View Future GrowthVARSAV Game Studios 과거 순이익 실적현재 이 회사의 최신 실적 보고서를 처리하고 있습니다과거 기준 점검 0/6VARSAV Game Studios 의 수입은 연평균 -31.7%의 비율로 감소해 온 반면, IT 산업은 연평균 19%의 비율로 증가했습니다. 매출은 연평균 12.7%의 비율로 증가해 왔습니다.핵심 정보-31.70%순이익 성장률-29.57%주당순이익(EPS) 성장률IT 산업 성장률15.41%매출 성장률12.74%자기자본이익률-4.11%순이익률-32.86%다음 순이익 업데이트15 May 2026최근 과거 실적 업데이트Reported Earnings • Nov 20Third quarter 2025 earnings releasedThird quarter 2025 results: Net loss: zł34.9k (down 111% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings.공지 • Nov 13VARSAV Game Studios S.A. to Report Q3, 2025 Results on Nov 14, 2025VARSAV Game Studios S.A. announced that they will report Q3, 2025 results on Nov 14, 2025Reported Earnings • May 19First quarter 2025 earnings releasedFirst quarter 2025 results: Revenue: zł168.2k (down 62% from 1Q 2024). Net loss: zł513.5k (down 292% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings.Reported Earnings • Feb 20Full year 2024 earnings releasedFull year 2024 results: Revenue: zł1.47m (up 18% from FY 2023). Net income: zł1.10m (up zł6.48m from FY 2023). Profit margin: 75% (up from net loss in FY 2023).Reported Earnings • Aug 20Second quarter 2024 earnings releasedSecond quarter 2024 results: Revenue: zł191.6k (up 18% from 2Q 2023). Net loss: zł409.3k (down 187% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings.Reported Earnings • May 20First quarter 2024 earnings releasedFirst quarter 2024 results: Revenue: zł443.3k (up 152% from 1Q 2023). Net income: zł267.1k (up zł537.6k from 1Q 2023). Profit margin: 60% (up from net loss in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 27% per year whereas the company’s share price has fallen by 28% per year.모든 업데이트 보기Recent updatesNew Risk • Nov 20New major risk - Revenue and earnings growthEarnings have declined by 32% 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 Share price has been highly volatile over the past 3 months (9.3% average weekly change). Earnings have declined by 32% per year over the past 5 years. Revenue is less than US$1m (zł1.4m revenue, or US$385k). Market cap is less than US$10m (zł10.8m market cap, or US$2.94m).Reported Earnings • Nov 20Third quarter 2025 earnings releasedThird quarter 2025 results: Net loss: zł34.9k (down 111% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings.공지 • Nov 13VARSAV Game Studios S.A. to Report Q3, 2025 Results on Nov 14, 2025VARSAV Game Studios S.A. announced that they will report Q3, 2025 results on Nov 14, 2025New Risk • Oct 08New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Polish stocks, typically moving 9.9% 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 (9.9% average weekly change). Revenue is less than US$1m (zł1.2m revenue, or US$336k). Market cap is less than US$10m (zł13.1m market cap, or US$3.58m). Minor Risk Large one-off items impacting financial results.New Risk • Jul 18New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 7.1% 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 Revenue is less than US$1m (zł1.2m revenue, or US$326k). Market cap is less than US$10m (zł9.26m market cap, or US$2.54m). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Large one-off items impacting financial results.공지 • Jul 11VARSAV Game Studios S.A., Annual General Meeting, Aug 04, 2025VARSAV Game Studios S.A., Annual General Meeting, Aug 04, 2025, at 12:00 Central European Standard Time.Reported Earnings • May 19First quarter 2025 earnings releasedFirst quarter 2025 results: Revenue: zł168.2k (down 62% from 1Q 2024). Net loss: zł513.5k (down 292% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings.New Risk • Mar 07New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Polish stocks, typically moving 10% 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 (10% average weekly change). High level of non-cash earnings (27% accrual ratio). Revenue is less than US$1m (zł1.5m revenue, or US$381k). Market cap is less than US$10m (zł11.1m market cap, or US$2.88m).Reported Earnings • Feb 20Full year 2024 