Board Change • May 20
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Genevieve Blanc was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Apr 12
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (27% average weekly change). Negative equity (-€2.1m). Earnings have declined by 26% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Market cap is less than US$10m (€22.6k market cap, or US$26.5k). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Board Change • Mar 13
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Genevieve Blanc was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Aug 28
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: -€1.4m 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 (-€1.4m free cash flow). Share price has been highly volatile over the past 3 months (46% average weekly change). Negative equity (-€1.6m). Earnings have declined by 11% per year over the past 5 years. Shareholders have been substantially diluted in the past year (339% increase in shares outstanding). Market cap is less than US$10m (€428.1k market cap, or US$499.6k). Announcement • Aug 21
Cabasse Société anonyme announced that it has received €0.089074 million in funding from VEOM Group On August 20, 2025, Cabasse Société anonyme closed the transaction. New Risk • Jun 26
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 85% 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 (-€1.4m free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Negative equity (-€1.6m). Earnings have declined by 11% per year over the past 5 years. Shareholders have been substantially diluted in the past year (85% increase in shares outstanding). Market cap is less than US$10m (€376.7k market cap, or US$441.4k). Announcement • May 20
Cabasse Société anonyme, Annual General Meeting, Jun 24, 2025 Cabasse Société anonyme, Annual General Meeting, Jun 24, 2025. Location: 93 place pierre duhem, montpellier France Reported Earnings • Apr 27
Full year 2024 earnings released Full year 2024 results: Revenue: €6.73m (down 33% from FY 2023). Net loss: €2.56m (loss widened 100% from FY 2023). New Risk • Apr 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (34% average weekly change). Negative equity (-€52k). Earnings have declined by 5.5% per year over the past 5 years. Shareholders have been substantially diluted in the past year (72% increase in shares outstanding). Market cap is less than US$10m (€999.8k market cap, or US$1.13m). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). New Risk • Jan 30
New major risk - Revenue and earnings growth Earnings have declined by 5.5% 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 (16% average weekly change). Negative equity (-€52k). Earnings have declined by 5.5% per year over the past 5 years. Shareholders have been substantially diluted in the past year (72% increase in shares outstanding). Market cap is less than US$10m (€937.4k market cap, or US$974.6k). New Risk • Jan 10
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 French stocks, typically moving 15% 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Negative equity (-€52k). Shareholders have been substantially diluted in the past year (72% increase in shares outstanding). Market cap is less than US$10m (€1.50m market cap, or US$1.54m). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (€1.2m net loss in 2 years). New Risk • Nov 25
New major risk - Negative shareholders equity The company has negative equity. Total equity: -€52k This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Negative equity (-€52k). Shareholders have been substantially diluted in the past year (72% increase in shares outstanding). Market cap is less than US$10m (€1.50m market cap, or US$1.56m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€1.2m net loss in 2 years). Share price has been volatile over the past 3 months (7.1% average weekly change). Major Estimate Revision • Nov 16
Consensus revenue estimates fall by 25% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €9.20m to €6.90m. Forecast losses increased from -€0.53 to -€1.02 per share. Consumer Durables industry in France expected to see average net income growth of 6.1% next year. Consensus price target down from €1.20 to €0.70. Share price fell 26% to €0.96 over the past week. New Risk • Nov 15
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 French stocks, typically moving 6.4% 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: Major Risks Shareholders have been substantially diluted in the past year (72% increase in shares outstanding). Market cap is less than US$10m (€1.98m market cap, or US$2.09m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€1.2m net loss in 2 years). Share price has been volatile over the past 3 months (6.4% average weekly change). Reported Earnings • Sep 29
First half 2024 earnings released First half 2024 results: Revenue: €3.61m (down 17% from 1H 2023). Net loss: €1.03m (loss narrowed 19% from 1H 2023). Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Consumer Durables industry in France. Price Target Changed • Jul 26
Price target decreased by 22% to €1.80 Down from €2.30, the current price target is provided by 1 analyst. New target price is 15% above last closing price of €1.57. Stock is down 75% over the past year. Major Estimate Revision • Jul 26
Consensus revenue estimates fall by 15% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €10.9m to €9.20m. Forecast losses increased from -€0.41 to -€0.52 per share. Consumer Durables industry in France expected to see average net income growth of 4.1% next year. Consensus price target down from €2.30 to €1.80. Share price was steady at €1.57 over the past week. New Risk • Jun 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.7% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Earnings are forecast to decline by an average of 1.7% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (72% increase in shares outstanding). Market cap is less than US$10m (€3.88m market cap, or US$4.16m). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (€200k net loss in 3 years). New Risk • May 28
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 72% 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 Latest financial reports are more than 1 year old (reported December 2022 fiscal period end). Shareholders have been substantially diluted in the past year (72% increase in shares outstanding). Market cap is less than US$10m (€3.85m market cap, or US$4.19m). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (€500k net loss in 3 years). Announcement • May 15
Cabasse Société anonyme, Annual General Meeting, Jun 21, 2024 Cabasse Société anonyme, Annual General Meeting, Jun 21, 2024. Location: 93 place pierre duhem, montpellier France New Risk • Apr 28
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2022. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2022 fiscal period end). Market cap is less than US$10m (€2.35m market cap, or US$2.51m). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (€500k net loss in 3 years). Announcement • Mar 01
Cabasse Société anonyme has filed a Follow-on Equity Offering in the amount of €1.923295 million. Cabasse Société anonyme has filed a Follow-on Equity Offering in the amount of €1.923295 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 1,028,500
Price\Range: €1.87
Transaction Features: Rights Offering New Risk • Nov 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Revenue has declined by 8.6% over the past year. Market cap is less than US$10m (€3.60m market cap, or US$3.91m). Minor Risk Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). 
