New Risk • Jun 15
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (184% average daily change). High level of non-cash earnings (54% accrual ratio). Shareholders have been substantially diluted in the past year (over 65x increase in shares outstanding). Market cap is less than US$10m (€3.90m market cap, or US$4.51m). Reported Earnings • Jun 09
Full year 2025 earnings released: EPS: €0.007 (vs €32.85 loss in FY 2024) Full year 2025 results: EPS: €0.007 (up from €32.85 loss in FY 2024). Revenue: €32.4m (up 85% from FY 2024). Net income: €1.04m (up €10.3m from FY 2024). Profit margin: 3.2% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. 공고 • May 22
Fidia S.p.A., Annual General Meeting, Jun 29, 2026 Fidia S.p.A., Annual General Meeting, Jun 29, 2026, at 10:00 W. Europe Standard Time. Board Change • May 20
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: 3 independent directors. 4 non-independent directors. Non-Executive and Non-Independent Director Gaetano Gasperini was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Oct 26
First half 2024 earnings released: €0.21 loss per share (vs €0.30 loss in 1H 2023) First half 2024 results: €0.21 loss per share. Revenue: €9.42m (up 4.8% from 1H 2023). Net loss: €7.22m (loss widened 246% from 1H 2023). New Risk • Jul 27
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.17m (US$9.96m) 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 Less than 1 year of cash runway based on free cash flow trend (-€5.3m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Shareholders have been substantially diluted in the past year (349% increase in shares outstanding). Market cap is less than US$10m (€9.17m market cap, or US$9.96m). Buy Or Sell Opportunity • Jun 18
Now 21% undervalued Over the last 90 days, the stock has risen 88% to €0.62. The fair value is estimated to be €0.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.8% over the last 3 years. Meanwhile, the company became loss making. New Risk • Jun 12
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 (19% average weekly change). Shareholders have been substantially diluted in the past year (349% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Market cap is less than US$100m (€19.8m market cap, or US$21.3m). Reported Earnings • Jun 09
Full year 2023 earnings released: €0.19 loss per share (vs €0.86 profit in FY 2022) Full year 2023 results: €0.19 loss per share (down from €0.86 profit in FY 2022). Revenue: €29.9m (up 21% from FY 2022). Net loss: €1.31m (down 122% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. New Risk • Apr 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 (25% average weekly change). Shareholders have been substantially diluted in the past year (349% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Market cap is less than US$100m (€15.8m market cap, or US$16.8m). New Risk • Apr 14
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 349% 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 (25% average weekly change). Shareholders have been substantially diluted in the past year (349% increase in shares outstanding). Minor Risk Market cap is less than US$100m (€12.0m market cap, or US$12.8m). New Risk • Mar 31
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 37% This is considered a minor 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 (22% average weekly change). Market cap is less than US$10m (€3.10m market cap, or US$3.34m). Minor Risk Shareholders have been diluted in the past year (37% increase in shares outstanding). Board Change • Nov 16
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 3 experienced directors. 1 highly experienced director. 2 independent directors (3 non-independent directors). Chairman, CEO, President, MD & GM Giuseppe Morfino is the most experienced director on the board, commencing their role in 2002. Independent Director Laura Morgagni was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Board Change • Apr 27
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 3 experienced directors. 1 highly experienced director. 2 independent directors (3 non-independent directors). Chairman, CEO, President, MD & GM Giuseppe Morfino is the most experienced director on the board, commencing their role in 2002. Independent Director Laura Morgagni was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors.