New Risk • Apr 16
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 (457% average daily change). Earnings have declined by 25% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 799x increase in shares outstanding). Market cap is less than US$10m (€94.0 market cap, or US$99.9). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Board Change • Jan 26
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Director Giuseppe Vittorio Moneta was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Nov 22
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 Share price has been highly volatile over the past 3 months (394% average daily change). Earnings have declined by 30% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 797x increase in shares outstanding). Market cap is less than US$10m (€113.4k market cap, or US$123.7k). Minor Risk Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). New Risk • Aug 02
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 104x increase in shares outstanding. 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 Less than 1 year of cash runway based on free cash flow trend (-€212k free cash flow). Share price has been highly volatile over the past 3 months (41% average weekly change). Earnings have declined by 30% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 104x increase in shares outstanding). Market cap is less than US$10m (€914.8k market cap, or US$1.00m). Board Change • Jun 08
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 7 new directors. 1 experienced director. No highly experienced directors. 1 independent director (5 non-independent directors). MD, Legal Representative & Director Pierpaolo Marziali is the most experienced director on the board, commencing their role in 2019. Independent Director Giuseppe Vittorio Moneta was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Nov 16
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 7 new directors. 1 experienced director. No highly experienced directors. 1 independent director (5 non-independent directors). MD, Legal Representative & Director Pierpaolo Marziali is the most experienced director on the board, commencing their role in 2019. Independent Director Giuseppe Vittorio Moneta was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 05
First half 2022 earnings released: EPS: €0 (vs €0.075 loss in 1H 2021) First half 2022 results: EPS: €0. Revenue: €12.1m (up 7.6% from 1H 2021). Net loss: €955.6k (loss widened 52% from 1H 2021). Board Change • Apr 27
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Vice President of the Board Andrea Mastagni is the most experienced director on the board, commencing their role in 2019. Independent Director Massimiliano Rega was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 06
First half 2021 earnings released The company reported a decent first half result with reduced losses and improved control over expenses, although revenues were weaker. First half 2021 results: Revenue: €11.3m (down 21% from 1H 2020). Net loss: €630.3k (loss narrowed 48% from 1H 2020).