Announcement • Apr 02
ClearSale S.A.(BOVESPA:CLSA3) dropped from Brazil Small Cap Index ClearSale S.A. has been dropped from the Brazil Small Cap Index. Reported Earnings • Mar 25
Full year 2024 earnings released: R$0.15 loss per share (vs R$0.15 loss in FY 2023) Full year 2024 results: R$0.15 loss per share (further deteriorated from R$0.15 loss in FY 2023). Revenue: R$474.6m (down 5.9% from FY 2023). Net loss: R$28.6m (loss widened 2.2% from FY 2023). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Mar 15
ClearSale S.A. to Report Q4, 2024 Results on Mar 25, 2025 ClearSale S.A. announced that they will report Q4, 2024 results on Mar 25, 2025 Reported Earnings • Nov 12
Third quarter 2024 earnings released: R$0.054 loss per share (vs R$0.074 loss in 3Q 2023) Third quarter 2024 results: R$0.054 loss per share (improved from R$0.074 loss in 3Q 2023). Revenue: R$114.4m (down 4.1% from 3Q 2023). Net loss: R$10.3m (loss narrowed 26% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • Oct 06
Experian plc (LSE:EXPN) agreed to acquire ClearSale S.A. (BOVESPA:CLSA3) for approximately BRL 1.9 billion. Experian plc (LSE:EXPN) agreed to acquire ClearSale S.A. (BOVESPA:CLSA3) for approximately BRL 1.9 billion on October 4, 2024. As part of consideration, a price per share of BRL 10.56 is paid towards common equity of ClearSale S.A. The cost to Experian, net of cash and other closing conditions, amounts to a total of up to BRL 1.905 million ($350 million). Under the terms of the agreement, ClearSale's shareholders will be presented with the option to choose between a cash-based offer or a combination of cash and Experian Brazilian Depositary Receipts (BDRs). Experian will establish a Level I Brazilian Depositary Receipts (BDR) programme prior to completion of the transaction in order to facilitate the issuance of the BDRs to those ClearSale shareholders who elect to receive Experian BDRs, bank-issued certificates representing shares in Experian on a one-for-one basis for trade on the Brazilian stock exchange.
The acquisition of ClearSale extends our ID&F suite, adding transaction fraud detection to Experian plc's existing strengths in account opening and account takeover fraud prevention. ClearSale will add to our growth potential in Brazil and is a further step towards our ambition to provide comprehensive ID&F and credit risk solutions through our integrated platform. The deal is to be funded from a combination of Experian's existing cash resources and by the issuance of Brazilian Depositary Receipts. The acquisition is subject to certain conditions including regulatory review by the Brazilian Administrative Council for Economic Defense (CADE) and anticipate will conclude in the first half of calendar year 2025. In the first full fiscal year of ownership, Experian plc expect the acquisition to add revenues for ongoing activities of BRL 490 million and Benchmark EBITDA of BRL 130 million. Announcement • Sep 20
ClearSale Announces Executive Appointments ClearSale has announced Sarah Zilenovski as Chief Marketing Officer (CMO), Rodrigo Sanchez as Chief Sales Officer (CSO) and Leandro Bartolassi as Chief Operation Officer (COO). Bolstering its leadership structure and solidifying its market position, the promotion of these executives builds on the company's impressive trajectory this year. Sarah Zilenovski, who joined ClearSale in 2012 as a sales manager, has played a key role in developing global marketing strategies and contributing to the company’s international expansion. As CMO, she will lead product and institutional marketing teams and drive the public company’s growth objectives. Bringing over 15 years of industry experience, the last 4 spent with ClearSale, Rodrigo Sanchez will build on his role by shaping the company's sales strategies. In his new position, he will guide ClearSale toward a more agile structure designed to scale the brand through partnerships and alliances. Leandro Bartolassi will oversee the application fraud unit to drive the evolution of the company’s products and spearhead the launch of new solutions. His deep knowledge of fraud prevention in banks, fintechs and retail companies will serve as a foundation as he focuses on expanding into different markets. Reported Earnings • Aug 14
Second quarter 2024 earnings released: R$0.057 loss per share (vs R$0.01 loss in 2Q 2023) Second quarter 2024 results: R$0.057 loss per share (further deteriorated from R$0.01 loss in 2Q 2023). Revenue: R$118.9m (down 6.1% from 2Q 2023). Net loss: R$10.8m (loss widened 476% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Announcement • Aug 14