earnings releasedFull year 2024 results: Revenue: zł1.47m (up 18% from FY 2023). Net income: zł1.10m (up zł6.48m from FY 2023). Profit margin: 75% (up from net loss in FY 2023).Reported Earnings • Aug 20Second quarter 2024 earnings releasedSecond quarter 2024 results: Revenue: zł191.6k (up 18% from 2Q 2023). Net loss: zł409.3k (down 187% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings.New Risk • Aug 14New major risk - Share price stabilityThe 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). High level of non-cash earnings (27% accrual ratio). Revenue is less than US$1m (zł1.5m revenue, or US$387k). Market cap is less than US$10m (zł13.6m market cap, or US$3.50m). Minor Risk Shareholders have been diluted in the past year (13% increase in shares outstanding).공지 • Jun 18VARSAV Game Studios S.A., Annual General Meeting, Jul 16, 2024VARSAV Game Studios S.A., Annual General Meeting, Jul 16, 2024.Reported Earnings • May 20First quarter 2024 earnings releasedFirst quarter 2024 results: Revenue: zł443.3k (up 152% from 1Q 2023). Net income: zł267.1k (up zł537.6k from 1Q 2023). Profit margin: 60% (up from net loss in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 27% per year whereas the company’s share price has fallen by 28% per year.New Risk • Mar 26New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% 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 High level of non-cash earnings (24% accrual ratio). Revenue is less than US$1m (zł1.2m revenue, or US$312k). Market cap is less than US$10m (zł14.0m market cap, or US$3.52m). Minor Risk Shareholders have been diluted in the past year (13% increase in shares outstanding).Reported Earnings • Feb 16Full year 2023 earnings released: EPS: zł0.007 (vs zł0.13 loss in FY 2022)Full year 2023 results: EPS: zł0.007 (up from zł0.13 loss in FY 2022). Revenue: zł1.24m (up 23% from FY 2022). Net income: zł136.6k (up zł2.64m from FY 2022). Profit margin: 11% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings.공지 • Feb 03VARSAV Game Studios S.A. to Report Fiscal Year 2023 Results on May 31, 2024VARSAV Game Studios S.A. announced that they will report fiscal year 2023 results on May 31, 2024공지 • Feb 02+ 2 more updatesVARSAV Game Studios S.A. to Report Q3, 2024 Results on Nov 14, 2024VARSAV Game Studios S.A. announced that they will report Q3, 2024 results on Nov 14, 2024Reported Earnings • Nov 19Third quarter 2023 earnings releasedThird quarter 2023 results: Net loss: zł144.7k (down 174% from profit in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance.Reported Earnings • Aug 18Second quarter 2023 earnings releasedSecond quarter 2023 results: Revenue: zł162.0k (up 22% from 2Q 2022). Net income: zł471.2k (up zł1.56m from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance.공지 • Jun 22VARSAV Game Studios S.A., Annual General Meeting, Jul 17, 2023VARSAV Game Studios S.A., Annual General Meeting, Jul 17, 2023, at 12:00 Central European Standard Time.Reported Earnings • May 21First quarter 2023 earnings releasedFirst quarter 2023 results: Revenue: zł175.9k (down 43% from 1Q 2022). Net loss: zł270.4k (loss narrowed 78% from 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance.Reported Earnings • Feb 19Full year 2022 earnings released: zł0.12 loss per share (vs zł0.093 loss in FY 2021)Full year 2022 results: zł0.12 loss per share (further deteriorated from zł0.093 loss in FY 2021). Revenue: zł1.01m (up 17% from FY 2021). Net loss: zł2.35m (loss widened 26% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance.