Announcement • May 21
Adeunis Société anonyme, Annual General Meeting, Jun 25, 2026 Adeunis Société anonyme, Annual General Meeting, Jun 25, 2026. Location: crolles France New Risk • May 05
New major risk - Negative shareholders equity The company has negative equity. Total equity: -€1.6m 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 Share price has been highly volatile over the past 3 months (20% average weekly change). Negative equity (-€1.6m). Earnings have declined by 44% per year over the past 5 years. Market cap is less than US$10m (€3.70m market cap, or US$4.33m). New Risk • Mar 23
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 12% 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 (12% average weekly change). Earnings have declined by 51% per year over the past 5 years. Market cap is less than US$10m (€3.18m market cap, or US$3.69m). Announcement • May 22
Adeunis Société anonyme, Annual General Meeting, Jun 26, 2025 Adeunis Société anonyme, Annual General Meeting, Jun 26, 2025. Location: 283 rue louis neel, parc technologique pre roux, crolles France Reported Earnings • May 09
Full year 2024 earnings released: €0.41 loss per share (vs €0.82 loss in FY 2023) Full year 2024 results: €0.41 loss per share (improved from €0.82 loss in FY 2023). Revenue: €6.16m (up 17% from FY 2023). Net loss: €956.0k (loss narrowed 49% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 39% per year, which means it has not declined as severely as earnings. New Risk • Apr 13
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 101% 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 (19% average weekly change). Revenue has declined by 19% over the past year. Shareholders have been substantially diluted in the past year (101% increase in shares outstanding). Market cap is less than US$10m (€2.48m market cap, or US$2.81m). Minor Risk Latest financial reports are more than 6 months old (reported March 2024 fiscal period end). New Risk • Mar 31
New major risk - Revenue and earnings growth Revenue has declined by 19% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 (17% average weekly change). Revenue has declined by 19% over the past year. Market cap is less than US$10m (€1.37m market cap, or US$1.48m). Minor Risk Latest financial reports are more than 6 months old (reported March 2024 fiscal period end). New Risk • Feb 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 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 (19% average weekly change). Market cap is less than US$10m (€1.71m market cap, or US$1.80m). Minor Risk Latest financial reports are more than 6 months old (reported March 2024 fiscal period end). Announcement • Aug 22
Adeunis Société anonyme, Annual General Meeting, Sep 26, 2024 Adeunis Société anonyme, Annual General Meeting, Sep 26, 2024. Location: 283 rue louis neel, parc technologique pre roux, crolles France New Risk • Aug 12
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 6.8% 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 Latest financial reports are more than 1 year old (reported March 2023 fiscal period end). Revenue has declined by 2.8% over the past year. Market cap is less than US$10m (€1.15m market cap, or US$1.26m). Minor Risk Share price has been volatile over the past 3 months (6.8% average weekly change). New Risk • Jul 28
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended March 2023. 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 March 2023 fiscal period end). Revenue has declined by 2.8% over the past year. Market cap is less than US$10m (€1.04m market cap, or US$1.13m). New Risk • Mar 31
New major risk - Revenue and earnings growth Revenue has declined by 2.8% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 (18% average weekly change). Revenue has declined by 2.8% over the past year. Market cap is less than US$10m (€900.3k market cap, or US$971.5k). Minor Risk Latest financial reports are more than 6 months old (reported March 2023 fiscal period end). New Risk • Feb 13
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 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 Risks Share price has been highly volatile over the past 3 months (27% average weekly change). Market cap is less than US$10m (€925.4k market cap, or US$997.0k). Minor Risk Latest financial reports are more than 6 months old (reported March 2023 fiscal period end). New Risk • Jan 26
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 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 September 2022 fiscal period end). Share price has been highly volatile over the past 3 months (21% average weekly change). Market cap is less than US$10m (€578.2k market cap, or US$628.7k). New Risk • Jul 28
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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 Risk Market cap is less than US$10m (€3.14m market cap, or US$3.46m). Minor Risk Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Reported Earnings • Jan 23
First half 2023 earnings released First half 2023 results: Revenue: €2.68m (up 3.8% from 1H 2022). Net loss: €409.0k (loss widened 41% from 1H 2022). 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. 5 non-independent directors. Director Jean Baudouin was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 22
Full year 2022 earnings released Full year 2022 results: Revenue: €6.15b (up €6.14b from FY 2021). Net loss: €397.0m (loss widened €396.5m from FY 2021). 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. 5 non-independent directors. Director Jean Baudouin was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jan 26
First half 2022 earnings: Revenues miss analyst expectations First half 2022 results: Revenue: €2.58m (up 27% from 1H 2021). Net loss: €290.0k (loss narrowed 54% from 1H 2021). Revenue missed analyst estimates by 53%. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 23
Full year 2021 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: €5.31m (down 40% from FY 2020). Net loss: €466.0k (down 137% from profit in FY 2020). Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improved over the past week After last week's 25% share price gain to €3.15, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 35x in the Communications industry in Europe. Total loss to shareholders of 66% over the past three years. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €2.49, the stock is trading at a trailing P/E ratio of 4.5x, down from the previous P/E ratio of 5.3x. This compares to an average P/E of 36x in the Communications industry in France. Total return to shareholders over the past three years is a loss of 72%. Is New 90 Day High Low • Jan 04
New 90-day high: €3.13 The company is up 19% from its price of €2.64 on 06 October 2020. The French market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is up 8.0% over the same period. Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment improved over the past week After last week's 17% share price gain to €2.96, the stock is trading at a trailing P/E ratio of 5.3x, up from the previous P/E ratio of 4.5x. This compares to an average P/E of 33x in the Communications industry in France. Total return to shareholders over the past three years is a loss of 69%. Valuation Update With 7 Day Price Move • Nov 30
Market bids up stock over the past week After last week's 15% share price gain to €3.02, the stock is trading at a trailing P/E ratio of 5.4x, up from the previous P/E ratio of 4.7x. This compares to an average P/E of 36x in the Communications industry in France. Total return to shareholders over the past three years is a loss of 67%. Is New 90 Day High Low • Oct 29
New 90-day low: €2.15 The company is down 21% from its price of €2.72 on 30 July 2020. The French market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is up 2.0% over the same period. Valuation Update With 7 Day Price Move • Oct 29
Market pulls back on stock over the past week After last week's 26% share price decline to €2.15, the stock is trading at a trailing P/E ratio of 3.8x, down from the previous P/E ratio of 5.2x. This compares to an average P/E of 34x in the Communications industry in France. Total return to shareholders over the past three years is a loss of 74%.