New Risk • Mar 09
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 Shareholders have been substantially diluted in the past year (42% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (7.8% average weekly change). Revenue is less than US$5m (US$3.5m revenue). Market cap is less than US$100m (₪93.7m market cap, or US$30.4m). New Risk • Feb 04
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 Israeli stocks, typically moving 7.8% 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 (7.8% average weekly change). Shareholders have been substantially diluted in the past year (43% increase in shares outstanding). Minor Risks Revenue is less than US$5m (US$3.5m revenue). Market cap is less than US$100m (₪86.1m market cap, or US$27.9m). New Risk • Nov 22
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 36% 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 Risk Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Revenue is less than US$5m (US$3.5m revenue). Market cap is less than US$100m (₪91.7m market cap, or US$28.0m). New Risk • Aug 23
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: US$3.5m This is considered a minor risk. Companies with a small amount of revenue 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 Risk Share price has been highly volatile over the past 3 months (9.0% average weekly change). Minor Risks Shareholders have been diluted in the past year (24% increase in shares outstanding). Revenue is less than US$5m (US$3.5m revenue). Market cap is less than US$100m (₪86.8m market cap, or US$25.8m). Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ₪3.52, the stock trades at a trailing P/E ratio of 34.7x. Average trailing P/E is 20x in the Software industry in Israel. Total loss to shareholders of 45% over the past three years. Announcement • Jun 04
Tectona Ltd, Annual General Meeting, Jul 07, 2025 Tectona Ltd, Annual General Meeting, Jul 07, 2025. Location: company offices, Israel Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₪3.11, the stock trades at a trailing P/E ratio of 28.1x. Average trailing P/E is 20x in the Software industry in Israel. Total loss to shareholders of 69% over the past three years. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₪2.40, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 20x in the Software industry in Israel. Total loss to shareholders of 81% over the past three years. Reported Earnings • Mar 29
Full year 2024 earnings released: EPS: US$0.04 (vs US$0.038 in FY 2023) Full year 2024 results: EPS: US$0.04 (up from US$0.038 in FY 2023). Revenue: US$5.85m (up 45% from FY 2023). Net income: US$711.0k (up 1.7% from FY 2023). Profit margin: 12% (down from 17% in FY 2023). The decrease in margin was driven by higher expenses. 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 40% per year, which means it is significantly lagging earnings. New Risk • Mar 08
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 High level of non-cash earnings (80% accrual ratio). Shareholders have been substantially diluted in the past year (43% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (8.5% average weekly change). Revenue is less than US$5m (US$4.8m revenue). Market cap is less than US$100m (₪84.6m market cap, or US$23.4m). New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 42% 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 (11% average weekly change). High level of non-cash earnings (80% accrual ratio). Shareholders have been substantially diluted in the past year (42% increase in shares outstanding). Minor Risks Revenue is less than US$5m (US$4.8m revenue). Market cap is less than US$100m (₪106.2m market cap, or US$29.3m). Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₪4.70, the stock trades at a trailing P/E ratio of 29.3x. Average trailing P/E is 14x in the Software industry in Israel. Total loss to shareholders of 69% over the past three years. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₪5.14, the stock trades at a trailing P/E ratio of 25.2x. Average trailing P/E is 18x in the Software industry in Israel. Total loss to shareholders of 63% over the past three years. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₪3.89, the stock trades at a trailing P/E ratio of 19.2x. Average trailing P/E is 17x in the Software industry in Israel. Total loss to shareholders of 76% over the past three years. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₪3.67, the stock trades at a trailing P/E ratio of 18.2x. Average trailing P/E is 16x in the Software industry in Israel. Total loss to shareholders of 72% over the past three years. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₪1.01, the stock trades at a trailing P/E ratio of 36.8x. Average trailing P/E is 15x in the Software industry in Israel. Total loss to shareholders of 65% over the past three years. Board Change • Aug 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. 