공지 • Jan 31+ 3 more updatesVARSAV Game Studios S.A. to Report Fiscal Year 2022 Final Results on May 31, 2023VARSAV Game Studios S.A. announced that they will report fiscal year 2022 final results on May 31, 2023Valuation Update With 7 Day Price Move • Nov 02Investor sentiment deteriorated over the past weekAfter last week's 18% share price decline to zł1.64, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 14x in the IT industry in Poland. Total loss to shareholders of 57% over the past three years.Valuation Update With 7 Day Price Move • Aug 30Investor sentiment improved over the past weekAfter last week's 23% share price gain to zł2.07, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 16x in the IT industry in Poland. Total returns to shareholders of 8.9% over the past three years.Reported Earnings • Feb 17Full year 2020 earnings released: EPS zł0.10 (vs zł0.12 in FY 2019)Full year 2020 results: Net income: zł2.06m (down 11% from FY 2019). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth.Valuation Update With 7 Day Price Move • Feb 09Investor sentiment improved over the past weekAfter last week's 20% share price gain to zł2.15, the stock is trading at a trailing P/E ratio of 6.8x, up from the previous P/E ratio of 5.7x. This compares to an average P/E of 14x in the IT industry in Poland. Total returns to shareholders over the past three years are 105%.Is New 90 Day High Low • Feb 01New 90-day low: zł1.83The company is down 6.0% from its price of zł1.94 on 03 November 2020. The Polish market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 4.0% over the same period.Valuation Update With 7 Day Price Move • Dec 21Investor sentiment deteriorated over the past weekAfter last week's 18% share price decline to zł2.12, the stock is trading at a trailing P/E ratio of 6.7x, down from the previous P/E ratio of 8.1x. This compares to an average P/E of 12x in the IT industry in Poland. Total returns to shareholders over the past three years are 133%.Is New 90 Day High Low • Dec 14New 90-day high: zł2.57The company is up 9.0% from its price of zł2.36 on 15 September 2020. The Polish market is also up 9.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the IT industry, which is down 12% over the same period.Valuation Update With 7 Day Price Move • Dec 07Market bids up stock over the past weekAfter last week's 16% share price gain to zł2.28, the stock is trading at a trailing P/E ratio of 7.2x, up from the previous P/E ratio of 6.2x. This compares to an average P/E of 12x in the IT industry in Poland. Total returns to shareholders over the past three years are 88%.분석 기사 • Dec 03We're Not Counting On VARSAV Game Studios (WSE:VAR) To Sustain Its Statutory ProfitabilityIt might be old fashioned, but we really like to invest in companies that make a profit, each and every year. However...Valuation Update With 7 Day Price Move • Nov 13Market bids up stock over the past weekAfter last week's 22% share price gain to zł2.25, the stock is trading at a trailing P/E ratio of 21.6x, up from the previous P/E ratio of 17.7x. This compares to an average P/E of 14x in the IT industry in Poland. Total returns to shareholders over the past three years are 92%.Valuation Update With 7 Day Price Move • Oct 30Market pulls back on stock over the past weekAfter last week's 15% share price decline to zł1.78, the stock is trading at a trailing P/E ratio of 17.1x, down from the previous P/E ratio of 20.1x. This compares to an average P/E of 13x in the IT industry in Poland. Total returns to shareholders over the past three years are 42%.Is New 90 Day High Low • Oct 29New 90-day low: zł1.79The company is down 55% from its price of zł4.00 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 IT industry, which is down 7.0% over the same period.Is New 90 Day High Low • Oct 07New 90-day low: zł2.08The company is down 46% from its price of zł3.88 on 09 July 2020. The Polish market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 5.0% over the same period.Is New 90 Day High Low • Sep 22New 90-day low: zł2.14The company is down 40% from its price of zł3.58 on 24 June 2020. The Polish market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 8.0% over the same period.매출 및 비용 세부 내역VARSAV Game Studios가 돈을 벌고 사용하는 방법. 최근 발표된 LTM 실적 기준.