Reported Earnings • May 31
First quarter 2026 earnings released: €0.076 loss per share (vs €0.061 loss in 1Q 2025) First quarter 2026 results: €0.076 loss per share (further deteriorated from €0.061 loss in 1Q 2025). Revenue: €17.1m (down 23% from 1Q 2025). Net loss: €4.55m (loss widened 23% from 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has fallen by 48% per year, which means it is performing significantly worse than earnings. New Risk • Apr 24
New major risk - Revenue and earnings growth Earnings have declined by 24% 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 (7.1% average weekly change). Earnings have declined by 24% per year over the past 5 years. Minor Risk Market cap is less than US$100m (Kč391.1m market cap, or US$18.8m). Reported Earnings • Mar 03
Full year 2025 earnings released: €0.29 loss per share (vs €0.22 loss in FY 2024) Full year 2025 results: €0.29 loss per share (further deteriorated from €0.22 loss in FY 2024). Revenue: €94.8m (up 4.6% from FY 2024). Net loss: €17.4m (loss widened 33% from FY 2024). Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 51% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 20
Third quarter 2025 earnings released: €0.044 loss per share (vs €0.05 loss in 3Q 2024) Third quarter 2025 results: €0.044 loss per share (improved from €0.05 loss in 3Q 2024). Revenue: €27.9m (up 22% from 3Q 2024). Net loss: €2.64m (loss narrowed 11% from 3Q 2024). Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 28 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Oct 03
Co-Founder recently bought Kč8.8m worth of stock On the 25th of September, Georg Hotar bought around 531k shares on-market at roughly Kč16.59 per share. This transaction amounted to 2.7% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Georg has been a buyer over the last 12 months, purchasing a net total of Kč8.8m worth in shares. New Risk • Aug 27
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 Czech stocks, typically moving 4.4% 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: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€3.5m net loss in 2 years). Share price has been volatile over the past 3 months (4.4% average weekly change). Market cap is less than US$100m (Kč1.00b market cap, or US$47.4m). Reported Earnings • Aug 21
Second quarter 2025 earnings released: €0.053 loss per share (vs €0.045 loss in 2Q 2024) Second quarter 2025 results: €0.053 loss per share (further deteriorated from €0.045 loss in 2Q 2024). Revenue: €26.4m (up 2.6% from 2Q 2024). Net loss: €3.23m (loss widened 18% from 2Q 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 37 percentage points per year, which is a significant difference in performance. New Risk • May 19
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: €16m Forecast net loss in 2 years: €2.0m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€2.0m net loss in 2 years). Market cap is less than US$100m (Kč1.24b market cap, or US$56.2m). Announcement • May 15
Photon Energy N.V., Annual General Meeting, Jun 25, 2025 Photon Energy N.V., Annual General Meeting, Jun 25, 2025. Reported Earnings • Apr 28
Full year 2024 earnings released: €0.22 loss per share (vs €0.26 loss in FY 2023) Full year 2024 results: €0.22 loss per share (improved from €0.26 loss in FY 2023). Revenue: €91.5m (up 30% from FY 2023). Net loss: €13.1m (loss narrowed 16% from FY 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 21
Third quarter 2024 earnings released: €0.05 loss per share (vs €0.036 loss in 3Q 2023) Third quarter 2024 results: €0.05 loss per share (further deteriorated from €0.036 loss in 3Q 2023). Revenue: €22.9m (up 19% from 3Q 2023). Net loss: €2.97m (loss widened 39% from 3Q 2023). Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. New Risk • Nov 19
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: €12m Forecast net loss in 2 years: €6.7m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€6.7m net loss in 2 years). Market cap is less than US$100m (Kč1.74b market cap, or US$72.4m). New Risk • Sep 11
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 Czech stocks, typically moving 4.0% 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: Minor Risks Share price has been volatile over the past 3 months (4.0% average weekly change). Market cap is less than US$100m (Kč2.18b market cap, or US$96.1m). New Risk • Sep 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: Kč2.19b (US$96.3m) This is considered a minor 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 21
Second quarter 2024 earnings released: €0.049 loss per share (vs €0.048 loss in 2Q 2023) Second quarter 2024 results: €0.049 loss per share. Revenue: €25.7m (up 23% from 2Q 2023). Net loss: €2.74m (loss narrowed 17% from 2Q 2023). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Electrical industry in Europe. New Risk • Jul 01
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: -€8.2m 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 Risk Less than 1 year of cash runway based on free cash flow trend (-€8.2m free cash flow). Minor Risk Significant insider selling over the past 3 months (Kč865k sold). Recent Insider Transactions • Jun 13
