New Risk • Mar 28
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 36% 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 36% per year over the past 5 years. Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Minor Risk Market cap is less than US$100m (NT$807.5m market cap, or US$25.2m). Reported Earnings • Mar 09
Full year 2025 earnings released: NT$2.83 loss per share (vs NT$2.14 loss in FY 2024) Full year 2025 results: NT$2.83 loss per share (further deteriorated from NT$2.14 loss in FY 2024). Revenue: NT$1.34b (down 31% from FY 2024). Net loss: NT$99.0m (loss widened 32% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Announcement • Mar 02
Axman Enterprise Co., Ltd., Annual General Meeting, May 22, 2026 Axman Enterprise Co., Ltd., Annual General Meeting, May 22, 2026. Location: 3 floor no,1, sec.3 chung shan rd., ta ch`iao ts`un, dacun township, changhua county Taiwan 