순이익 및 매출 추이WSE:VAR 매출, 비용 및 순이익 (PLN Millions)날짜매출순이익일반관리비연구개발비30 Sep 25103030 Jun 25103031 Mar 25103031 Dec 24103030 Sep 242-53030 Jun 242-63031 Mar 242-53031 Dec 231-53030 Sep 23103030 Jun 23103031 Mar 231-23031 Dec 221-34030 Sep 221-44030 Jun 221-45031 Mar 221-35031 Dec 211-25030 Sep 21105030 Jun 21025031 Mar 21124031 Dec 20024030 Sep 20264030 Jun 20225031 Mar 20325031 Dec 19425030 Sep 193-34030 Jun 193-33031 Mar 192-33031 Dec 180-32030 Sep 180-32030 Jun 180-22031 Mar 181-21031 Dec 171-21030 Sep 171-11030 Jun 17101031 Mar 17000031 Dec 16100030 Sep 16100030 Jun 16100031 Mar 16100031 Dec 15100030 Sep 15100030 Jun 151000양질의 수익: VAR 은(는) 현재 수익성이 없습니다.이익 마진 증가: VAR는 현재 수익성이 없습니다.잉여현금흐름 대비 순이익 분석과거 순이익 성장 분석수익추이: VAR은 수익성이 없으며 지난 5년 동안 손실이 연평균 31.7% 증가했습니다.성장 가속화: 현재 수익성이 없어 지난 1년간 VAR의 수익 성장률을 5년 평균과 비교할 수 없습니다.수익 대 산업: VAR은 수익성이 없어 지난 해 수익 성장률을 IT 업계(5%)와 비교하기 어렵습니다.자기자본이익률높은 ROE: VAR는 현재 수익성이 없으므로 자본 수익률이 음수(-4.11%)입니다.총자산이익률투하자본수익률우수한 과거 실적 기업을 찾아보세요7D1Y7D1Y7D1YSoftware 산업에서 과거 실적이 우수한 기업.View Financial Health기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/11 07:35종가2026/05/11 00:00수익2025/09/30연간 수익2024/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스VARSAV Game Studios S.A.는 0명의 분석가가 다루고 있습니다. 이 중 0명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.
Reported Earnings • Nov 20Third quarter 2025 earnings releasedThird quarter 2025 results: Net loss: zł34.9k (down 111% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings.
공지 • Nov 13VARSAV Game Studios S.A. to Report Q3, 2025 Results on Nov 14, 2025VARSAV Game Studios S.A. announced that they will report Q3, 2025 results on Nov 14, 2025
Reported Earnings • May 19First quarter 2025 earnings releasedFirst quarter 2025 results: Revenue: zł168.2k (down 62% from 1Q 2024). Net loss: zł513.5k (down 292% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings.
Reported Earnings • Feb 20Full year 2024 earnings releasedFull year 2024 results: Revenue: zł1.47m (up 18% from FY 2023). Net income: zł1.10m (up zł6.48m from FY 2023). Profit margin: 75% (up from net loss in FY 2023).
Reported Earnings • Aug 20Second quarter 2024 earnings releasedSecond quarter 2024 results: Revenue: zł191.6k (up 18% from 2Q 2023). Net loss: zł409.3k (down 187% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings.
Reported Earnings • May 20First quarter 2024 earnings releasedFirst quarter 2024 results: Revenue: zł443.3k (up 152% from 1Q 2023). Net income: zł267.1k (up zł537.6k from 1Q 2023). Profit margin: 60% (up from net loss in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 27% per year whereas the company’s share price has fallen by 28% per year.
New Risk • Nov 20New major risk - Revenue and earnings growthEarnings have declined by 32% 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 Share price has been highly volatile over the past 3 months (9.3% average weekly change). Earnings have declined by 32% per year over the past 5 years. Revenue is less than US$1m (zł1.4m revenue, or US$385k). Market cap is less than US$10m (zł10.8m market cap, or US$2.94m).
Reported Earnings • Nov 20Third quarter 2025 earnings releasedThird quarter 2025 results: Net loss: zł34.9k (down 111% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings.
공지 • Nov 13VARSAV Game Studios S.A. to Report Q3, 2025 Results on Nov 14, 2025VARSAV Game Studios S.A. announced that they will report Q3, 2025 results on Nov 14, 2025
New Risk • Oct 08New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Polish stocks, typically moving 9.9% 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 (9.9% average weekly change). Revenue is less than US$1m (zł1.2m revenue, or US$336k). Market cap is less than US$10m (zł13.1m market cap, or US$3.58m). Minor Risk Large one-off items impacting financial results.
New Risk • Jul 18New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 7.1% 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 Revenue is less than US$1m (zł1.2m revenue, or US$326k). Market cap is less than US$10m (zł9.26m market cap, or US$2.54m). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Large one-off items impacting financial results.
