New Risk • May 22
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 Risk Earnings have declined by 26% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Revenue is less than US$5m (€1.5m revenue, or US$1.7m). Market cap is less than US$100m (€24.6m market cap, or US$28.5m). Announcement • Feb 19
Aliko Scientific SA Announces CEO Changes Aliko Scientific SA announces that the Board of Directors has ratified the decision taken by the Shareholders’ General Assembly to appoint Francesco Trisolini as Chief Executive Officer of the Group. Francesco Trisolini previously served as CEO of the Group’s subsidiary Hospitex, where he played a key role in strengthening the company’s industrial positioning and in driving the integration process that led to the creation of Aliko Scientific as an integrated player in oncology diagnostics. The Board of Directors expressed its sincere gratitude to the previous Chief Executive Officer, Mario Crovetto, for his work and for the significant contribution he has made over the years to the Company’s growth and success. Mr. Crovetto will remain a member of the Board of Directors and will assume the role of Chairman of the Audit and Control Committee, ensuring continuity and further strengthening the Group’s governance framework. New Risk • Feb 12
New major risk - Revenue and earnings growth Earnings have declined by 26% 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 Risk Earnings have declined by 26% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Revenue is less than US$5m (€1.5m revenue, or US$1.8m). Market cap is less than US$100m (€25.2m market cap, or US$29.9m). New Risk • Jan 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% 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: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€8.2k net loss in 2 years). Share price has been volatile over the past 3 months (6.8% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Revenue is less than US$5m (€1.5m revenue, or US$1.7m). Market cap is less than US$100m (€24.7m market cap, or US$28.8m). New Risk • Dec 26
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 6.7% 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 (€8.2k net loss in 2 years). Share price has been volatile over the past 3 months (6.7% average weekly change). Shareholders have been diluted in the past year (25% increase in shares outstanding). Revenue is less than US$5m (€1.5m revenue, or US$1.7m). Market cap is less than US$100m (€22.2m market cap, or US$26.2m). New Risk • Dec 11
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: €2.9m Forecast net loss in 2 years: €8.2k 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 (€8.2k net loss in 2 years). Shareholders have been diluted in the past year (25% increase in shares outstanding). Revenue is less than US$5m (€1.5m revenue, or US$1.7m). Market cap is less than US$100m (€21.9m market cap, or US$25.7m). Breakeven Date Change • Sep 29
Forecast breakeven date pushed back to 2027 The analyst covering Ikonisys previously expected the company to break even in 2026. New forecast suggests losses will reduce by 44% per year to 2026. The company is expected to make a profit of €1.00m in 2027. Average annual earnings growth of 76% is required to achieve expected profit on schedule. Announcement • Aug 27
Ikonisys S.A., Annual General Meeting, Sep 30, 2025 Ikonisys S.A., Annual General Meeting, Sep 30, 2025. Location: 11 rue galilee, paris France New Risk • Jun 12
New major risk - Revenue and earnings growth Earnings have declined by 30% 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 Earnings have declined by 30% per year over the past 5 years. Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Revenue is less than US$1m (€472k revenue, or US$547k). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (€22.0m market cap, or US$25.5m). New Risk • May 26
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 Shareholders have been substantially diluted in the past year (34% increase in shares outstanding). Revenue is less than US$1m (€472k revenue, or US$536k). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Currently unprofitable and not forecast to become profitable over next 3 years (€8.2k net loss in 3 years). Market cap is less than US$100m (€22.2m market cap, or US$25.2m). Breakeven Date Change • Apr 30
Forecast breakeven date pushed back to 2027 The analyst covering Ikonisys previously expected the company to break even in 2026. New forecast suggests the company will make a profit of €1.00m in 2027. Average annual earnings growth of 54% is required to achieve expected profit on schedule. Announcement • Apr 27
Ikonisys S.A. to Report Fiscal Year 2024 Results on May 31, 2025 Ikonisys S.A. announced that they will report fiscal year 2024 results at 5:40 PM, Central European Standard Time on May 31, 2025 New Risk • Mar 04
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 32% 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 Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Revenue is less than US$1m (€472k revenue, or US$497k). Minor Risk Market cap is less than US$100m (€19.9m market cap, or US$20.9m). Announcement • Mar 01
Ikonisys S.A. announced that it has received €0.5 million in funding Ikonisys S.A. announced a private placement of common shares for the gross proceeds of €500,000 on February 27, 2025. Announcement • Aug 22
Ikonisys S.A., Annual General Meeting, Sep 25, 2024 Ikonisys S.A., Annual General Meeting, Sep 25, 2024. Location: 11 rue galilee, paris France Major Estimate Revision • Jul 24
Consensus revenue estimates fall by 35% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €4.90m to €3.19m. Forecast loss of -€0.07, down from profit of €0.02 per share profit previously. Medical Equipment industry in France expected to see average net income growth of 25% next year. Consensus price target down from €6.30 to €5.50. Share price was steady at €1.49 over the past week. Breakeven Date Change • Jul 24
Forecast breakeven date pushed back to 2025 The analyst covering Ikonisys previously expected the company to break even in 2024. New forecast suggests losses will reduce by 69% to 2024. The company is expected to make a profit of €600.0k in 2025. Average annual earnings growth of 78% is required to achieve expected profit on schedule. Announcement • Jul 20
Ikonisys S.A. announced that it has received €0.249999 million in funding from CC Holding S.R.L. On July 18, 2024, Ikonisys S.A. closed the transaction. Reported Earnings • Jul 05
Full year 2023 earnings released Full year 2023 results: Net loss: €2.27m (loss narrowed 7.4% from FY 2022). Revenue is forecast to grow 47% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Medical Equipment industry in France. New Risk • May 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. 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 Risk Revenue is less than US$1m (€539k revenue, or US$586k). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (€15.5m market cap, or US$16.8m). Announcement • Dec 29
