Announcement • Mar 17
Thumbage Co., Ltd., Annual General Meeting, Mar 31, 2026 Thumbage Co., Ltd., Annual General Meeting, Mar 31, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 22, daewangpangyo-ro 712beon-gil, bundang-gu, gyeonggi-do, seongnam South Korea New Risk • Jan 14
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 South Korean stocks, typically moving 10% 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 Less than 1 year of cash runway based on free cash flow trend (-₩9.6b free cash flow). Earnings have declined by 25% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Revenue is less than US$5m (₩7.2b revenue, or US$4.9m). Market cap is less than US$100m (₩48.3b market cap, or US$32.7m). New Risk • Nov 28
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: ₩7.2b (US$4.9m) This is considered a minor 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 Less than 1 year of cash runway based on free cash flow trend (-₩9.6b free cash flow). Earnings have declined by 25% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Revenue is less than US$5m (₩7.2b revenue, or US$4.9m). Market cap is less than US$100m (₩42.2b market cap, or US$28.7m). 