공지 • Jul 11VARSAV Game Studios S.A., Annual General Meeting, Aug 04, 2025VARSAV Game Studios S.A., Annual General Meeting, Aug 04, 2025, at 12:00 Central European Standard Time.
Reported Earnings • May 19First quarter 2025 earnings releasedFirst quarter 2025 results: Revenue: zł168.2k (down 62% from 1Q 2024). Net loss: zł513.5k (down 292% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings.
New Risk • Mar 07New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Polish stocks, typically moving 10% 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 (10% average weekly change). High level of non-cash earnings (27% accrual ratio). Revenue is less than US$1m (zł1.5m revenue, or US$381k). Market cap is less than US$10m (zł11.1m market cap, or US$2.88m).
Reported Earnings • Feb 20Full year 2024 earnings releasedFull year 2024 results: Revenue: zł1.47m (up 18% from FY 2023). Net income: zł1.10m (up zł6.48m from FY 2023). Profit margin: 75% (up from net loss in FY 2023).
Reported Earnings • Aug 20Second quarter 2024 earnings releasedSecond quarter 2024 results: Revenue: zł191.6k (up 18% from 2Q 2023). Net loss: zł409.3k (down 187% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings.
New Risk • Aug 14New major risk - Share price stabilityThe 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). High level of non-cash earnings (27% accrual ratio). Revenue is less than US$1m (zł1.5m revenue, or US$387k). Market cap is less than US$10m (zł13.6m market cap, or US$3.50m). Minor Risk Shareholders have been diluted in the past year (13% increase in shares outstanding).
공지 • Jun 18VARSAV Game Studios S.A., Annual General Meeting, Jul 16, 2024VARSAV Game Studios S.A., Annual General Meeting, Jul 16, 2024.
Reported Earnings • May 20First quarter 2024 earnings releasedFirst quarter 2024 results: Revenue: zł443.3k (up 152% from 1Q 2023). Net income: zł267.1k (up zł537.6k from 1Q 2023). Profit margin: 60% (up from net loss in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 27% per year whereas the company’s share price has fallen by 28% per year.
New Risk • Mar 26New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% 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 High level of non-cash earnings (24% accrual ratio). Revenue is less than US$1m (zł1.2m revenue, or US$312k). Market cap is less than US$10m (zł14.0m market cap, or US$3.52m). Minor Risk Shareholders have been diluted in the past year (13% increase in shares outstanding).
Reported Earnings • Feb 16Full year 2023 earnings released: EPS: zł0.007 (vs zł0.13 loss in FY 2022)Full year 2023 results: EPS: zł0.007 (up from zł0.13 loss in FY 2022). Revenue: zł1.24m (up 23% from FY 2022). Net income: zł136.6k (up zł2.64m from FY 2022). Profit margin: 11% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings.
공지 • Feb 03VARSAV Game Studios S.A. to Report Fiscal Year 2023 Results on May 31, 2024VARSAV Game Studios S.A. announced that they will report fiscal year 2023 results on May 31, 2024
공지 • Feb 02+ 2 more updatesVARSAV Game Studios S.A. to Report Q3, 2024 Results on Nov 14, 2024VARSAV Game Studios S.A. announced that they will report Q3, 2024 results on Nov 14, 2024
Reported Earnings • Nov 19Third quarter 2023 earnings releasedThird quarter 2023 results: Net loss: zł144.7k (down 174% from profit in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance.
Reported Earnings • Aug 18Second quarter 2023 earnings releasedSecond quarter 2023 results: Revenue: zł162.0k (up 22% from 2Q 2022). Net income: zł471.2k (up zł1.56m from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance.
공지 • Jun 22VARSAV Game Studios S.A., Annual General Meeting, Jul 17, 2023VARSAV Game Studios S.A., Annual General Meeting, Jul 17, 2023, at 12:00 Central European Standard Time.
Reported Earnings • May 21First quarter 2023 earnings releasedFirst quarter 2023 results: Revenue: zł175.9k (down 43% from 1Q 2022). Net loss: zł270.4k (loss narrowed 78% from 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance.