5 experienced directors. No highly experienced directors. External Independent Director Ahud Lavie was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₪1.16, the stock trades at a trailing P/E ratio of 42.3x. Average trailing P/E is 14x in the Software industry in Israel. Total loss to shareholders of 76% over the past three years. New Risk • Apr 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% 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 Risks Share price has been highly volatile over the past 3 months (27% average weekly change). High level of non-cash earnings (124% accrual ratio). Minor Risks Shareholders have been diluted in the past year (17% increase in shares outstanding). Revenue is less than US$5m (US$4.0m revenue). Market cap is less than US$100m (₪100.9m market cap, or US$26.8m). Announcement • Apr 10
Tectona Ltd, Annual General Meeting, May 19, 2024 Tectona Ltd, Annual General Meeting, May 19, 2024, at 11:00 Israel Standard Time. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₪1.39, the stock trades at a trailing P/E ratio of 43.3x. Average trailing P/E is 13x in the Software industry in Israel. Total loss to shareholders of 76% over the past three years. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 268% After last week's 268% share price gain to ₪1.61, the stock trades at a trailing P/E ratio of 51.1x. Average trailing P/E is 13x in the Software industry in Israel. Total loss to shareholders of 72% over the past three years. Reported Earnings • Mar 13
Full year 2023 earnings released: EPS: US$0.01 (vs US$0.14 loss in FY 2022) Full year 2023 results: EPS: US$0.01 (up from US$0.14 loss in FY 2022). Revenue: US$4.04m (up 44% from FY 2022). Net income: US$699.0k (up US$12.2m from FY 2022). Profit margin: 17% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 54% per year, which means it is significantly lagging earnings. New Risk • Mar 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₪35.8m (US$9.99m) 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 (-US$5.1m free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 40% per year over the past 5 years. Market cap is less than US$10m (₪35.8m market cap, or US$9.99m). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Revenue is less than US$5m (US$4.1m revenue). New Risk • Feb 24
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 Risks Less than 1 year of cash runway based on free cash flow trend (-US$5.1m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 40% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Revenue is less than US$5m (US$4.1m revenue). Market cap is less than US$100m (₪38.4m market cap, or US$10.6m). Board Change • Nov 16
Less than half of directors are independent There are 3 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Director Nor Bronstein is the most experienced director on the board, commencing their role in 2021. External Independent Director Yael Andoran was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Reported Earnings • Sep 04
First half 2022 earnings released: US$0.10 loss per share (vs US$0.52 loss in 1H 2021) First half 2022 results: US$0.10 loss per share (up from US$0.52 loss in 1H 2021). Net loss: US$8.44m (loss narrowed 76% from 1H 2021). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 08
New 90-day high: ₪6.52 The company is up 818% from its price of ₪0.71 on 10 November 2020. The Israeli market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 7.0% over the same period. Announcement • Jan 29
WhiteSmoke Software Ltd announced that it expects to receive ILS 30 million in funding from Intergemel Provident Funds and Pension Ltd., KSM Mutual Funds Ltd., and other investors WhiteSmoke Software Ltd (TASE:WSMK) announced a private placement of 8,955,224 common shares at a price of ILS 3.35 per share for gross proceeds of ILS 30,000,000 on January 27, 2021. The transaction will include participation from Intergemel Provident Funds and Pension Ltd. for ILS 8,500,000, The Phoenix for ILS 8,500,000, Yaron Yaakovi for ILS 5,000,000, Zeev Bronfeld and his family for ILS 5,000,000, and KSM Mutual Funds Ltd. for ILS 3,000,000. As a part of the transaction, investors will collectively acquire 17.3% stake in the company. All shares to be issued will be subject to a 6 month hold period. Is New 90 Day High Low • Jan 14
New 90-day high: ₪3.18 The company is up 401% from its price of ₪0.64 on 15 October 2020. The Israeli market is up 25% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 8.0% over the same period. Is New 90 Day High Low • Dec 11
New 90-day high: ₪1.19 The company is up 84% from its price of ₪0.65 on 10 September 2020. The Israeli market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 4.0% over the same period. 