Reported Earnings • May 12
First quarter 2026 earnings released: NT$1.00 loss per share (vs NT$0.65 loss in 1Q 2025) First quarter 2026 results: NT$1.00 loss per share (further deteriorated from NT$0.65 loss in 1Q 2025). Revenue: NT$27.7m (down 66% from 1Q 2025). Net loss: NT$72.6m (loss widened 110% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. New Risk • May 04
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 Taiwanese stocks, typically moving 9.1% 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 Risk Earnings have declined by 26% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.1% average weekly change). Market cap is less than US$100m (NT$1.57b market cap, or US$49.5m). Reported Earnings • Mar 11
Full year 2025 earnings released: NT$5.16 loss per share (vs NT$2.66 loss in FY 2024) Full year 2025 results: NT$5.16 loss per share (further deteriorated from NT$2.66 loss in FY 2024). Revenue: NT$235.3m (down 56% from FY 2024). Net loss: NT$274.9m (loss widened 94% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. Aankondiging • Feb 25
Ibase Gaming Inc., Annual General Meeting, May 27, 2026 Ibase Gaming Inc., Annual General Meeting, May 27, 2026. Location: 24- floor no,93, sec.1 hsin t`ai 5th rd., sijhih district, new taipei city Taiwan Reported Earnings • Nov 07
Third quarter 2025 earnings released: NT$0.78 loss per share (vs NT$0.40 loss in 3Q 2024) Third quarter 2025 results: NT$0.78 loss per share (further deteriorated from NT$0.40 loss in 3Q 2024). Revenue: NT$47.6m (down 79% from 3Q 2024). Net loss: NT$41.6m (loss widened 93% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 06
Second quarter 2025 earnings released: NT$2.33 loss per share (vs NT$0.51 loss in 2Q 2024) Second quarter 2025 results: NT$2.33 loss per share (further deteriorated from NT$0.51 loss in 2Q 2024). Revenue: NT$84.2m (down 36% from 2Q 2024). Net loss: NT$124.4m (loss widened 355% from 2Q 2024). 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. Reported Earnings • May 06
First quarter 2025 earnings released: NT$0.65 loss per share (vs NT$0.43 loss in 1Q 2024) First quarter 2025 results: NT$0.65 loss per share (further deteriorated from NT$0.43 loss in 1Q 2024). Revenue: NT$80.8m (down 22% from 1Q 2024). Net loss: NT$34.7m (loss widened 50% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. New Risk • May 03
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 Taiwanese stocks, typically moving 8.7% 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 Risk Earnings have declined by 16% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Market cap is less than US$100m (NT$1.67b market cap, or US$54.2m). Reported Earnings • Mar 15
Full year 2024 earnings released: NT$2.65 loss per share (vs NT$1.42 loss in FY 2023) Full year 2024 results: NT$2.65 loss per share (further deteriorated from NT$1.42 loss in FY 2023). Revenue: NT$540.3m (down 21% from FY 2023). Net loss: NT$141.6m (loss widened 102% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 9% per year. Aankondiging • Feb 26
Ibase Gaming Inc., Annual General Meeting, Jun 03, 2025 Ibase Gaming Inc., Annual General Meeting, Jun 03, 2025, at 09:30 Taipei Standard Time. Location: 24- floor no,93, sec.1 hsin t`ai 5th rd., sijhih district, new taipei city Taiwan Reported Earnings • Nov 07
Third quarter 2024 earnings released: NT$0.40 loss per share (vs NT$0.065 profit in 3Q 2023) Third quarter 2024 results: NT$0.40 loss per share (down from NT$0.065 profit in 3Q 2023). Revenue: NT$226.0m (up 34% from 3Q 2023). Net loss: NT$21.5m (down NT$25.0m from profit in 3Q 2023). 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 14% per year, which means it is significantly lagging earnings. 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 Taiwanese stocks, typically moving 7.5% 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 Risk Earnings have declined by 23% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (NT$2.20b market cap, or US$69.0m). Reported Earnings • Aug 14
Second quarter 2024 earnings released: NT$0.52 loss per share (vs NT$0.80 loss in 2Q 2023) Second quarter 2024 results: NT$0.52 loss per share (improved from NT$0.80 loss in 2Q 2023). Revenue: NT$131.2m (down 35% from 2Q 2023). Net loss: NT$27.3m (loss narrowed 28% from 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 11% per year, which means it is significantly lagging earnings. Reported Earnings • May 11
First quarter 2024 earnings released: NT$0.43 loss per share (vs NT$0.46 loss in 1Q 2023) First quarter 2024 results: NT$0.43 loss per share. Revenue: NT$103.2m (down 36% from 1Q 2023). Net loss: NT$23.1m (loss widened 15% from 1Q 2023). Reported Earnings • Mar 20
Full year 2023 earnings released: NT$1.42 loss per share (vs NT$0.02 profit in FY 2022) Full year 2023 results: NT$1.42 loss per share (down from NT$0.02 profit in FY 2022). Revenue: NT$682.8m (up 18% from FY 2022). Net loss: NT$70.0m (down NT$70.8m from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 12
Second quarter 2023 earnings released: NT$0.80 loss per share (vs NT$0.20 loss in 2Q 2022) Second quarter 2023 results: NT$0.80 loss per share (further deteriorated from NT$0.20 loss in 2Q 2022). Revenue: NT$202.0m (up 75% from 2Q 2022). Net loss: NT$38.2m (loss widened 347% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. New Risk • Jul 20
