New Risk • May 25
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -zł1.5m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. 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 (-zł1.5m free cash flow). Earnings have declined by 74% per year over the past 5 years. Minor Risk Market cap is less than US$100m (zł112.6m market cap, or US$30.8m). New Risk • Dec 10
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 Polish stocks, typically moving 8.7% 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 (8.7% average weekly change). Earnings have declined by 80% per year over the past 5 years. Minor Risk Market cap is less than US$100m (zł112.2m market cap, or US$30.9m). Reported Earnings • Nov 30
Third quarter 2025 earnings released: zł0.84 loss per share (vs zł2.93 loss in 3Q 2024) Third quarter 2025 results: zł0.84 loss per share (improved from zł2.93 loss in 3Q 2024). Revenue: zł36.1m (down 15% from 3Q 2024). Net loss: zł6.22m (loss narrowed 71% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. 공시 • Nov 15
ML System S.A. to Report Q3, 2025 Results on Nov 21, 2025 ML System S.A. announced that they will report Q3, 2025 results on Nov 21, 2025 Reported Earnings • Oct 06
Second quarter 2025 earnings released: zł1.78 loss per share (vs zł1.19 loss in 2Q 2024) Second quarter 2025 results: zł1.78 loss per share (further deteriorated from zł1.19 loss in 2Q 2024). Revenue: zł17.6m (down 44% from 2Q 2024). Net loss: zł13.2m (loss widened 49% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. 공시 • Aug 25
ML System S.A. to Report First Half, 2025 Results on Sep 26, 2025 ML System S.A. announced that they will report first half, 2025 results on Sep 26, 2025 New Risk • Dec 27
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 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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 56% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (zł140.1m market cap, or US$34.3m). Reported Earnings • Dec 01
Third quarter 2024 earnings released: zł2.94 loss per share (vs zł0.016 loss in 3Q 2023) Third quarter 2024 results: zł2.94 loss per share (further deteriorated from zł0.016 loss in 3Q 2023). Revenue: zł42.3m (up 6.6% from 3Q 2023). Net loss: zł21.6m (loss widened zł21.5m from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 34% per year, which means it has not declined as severely as earnings. Reported Earnings • Sep 20
Second quarter 2024 earnings released: zł1.20 loss per share (vs zł1.26 loss in 2Q 2023) Second quarter 2024 results: zł1.20 loss per share. Revenue: zł31.3m (down 35% from 2Q 2023). Net loss: zł8.81m (loss widened 5.0% from 2Q 2023). Reported Earnings • May 24
First quarter 2024 earnings released: EPS: zł0.79 (vs zł0.35 loss in 1Q 2023) First quarter 2024 results: EPS: zł0.79 (up from zł0.35 loss in 1Q 2023). Revenue: zł40.1m (down 13% from 1Q 2023). Net income: zł5.87m (up zł8.13m from 1Q 2023). Profit margin: 15% (up from net loss in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. 공시 • Apr 26
ML System S.A., Annual General Meeting, May 20, 2024 ML System S.A., Annual General Meeting, May 20, 2024, at 11:00 Central European Standard Time. Reported Earnings • Apr 17
Full year 2023 earnings released: zł0.67 loss per share (vs zł0.033 profit in FY 2022) Full year 2023 results: zł0.67 loss per share (down from zł0.033 profit in FY 2022). Revenue: zł193.3m (down 31% from FY 2022). Net loss: zł4.64m (down zł4.86m from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. 공시 • Feb 03
ML System S.A. to Report Fiscal Year 2023 Final Results on Mar 27, 2024 ML System S.A. announced that they will report fiscal year 2023 final results on Mar 27, 2024 Reported Earnings • Nov 26
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł39.7m (down 38% from 3Q 2022). Net loss: zł103.0k (loss narrowed 89% from 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 108 percentage points per year, which is a significant difference in performance. New Risk • Oct 26
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: zł405.2m (US$95.8m) 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 Earnings have declined by 43% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (zł405.2m market cap, or US$95.8m). Reported Earnings • Sep 21
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł48.4m (down 3.8% from 2Q 2022). Net loss: zł8.39m (loss widened zł7.38m from 2Q 2022). New Risk • Jun 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 14% 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 Interest payments are not well covered by earnings (1.1x net interest cover). Earnings have declined by 34% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (14% increase in shares outstanding). 공시 • Jun 04
ML System S.A., Annual General Meeting, Jun 28, 2023 ML System S.A., Annual General Meeting, Jun 28, 2023, at 11:00 Central European Standard Time. Reported Earnings • Nov 20
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł63.7m (up 30% from 3Q 2021). Net loss: zł930.0k (loss narrowed 49% from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Reported Earnings • Sep 02
Second quarter 2022 earnings released: zł0.16 loss per share (vs zł0.58 profit in 2Q 2021) Second quarter 2022 results: zł0.16 loss per share (down from zł0.58 profit in 2Q 2021). Revenue: zł50.3m (up 9.1% from 2Q 2021). Net loss: zł1.01m (down 127% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 39% per year, which means it is well ahead of earnings. Reported Earnings • May 27
First quarter 2022 earnings: Revenues exceed analyst expectations First quarter 2022 results: Revenue: zł54.9m (up 109% from 1Q 2021). Net loss: zł2.75m (loss widened 499% from 1Q 2021). Revenue exceeded analyst estimates by 20%. Reported Earnings • Nov 18
Third quarter 2021 earnings released The company reported a mediocre third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: zł49.0m (up 57% from 3Q 2020). Net loss: zł1.83m (down 302% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improved over the past week After last week's 18% share price gain to zł104, the stock is trading at a trailing P/E ratio of 69x, up from the previous P/E ratio of 58.7x. This compares to an average P/E of 65x in the Semiconductor industry in Europe. Total returns to shareholders over the past year are 173%. Is New 90 Day High Low • Jan 25
New 90-day high: zł91.20 The company is up 35% from its price of zł67.80 on 27 October 2020. The Polish market is up 17% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 42% over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: zł87.60 The company is up 2.0% from its price of zł86.00 on 30 September 2020. The Polish market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 25% over the same period. Valuation Update With 7 Day Price Move • Nov 13
Market bids up stock over the past week After last week's 21% share price gain to zł83.00, the stock is trading at a trailing P/E ratio of 49.9x, up from the previous P/E ratio of 41.1x. This compares to an average P/E of 49x in the Semiconductor industry in Europe. Total returns to shareholders over the past year are 175%. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 16% share price gain to zł75.40, the stock is trading at a trailing P/E ratio of 45.3x, up from the previous P/E ratio of 39.1x. This compares to an average P/E of 46x in the Semiconductor industry in Europe. Total returns to shareholders over the past year are 139%. Is New 90 Day High Low • Oct 29
New 90-day low: zł62.00 The company is down 33% from its price of zł93.20 on 30 July 2020. The Polish market is down 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 5.0% over the same period. 공시 • Oct 05
ML System S.A. announced that it has received funding At the end of August 2020, ML System S.A. (WSE:MLS) closed the transaction. Reported Earnings • Sep 18
First half earnings released Over the last 12 months the company has reported total profits of zł9.37m, up 47% from the prior year. Total revenue was zł108.7m over the last 12 months, down 12% from the prior year. 공시 • Jul 31
ML System S.A. announced a financing transaction ML System S.A. (WSE:MLS) announced a private placement of up to 729,999 series E common on July 29, 2020.