New Risk • Mar 31
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$4.3m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. 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 (-CA$4.3m free cash flow). Revenue is less than US$1m. Market cap is less than US$10m (CA$5.89m market cap, or US$4.23m). Minor Risk Share price has been volatile over the past 3 months (17% average weekly change). New Risk • Dec 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 667x increase in shares outstanding. 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 Share price has been highly volatile over the past 3 months (26% average weekly change). Shareholders have been substantially diluted in the past year (over 667x increase in shares outstanding). Revenue is less than US$1m (CA$3.0 revenue, or US$2.0). Announcement • Nov 27
Immutable Holdings Inc., Annual General Meeting, Dec 31, 2025 Immutable Holdings Inc., Annual General Meeting, Dec 31, 2025. Reported Earnings • Nov 17
Third quarter 2025 earnings released: CA$0.009 loss per share (vs CA$0.019 loss in 3Q 2024) Third quarter 2025 results: CA$0.009 loss per share (improved from CA$0.019 loss in 3Q 2024). Net loss: CA$898.5k (loss narrowed 53% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. New Risk • Sep 08
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$12.4m (US$8.94m) This is considered a major risk. Companies with a small market capitalization 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 (31% average weekly change). Revenue is less than US$1m (CA$734k revenue, or US$530k). Market cap is less than US$10m (CA$12.4m market cap, or US$8.94m). New Risk • Aug 15
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: CA$734k (US$531k) 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 (31% average weekly change). Revenue is less than US$1m (CA$734k revenue, or US$531k). Minor Risk Market cap is less than US$100m (CA$15.3m market cap, or US$11.1m). Reported Earnings • Aug 15
First half 2025 earnings released: CA$0.009 loss per share (vs CA$0.011 profit in 1H 2024) First half 2025 results: CA$0.009 loss per share (down from CA$0.011 profit in 1H 2024). Net loss: CA$931.7k (down 184% from profit in 1H 2024). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Reported Earnings • May 18
First quarter 2025 earnings released: EPS: CA$0 (vs CA$0.012 in 1Q 2024) First quarter 2025 results: EPS: CA$0 (down from CA$0.012 in 1Q 2024). Net income: CA$22.0k (down 98% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 02
Full year 2024 earnings released: CA$0.019 loss per share (vs CA$0.062 loss in FY 2023) Full year 2024 results: CA$0.019 loss per share (improved from CA$0.062 loss in FY 2023). Revenue: CA$4.63m (up 111% from FY 2023). Net loss: CA$1.90m (loss narrowed 69% from FY 2023). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 58% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 17
Third quarter 2024 earnings released: CA$0.019 loss per share (vs CA$0.013 loss in 3Q 2023) Third quarter 2024 results: CA$0.019 loss per share (further deteriorated from CA$0.013 loss in 3Q 2023). Revenue: CA$733.6k (up 219% from 3Q 2023). Net loss: CA$1.91m (loss widened 51% from 3Q 2023). Announcement • Oct 15
Immutable Holdings Inc., Annual General Meeting, Dec 20, 2024 Immutable Holdings Inc., Annual General Meeting, Dec 20, 2024. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: CA$0 (vs CA$0.021 loss in 2Q 2023) Second quarter 2024 results: EPS: CA$0 (improved from CA$0.021 loss in 2Q 2023). Revenue: CA$1.87m (up CA$1.65m from 2Q 2023). Net loss: CA$44.6k (loss narrowed 98% from 2Q 2023). Reported Earnings • May 17
First quarter 2024 earnings released: EPS: CA$0.012 (vs CA$0.025 loss in 1Q 2023) First quarter 2024 results: EPS: CA$0.012 (up from CA$0.025 loss in 1Q 2023). Revenue: CA$2.02m (up CA$1.80m from 1Q 2023). Net income: CA$1.16m (up CA$3.61m from 1Q 2023). Profit margin: 57% (up from net loss in 1Q 2023). The move to profitability was primarily driven by higher revenue. Reported Earnings • Apr 01
Full year 2023 earnings released: CA$0.062 loss per share (vs CA$0.053 loss in FY 2022) Full year 2023 results: CA$0.062 loss per share (further deteriorated from CA$0.053 loss in FY 2022). Revenue: CA$2.19m (down 77% from FY 2022). Net loss: CA$6.06m (loss widened 17% from FY 2022). Board Change • Dec 31
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Jeffrey Long is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 16
Third quarter 2023 earnings released: CA$0.013 loss per share (vs CA$0.03 loss in 3Q 2022) Third quarter 2023 results: CA$0.013 loss per share (improved from CA$0.03 loss in 3Q 2022). Net loss: CA$1.26m (loss narrowed 58% from 3Q 2022). Announcement • Oct 21
Immutable Holdings Inc., Annual General Meeting, Dec 28, 2023 Immutable Holdings Inc., Annual General Meeting, Dec 28, 2023. Reported Earnings • Aug 16
Second quarter 2023 earnings released: CA$0.021 loss per share (vs CA$0.038 profit in 2Q 2022) Second quarter 2023 results: CA$0.021 loss per share (down from CA$0.038 profit in 2Q 2022). Net loss: CA$2.10m (down 157% from profit in 2Q 2022). New Risk • Aug 13
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$11.1m (US$8.24m) This is considered a major risk. Companies with a small market capitalization 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 Risk Market cap is less than US$10m (CA$11.1m market cap, or US$8.24m). Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (16% average weekly change). Shareholders have been diluted in the past year (2.7% increase in shares outstanding). New Risk • Jun 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.7% 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 Share price has been highly volatile over the past 3 months (19% average weekly change). Minor Risks Less than 3 years of financial data is available. Shareholders have been diluted in the past year (2.7% increase in shares outstanding). Market cap is less than US$100m (CA$20.1m market cap, or US$15.3m). Announcement • Dec 09