ClearSale Unveils Retail Fraud Prevention Tools in New Product Portfolio ClearSale has announced a new portfolio of fraud prevention tools designed to meet the evolving needs of today's digital retail landscape. The newly launched suite, dubbed "Preventative Intel," introduces three powerful solutions: Instant Decision, Automatic Decision, and Complete Decision. These tools are available now, offering a comprehensive approach to fraud management that helps brands prevent, combat, and protect against fraudulent activities in an increasingly complex market. Developed to protect businesses from advancing fraud risks, ClearSale's new security tools integrate artificial intelligence with the world's largest in-house team to provide three tiers of decision-making, ranging from instant notifications to comprehensive analysis. These different levels strike a perfect balance between fast decision making and quality risk prevention. The new product portfolio includes: Instant Decision: Created for retailers selling digital goods, Instant Decision is a 100% outsourced solution that delivers decisions in real-time. With three layers of protection - AI model, fraud rules and ClearSale's global database - ecommerce businesses will know instantly if a fraud attempt has been made. Automatic Decision: Leveraging four layers of protections - enhanced AI models, fraud rules, ClearSale's global fraud database and external sources - Automatic Decisions identifies fraud in under one minute while still ensuring decisions and notifications are delivered with high accuracy. This completely outsourced solution is great for businesses selling physical goods with delivery or pickup an hour after purchase. Complete Decision: Complete Decision auto-approves valid orders, blocks fraud, and flags suspicious orders for analysis. Combining enhanced AI models, fraud rules and ClearSales's global fraud database, external sources and secondary review, this five-layer solution ensures the highest decision accuracy in fraud prevention and is great for merchants selling high-value goods that can be picked up or delivered 24 hours after purchase. These new solutions come at a time when recent data shows that consumers have growing concerns for protected online experiences, with 84% of consumers saying that an online store that doesn't protect them from fraud will lose their business. At the same time, it's a fine line for retailers to walk, wanting to meet positive experiences with security. While some businesses might want to prioritize a faster decision for better customer experiences, others, especially those with high-value transactions, might prefer a slower decision time with increased security. The new product portfolio allows ClearSale to meet ecommerces with solutions that match their needs. Reported Earnings • May 15
First quarter 2024 earnings released: R$0.046 loss per share (vs R$0.093 loss in 1Q 2023) First quarter 2024 results: R$0.046 loss per share (improved from R$0.093 loss in 1Q 2023). Revenue: R$111.6m (down 10% from 1Q 2023). Net loss: R$8.68m (loss narrowed 50% from 1Q 2023). New Risk • Apr 08
New major risk - Revenue and earnings growth Earnings have declined by 33% 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 (10% average weekly change). Earnings have declined by 33% per year over the past 5 years. Reported Earnings • Mar 27
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: R$0.15 loss per share (improved from R$0.20 loss in FY 2022). Revenue: R$504.1m (down 1.1% from FY 2022). Net loss: R$28.0m (loss narrowed 24% from FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 40%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Global Software industry. New Risk • Feb 03
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 Brazilian stocks, typically moving 8.8% 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. This is currently the only risk that has been identified for the company. Announcement • Dec 29
ClearSale S.A.(BOVESPA:CLSA3) dropped from Brazil Small Cap Index ClearSale S.A. has been dropped from Brazil Small Cap Index Reported Earnings • Nov 17
Third quarter 2023 earnings released: R$0.073 loss per share (vs R$0.014 profit in 3Q 2022) Third quarter 2023 results: R$0.073 loss per share (down from R$0.014 profit in 3Q 2022). Revenue: R$119.3m (down 8.4% from 3Q 2022). Net loss: R$13.9m (down R$16.5m from profit in 3Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Global Software industry. Reported Earnings • Aug 17
Second quarter 2023 earnings: Revenues miss analyst expectations Second quarter 2023 results: Revenue: R$126.6m (up 2.8% from 2Q 2022). Net loss: R$1.87m (loss narrowed 66% from 2Q 2022). Revenue missed analyst estimates by 2.7%. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Global Software industry. Announcement • Aug 02
