Announcement • Mar 03
Valoe Corporation Announces Board Changes Valoe Corporation announced that Ville Parpola, Member of the Board Tuomas Honkamäki, Authorized Public Accountant, and Iikka Savisalo, Managing Director, have resigned from the Board of Valoe. Additionally, the Board agreed with Iikka Savisalo about his termination as the Managing Director of Valoe. Hannu Savisalo, Industrial Counsellor, will continue as the Chairman of the Board. Announcement • Dec 20
Valoe Oyj, Annual General Meeting, May 30, 2025 Valoe Oyj, Annual General Meeting, May 30, 2025. Major Estimate Revision • Nov 17
Consensus revenue estimates fall by 38% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €2.60m to €1.60m. Forecast losses increased from -€1.95 to -€2.27 per share. Semiconductor industry in Finland expected to see average net income decline 2.7% next year. Consensus price target down from €0.80 to €0.70. Share price fell 28% to €0.78 over the past week. New Risk • Nov 05
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 51% 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 Less than 1 year of cash runway based on free cash flow trend (-€3.7m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Negative equity (-€6.7m). Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Market cap is less than US$10m (€3.29m market cap, or US$3.53m). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€959k net loss in 3 years). Revenue is less than US$5m (€1.7m revenue, or US$1.8m). Board Change • Oct 01
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. 1 experienced director. 3 highly experienced directors. Independent Member of the Board Tuomas Honkamaki was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Aug 31
Consensus EPS estimates upgraded to €0.011 loss, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from €2.80m to €2.60m. 2023 losses expected to reduce from -€0.016 to -€0.011 per share. Semiconductor industry in Finland expected to see average net income growth of 8.8% next year. Consensus price target down from €0.02 to €0.01. Share price fell 7.1% to €0.016 over the past week. Reported Earnings • Aug 28
First half 2023 earnings released: €0.01 loss per share (vs €0.01 loss in 1H 2022) First half 2023 results: €0.01 loss per share (in line with 1H 2022). Revenue: €910.0k (up 84% from 1H 2022). Net loss: €3.23m (loss narrowed 12% from 1H 2022). Revenue is forecast to grow 62% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. New Risk • Aug 20
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.12m (US$8.83m) 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 Less than 1 year of cash runway based on free cash flow trend (-€2.9m free cash flow). Share price has been highly volatile over the past 3 months (9.1% average weekly change). Negative equity (-€6.3m). Market cap is less than US$10m (€8.12m market cap, or US$8.83m). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€1.4m net loss in 3 years). Shareholders have been diluted in the past year (30% increase in shares outstanding). Revenue is less than US$5m (€1.3m revenue, or US$1.4m). Announcement • Jul 18
Valoe Appoints New Management Team Valoe Corporation appointed the following new members to the Company’s Management Team: Tuukka Savisalo, Teemu Pulkkinen and Matts Kempe. Of the former members, CEO Iikka Savisalo, Chairman of the Management Team, CFO Seija Kurki and Senior Vice President Jose Basso, who is responsible for Valoe’s solar cell business, continue in the Management Team. Tuukka Savisalo, b. in 1974, Ph.D., is Valoe’s Chief Technology Officer. He is responsible for the research and development of new products and technologies. Tuukka Savisalo has been working for Valoe since 2010. Before joining the Company, he gained several years of experience in industrial production, managing Savcor factories in the USA, Mexico and Hungary. Teemu Pulkkinen, b. in 1978, has been working for Valoe since 2013 in production management. Before joining Valoe, he worked in several international positions in the Savcor Group, where he was responsible for, e.g., production at Savcor's factories in China. Currently, Teemu Pulkkinen is responsible for Valoe’s solar module systems and the OddForm business. Matts Kempe, b. in 1969, has a Master of Science in Agriculture and Forestry. He is the Managing Director of ISC Bioheat Oy and has been working with Valoe in sales and marketing since 2019. For the moment, Matts Kempe is responsible for the sales and marketing at Valoe. Breakeven Date Change • May 23
No longer forecast to breakeven The analyst covering Valoe Oyj no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of €1.90m in 2025. New forecast suggests the company will make a loss of €1.30m in 2025. Breakeven Date Change • Feb 25
No longer forecast to breakeven The analyst covering Valoe Oyj no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of €1.90m in 2025. New forecast suggests the company will make a loss of €1.30m in 2025. Reported Earnings • Feb 24
Full year 2022 earnings released: €0.02 loss per share (vs €0.015 loss in FY 2021) Full year 2022 results: €0.02 loss per share (further deteriorated from €0.015 loss in FY 2021). Revenue: €1.31m (down 39% from FY 2021). Net loss: €7.67m (loss widened 61% from FY 2021). Revenue is forecast to grow 78% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Buying Opportunity • Jan 27