Immutable Holdings Inc. Announces NFT.Com’s Release of Version 0.14 of Its Private Beta Immutable Holdings Inc. announced NFT.com’s release of version 0.14 of its private beta. This marks the fourteenth release of the beta as NFT.com continues to make progress ahead of wider public general availability of the platform set to take place in 2023. The release brings a number of exciting new features to the platform including a new version of the Discover page. The page now offers greater insights and searchability for individual non-fungible tokens (“NFTs”), NFT.com profiles, and NFT collections. It also features a collection leaderboard, which highlights key data attributes about leading NFT collections including sales volumes and floor prices. This feature allows users to uncover trending collections and better track their favorite collections. Additional improvements were made on the platform’s search functionality, specifically within profile pages. Users can now search for NFTs more easily within profile galleries and within individual profile’s edit mode, making it easier for users to quickly search and curate NFTs they wish to display. Prior to this release and subsequent to the previously reported v0.11 beta, the platform has undergone a number of other updates, including a redesigned modern homepage and an improved profile minting experience and workflow to claim a new NFT.com profile. These updates work to enhance the overall user experience, making it easier to engage with the platform, including existing features such as the NFT marketplace aggregator. Announcement • Oct 14
NFT.com Releases 0.11 of Beta as Platform Moves Closer to General Access Immutable Holdings Inc. announced NFT.com’s release of version 0.11 of its beta. The release included a number of user interface (“UI”) improvements centered around displaying non-fungible token metadata and other user experience (“UX”) enhancements for NFT.com profiles. General performance enhancements to overall speed optimization of the platform were also included. This marks the eleventh release of NFT.com’s beta since it was initially made available in May 2022. NFT.com currently operates its beta in private, made accessible to those users that hold a Genesis Key within their Web3 wallets. The Genesis Keys represent a unique fully animated NFT collection launched in April 2022, which include the key and four unique profile mints on the NFT.com platform along with access to the team. So far over 9.3K NFT.com profiles have been created featuring over 400K NFTs displayed through the profiles. New versions of the beta have been released bi-weekly based on NFT.com’s product roadmap and feedback identified in beta testing. Notable features already released in the beta include: NFT Profile – Create a unique social profile (e.g., nft.com/you) represented as an NFT. Gallery – Enable users to display their NFTs and collections including customizable options. On-Chain Resolver – Enable users to associated multiple Ethereum addresses with an individual NFT Profile. NFT Marketplace Aggregation – Ability to list and purchase NFTs directly from NFT.com across leading NFT marketplaces (e.g., OpenSea, LooksRare). While currently in beta, NFT.com eventually plans to make the platform available to the wider public as part of general access. Announcement • Aug 06
Immutable Holdings Inc., Annual General Meeting, Sep 30, 2022 Immutable Holdings Inc., Annual General Meeting, Sep 30, 2022. Agenda: Annual Meeting. Announcement • Jun 11
Immutable Holdings, Inc. Announces the Appointment of Don Thibeau as Chief Product Officer Immutable Holdings Inc. announced the appointment of Don Thibeau as Chief Product Officer, effective June 8, 2022. Thibeau will report to Chief Executive Officer Jordan Fried and will oversee product strategy and development, including at NFT.com. Previously, Thibeau was the Co-Founder and Chief Strategy Officer of the HBAR Foundation. He has also held senior productand business management roles at Hedera Hashgraph and IBM. His contract with the Company includes stock options underthe Company's employee compensation plan amounting to 1% of present outstanding, as-converted subordinate votingshares, vesting over a four-year period. Jeanna Liu, Chief Operating Officer, will be leaving the Company. Announcement • Jun 10
Immutable Holdings Inc. Announces Executive Changes Immutable Holdings Inc. announced the appointment of Don Thibeau as Chief Product Officer, effective June 8, 2022. Thibeau will report to Chief Executive Officer Jordan Fried and will oversee product strategy and development, including at NFT.com. Previously, Thibeau was the Co-Founder and Chief Strategy Officer of the HBAR Foundation. He has also held senior product and business management roles at Hedera Hashgraph and IBM. His contract with the Company includes stock options under the Company’s employee compensation plan amounting to 1% of present outstanding, as-converted subordinate voting shares, vesting over a four-year period. Jeanna Liu, Chief Operating Officer, will be leaving the Company. Announcement • Nov 24
Immutable Holdings Inc. announced that it expects to receive CAD 10 million in funding Immutable Holdings Inc. announced a private placement of units at a price of CAD 2.6 per share for gross proceeds of CAD 10,000,000 on November 23, 2021. Each unit will consist of one common share and one-half of one common share purchase warrant. Each warrant will entitle the holder to purchase a common share at a price of CAD 4 per share until 36 months from closing, subject to adjustment if the volume weighted average trading price of the common shares on the NEO Exchange is equal to or greater than $8.00 for a period of 20 consecutive trading days at any time following the date which is four months and a day after closing date the company may, at its sole option, accelerate the expiry date of the warrants by giving notice to the holders thereof and in such case the warrants will expire on the date which is the earlier of: (i) the 60th day after the date on which such notice is given by the company; and (ii) the expiry date. The company also granted over-allotment option to increase the size of the transaction by up to an additional 15 per cent of the units sold. The transaction is subject to certain conditions including but not limited to the receipt of all necessary regulatory and other approvals including the approval of the NEO Exchange. The transaction is scheduled to close in the week of December 13, 2021.