ClearSale Launches Brand Protection to Stop Phishing, Fake Accounts, and Counterfeit Products ClearSale announced the launch of its new Brand Protection platform. Brand Protection by ClearSale uses AI and digital intelligence to continuously scan for and report brand impersonation attacks such as fake social profiles, ads, and websites; counterfeit products; and phishing attacks. Impersonation scams have created losses of more than $6 billion over the past five years, and in early 2022, 15% of all phishing emails impersonated brands, according to Abnormal Security. Because it’s so easy for scammers to create fake accounts on social, email, and marketplace platforms, impersonation is a vast and unending challenge for many high-profile retailers and brands. Brand impersonation attacks that go unchecked can damage a company’s reputation among good customers and drive customer churn. For example, phishing attacks that impersonate brands to steal customers’ credentials can lead to account takeover and CNP fraud against retailers. In ClearSale’s 2022 State of Consumer Attitudes on Ecommerce, Fraud & CX international survey, 83% of online consumers said they would boycott an ecommerce site after a fraud experience there. Such fraud attacks can also result in costly, reputation-damaging fines for noncompliance with data privacy regulations.Brand Protection by ClearSale scans the web and social media using brands’ names, logos, products, and other data to identify impostor websites and URLs, apps, social media profiles and pages, digital ads, marketplace profiles, and fake products. One retailer using the brand protection platform was able to detect more than 2,200 impostor social media profiles and had 99.9% of them taken down within 24 hours. Brand Protection by ClearSale sets itself apart from other brand impersonation solutions with its plug-and-play platform, unlimited user access, personalized in-platform support, and transparent pricing based on digital brand exposure, making it a solution of choice for both security and ecommerce teams. New Risk • Jul 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 Brazilian stocks, typically moving 7.8% 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. This is currently the only risk that has been identified for the company. Price Target Changed • Jun 22
Price target increased by 7.3% to R$16.25 Up from R$15.15, the current price target is an average from 4 analysts. New target price is 124% above last closing price of R$7.27. Stock is up 74% over the past year. The company is forecast to post earnings per share of R$0.08 next year compared to a net loss per share of R$0.20 last year. Announcement • May 18
ClearSale Names Eduardo Mônaco as New CEO ClearSale has just announced its placement of a new CEO. Eduardo Mônaco, previously in the position of President-Director, will replace Bernardo Lustosa, who held the CEO position for the past five years. The change comes as part of a planned succession process, marking an evolutionary stage of development for the company. Lustosa will continue his involvement with ClearSale as shareholder and advisor. After nearly four years leading the company as COO with a focus on the Analytics IT, Products, Open Innovation, Customer Success, and Data teams, Mônaco assumed the position of President-Director at the end of last year. He boasts a strong track record, having spearheaded many successful strategic projects and operational development. Mônaco began his career at some of the Brazilian retailers and ecommerce companies, structuring departments and heading up projects that delivered operational excellence and elevated customer experiences. In this new role, he will lead the next stage of ClearSale’s evolution with a focus on nurturing innovation, risk mapping, and leveraging opportunities. Elected as one of Brazil's top 100 super CEOs, Bernardo Lustosa started as a partner at ClearSale in 2008 and assumed the CEO position in 2018. Lustosa's leadership brought about a leap in capacity, organization, and scalability. In 2021, Lustosa contributed to the successful IPO of ClearSale on B3. With the transition between executives, Lustosa now holds the position of shareholder and advisor. Price Target Changed • May 17
Price target increased by 20% to R$18.53 Up from R$15.50, the current price target is an average from 3 analysts. New target price is 211% above last closing price of R$5.95. Stock is up 45% over the past year. The company is forecast to post earnings per share of R$0.21 next year compared to a net loss per share of R$0.20 last year. Reported Earnings • May 17