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. 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 58% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Shareholders have been diluted in the past year (23% increase in shares outstanding). Market cap is less than US$100m (NT$3.10b market cap, or US$100.0m). New Risk • Jun 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 23% 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 Risk Earnings have declined by 58% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Shareholders have been diluted in the past year (23% increase in shares outstanding). Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$60.30, the stock trades at a trailing P/E ratio of 74.9x. Average trailing P/E is 30x in the Hospitality industry in Taiwan. Total returns to shareholders of 31% over the past three years. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improved over the past week After last week's 17% share price gain to NT$48.40, the stock trades at a trailing P/E ratio of 60.1x. Average trailing P/E is 30x in the Hospitality industry in Taiwan. Total returns to shareholders of 30% over the past three years. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: NT$0.45 (vs NT$1.53 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.45 (up from NT$1.53 loss in 3Q 2021). Revenue: NT$158.4m (down 31% from 3Q 2021). Net income: NT$19.4m (up NT$84.2m from 3Q 2021). Profit margin: 12% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Reported Earnings • Aug 15
Second quarter 2022 earnings released: NT$0.20 loss per share (vs NT$0.98 loss in 2Q 2021) Second quarter 2022 results: NT$0.20 loss per share (up from NT$0.98 loss in 2Q 2021). Revenue: NT$115.3m (down 88% from 2Q 2021). Net loss: NT$8.54m (loss narrowed 80% from 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Reported Earnings • May 16
First quarter 2022 earnings released: NT$0.11 loss per share (vs NT$1.05 loss in 1Q 2021) First quarter 2022 results: NT$0.11 loss per share (up from NT$1.05 loss in 1Q 2021). Revenue: NT$123.4m (down 50% from 1Q 2021). Net loss: NT$4.64m (loss narrowed 90% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 115 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 31
Full year 2021 earnings released: NT$2.88 loss per share (vs NT$1.13 loss in FY 2020) Full year 2021 results: NT$2.88 loss per share (down from NT$1.13 loss in FY 2020). Revenue: NT$1.53b (up 16% from FY 2020). Net loss: NT$122.5m (loss widened 188% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 130 percentage points per year, which is a significant difference in performance. Aankondiging • Mar 06
Ibase Gaming Inc., Annual General Meeting, May 24, 2022 Ibase Gaming Inc., Annual General Meeting, May 24, 2022. Reported Earnings • Nov 15
Third quarter 2021 earnings released: NT$1.53 loss per share (vs NT$0.58 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: NT$229.8m (down 24% from 3Q 2020). Net loss: NT$64.8m (loss widened 181% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 140 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 18
Second quarter 2021 earnings released: NT$1.08 loss per share (vs NT$0.47 loss in 2Q 2020) The company reported a solid second quarter result with improved revenues and control over costs, although losses increased. Second quarter 2021 results: Revenue: NT$921.8m (up 299% from 2Q 2020). Net loss: NT$41.8m (loss widened 183% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 129 percentage points per year, which is a significant difference in performance. Reported Earnings • May 16
First quarter 2021 earnings released: NT$1.16 loss per share (vs NT$0.56 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: NT$245.9m (down 22% from 1Q 2020). Net loss: NT$44.6m (down 358% from profit in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 134 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 31
Full year 2020 earnings released: NT$1.24 loss per share (vs NT$0.081 profit in FY 2019) The company reported a decent full year result with improved revenues, although earnings and control over costs were weaker. Full year 2020 results: Revenue: NT$1.32b (up 107% from FY 2019). Net loss: NT$42.6m (down NT$45.1m from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 137 percentage points per year, which is a significant difference in performance. Aankondiging • Mar 04
Ibase Gaming Inc., Annual General Meeting, May 25, 2021 Ibase Gaming Inc., Annual General Meeting, May 25, 2021. Is New 90 Day High Low • Dec 30
New 90-day low: NT$119 The company is down 1.0% from its price of NT$120 on 30 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 8.0% over the same period. Reported Earnings • Nov 16
Third quarter 2020 earnings released: NT$0.64 loss per share The company reported a decent third quarter result with improved revenues, although control over expenses were weaker and an increased loss. Third quarter 2020 results: Revenue: NT$304.1m (up 127% from 3Q 2019). Net loss: NT$23.1m (loss widened 265% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 92% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Nov 04
New 90-day high: NT$175 The company is up 70% from its price of NT$102 on 06 August 2020. The Taiwanese market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is down 1.0% over the same period. Is New 90 Day High Low • Oct 15
New 90-day high: NT$147 The company is up 94% from its price of NT$75.59 on 17 July 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is down 6.0% over the same period.