공시 • Jun 02
Vivid Games S.A., Annual General Meeting, Jun 25, 2026 Vivid Games S.A., Annual General Meeting, Jun 25, 2026, at 12:00 Central European Standard Time. New Risk • Mar 30
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 Risk No financial data reported. Minor Risk Market cap is less than US$100m (zł37.2m market cap, or US$10.0m). New Risk • Mar 23
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł36.7m (US$9.99m) 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 Revenue has declined by 30% over the past year. Market cap is less than US$10m (zł36.7m market cap, or US$9.99m). New Risk • Mar 03
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: zł18m (US$5.0m) 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 Risk Revenue has declined by 30% over the past year. Minor Risks Revenue is less than US$5m (zł18m revenue, or US$5.0m). Market cap is less than US$100m (zł38.4m market cap, or US$10.4m). 공시 • Nov 15
Vivid Games S.A. to Report Q3, 2025 Results on Nov 19, 2025 Vivid Games S.A. announced that they will report Q3, 2025 results on Nov 19, 2025 공시 • Aug 22
Vivid Games S.A. to Report First Half, 2025 Results on Sep 24, 2025 Vivid Games S.A. announced that they will report first half, 2025 results on Sep 24, 2025 New Risk • Aug 20
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 Polish stocks, typically moving 9.4% 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: Major Risks Earnings have declined by 23% per year over the past 5 years. Shareholders have been substantially diluted in the past year (72% increase in shares outstanding). Market cap is less than US$10m (zł35.5m market cap, or US$9.75m). Minor Risk Share price has been volatile over the past 3 months (9.4% average weekly change). New Risk • Jun 01
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 72% 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 Earnings have declined by 23% per year over the past 5 years. Shareholders have been substantially diluted in the past year (72% increase in shares outstanding). Market cap is less than US$10m (zł33.8m market cap, or US$9.02m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-zł2.0m). Revenue is less than US$5m (zł18m revenue, or US$4.9m). 공시 • May 16
Vivid Games S.A., Annual General Meeting, Jun 10, 2025 Vivid Games S.A., Annual General Meeting, Jun 10, 2025. Reported Earnings • Nov 21
Third quarter 2024 earnings released: zł0.013 loss per share (vs zł0.012 loss in 3Q 2023) Third quarter 2024 results: zł0.013 loss per share (further deteriorated from zł0.012 loss in 3Q 2023). Revenue: zł3.70m (down 34% from 3Q 2023). Net loss: zł425.4k (loss widened 14% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. New Risk • Nov 06
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: zł20m (US$5.0m) 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 Share price has been highly volatile over the past 3 months (22% average weekly change). Earnings have declined by 21% per year over the past 5 years. Market cap is less than US$10m (zł21.8m market cap, or US$5.34m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-zł1.5m). Revenue is less than US$5m (zł20m revenue, or US$5.0m). Buy Or Sell Opportunity • Oct 09
Now 46% overvalued after recent price rise Over the last 90 days, the stock has risen 4.8% to zł0.52. The fair value is estimated to be zł0.36, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.9% over the last 3 years. Meanwhile, the company became loss making. 공시 • Oct 09
Gemini Grupe UAD acquired 13.95% stake in Vivid Games S.A. (WSE:VVD). Gemini Grupe UAd acquired 13.95% stake in Vivid Games S.A. (WSE:VVD) on October 3, 2024. outside the regulated market of 4,504,000 ordinary shares of the Company, representing 13.95% of the total number of votes and share capital of the Company. Prior to the Share Acquisition, Gemini did not hold any shares in the Company.
Gemini Grupe UAdcompleted the acquisition of 13.95% stake in Vivid Games S.A. (WSE:VVD) on October 3, 2024. Reported Earnings • Sep 26
Second quarter 2024 earnings released: zł0.001 loss per share (vs zł0.016 profit in 2Q 2023) Second quarter 2024 results: zł0.001 loss per share (down from zł0.016 profit in 2Q 2023). Revenue: zł4.50m (down 38% from 2Q 2023). Net loss: zł28.5k (down 106% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. 공시 • May 31
Vivid Games S.A., Annual General Meeting, Jun 25, 2024 Vivid Games S.A., Annual General Meeting, Jun 25, 2024. Reported Earnings • Apr 25
Full year 2023 earnings released Full year 2023 results: Revenue: zł24.9m (down 35% from FY 2022). Net loss: zł2.52m (down 465% from profit in FY 2022). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. New Risk • Jan 02
New major risk - Revenue and earnings growth Earnings have declined by 4.0% 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 Less than 1 year of cash runway based on free cash flow trend (-zł3.2m free cash flow). Earnings have declined by 4.0% per year over the past 5 years. Market cap is less than US$10m (zł25.4m market cap, or US$6.41m). Reported Earnings • Nov 23
Third quarter 2023 earnings released: zł0.012 loss per share (vs zł0.088 profit in 3Q 2022) Third quarter 2023 results: zł0.012 loss per share (down from zł0.088 profit in 3Q 2022). Revenue: zł5.59m (down 60% from 3Q 2022). Net loss: zł373.6k (down 113% from profit in 3Q 2022). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Entertainment industry in Poland. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 23% per year. Reported Earnings • Sep 28
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł7.23m (down 26% from 2Q 2022). Net income: zł515.2k (up zł493.9k from 2Q 2022). Profit margin: 7.1% (up from 0.2% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Entertainment industry in Poland. Reported Earnings • May 28
First quarter 2023 earnings released: EPS: zł0 (vs zł0.002 in 1Q 2022) First quarter 2023 results: EPS: zł0 (down from zł0.002 in 1Q 2022). Revenue: zł6.69m (down 15% from 1Q 2022). Net loss: zł17.0k (down 134% from profit in 1Q 2022). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Entertainment industry in Poland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Reported Earnings • Dec 03
Third quarter 2021 earnings: Revenues in line with analyst expectations Third quarter 2021 results: Revenue: zł7.02m (down 9.9% from 3Q 2020). Net loss: zł87.2k (down 171% from profit in 3Q 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 01
Second quarter 2021 earnings released: zł0.046 loss per share (vs zł0.03 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: zł5.05m (down 50% from 2Q 2020). Net loss: zł1.49m (down 270% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 01
Second quarter 2021 earnings released: zł0.046 loss per share (vs zł0.03 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: zł5.05m (down 50% from 2Q 2020). Net loss: zł1.49m (down 270% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Reported Earnings • May 05
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: zł30.5m (up 55% from FY 2019). Net income: zł2.09m (up 398% from FY 2019). Profit margin: 6.9% (up from 2.1% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 19% share price gain to zł1.66, the stock is trading at a trailing P/E ratio of 18.5x, up from the previous P/E ratio of 15.5x. This compares to an average P/E of 40x in the Entertainment industry in Poland. Total return to shareholders over the past three years is a loss of 33%. Is New 90 Day High Low • Dec 14
New 90-day low: zł1.62 The company is down 26% from its price of zł2.20 on 15 September 2020. The Polish market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is down 18% over the same period. Reported Earnings • Nov 27
Third quarter 2020 earnings released: EPS zł0.003 The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: zł7.78m (up 55% from 3Q 2019). Net income: zł122.4k (down 79% from 3Q 2019). Profit margin: 1.6% (down from 11% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 16
New 90-day low: zł1.69 The company is down 37% from its price of zł2.69 on 17 July 2020. The Polish market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 1.0% over the same period. Is New 90 Day High Low • Sep 23
New 90-day low: zł2.00 The company is down 32% from its price of zł2.94 on 25 June 2020. The Polish market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is down 6.0% over the same period.