New Risk • Jun 14
New major risk - Revenue and earnings growth Earnings have declined by 7.0% 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 Interest payments are not well covered by earnings (0.5x net interest cover). Earnings have declined by 7.0% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₺1.82b market cap, or US$39.3m). New Risk • Apr 14
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.5x net interest cover). Minor Risk Market cap is less than US$100m (₺2.03b market cap, or US$45.4m). New Risk • Mar 12
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2024. This is considered a major 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. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported December 2024 fiscal period end). Minor Risk Market cap is less than US$100m (₺2.36b market cap, or US$53.5m). Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺318, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 19x in the Chemicals industry in Turkey. Total returns to shareholders of 55% over the past three years. New Risk • Dec 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 Turkish stocks, typically moving 8.4% 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 Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Share price has been volatile over the past 3 months (8.4% average weekly change). Market cap is less than US$100m (₺2.31b market cap, or US$54.2m). Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺358, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 43x in the Chemicals industry in Turkey. Total returns to shareholders of 742% over the past three years. New Risk • Sep 28
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: Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Market cap is less than US$100m (₺2.98b market cap, or US$71.7m). Annuncio • Aug 26
Innosa Teknoloji A.S., Annual General Meeting, Sep 18, 2025 Innosa Teknoloji A.S., Annual General Meeting, Sep 18, 2025. Location: maslak mah. eski buyukdere caddesi, iz plaza giz no:9 kat:14 ic kapi no:50 sariyer, istanbul Turkey Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺432, the stock trades at a trailing P/E ratio of 28.4x. Average trailing P/E is 29x in the Chemicals industry in Turkey. Total returns to shareholders of 1,036% over the past three years. New Risk • May 04
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2023. This is considered a major 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. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported December 2023 fiscal period end). Minor Risks Share price has been volatile over the past 3 months (9.8% average weekly change). Profit margins are more than 30% lower than last year (8.7% net profit margin). Revenue is less than US$5m (₺50m revenue, or US$1.3m). Market cap is less than US$100m (₺3.30b market cap, or US$85.6m). New Risk • Jan 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺3.52b (US$98.4m) This is considered a minor 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: Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Share price has been volatile over the past 3 months (6.6% average weekly change). Profit margins are more than 30% lower than last year (8.7% net profit margin). Revenue is less than US$5m (₺50m revenue, or US$1.4m). Market cap is less than US$100m (₺3.52b market cap, or US$98.4m). New Risk • Nov 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 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 December 2023 fiscal period end). Profit margins are more than 30% lower than last year (8.7% net profit margin). Revenue is less than US$5m (₺50m revenue, or US$1.5m). New Risk • Aug 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺3.38b (US$99.7m) This is considered a minor 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 Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (8.7% net profit margin). Revenue is less than US$5m (₺50m revenue, or US$1.5m). Market cap is less than US$100m (₺3.38b market cap, or US$99.7m). Reported Earnings • May 03
Full year 2023 earnings released: EPS: ₺0.006 (vs ₺3.05 in FY 2022) Full year 2023 results: EPS: ₺0.006 (down from ₺3.05 in FY 2022). Revenue: ₺50.3m (up 244% from FY 2022). Net income: ₺4.38m (down 82% from FY 2022). Profit margin: 8.7% (down from 167% in FY 2022). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has increased by 182% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Mar 08
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 Turkish stocks, typically moving 12% 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 Latest financial reports are more than 1 year old (reported December 2022 fiscal period end). Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (126% accrual ratio). Revenue is less than US$1m (₺15m revenue, or US$458k). Minor Risk Market cap is less than US$100m (₺2.44b market cap, or US$76.3m). Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺232, the stock trades at a trailing P/E ratio of 75.9x. Average trailing P/E is 25x in the Chemicals industry in Turkey. Total returns to shareholders of 256% over the past three years. New Risk • Feb 15