Co-Founder recently sold Kč645k worth of stock On the 6th of June, Michael Gartner sold around 15k shares on-market at roughly Kč43.01 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Michael has been a net seller over the last 12 months, reducing personal holdings by Kč865k. Recent Insider Transactions • May 29
Co-Founder recently sold Kč220k worth of stock On the 27th of May, Michael Gartner sold around 3k shares on-market at roughly Kč63.76 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Reported Earnings • May 19
First quarter 2024 earnings released: €0.021 loss per share (vs €0.081 loss in 1Q 2023) First quarter 2024 results: €0.021 loss per share (improved from €0.081 loss in 1Q 2023). Revenue: €17.5m (down 9.3% from 1Q 2023). Net loss: €1.29m (loss narrowed 69% from 1Q 2023). Revenue is forecast to grow 41% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • May 05
Photon Energy N.V., Annual General Meeting, Jun 14, 2024 Photon Energy N.V., Annual General Meeting, Jun 14, 2024, at 10:30 Central European Standard Time. Location: Barbara Strozzilaan 201 Amsterdam Netherlands Agenda: To consider the annual report 2023 and approval of the annual financial statements and allocation of the result; to grant discharge to the members of the Management Board of the Company; to grant discharge to the members of the Supervisory Board of the Company; to appoint the members of the Management Board proposal to re-appoint Mr. Hotar and to appoint Mr. Forth to the Management Board; to approve he amendments to the Remuneration Policy; to appoint Price water house Coopers as auditor for the financial year 2024; to grant authorization to the Management Board to acquire shares in the share capital of the Company; and to consider and approve other matters of business. Reported Earnings • Nov 16
Third quarter 2023 earnings released Third quarter 2023 results: Net income: €5.28m (down 13% from 3Q 2022). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. New Risk • Aug 20
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: -€31m 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 Risk Less than 1 year of cash runway based on free cash flow trend (-€31m free cash flow). Minor Risk Shareholders have been diluted in the past year (6.0% increase in shares outstanding). Reported Earnings • Aug 17
Second quarter 2023 earnings released: €0.049 loss per share (vs €0.036 profit in 2Q 2022) Second quarter 2023 results: €0.049 loss per share (down from €0.036 profit in 2Q 2022). Revenue: €21.2m (down 9.0% from 2Q 2022). Net loss: €3.28m (down 261% from profit in 2Q 2022). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • May 12
Photon Energy N.V. Announces Departure of Andrej Horansky as Group Chief Financial Officer Photon Energy N.V. announced the departure of Andrej Horansky from his position as Group CFO. The Group’s CEO Georg Hotar will assume CFO responsibilities on an interim basis until a new Group CFO is appointed, with the recruitment process to be initiated soon. Georg Hotar previously held the CFO position from the Company’s formation in 2008 until 2011 and has been actively involved in the Group’s capital markets and project financing activities as well as financial strategy and investors’ relations since his appointment as CEO in 2011. Reported Earnings • Feb 19
Full year 2022 earnings released: EPS: €0.05 (vs €0.12 loss in FY 2021) Full year 2022 results: EPS: €0.05 (up from €0.12 loss in FY 2021). Revenue: €94.2m (up 159% from FY 2021). Net income: €2.83m (up €9.24m from FY 2021). Profit margin: 3.0% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Dec 24
Photon Energy N.V. (WSE:PEN) acquired 43.25% stake in Lerta Sp. z oo for approximately PLN80 million. Photon Energy N.V. (WSE:PEN) acquired 43.25% stake in Lerta Sp. z oo for approximately PLN80 million on December 22, 2022. The Group acquired 7,449,750 shares in the transaction, representing 43.25% of Lerta’s equity, for a combination of a PLN 2.16 million cash consideration, the transfer of 2,330,110 treasury shares in Photon Energy N.V. and 1,238,521 Photon Energy N.V. shares to be newly issued in an in-kind contribution expected to close in Q1 2023. As of 31 December 2022, Photon Energy N.V. will hold 85.62% of Lerta’s shares and gain 100% ownership following the completion of the in-kind contribution. Upon the completion of the transaction, the Founders will jointly hold approximately 5.78% of Photon Energy N.V.’s fully issued share capital. The Founders are subject to a lock-up on their Photon Energy N.V. shares and have provided representations and warranties commensurate with this type of transaction. The Founders will be subject to an earn-out and management incentive plan which will entitle them to a maximum of 2,383,846 additional Photon Energy N.V. shares, subject to the achievement of an Economic Value Added of at least EUR 10 million by the New Energy Division in the financial year 2025.
