New Risk • Jun 08
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 258% 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 (258% increase in shares outstanding). Minor Risks Negative equity (-zł285k). Share price has been volatile over the past 3 months (8.0% average weekly change). Revenue is less than US$5m (zł14m revenue, or US$3.9m). Market cap is less than US$100m (zł110.0m market cap, or US$29.9m). New Risk • Jun 02
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 Polish stocks, typically moving 7.9% 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 Less than 1 year of cash runway based on free cash flow trend (-zł1.6m free cash flow). Revenue is less than US$1m. Minor Risks Negative equity (-zł285k). Share price has been volatile over the past 3 months (7.9% average weekly change). Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (zł37.6m market cap, or US$10.4m). New Risk • May 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł36.5m (US$9.97m) 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 (-zł1.6m free cash flow). Revenue is less than US$1m. Market cap is less than US$10m (zł36.5m market cap, or US$9.97m). Minor Risks Negative equity (-zł285k). Shareholders have been diluted in the past year (24% increase in shares outstanding). New Risk • Apr 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 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 Revenue is less than US$1m. Minor Risks Negative equity (-zł285k). Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (zł38.4m market cap, or US$10.7m). New Risk • Mar 12
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł36.8m (US$9.94m) 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 (-zł1.1m free cash flow). Revenue is less than US$1m. Market cap is less than US$10m (zł36.8m market cap, or US$9.94m). Minor Risks Negative equity (-zł285k). Shareholders have been diluted in the past year (24% increase in shares outstanding). New Risk • Dec 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł36.2m (US$9.95m) 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 (-zł1.1m free cash flow). Revenue is less than US$1m. Market cap is less than US$10m (zł36.2m market cap, or US$9.95m). Minor Risks Negative equity (-zł285k). Shareholders have been diluted in the past year (24% increase in shares outstanding). New Risk • Oct 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 24% 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 (-zł1.1m free cash flow). Revenue is less than US$1m. Minor Risks Negative equity (-zł285k). Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (zł38.0m market cap, or US$10.3m). New Risk • Oct 12
New minor risk - Negative shareholders equity The company has negative equity. Total equity: -zł285k This is considered a minor 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. It should be noted that some of the negative equity could be due to large buybacks of stock, which is not as much of a risk as a company with overwhelming debt, but likewise is not sustainable in the long-term. 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 (-zł1.1m free cash flow). Revenue is less than US$1m. Market cap is less than US$10m (zł30.6m market cap, or US$8.34m). Minor Risk Negative equity (-zł285k). Announcement • Aug 26
Less S.A. to Report First Half, 2025 Results on Sep 30, 2025 Less S.A. announced that they will report first half, 2025 results on Sep 30, 2025 New Risk • Jul 31
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 Polish stocks, typically moving 11% 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 Less than 1 year of cash runway based on free cash flow trend (-zł1.4m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (zł34.9m market cap, or US$9.31m). New Risk • Jun 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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 Less than 1 year of cash runway based on free cash flow trend (-zł1.9m free cash flow). Negative equity (-zł3.0m). Revenue is less than US$1m. Market cap is less than US$10m (zł33.6m market cap, or US$9.08m). Minor Risks Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Share price has been volatile over the past 3 months (11% average weekly change). New Risk • Jun 02
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 Polish stocks, typically moving 10% 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 Less than 1 year of cash runway based on free cash flow trend (-zł1.9m free cash flow). Negative equity (-zł3.0m). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (zł39.4m market cap, or US$10.6m). New Risk • Jan 18