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2022. This is considered a major 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. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2022 fiscal period end). High level of non-cash earnings (126% accrual ratio). Revenue is less than US$1m (₺15m revenue, or US$475k). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (₺1.58b market cap, or US$51.5m). Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₺192, the stock trades at a trailing P/E ratio of 63.1x. Average trailing P/E is 20x in the Chemicals industry in Turkey. Total returns to shareholders of 183% over the past three years. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺184, the stock trades at a trailing P/E ratio of 60.3x. Average trailing P/E is 19x in the Chemicals industry in Turkey. Total returns to shareholders of 109% over the past three years. Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₺143, the stock trades at a trailing P/E ratio of 46.8x. Average trailing P/E is 18x in the Chemicals industry in Turkey. Total returns to shareholders of 185% over the past three years. New Risk • Dec 05
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. 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 High level of non-cash earnings (126% accrual ratio). Revenue is less than US$1m (₺15m revenue, or US$505k). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (₺1.68b market cap, or US$58.2m). Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₺265, the stock trades at a trailing P/E ratio of 52.4x. Average trailing P/E is 21x in the Chemicals industry in Turkey. Total returns to shareholders of 881% over the past three years. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₺222, the stock trades at a trailing P/E ratio of 43.9x. Average trailing P/E is 19x in the Chemicals industry in Turkey. Total returns to shareholders of 657% over the past three years. New Risk • Oct 27
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 Turkish stocks, typically moving 13% 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 (13% average weekly change). High level of non-cash earnings (95% accrual ratio). Revenue is less than US$1m (₺23m revenue, or US$801k). Minor Risk Market cap is less than US$100m (₺2.08b market cap, or US$73.8m). Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺218, the stock trades at a trailing P/E ratio of 43.1x. Average trailing P/E is 20x in the Chemicals industry in Turkey. Total returns to shareholders of 350% over the past three years. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₺176, the stock trades at a trailing P/E ratio of 34.8x. Average trailing P/E is 17x in the Chemicals industry in Turkey. Total returns to shareholders of 4,103% over the past three years. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺240, the stock trades at a trailing P/E ratio of 78.5x. Average trailing P/E is 14x in the Chemicals industry in Turkey. Total returns to shareholders of 4,900% over the past three years. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₺215, the stock trades at a trailing P/E ratio of 70.4x. Average trailing P/E is 11x in the Chemicals industry in Turkey. Total returns to shareholders of 4,318% over the past three years. Valuation Update With 7 Day Price Move • May 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺161, the stock trades at a trailing P/E ratio of 52.8x. Average trailing P/E is 10x in the Chemicals industry in Turkey. Total returns to shareholders of 3,917% over the past three years. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₺218, the stock trades at a trailing P/E ratio of 71.5x. Average trailing P/E is 11x in the Chemicals industry in Turkey. Total returns to shareholders of 7,885% over the past three years. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺211, the stock trades at a trailing P/E ratio of 69.3x. Average trailing P/E is 12x in the Chemicals industry in Turkey. Total returns to shareholders of 11,327% over the past three years. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₺169, the stock trades at a trailing P/E ratio of 55.4x. Average trailing P/E is 13x in the Chemicals industry in Turkey. Total returns to shareholders of 8,025% over the past three years. Reported Earnings • Feb 19
Full year 2022 earnings released Full year 2022 results: Net income: ₺24.4m (up 341% from FY 2021). Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 29% share price gain to ₺56.85, the stock trades at a trailing P/E ratio of 66.3x. Average trailing P/E is 13x in the Chemicals industry in Turkey. Total returns to shareholders of 3,325% over the past three years. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improved over the past week After last week's 17% share price gain to ₺46.94, the stock trades at a trailing P/E ratio of 54.8x. Average trailing P/E is 11x in the Chemicals industry in Turkey. Total returns to shareholders of 3,685% over the past three years. Reported Earnings • Aug 03
First half 2022 earnings released First half 2022 results: Net income: (up ₺286.6k from 1H 2021). Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Feb 28
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Net income: ₺5.54m (up ₺5.16m from FY 2020). Revenue was in line with analyst estimates. Reported Earnings • Aug 04
First half 2021 earnings released The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: ₺1.80m (up 13% from 1H 2020). Net loss: ₺286.6k (loss narrowed 36% from 1H 2020). Reported Earnings • Mar 03
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₺3.12m (up 47% from FY 2019). Net income: ₺379.0k (up ₺1.07m from FY 2019). Profit margin: 12% (up from net loss in FY 2019). The move to profitability was primarily driven by higher revenue. Is New 90 Day High Low • Dec 31
New 90-day high: ₺56.60 The company is up 81% from its price of ₺31.34 on 02 October 2020. The Turkish market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 56% over the same period. Is New 90 Day High Low • Oct 13
New 90-day high: ₺49.90 The company is up 955% from its price of ₺4.73 on 14 July 2020. The Turkish market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 34% over the same period. 