First quarter 2023 earnings released: R$0.093 loss per share (vs R$0.22 loss in 1Q 2022) First quarter 2023 results: R$0.093 loss per share (improved from R$0.22 loss in 1Q 2022). Revenue: R$124.6m (up 18% from 1Q 2022). Net loss: R$17.4m (loss narrowed 56% from 1Q 2022). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Global Software industry. Reported Earnings • Mar 29
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: R$0.20 loss per share (improved from R$0.44 loss in FY 2021). Revenue: R$509.6m (up 11% from FY 2021). Net loss: R$37.1m (loss narrowed 50% from FY 2021). Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) also missed analyst estimates by 16%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Global Software industry. Price Target Changed • Dec 13
Price target decreased to R$15.50 Down from R$21.00, the current price target is an average from 4 analysts. New target price is 199% above last closing price of R$5.18. Stock is down 33% over the past year. The company is forecast to post earnings per share of R$0.08 next year compared to a net loss per share of R$0.44 last year. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: R$0.014 (vs R$0.26 loss in 3Q 2021) Third quarter 2022 results: EPS: R$0.014 (up from R$0.26 loss in 3Q 2021). Revenue: R$130.2m (up 12% from 3Q 2021). Net income: R$2.56m (up R$47.8m from 3Q 2021). Profit margin: 2.0% (up from net loss in 3Q 2021). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Global Software industry. Reported Earnings • Aug 17
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: R$0.03 loss per share (down from R$0.008 profit in 2Q 2021). Revenue: R$123.1m (up 9.7% from 2Q 2021). Net loss: R$5.55m (down R$6.84m from profit in 2Q 2021). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 100%. Over the next year, revenue is forecast to grow 57%, compared to a 19% growth forecast for the Software industry in Brazil. Reported Earnings • May 19
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: R$0.21 loss per share (down from R$0.089 profit in 1Q 2021). Revenue: R$105.4m (up 7.6% from 1Q 2021). Net loss: R$39.3m (down 385% from profit in 1Q 2021). Revenue missed analyst estimates by 15%. Earnings per share (EPS) exceeded analyst estimates by 100%. Over the next year, revenue is forecast to grow 52%, compared to a 20% growth forecast for the industry in Brazil. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Chairman & President Pedro Chiamulera was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Apr 07
ClearSale Appoints Jeff Mayorga as Enterprise Account Executive ClearSale announced that seasoned technology and retail veteran Jeff Mayorga has joined the team as Enterprise Account Executive. Jeff will help to expand ClearSale’s footprint in the international market with enterprise ecommerce merchants and foster deeper client relationships as the company continues its growth trajectory since its successful IPO last summer. Jeff’s background in enterprise account management in technology is extensive. He spent nearly 10 years at Oracle NetSuite, seven of which were focused on the retail space. Jeff has also spent time supporting enterprise accounts at industry leaders like Salesforce, Marketo, and Signifyd. With a drive to help retailers fend off fraud and a curiosity that inspires his love of learning new technologies, Jeff joined ClearSale because of its position as a best-in-breed solution and its potential within the US and international markets. Reported Earnings • Mar 29
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: R$0.44 loss per share (down from R$0.20 profit in FY 2020). Revenue: R$457.5m (up 32% from FY 2020). Net loss: R$74.5m (down 345% from profit in FY 2020). Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 37%, compared to a 47% growth forecast for the industry in Brazil. Announcement • Jan 20
ClearSale S.A. (BOVESPA:CLSA3) acquired Beta Learning Consultoria e Desenvolvimento de Software LTDA for $11.5 Million. ClearSale S.A. (BOVESPA:CLSA3) acquired Beta Learning Consultoria e Desenvolvimento de Software LTDA for $11.5 Million on January 19, 2022.
ClearSale S.A. (BOVESPA:CLSA3) completed the acquisition of Beta Learning Consultoria e Desenvolvimento de Software LTDA on January 19, 2022. Reported Earnings • Nov 20
Third quarter 2021 earnings released: R$0.29 loss per share The company reported a soft third quarter result with weaker control over costs, although losses were stable and revenues were flat. Third quarter 2021 results: Revenue: R$116.2m (flat on 3Q 2020). Net loss: R$45.2m (flat on 3Q 2020). 
