Annuncio • Mar 17
Thumbage Co., Ltd., Annual General Meeting, Mar 31, 2026 Thumbage Co., Ltd., Annual General Meeting, Mar 31, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 22, daewangpangyo-ro 712beon-gil, bundang-gu, gyeonggi-do, seongnam South Korea New Risk • Jan 14
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 South Korean stocks, typically moving 10% 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 (-₩9.6b free cash flow). Earnings have declined by 25% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Revenue is less than US$5m (₩7.2b revenue, or US$4.9m). Market cap is less than US$100m (₩48.3b market cap, or US$32.7m). New Risk • Nov 28
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: ₩7.2b (US$4.9m) This is considered a minor risk. Companies with a small amount of revenue 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 (-₩9.6b free cash flow). Earnings have declined by 25% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Revenue is less than US$5m (₩7.2b revenue, or US$4.9m). Market cap is less than US$100m (₩42.2b market cap, or US$28.7m). New Risk • Aug 29
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: -₩8.8b 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 (-₩8.8b free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Earnings have declined by 22% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩77.7b market cap, or US$55.9m). New Risk • Aug 04
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 South Korean stocks, typically moving 9.9% 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 19% per year over the past 5 years. Minor Risks Less than 1 year of cash runway based on current free cash flow (-₩7.2b). Share price has been volatile over the past 3 months (9.9% average weekly change). Market cap is less than US$100m (₩42.3b market cap, or US$30.6m). New Risk • May 22
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -₩7.2b This is considered a minor 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 Risk Earnings have declined by 19% per year over the past 5 years. Minor Risks Less than 1 year of cash runway based on current free cash flow (-₩7.2b). Share price has been volatile over the past 3 months (9.5% average weekly change). Market cap is less than US$100m (₩37.5b market cap, or US$27.2m). Annuncio • Mar 07
Thumbage Co., Ltd., Annual General Meeting, Mar 31, 2025 Thumbage Co., Ltd., Annual General Meeting, Mar 31, 2025, at 11:00 Tokyo Standard Time. Location: seminar room, 20, pangyo-ro 289beon-gil, bundang-gu, gyeonggi-do, seongnam South Korea New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risk Market cap is less than US$100m (₩49.6b market cap, or US$34.5m). New Risk • Nov 14
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 South Korean stocks, typically moving 11% 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 4.7% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (₩42.3b market cap, or US$30.1m). New Risk • Aug 28
New major risk - Revenue and earnings growth Earnings have declined by 4.7% 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 Risk Earnings have declined by 4.7% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩42.3b market cap, or US$31.7m). Reported Earnings • Nov 19
Third quarter 2023 earnings released: ₩16.00 loss per share (vs ₩33.00 loss in 3Q 2022) Third quarter 2023 results: ₩16.00 loss per share (improved from ₩33.00 loss in 3Q 2022). Revenue: ₩2.50b (down 13% from 3Q 2022). Net loss: ₩2.29b (loss narrowed 50% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 37% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improved over the past week After last week's 33% share price gain to ₩1,530, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 20x in the Software industry in South Korea. Total returns to shareholders of 67% over the past three years. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 25% share price gain to ₩2,700, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 23x in the Software industry in South Korea. Total returns to shareholders of 84% over the past three years. Annuncio • Mar 10
Thumbage Co., Ltd. announced that it expects to receive KRW 5.00000145 billion in funding from Wemade Innovation Co., Ltd. Thumbage Co., Ltd. announced a private placement of 2,544,530 common shares at a price of KRW 1,965 per share for gross proceeds of KRW 5,000,001,450 on March 8, 2022. The transaction will include participation from Wemade Innovation Co., Ltd. The company will receive funding through third party allocation increase. The transaction has been approved by board of directors of the company and is expected to close on March 17, 2022. The securities issued are subject to restriction period of one year from issuance. Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment improved over the past week After last week's 17% share price gain to ₩2,185, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 23x in the Software industry in South Korea. Total returns to shareholders of 81% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ₩1.00 (vs ₩28.00 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₩8.08b (up ₩7.61b from 3Q 2020). Net income: ₩136.9m (up ₩3.73b from 3Q 2020). Profit margin: 1.7% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩2,335, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 24x in the Software industry in South Korea. Total loss to shareholders of 37% over the past three years. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩2,830, the stock trades at a trailing P/E ratio of 29.2x. Average trailing P/E is 24x in the Software industry in South Korea. Total returns to shareholders of 4.4% over the past three years. Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment improved over the past week After last week's 22% share price gain to ₩3,795, the stock trades at a trailing P/E ratio of 54.4x. Average trailing P/E is 24x in the Software industry in South Korea. Total returns to shareholders of 66% over the past three years. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improved over the past week After last week's 19% share price gain to ₩3,220, the stock trades at a trailing P/E ratio of 46.1x. Average trailing P/E is 24x in the Software industry in South Korea. Total loss to shareholders of 14% over the past three years. Is New 90 Day High Low • Feb 15
New 90-day high: ₩2,050 The company is up 31% from its price of ₩1,570 on 17 November 2020. The South Korean market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 12% over the same period. Is New 90 Day High Low • Sep 28
New 90-day high: ₩1,400 The company is up 85% from its price of ₩757 on 30 June 2020. The South Korean 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 up 13% over the same period.