New Risk • Aug 21
New major risk - Negative shareholders equity The company has negative equity. Total equity: -zł2.1m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. 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 (-zł3.1m free cash flow). Negative equity (-zł2.1m). Earnings have declined by 48% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 7x increase in shares outstanding). Market cap is less than US$10m (zł34.6m market cap, or US$9.38m). Minor Risks Share price has been volatile over the past 3 months (9.7% average weekly change). Revenue is less than US$5m (zł5.5m revenue, or US$1.5m). New Risk • Aug 04
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł36.8m (US$9.87m) 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 (-zł925k free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 52% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 7x increase in shares outstanding). Revenue is less than US$1m (zł1.2m revenue, or US$326k). Market cap is less than US$10m (zł36.8m market cap, or US$9.87m). New Risk • Jun 07
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 7x 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 (-zł925k free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 52% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 7x increase in shares outstanding). Revenue is less than US$1m (zł1.2m revenue, or US$330k). Minor Risk Market cap is less than US$100m (zł47.6m market cap, or US$12.9m). 공고 • Jun 05
Sigma Defence S.A., Annual General Meeting, Jun 29, 2026 Sigma Defence S.A., Annual General Meeting, Jun 29, 2026. New Risk • May 28
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: -zł437k 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 (-zł437k free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Revenue has declined by 30% over the past year. Revenue is less than US$1m (zł2.4m revenue, or US$652k). Market cap is less than US$10m (zł5.62m market cap, or US$1.55m). New Risk • Feb 06
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 11% 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 (11% average weekly change). Revenue has declined by 0.3% over the past year. Revenue is less than US$1m (zł3.2m revenue, or US$894k). Market cap is less than US$10m (zł6.34m market cap, or US$1.78m). 
