 18
First quarter 2022 earnings released: EPS: ₪0.38 (vs ₪0.12 in 1Q 2021) First quarter 2022 results: EPS: ₪0.38 (up from ₪0.12 in 1Q 2021). Revenue: ₪87.2m (up 164% from 1Q 2021). Net income: ₪13.4m (up 412% from 1Q 2021). Profit margin: 15% (up from 7.9% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 77%, compared to a 23% growth forecast for the industry in Israel. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 07
Full year 2021 earnings released: EPS: ₪0.12 (vs ₪1.47 loss in FY 2020) Full year 2021 results: EPS: ₪0.12 (up from ₪1.47 loss in FY 2020). Revenue: ₪219.7m (up 238% from FY 2020). Net income: ₪4.69m (up ₪41.9m from FY 2020). Profit margin: 2.1% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the next year, revenue is forecast to grow 93%, compared to a 22% growth forecast for the pharmaceuticals industry in Israel. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Recent Insider Transactions • Mar 22
Insider recently sold ₪1.4m worth of stock On the 16th of March, Yael Fegel sold around 20k shares on-market at roughly ₪68.94 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₪957k more than they bought in the last 12 months. Board Change • Mar 02
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent External Director Gideon Hirschfeld was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improved over the past week After last week's 24% share price gain to ₪24.45, the stock trades at a trailing P/E ratio of 65x. Average forward P/E is 19x in the Pharmaceuticals industry in Asia. Total loss to shareholders of 53% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₪42.97 per share. Reported Earnings • Nov 17
Third quarter 2021 earnings released: ₪0.04 loss per share (vs ₪0.067 profit in 3Q 2020) The company reported a decent third quarter result with improved revenues, although earnings and control over costs were weaker. Third quarter 2021 results: Revenue: ₪61.7m (up 174% from 3Q 2020). Net loss: ₪1.64m (down 195% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improved over the past week After last week's 20% share price gain to ₪24.00, the stock trades at a trailing P/E ratio of 27.4x. Average forward P/E is 19x in the Pharmaceuticals industry in Asia. Total returns to shareholders of 208% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₪41.34 per share. Reported Earnings • Aug 18
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₪45.2m (up 304% from 2Q 2020). Net income: ₪6.19m (up ₪7.17m from 2Q 2020). Profit margin: 14% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 75% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improved over the past week After last week's 15% share price gain to ₪28.20, the stock trades at a trailing P/E ratio of 45.8x. Average forward P/E is 22x in the Medical Equipment industry in Israel. Total returns to shareholders of 1,377% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₪41.48 per share. Recent Insider Transactions • May 21
Insider recently bought ₪437k worth of stock On the 17th of May, Alexander Rabinovich bought around 20k shares on-market at roughly ₪21.85 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Apr 04
Full year 2020 earnings released: ₪0.32 loss per share (vs ₪0.029 loss in FY 2019) The company reported a decent full year result with improved revenues, although losses increased and control over costs was weaker. Full year 2020 results: Revenue: ₪65.0m (up ₪56.1m from FY 2019). Net loss: ₪37.2m (loss widened ₪34.2m from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 195 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Jan 26
New 90-day high: ₪5.53 The company is up 64% from its price of ₪3.37 on 28 October 2020. The Israeli market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is up 20% over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: ₪3.92 The company is up 22% from its price of ₪3.20 on 30 September 2020. The Israeli market is up 26% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Medical Equipment industry, which is up 4.0% over the same period. Annuncio • Dec 12
Charlotte's Web, Inc. Signs Exclusive Distribution Agreement in Israel with InterCure Ltd and Canndoc Ltd Charlotte's Web Holdings, Inc. announced that Charlotte's Web, Inc. has signed an exclusive distribution agreement in Israel with InterCure Ltd. and Canndoc Ltd. Canndoc has been a pioneer in pharmaceutical-grade cannabis for more than 13 years. Its GMP-approved medical cannabis products are sold in pharmacies in Israel, and it holds international cultivation and distribution agreements in the European Union. Selected Charlotte's Web hemp extract wellness products will be available to the Israeli public through Canndoc or another subsidiary of InterCure. Charlotte's Web and InterCure also are considering future distribution agreements in certain European countries. The two companies will also explore opportunities such as clinical trials, product development and manufacturing in Israel. Is New 90 Day High Low • Oct 12
New 90-day high: ₪3.80 The company is up 14% from its price of ₪3.32 on 14 July 2020. The Israeli market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is up 2.0% over the same period.