New Risk • Apr 10
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 55% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (zł28.6m market cap, or US$7.89m). Minor Risks High level of debt (55% net debt to equity). Share price has been volatile over the past 3 months (8.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (12% net profit margin). Buy Or Sell Opportunity • Mar 12
Now 20% overvalued Over the last 90 days, the stock has fallen 14% to zł0.42. The fair value is estimated to be zł0.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 66% over the last 3 years. Earnings per share has grown by 29%. Buy Or Sell Opportunity • Feb 20
Now 21% overvalued Over the last 90 days, the stock has fallen 23% to zł0.43. The fair value is estimated to be zł0.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 66% over the last 3 years. Earnings per share has grown by 29%. Buy Or Sell Opportunity • Feb 03
Now 26% overvalued Over the last 90 days, the stock has fallen 28% to zł0.43. The fair value is estimated to be zł0.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 66% over the last 3 years. Earnings per share has grown by 29%. Buy Or Sell Opportunity • Jan 16
Now 25% overvalued Over the last 90 days, the stock has fallen 17% to zł0.43. The fair value is estimated to be zł0.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 66% over the last 3 years. Earnings per share has grown by 29%. Reported Earnings • Nov 18
Third quarter 2025 earnings released: zł0.005 loss per share (vs zł0.004 loss in 3Q 2024) Third quarter 2025 results: zł0.005 loss per share (further deteriorated from zł0.004 loss in 3Q 2024). Revenue: zł5.31m (up 250% from 3Q 2024). Net loss: zł344.8k (loss widened 30% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Aankondiging • Nov 12
Optigis S.A. to Report Q3, 2025 Results on Nov 14, 2025 Optigis S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 New Risk • Aug 25
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 124% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (zł29.9m market cap, or US$8.21m). Minor Risks High level of debt (124% net debt to equity). Share price has been volatile over the past 3 months (7.6% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Reported Earnings • May 19
First quarter 2025 earnings released: EPS: zł0.004 (vs zł0.069 in 1Q 2024) First quarter 2025 results: EPS: zł0.004 (down from zł0.069 in 1Q 2024). Revenue: zł2.27m (up 97% from 1Q 2024). Net income: zł227.6k (down 95% from 1Q 2024). Profit margin: 10.0% (down from 397% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Aankondiging • Apr 18
Optigis S.A., Annual General Meeting, May 15, 2025 Optigis S.A., Annual General Meeting, May 15, 2025. New Risk • Apr 09
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 113% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (31% accrual ratio). Market cap is less than US$10m (zł31.5m market cap, or US$8.10m). Minor Risks High level of debt (113% net debt to equity). Revenue is less than US$5m (zł19m revenue, or US$4.9m). New Risk • Apr 02
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). High level of non-cash earnings (59% accrual ratio). Market cap is less than US$10m (zł31.9m market cap, or US$8.31m). Minor Risk Revenue is less than US$5m (zł6.6m revenue, or US$1.7m). Reported Earnings • Mar 24
Full year 2024 earnings released: EPS: zł0.054 (vs zł0.003 loss in FY 2023) Full year 2024 results: EPS: zł0.054 (up from zł0.003 loss in FY 2023). Revenue: zł6.61m (up 74% from FY 2023). Net income: zł3.62m (up zł3.84m from FY 2023). Profit margin: 55% (up from net loss in FY 2023). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. New Risk • Jan 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 7.4% 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 Debt is not well covered by operating cash flow (7.9% operating cash flow to total debt). High level of non-cash earnings (34% accrual ratio). Market cap is less than US$10m (zł25.5m market cap, or US$6.35m). Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Revenue is less than US$5m (zł6.4m revenue, or US$1.6m). Reported Earnings • Aug 17
Second quarter 2024 earnings released: zł0.017 loss per share (vs zł0.005 loss in 2Q 2023) Second quarter 2024 results: zł0.017 loss per share (further deteriorated from zł0.005 loss in 2Q 2023). Revenue: zł829.7k (up 405% from 2Q 2023). Net loss: zł1.10m (loss widened 224% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 18% per year. Aankondiging • Jun 05
Optigis S.A., Annual General Meeting, Jun 25, 2024 Optigis S.A., Annual General Meeting, Jun 25, 2024. Reported Earnings • May 20
First quarter 2024 earnings released: EPS: zł0.069 (vs zł0.002 loss in 1Q 2023) First quarter 2024 results: EPS: zł0.069 (up from zł0.002 loss in 1Q 2023). Revenue: zł1.15m (up 332% from 1Q 2023). Net income: zł4.57m (up zł4.73m from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. New Risk • Apr 20
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 9.6% 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 (9.6% average weekly change). Earnings have declined by 7.4% per year over the past 5 years. Revenue is less than US$1m (zł3.8m revenue, or US$941k). Market cap is less than US$10m (zł34.2m market cap, or US$8.44m). Reported Earnings • Mar 26
Full year 2023 earnings released: zł0.003 loss per share (vs zł0.002 loss in FY 2022) Full year 2023 results: zł0.003 loss per share (further deteriorated from zł0.002 loss in FY 2022). Revenue: zł3.81m (down 23% from FY 2022). Net loss: zł224.3k (loss widened 64% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Aankondiging • Mar 13
