New Risk • Feb 28
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 187% Last year net profit margin: 804% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 36% per year over the past 5 years. Revenue is less than US$1m (US$482k revenue). Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (187% net profit margin). Market cap is less than US$100m (kr177.5m market cap, or US$18.7m). Announcement • Feb 12
ADS Maritime Holding Plc, Annual General Meeting, May 28, 2026 ADS Maritime Holding Plc, Annual General Meeting, May 28, 2026. Buy Or Sell Opportunity • Sep 15
Now 21% overvalued Over the last 90 days, the stock has fallen 1.8% to kr2.14. The fair value is estimated to be kr1.78, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has declined by 13%. New Risk • Aug 22
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 Norwegian 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 Earnings have declined by 41% per year over the past 5 years. Revenue is less than US$1m (US$207k revenue). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (kr166.2m market cap, or US$16.5m). New Risk • May 30
New major risk - Revenue and earnings growth Earnings have declined by 41% 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 41% per year over the past 5 years. Revenue is less than US$1m (US$175k revenue). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (kr152.0m market cap, or US$15.0m). New Risk • Mar 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 267% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (US$207k revenue). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (kr143.4m market cap, or US$13.7m). Announcement • Mar 27
ADS Maritime Holding Plc SHS to Be Deleted from OTC Equity ADS Maritime Holding Plc SHS (CYPRESS) will be deleted from OTC Equity effective March 26, 2025, due to Inactive Security. New Risk • Jan 13
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 Risk Market cap is less than US$100m (kr143.4m market cap, or US$12.5m). Announcement • Dec 25
ADS Maritime Holding Plc, Annual General Meeting, May 29, 2025 ADS Maritime Holding Plc, Annual General Meeting, May 29, 2025. New Risk • Apr 02
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 22% per year over the past 5 years. High level of non-cash earnings (26% accrual ratio). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (kr146.3m market cap, or US$13.4m). New Risk • Nov 19
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 198% Last year net profit margin: 30,375% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 46% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (198% net profit margin). Revenue is less than US$5m (US$1.2m revenue). Market cap is less than US$100m (kr148.4m market cap, or US$13.7m). New Risk • Sep 26
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 Risk Revenue is less than US$1m (US$150k revenue). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Share price has been volatile over the past 3 months (7.7% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (kr145.6m market cap, or US$13.5m). New Risk • Sep 10
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 Risk Revenue is less than US$1m (US$150k revenue). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Share price has been volatile over the past 3 months (7.3% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (kr144.1m market cap, or US$13.5m). Announcement • Jan 03
Ads Maritime Holding plc Announces CFO Changes ADS Maritime Holding Plc announce that Anders Hall Jomaas with effect from 3 January 2023 has been appointed as new CFO of the Company. Anders Hall Jomaas has more than 20 years working experience from different positions within shipping and finance, of which 12 years as CFO of various shipping and offshore companies such as Deep Sea Supply Plc, Solstad Offshore ASA and DESS Aquaculture Shipping AS/Sølvtrans Management II AS.Anders Hall Jomaas will succeed Dagfinn Andersen, who will continue with the Company and take up the position as Director Finance. Dagfinn has been with the ADS/OSM group for more than 20 years and has played a key role in the development of the Company. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Director Sofi Mylona was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. 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. Director Sofi Mylona was the last director to join the board, commencing their role in 2019. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 19
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: US$0.009 loss per share (down from US$0.84 profit in FY 2020). Net loss: US$214.0k (down 101% from profit in FY 2020). Revenue exceeded analyst estimates by 7.6%. Earnings per share (EPS) missed analyst estimates. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS US$0.84 (vs US$0.041 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$57.2m (up 35% from FY 2019). Net income: US$19.6m (up US$20.5m from FY 2019). Profit margin: 34% (up from net loss in FY 2019). Executive Departure • Mar 18
Director has left the company On the 16th of March, Trym Sjølie's tenure as Director ended after 2.6 years in the role. We don't have any record of a personal shareholding under Trym's name. Trym is the only executive to leave the company over the last 12 months. Is New 90 Day High Low • Feb 21
New 90-day high: kr19.75 The company is up 1.0% from its price of kr19.60 on 23 November 2020. The Norwegian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 12% over the same period. Is New 90 Day High Low • Nov 02
New 90-day high: kr21.50 The company is up 18% from its price of kr18.20 on 04 August 2020. The Norwegian market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is down 11% over the same period. 
