New Risk • Jun 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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 Risks Less than 1 year of cash runway based on free cash flow trend (-zł507k free cash flow). Share price has been highly volatile over the past 3 months (37% average weekly change). Earnings have declined by 26% per year over the past 5 years. Revenue is less than US$1m (zł1.6m revenue, or US$443k). Market cap is less than US$10m (zł570.9k market cap, or US$156.8k). Minor Risk Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Announcement • Nov 12
Cherrypick Games S.A. to Report Q3, 2025 Results on Nov 14, 2025 Cherrypick Games S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 Reported Earnings • Aug 12
Second quarter 2025 earnings released: EPS: zł0.10 (vs zł0.27 loss in 2Q 2024) Second quarter 2025 results: EPS: zł0.10 (up from zł0.27 loss in 2Q 2024). Revenue: zł506.0k (flat on 2Q 2024). Net income: zł137.0k (up zł509.0k from 2Q 2024). Profit margin: 27% (up from net loss in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. New Risk • May 31
New major risk - Revenue and earnings growth Earnings have declined by 11% 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 Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 11% per year over the past 5 years. Revenue is less than US$1m (zł1.5m revenue, or US$399k). Market cap is less than US$10m (zł8.56m market cap, or US$2.29m). Reported Earnings • Feb 19
Full year 2024 earnings released: zł11.17 loss per share (vs zł2.62 profit in FY 2023) Full year 2024 results: zł11.17 loss per share (down from zł2.62 profit in FY 2023). Revenue: zł2.16m (down 66% from FY 2023). Net loss: zł15.2m (down zł18.7m from profit in FY 2023). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. New Risk • Nov 21
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: zł2.9m (US$708k) This is considered a major 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 Risks Share price has been highly volatile over the past 3 months (9.9% average weekly change). Revenue is less than US$1m (zł2.9m revenue, or US$708k). Market cap is less than US$10m (zł12.6m market cap, or US$3.06m). Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł10.35, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 17x in the Entertainment industry in Poland. Total loss to shareholders of 45% over the past three years. Reported Earnings • Aug 11
Second quarter 2024 earnings released: zł0.26 loss per share (vs zł1.03 profit in 2Q 2023) Second quarter 2024 results: zł0.26 loss per share (down from zł1.03 profit in 2Q 2023). Revenue: zł507.0k (down 76% from 2Q 2023). Net loss: zł372.0k (down 127% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł11.25, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 18x in the Entertainment industry in Poland. Total loss to shareholders of 43% over the past three years. Reported Earnings • May 20
First quarter 2024 earnings released: EPS: zł0.03 (vs zł0.67 in 1Q 2023) First quarter 2024 results: EPS: zł0.03 (down from zł0.67 in 1Q 2023). Revenue: zł896.0k (down 35% from 1Q 2023). Net income: zł35.0k (down 96% from 1Q 2023). Profit margin: 3.9% (down from 67% in 1Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. New Risk • Apr 24
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 9.7% 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 (9.7% average weekly change). High level of non-cash earnings (22% accrual ratio). Market cap is less than US$10m (zł22.9m market cap, or US$5.66m). Minor Risk Revenue is less than US$5m (zł6.3m revenue, or US$1.5m). Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł16.85, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 22x in the Entertainment industry in Poland. Total loss to shareholders of 55% over the past three years. Reported Earnings • Mar 07
Full year 2023 earnings released: EPS: zł2.62 (vs zł2.55 in FY 2022) Full year 2023 results: EPS: zł2.62 (up from zł2.55 in FY 2022). Revenue: zł6.27m (up 41% from FY 2022). Net income: zł3.56m (up 2.9% from FY 2022). Profit margin: 57% (down from 78% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 29
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł14.20, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 20x in the Entertainment industry in Poland. Total loss to shareholders of 67% over the past three years. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł17.00, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 21x in the Entertainment industry in Poland. Total loss to shareholders of 63% over the past three years. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł15.40, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 21x in the Entertainment industry in Poland. Total loss to shareholders of 66% over the past three years. New Risk • Jan 19
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 9.9% 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 (9.9% average weekly change). High level of non-cash earnings (25% accrual ratio). Market cap is less than US$10m (zł18.6m market cap, or US$4.64m). Minor Risk Revenue is less than US$5m (zł6.7m revenue, or US$1.7m). Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł15.20, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 24x in the Entertainment industry in Poland. Total loss to shareholders of 71% over the past three years. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł17.90, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 25x in the Entertainment industry in Poland. Total loss to shareholders of 60% over the past three years. New Risk • Aug 04
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% 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 Share price has been highly volatile over the past 3 months (14% average weekly change). High level of non-cash earnings (23% accrual ratio). Market cap is less than US$10m (zł31.7m market cap, or US$7.79m). Minor Risk Revenue is less than US$5m (zł7.2m revenue, or US$1.8m). Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: zł1.03 (vs zł0.024 loss in 2Q 2022) Second quarter 2023 results: EPS: zł1.03 (up from zł0.024 loss in 2Q 2022). Revenue: zł2.11m (up 371% from 2Q 2022). Net income: zł1.40m (up zł1.43m from 2Q 2022). Profit margin: 66% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł22.40, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 20x in the Entertainment industry in Poland. Total loss to shareholders of 49% over the past three years. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to zł26.50, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 18x in the Entertainment industry in Poland. Total loss to shareholders of 39% over the past three years. Reported Earnings • Aug 16
Second quarter 2022 earnings released: zł0.02 loss per share (vs zł0.51 profit in 2Q 2021) Second quarter 2022 results: zł0.02 loss per share (down from zł0.51 profit in 2Q 2021). Revenue: zł448.0k (up 68% from 2Q 2021). Net loss: zł32.0k (down 105% from profit in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. Reported Earnings • May 20
First quarter 2022 earnings released: EPS: zł1.01 (vs zł0.52 loss in 1Q 2021) First quarter 2022 results: EPS: zł1.01 (up from zł0.52 loss in 1Q 2021). Net income: zł1.37m (up zł2.07m from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 9 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 12
Third quarter 2021 earnings released: zł2.50 loss per share (vs zł2.35 profit in 3Q 2020) Third quarter 2021 results: Net loss: zł3.40m (down 206% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has fallen by 51% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment deteriorated over the past week After last week's 20% share price decline to zł16.80, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 26x in the Entertainment industry in Poland. Total loss to shareholders of 89% over the past three years. Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment deteriorated over the past week After last week's 22% share price decline to zł15.50, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 27x in the Entertainment industry in Poland. Total loss to shareholders of 90% over the past three years. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł18.00, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 23x in the Entertainment industry in Poland. Total loss to shareholders of 90% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS zł0.51 (vs zł0.35 loss in 2Q 2020) Second quarter 2021 results: Net income: zł688.0k (up zł1.16m from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has fallen by 52% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Dec 28
New 90-day low: zł38.50 The company is down 7.0% from its price of zł41.20 on 29 September 2020. The Polish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Entertainment industry, which is down 29% over the same period. Is New 90 Day High Low • Oct 08
New 90-day high: zł57.00 The company is up 10.0% from its price of zł51.80 on 09 July 2020. The Polish market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is down 7.0% over the same period.