Optigis S.A. (WSE:OPI) acquired unknown majority stake in Telematics Technologies sp. z o.o from Noble Fund Private Debt Fundusz Inwestycyjny Zamkniety. Optigis S.A. (WSE:OPI) acquired unknown majority stake in Telematics Technologies sp. z o.o from Noble Fund Private Debt Fundusz Inwestycyjny Zamkniety on March 5, 2024.Optigis S.A. (WSE:OPI) completed the acquisition of unknown majority stake in Telematics Technologies sp. z o.o from Noble Fund Private Debt Fundusz Inwestycyjny Zamkniety on March 5, 2024. Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: zł0.003 (vs zł0 in 3Q 2022) Third quarter 2023 results: EPS: zł0.003 (up from zł0 in 3Q 2022). Revenue: zł1.89m (up 26% from 3Q 2022). Net income: zł175.3k (up zł183.7k from 3Q 2022). Profit margin: 9.3% (up from net loss in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. New Risk • Aug 17
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: zł3.4m (US$817k) This is considered a major 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 (16% average weekly change). Revenue is less than US$1m (zł3.4m revenue, or US$817k). Market cap is less than US$10m (zł36.2m market cap, or US$8.81m). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.0% net profit margin). Reported Earnings • Aug 17
Second quarter 2023 earnings released: zł0.005 loss per share (vs zł0.006 loss in 2Q 2022) Second quarter 2023 results: zł0.005 loss per share (improved from zł0.006 loss in 2Q 2022). Revenue: zł164.3k (down 88% from 2Q 2022). Net loss: zł340.7k (loss narrowed 11% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Aankondiging • May 23
Optigis S.A., Annual General Meeting, Jun 14, 2023 Optigis S.A., Annual General Meeting, Jun 14, 2023, at 11:00 Central European Standard Time. Reported Earnings • Mar 24
Full year 2022 earnings released: zł0.002 loss per share (vs zł0.031 profit in FY 2021) Full year 2022 results: zł0.002 loss per share (down from zł0.031 profit in FY 2021). Revenue: zł5.93m (up 6.4% from FY 2021). Net loss: zł136.8k (down 107% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 75% per year, which means it is well ahead of earnings. Reported Earnings • Aug 19
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł1.37m (up 22% from 2Q 2021). Net loss: zł382.4k (down 126% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 21
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł1.27m (up 12% from 1Q 2021). Net loss: zł294.4k (loss widened 49% from 1Q 2021). Aankondiging • May 20
Optigis S.A., Annual General Meeting, Jun 14, 2022 Optigis S.A., Annual General Meeting, Jun 14, 2022. Reported Earnings • Feb 16
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: zł0.026 (down from zł0.051 in FY 2020). Revenue: zł5.57m (down 25% from FY 2020). Net income: zł1.71m (down 50% from FY 2020). Profit margin: 31% (down from 46% in FY 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 68% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 18
Third quarter 2021 earnings released The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: zł1.28m (up 1.3% from 3Q 2020). Net loss: zł163.3k (down 126% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has increased by 104% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 22
Second quarter 2021 earnings released Second quarter 2021 results: Revenue: zł1.13m (up 12% from 2Q 2020). Net income: zł1.45m (up zł1.34m from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has increased by 115% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improved over the past week After last week's 65% share price gain to zł1.20, the stock trades at a trailing P/E ratio of 24.7x. Average trailing P/E is 28x in the Software industry in Poland. Total returns to shareholders of 1,400% over the past three years. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 16% share price gain to zł1.04, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 25x in the Software industry in Poland. Total returns to shareholders of 940% over the past three years. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improved over the past week After last week's 32% share price gain to zł1.19, the stock is trading at a trailing P/E ratio of 19.9x, up from the previous P/E ratio of 15x. This compares to an average P/E of 25x in the Software industry in Poland. Total returns to shareholders over the past three years are 1,090%. Reported Earnings • Feb 17
Full year 2020 earnings released: EPS zł0.06 (vs zł0.019 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł7.48m (up 58% from FY 2019). Net income: zł3.98m (up 215% from FY 2019). Profit margin: 53% (up from 27% in FY 2019). Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has increased by 119% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 17
New 90-day high: zł0.94 The company is up 55% from its price of zł0.61 on 19 November 2020. The Polish market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 16% over the same period. Valuation Update With 7 Day Price Move • Oct 19
Market bids up stock over the past week After last week's 273% share price gain to zł1.35, the stock is trading at a trailing P/E ratio of 71.7x, up from the previous P/E ratio of 19.2x. This compares to an average P/E of 16x in the Software industry in Poland. Total returns to shareholders over the past three years are 514%. Is New 90 Day High Low • Oct 15
New 90-day high: zł2.00 The company is up 900% from its price of zł0.20 on 17 July 2020. The Polish market is down 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 5.0% over the same period.