Reported Earnings • Feb 19Full year 2022 earnings released: zł0.12 loss per share (vs zł0.093 loss in FY 2021)Full year 2022 results: zł0.12 loss per share (further deteriorated from zł0.093 loss in FY 2021). Revenue: zł1.01m (up 17% from FY 2021). Net loss: zł2.35m (loss widened 26% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance.
공지 • Jan 31+ 3 more updatesVARSAV Game Studios S.A. to Report Fiscal Year 2022 Final Results on May 31, 2023VARSAV Game Studios S.A. announced that they will report fiscal year 2022 final results on May 31, 2023
Valuation Update With 7 Day Price Move • Nov 02Investor sentiment deteriorated over the past weekAfter last week's 18% share price decline to zł1.64, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 14x in the IT industry in Poland. Total loss to shareholders of 57% over the past three years.
Valuation Update With 7 Day Price Move • Aug 30Investor sentiment improved over the past weekAfter last week's 23% share price gain to zł2.07, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 16x in the IT industry in Poland. Total returns to shareholders of 8.9% over the past three years.
Reported Earnings • Feb 17Full year 2020 earnings released: EPS zł0.10 (vs zł0.12 in FY 2019)Full year 2020 results: Net income: zł2.06m (down 11% from FY 2019). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth.
Valuation Update With 7 Day Price Move • Feb 09Investor sentiment improved over the past weekAfter last week's 20% share price gain to zł2.15, the stock is trading at a trailing P/E ratio of 6.8x, up from the previous P/E ratio of 5.7x. This compares to an average P/E of 14x in the IT industry in Poland. Total returns to shareholders over the past three years are 105%.
Is New 90 Day High Low • Feb 01New 90-day low: zł1.83The company is down 6.0% from its price of zł1.94 on 03 November 2020. The Polish market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 4.0% over the same period.
Valuation Update With 7 Day Price Move • Dec 21Investor sentiment deteriorated over the past weekAfter last week's 18% share price decline to zł2.12, the stock is trading at a trailing P/E ratio of 6.7x, down from the previous P/E ratio of 8.1x. This compares to an average P/E of 12x in the IT industry in Poland. Total returns to shareholders over the past three years are 133%.
Is New 90 Day High Low • Dec 14New 90-day high: zł2.57The company is up 9.0% from its price of zł2.36 on 15 September 2020. The Polish market is also up 9.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the IT industry, which is down 12% over the same period.
Valuation Update With 7 Day Price Move • Dec 07Market bids up stock over the past weekAfter last week's 16% share price gain to zł2.28, the stock is trading at a trailing P/E ratio of 7.2x, up from the previous P/E ratio of 6.2x. This compares to an average P/E of 12x in the IT industry in Poland. Total returns to shareholders over the past three years are 88%.
분석 기사 • Dec 03We're Not Counting On VARSAV Game Studios (WSE:VAR) To Sustain Its Statutory ProfitabilityIt might be old fashioned, but we really like to invest in companies that make a profit, each and every year. However...
Valuation Update With 7 Day Price Move • Nov 13Market bids up stock over the past weekAfter last week's 22% share price gain to zł2.25, the stock is trading at a trailing P/E ratio of 21.6x, up from the previous P/E ratio of 17.7x. This compares to an average P/E of 14x in the IT industry in Poland. Total returns to shareholders over the past three years are 92%.
Valuation Update With 7 Day Price Move • Oct 30Market pulls back on stock over the past weekAfter last week's 15% share price decline to zł1.78, the stock is trading at a trailing P/E ratio of 17.1x, down from the previous P/E ratio of 20.1x. This compares to an average P/E of 13x in the IT industry in Poland. Total returns to shareholders over the past three years are 42%.
Is New 90 Day High Low • Oct 29New 90-day low: zł1.79The company is down 55% from its price of zł4.00 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 IT industry, which is down 7.0% over the same period.
Is New 90 Day High Low • Oct 07New 90-day low: zł2.08The company is down 46% from its price of zł3.88 on 09 July 2020. The Polish market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 5.0% over the same period.
Is New 90 Day High Low • Sep 22New 90-day low: zł2.14The company is down 40% from its price of zł3.58 on 24 June 2020. The Polish market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 8.0% over the same period.