Photon Energy N.V. (WSE:PEN) completed the acquisition of 43.25% stake in Lerta Sp. z oo on December 22, 2022. Recent Insider Transactions • Dec 23
Co-Founder recently sold Kč14m worth of stock On the 15th of December, Georg Hotar sold around 224k shares on-market at roughly Kč64.00 per share. This transaction amounted to 1.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Georg's only on-market trade for the last 12 months. Announcement • Nov 26
Photon Energy N.V. (WSE:PEN) acquired an additional 32.75% stake in Lerta Sp. z oo from Valuetech Seed Fund, PGE Ventures Sp.z o.o. and Newberg for €6.9 million. Photon Energy N.V. (WSE:PEN) acquired an additional 32.75% stake in Lerta Sp. z oo from Valuetech Seed Fund, PGE Ventures Sp.z o.o. and Newberg for €6.9 million on November 25, 2022.
Photon Energy N.V. (WSE:PEN) completed the acquisition of an additional 32.75% stake in Lerta Sp. z oo from Valuetech Seed Fund, PGE Ventures Sp.z o.o. and Newberg on November 25, 2022. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: €0.11 (vs €0.026 loss in 3Q 2021) Third quarter 2022 results: EPS: €0.11 (up from €0.026 loss in 3Q 2021). Revenue: €35.4m (up 247% from 3Q 2021). Net income: €6.04m (up €7.48m from 3Q 2021). Profit margin: 17% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: €0.11 (vs €0.026 loss in 3Q 2021) Third quarter 2022 results: EPS: €0.11 (up from €0.026 loss in 3Q 2021). Revenue: €35.4m (up 247% from 3Q 2021). Net income: €6.04m (up €7.48m from 3Q 2021). Profit margin: 17% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: €0.035 (vs €0.016 loss in 2Q 2021) Second quarter 2022 results: EPS: €0.035 (up from €0.016 loss in 2Q 2021). Revenue: €23.2m (up 136% from 2Q 2021). Net income: €2.04m (up €2.87m from 2Q 2021). Profit margin: 8.8% (up from net loss in 2Q 2021). Over the next year, revenue is forecast to grow 55%, compared to a 12% growth forecast for the industry in Czech Republic. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 59% per year, which means it is well ahead of earnings. Announcement • Aug 12
Photon Energy N.V. Revises Revenue Guidance for the Full Year 2022 Photon Energy N.V. revised revenue guidance for the full year 2022. For the year, the company expects revenue of EUR 85 million from the previously communicated EUR 65 million (up 133.8% YoY). Announcement • Jul 14
Photon Energy N.V. Reconfirms Earnings Guidance for the Remainder of 2022 Photon Energy N.V. reconfirmed earnings guidance for the remainder of 2022. Based on energy price forecasts for the remainder of 2022, the Company reconfirms its financial guidance for consolidated revenues in 2022 to increase to EUR 65.0 million from EUR 36.4 million in 2021, representing a 78.8% increase YoY, leading to an increase of EBITDA to EUR 18.0 million from EUR 9.6 million in 2021 (+87.8% YoY). 
