New Risk • Mar 14
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: ₩7.5b (US$5.0m) 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 Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (₩55b net loss in 2 years). Share price has been volatile over the past 3 months (13% average weekly change). Revenue is less than US$5m (₩7.5b revenue, or US$5.0m). Announcement • Mar 14
Voronoi, Inc., Annual General Meeting, Mar 30, 2026 Voronoi, Inc., Annual General Meeting, Mar 30, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 32, songdogwahak-ro, yeonsu-gu, incheon South Korea New Risk • Apr 21
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 32% 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 Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings are forecast to decline by an average of 32% per year for the foreseeable future. Revenue is less than US$1m. Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (₩102b net loss in 3 years). Announcement • Mar 13
Voronoi, Inc., Annual General Meeting, Mar 28, 2025 Voronoi, Inc., Annual General Meeting, Mar 28, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 32, songdogwahak-ro, yeonsu-gu, incheon South Korea 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 South Korean stocks, typically moving 13% 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 (13% average weekly change). Revenue is less than US$1m. Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (₩37b net loss in 2 years). New Risk • Nov 21
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% 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 Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (₩35b net loss in 2 years). Shareholders have been diluted in the past year (6.1% increase in shares outstanding). New Risk • Sep 17
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 Risks No financial data reported. Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (41% increase in shares outstanding). New Risk • Aug 05
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 South Korean 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). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (₩32b net loss in 2 years). Shareholders have been diluted in the past year (20% increase in shares outstanding). New Risk • Jun 14
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 South Korean stocks, typically moving 7.5% 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 Risk Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (₩32b net loss in 2 years). Share price has been volatile over the past 3 months (7.5% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Reported Earnings • Nov 19
Third quarter 2023 earnings released: ₩437 loss per share (vs ₩109 profit in 3Q 2022) Third quarter 2023 results: ₩437 loss per share (down from ₩109 profit in 3Q 2022). Net loss: ₩6.62b (down ₩8.11b from profit in 3Q 2022). Revenue is forecast to grow 108% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Biotechs industry in South Korea. New Risk • Oct 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% 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 Less than 1 year of cash runway based on free cash flow trend (-₩20b free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings are forecast to decline by an average of 10% per year for the foreseeable future. Minor Risks Less than 3 years of financial data is available. Currently unprofitable and not forecast to become profitable over next 2 years (₩30b net loss in 2 years). Shareholders have been diluted in the past year (13% increase in shares outstanding). Announcement • Sep 07
Voronoi, Inc. has completed a Follow-on Equity Offering in the amount of KRW 61.28976 billion. Voronoi, Inc. has completed a Follow-on Equity Offering in the amount of KRW 61.28976 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 1,287,600
Price\Range: KRW 47600
Discount Per Security: KRW 665.6
Transaction Features: Rights Offering New Risk • Sep 01
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: -₩20b 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 (-₩20b free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings are forecast to decline by an average of 10% per year for the foreseeable future. Minor Risks Less than 3 years of financial data is available. Currently unprofitable and not forecast to become profitable over next 2 years (₩30b net loss in 2 years).