New Risk • Apr 11
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major 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 (-RON23m free cash flow). Earnings have declined by 0.5% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Market cap is less than US$100m (RON76.1m market cap, or US$17.5m). New Risk • Mar 27
New major risk - Revenue and earnings growth Earnings have declined by 0.5% 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 Less than 1 year of cash runway based on free cash flow trend (-RON23m free cash flow). Earnings have declined by 0.5% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Market cap is less than US$100m (RON78.6m market cap, or US$17.7m). Reported Earnings • Mar 27
Full year 2025 earnings released Full year 2025 results: Revenue: RON170.3m (up 6.5% from FY 2024). Net loss: RON15.2m (loss widened RON15.0m from FY 2024). New Risk • Jan 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 Romanian stocks, typically moving 7.4% 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: Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Market cap is less than US$100m (RON78.6m market cap, or US$18.1m). Reported Earnings • Nov 29
Third quarter 2025 earnings released Third quarter 2025 results: RON0.009 loss per share. Revenue: RON29.9m (up 1.6% from 3Q 2024). Net loss: RON6.56m (loss narrowed 37% from 3Q 2024). Reported Earnings • Sep 29
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: RON36.5m (down 17% from 2Q 2024). Net loss: RON4.34m (down RON4.65m from profit in 2Q 2024). New Risk • Apr 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 Romanian stocks, typically moving 6.7% 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: Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (RON84.4m market cap, or US$19.1m). Reported Earnings • Dec 01
Third quarter 2024 earnings released Third quarter 2024 results: RON0.021 loss per share. Revenue: RON1.83m (down 97% from 3Q 2023). Net loss: RON14.8m (down 187% from profit in 3Q 2023). New Risk • Nov 29
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 Romanian 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: Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (RON89.8m market cap, or US$19.0m). Reported Earnings • Sep 27
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: RON44.0m (down 31% from 2Q 2023). Net income: RON307.1k (down 96% from 2Q 2023). Profit margin: 0.7% (down from 11% in 2Q 2023). The decrease in margin was driven by lower revenue. New Risk • Jun 10
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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: Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Market cap is less than US$100m (RON148.6m market cap, or US$32.3m). Board Change • Mar 29
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. No independent directors (7 non-independent directors). CEO, General Director, Temporary Manager and Member of the Administrative Council Milea Adrian was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.