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 Polish 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 Less than 1 year of cash runway based on free cash flow trend (-zł1.9m free cash flow). Negative equity (-zł3.0m). Revenue is less than US$1m. Market cap is less than US$10m (zł30.4m market cap, or US$7.32m). Minor Risk Share price has been volatile over the past 3 months (6.8% average weekly change). New Risk • Jun 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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 (-zł4.8m free cash flow). Negative equity (-zł1.1m). Earnings have declined by 10% per year over the past 5 years. Revenue is less than US$1m (zł284k revenue, or US$69k). Market cap is less than US$10m (zł30.2m market cap, or US$7.39m). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Shareholders have been diluted in the past year (3.7% increase in shares outstanding). Announcement • Jun 05
Less S.A., Annual General Meeting, Jun 28, 2024 Less S.A., Annual General Meeting, Jun 28, 2024. New Risk • Apr 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.7% 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 (-zł4.8m free cash flow). Share price has been highly volatile over the past 3 months (9.8% average weekly change). Negative equity (-zł1.1m). Earnings have declined by 10% per year over the past 5 years. Revenue is less than US$1m (zł284k revenue, or US$70k). Market cap is less than US$10m (zł30.8m market cap, or US$7.60m). Minor Risk Shareholders have been diluted in the past year (3.7% increase in shares outstanding). Reported Earnings • Oct 05
Second quarter 2023 earnings released: zł0.005 loss per share (vs zł0.059 loss in 2Q 2022) Second quarter 2023 results: zł0.005 loss per share (improved from zł0.059 loss in 2Q 2022). Net loss: zł651.0k (loss narrowed 91% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. New Risk • Oct 05
New major risk - Negative shareholders equity The company has negative equity. Total equity: -zł4.9m 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 Less than 1 year of cash runway based on free cash flow trend (-zł3.9m free cash flow). Share price has been highly volatile over the past 3 months (9.8% average weekly change). Negative equity (-zł4.9m). Revenue is less than US$1m (zł227k revenue, or US$52k). Market cap is less than US$10m (zł32.5m market cap, or US$7.42m). New Risk • Jun 09
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 Polish stocks, typically moving 9.1% 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 Less than 1 year of cash runway based on free cash flow trend (-zł18m free cash flow). Revenue is less than US$1m (zł2.2m revenue, or US$522k). Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Share price has been volatile over the past 3 months (9.1% average weekly change). Shareholders have been diluted in the past year (4.1% increase in shares outstanding). Market cap is less than US$100m (zł84.5m market cap, or US$20.4m). Reported Earnings • Nov 26
Third quarter 2022 earnings released: zł0.02 loss per share (vs zł0.083 loss in 3Q 2021) Third quarter 2022 results: zł0.02 loss per share. Revenue: zł740.0k (up zł657.0k from 3Q 2021). Net loss: zł2.88m (loss widened 191% from 3Q 2021). Reported Earnings • Oct 03
Second quarter 2022 earnings released: zł0.06 loss per share (vs zł0.01 loss in 2Q 2021) Second quarter 2022 results: zł0.06 loss per share (further deteriorated from zł0.01 loss in 2Q 2021). Revenue: zł43.0k (up 231% from 2Q 2021). Net loss: zł7.30m (loss widened zł6.48m from 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 29% per year. Announcement • Jun 07
Groclin S.A., Annual General Meeting, Jun 29, 2022 Groclin S.A., Annual General Meeting, Jun 29, 2022, at 11:00 Central European Standard Time. Announcement • Feb 22
Groclin S.A. announced that it expects to receive PLN 5 million in funding Groclin S.A. announced that will issue 2,500,000 series K shares at an issue price of PLN 2 per share for gross proceeds of PLN 5,000,000 on February 21, 2022. The transaction will include participation from Piotr Arent 1,000,000 shares, Janusz Sekudna 1,000,000 shares and Kamil Morawski 500,000 shares. Is New 90 Day High Low • Feb 20
New 90-day high: zł2.19 The company is up 110% from its price of zł1.05 on 20 November 2020. The Polish market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 12% over the same period. Is New 90 Day High Low • Jan 05
New 90-day high: zł1.21 The company is up 12% from its price of zł1.09 on 07 October 2020. The Polish market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 17% over the same period. Is New 90 Day High Low • Oct 09
New 90-day low: zł1.03 The company is down 22% from its price of zł1.33 on 10 July 2020. The Polish market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 13% over the same period. Announcement • Sep 19
Groclin S.A. to Report First Half, 2020 Results on Sep 30, 2020 Groclin S.A. announced that they will report first half, 2020 results on Sep 30, 2020 