Ikonisys S.A. announced that it expects to receive €1.000001 million in funding Ikonisys S.A. announced a private placement of 666,667 common shares at a price of €1.5 per share for the gross proceeds of €1,000,001 on December 27, 2023. The transaction has been approved by the shareholders of the company and is expected to close on January 2, 2024. New Risk • Nov 12
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: €2.4m Forecast net loss in 3 years: €750k 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: Major Risk Revenue is less than US$1m (€617k revenue, or US$659k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€750k net loss in 3 years). Share price has been volatile over the past 3 months (7.6% average weekly change). Shareholders have been diluted in the past year (3.2% increase in shares outstanding). Market cap is less than US$100m (€13.6m market cap, or US$14.5m). New Risk • Nov 07
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Shareholders have been diluted in the past year (3.2% increase in shares outstanding). Market cap is less than US$100m (€12.2m market cap, or US$13.1m). Major Estimate Revision • Nov 02
Consensus revenue estimates decrease by 87%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from €3.80m to €500.0k. EPS estimate increased from -€0.21 to -€0.20 per share. Medical Equipment industry in France expected to see average net income growth of 33% next year. Consensus price target of €7.25 unchanged from last update. Share price rose 8.7% to €1.25 over the past week. Breakeven Date Change • Nov 01
Forecast breakeven date pushed back to 2025 The analyst covering Ikonisys previously expected the company to break even in 2024. New forecast suggests losses will reduce by 60% per year to 2024. The company is expected to make a profit of €1.20m in 2025. Average annual earnings growth of 65% is required to achieve expected profit on schedule. Announcement • Aug 04
Ikonisys S.A. announced that it has received €0.5 million in funding Ikonisys S.A. announced that it has entered into an agreement to issue non-convertible note for the gross proceeds of €0.5 million on August 3, 2023. The The note is issued at a price equal to 100% of its par value, and accrues interest at an annual rate of 10%. The duration of the note is 18 months from its date of issuance. The company will have at any time the possibility to redeem the note. Repayment of principal and interest of the note will be made on the maturity date in cash. Breakeven Date Change • Jul 31
Forecast breakeven date pushed back to 2025 The analyst covering Ikonisys previously expected the company to break even in 2024. New forecast suggests the company will make a profit of €1.20m in 2025. Average annual earnings growth of 81% is required to achieve expected profit on schedule. New Risk • Jul 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.2% 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 Revenue is less than US$1m (€617k revenue, or US$670k). Minor Risks Shareholders have been diluted in the past year (3.2% increase in shares outstanding). Market cap is less than US$100m (€16.3m market cap, or US$17.7m). Announcement • Jun 22
Ikonisys SA Announces the First Sale of the Ikoniscope20max Solution Ikonisys SA announced the first successful sale and installation of the Ikoniscope20max, the new configuration of the Ikoniscope20 with a high-volume slide loader. The client is a large volume, specialized urology laboratory, located in the Midwest USA. The Ikoniscope20max allows laboratories to automatically process up to 160 FISH slides without any further human intervention. By way of example, the operator of a laboratory processing hundreds of slides per week could load the full rack of 160 slides on a Friday afternoon and start the scanning. On Monday morning they will find all those slides analyzed and reported. The Ikoniscope20max provides the same performance as the Ikoniscope20 both in terms of speed and accuracy of the results and the instrument has been shown to continue providing better performances if used in combination with Ikonisys optimized FISH reagents. This development follows the timeline presented by the management during the IPO, allowing the company to address a broader market consisting of laboratories that process a very large number of slides per week or that have specific needs in terms of timing. Announcement • Jun 16
Ikonisys S.A. announced that it has received €0.5 million in funding from Cambria Equity Partners, L.P. On June 14, 2023 Ikonisys S.A. closed the transaction. The company issued 303,030 common shares at an issue price of €1.65 per share for gross proceeds of €499,999.50. The transaction included participation from returning investor, Cambria Equity Partners, L.P. for 30,030 shares. along with Italian investors. The transaction has been approved by board of directors of the company. Announcement • Jun 15
Ikonisys S.A., Annual General Meeting, Jun 28, 2023 Ikonisys S.A., Annual General Meeting, Jun 28, 2023, at 14:30 Central European Standard Time. Location: The offices of the Jeantet law firm 11, street Galilée Paris France Price Target Changed • May 23
Price target decreased by 14% to €7.25 Down from €8.45, the current price target is an average from 2 analysts. New target price is 339% above last closing price of €1.65. Stock is down 39% over the past year. Reported Earnings • May 01
Third quarter 2022 earnings released Third quarter 2022 results: Net loss: €713.2k (loss widened 211% from 3Q 2021). Revenue is forecast to grow 48% p.a. on average during the next 4 years, compared to a 4.4% growth forecast for the Medical Equipment industry in France. Major Estimate Revision • Dec 01
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from €1.45m to €1.00m. EPS estimate unchanged from -€0.23 per share at last update. Medical Equipment industry in France expected to see average net income growth of 18% next year. Consensus price target of €8.35 unchanged from last update. Share price was steady at €1.52 over the past week. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Nov 03
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from €1.40m to €1.45m. Forecast EPS reduced from -€0.17 to -€0.22 per share. Medical Equipment industry in France expected to see average net income growth of 19% next year. Consensus price target of €8.35 unchanged from last update. Share price rose 11% to €1.83 over the past week. Reported Earnings • Oct 28
First half 2022 earnings released First half 2022 results: Net loss: €1.02m (loss widened €908.8k from 1H 2021). Revenue is forecast to grow 59% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Medical Equipment industry in France. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 