Now 28% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be €0.057, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Earnings per share has grown by 103%. For the next 3 years, revenue is forecast to grow by 76% per annum. Earnings is also forecast to grow by 31% per annum over the same time period. Announcement • Dec 21
Valoe Corporation Revises Earnings Guidance for the Financial Year 2022 Valoe Corporation revised earnings guidance for the financial year 2022. In the revised guidance, the company expects Valoe Group’s net sales for the financial year 2022 will decrease. The net sales for 2022 is estimated to be approximately EUR 1.2 – 1.4 million. Previously the company expected Valoe Group’s net sales for the financial year 2022 to increase clearly. Price Target Changed • Nov 19
Price target decreased to €0.05 Down from €0.06, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €0.05. Stock is down 46% over the past year. The company is forecast to post a net loss per share of €0.019 next year compared to a net loss per share of €0.015 last year. Announcement • Nov 17
Valoe Corporation Provides Earnings Guidance for the Financial Year 2022 Valoe Corporation provided earnings guidance for the financial year 2022. For the year, the company's net sales will clearly increase and loss at the EBITDA level will decrease compared to the previous year. Reported Earnings • Aug 25
First half 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First half 2022 results: €0.01 loss per share (vs €0.01 loss in 1H 2021). Revenue: €494.0k (down 60% from 1H 2021). Net loss: €3.65m (loss widened 47% from 1H 2021). Revenue missed analyst estimates by 97%. Earnings per share (EPS) exceeded analyst estimates by 100%. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Aug 25
Valoe Corporation Provides Earnings Guidance for the Financial Year 2022 Valoe Corporation provided earnings guidance for the financial year 2022. For the year, the company's net sales will clearly increase and loss at the EBITDA level will decrease compared to the previous year. Announcement • Aug 12
Valoe Oyj announced that it has received €3 million in funding On August 10, 2022, Valoe Oyj closed the transaction. Announcement • May 25
Valoe Corporation Provides Financial Guidance for the Financial Year 2022 Valoe Corporation provided financial guidance for the financial year 2022. The company expects net sales for the financial year 2022 will clearly increase. Reported Earnings • Feb 24
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: €0.02 loss per share (up from €0.027 loss in FY 2020). Revenue: €2.15m (up 33% from FY 2020). Net loss: €4.78m (loss narrowed 3.0% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 43% per year, which means it is significantly lagging earnings. Announcement • Feb 24
Valoe Oyj Provides Earnings Guidance for 2022 Valoe Oyj provided earnings guidance for 2022. For the period, the company expects net sales will clearly increase and loss at the EBITDA level will decrease compared to the previous year. Announcement • May 21
Valoe Oyj Provides Earnings Guidance for the Year 2021 Valoe Oyj provided earnings guidance for the year 2021. For the year the company expected that the company’s market outlook remains unchanged as it aims for growth in the financial year 2021. The restrictions and other effects of the coronavirus pandemic make it challenging to assess the market situation, and thus the company does not provide guidance for its net sales for 2021. Announcement • May 19
Valoe Corporation Not Provides Guidance of 2021 The restrictions and other effects of the coronavirus pandemic make it challenging to assess the market situation, and thus Valoe Corporation does not provide guidance for its net sales for 2021. Reported Earnings • Feb 25
Full year 2020 earnings released: €0.03 loss per share (vs €0.14 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: €1.62m (up 394% from FY 2019). Net loss: €4.92m (loss narrowed 15% from FY 2019). Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has fallen by 51% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 12
Third quarter 2020 earnings released: €0.01 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: €371.0k (up 331% from 3Q 2019). Net loss: €1.37m (loss narrowed 4.7% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 64% per year, which means it is significantly lagging earnings. Announcement • Nov 11
Valoe Corporation Lowers Earnings Guidance for 2020 Valoe Corporation lowered earnings guidance for 2020. Valoe estimates that Valoe Group’s net sales for 2020 will be EUR 1.5 million to EUR 1.8 million. The company has previously estimated that Valoe Group’s net sales for 2020 will be EUR 2.1 million and Valoe Group’s operative cash flow will turn positive on a monthly basis during the first quarter of 2021, provided that Covid-19 does not, directly or indirectly, further delay the start of mass production of solar cells at the Lithuanian plant and the start of full-scale deliveries. Announcement • Oct 01
Valoe Oyj has completed a Follow-on Equity Offering in the amount of €0.85 million. Valoe Oyj has completed a Follow-on Equity Offering in the amount of €0.85 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 15,740,738
Price\Range: €0.054
Transaction Features: Subsequent Direct Listing 
