New Risk • Jul 21
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 Share price has been highly volatile over the past 3 months (11% average weekly change). Revenue is less than US$1m (zł1.9m revenue, or US$503k). Market cap is less than US$10m (zł4.66m market cap, or US$1.23m). New Risk • May 24
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 (-zł568k free cash flow). Earnings have declined by 41% per year over the past 5 years. Revenue is less than US$1m (zł1.9m revenue, or US$508k). Market cap is less than US$10m (zł4.92m market cap, or US$1.35m). Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Share price has been volatile over the past 3 months (8.2% average weekly change). New Risk • May 19
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 8.0% 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 (-zł568k free cash flow). Earnings have declined by 41% per year over the past 5 years. Revenue is less than US$1m (zł1.9m revenue, or US$507k). Market cap is less than US$10m (zł4.80m market cap, or US$1.31m). Minor Risk Share price has been volatile over the past 3 months (8.0% average weekly change). Reported Earnings • Nov 10
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł620.9k (down 27% from 3Q 2024). Net income: zł335.4k (up 56% from 3Q 2024). Profit margin: 54% (up from 25% in 3Q 2024). New Risk • Nov 10
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: -zł568k 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 (-zł568k free cash flow). Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 41% per year over the past 5 years. Revenue is less than US$1m (zł1.9m revenue, or US$506k). Market cap is less than US$10m (zł12.0m market cap, or US$3.27m). Announcement • Nov 06
Madmind Studio Spólka Akcyjna to Report Q3, 2025 Results on Nov 05, 2025 Madmind Studio Spólka Akcyjna announced that they will report Q3, 2025 results on Nov 05, 2025 Reported Earnings • Aug 15
Second quarter 2025 earnings released Second quarter 2025 results: Net loss: zł189.4k (loss widened 61% from 2Q 2024). New Risk • Aug 01
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 Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 30% per year over the past 5 years. Revenue is less than US$1m (zł2.1m revenue, or US$561k). Market cap is less than US$10m (zł13.9m market cap, or US$3.75m). Announcement • Jul 11
Madmind Studio Spólka Akcyjna, Annual General Meeting, Aug 07, 2025 Madmind Studio Spólka Akcyjna, Annual General Meeting, Aug 07, 2025, at 12:00 Central European Standard Time. Reported Earnings • May 13
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł470.0k (up 16% from 1Q 2024). Net income: zł171.0k (up zł149.9k from 1Q 2024). Profit margin: 36% (up from 5.2% in 1Q 2024). The increase in margin was primarily driven by lower expenses. New Risk • Dec 27
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 8.7% 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 (8.7% average weekly change). Revenue has declined by 50% over the past year. Market cap is less than US$10m (zł13.6m market cap, or US$3.33m). Minor Risk Revenue is less than US$5m (zł4.2m revenue, or US$1.0m). New Risk • Nov 22
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: zł4.2m (US$1m) 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 Revenue has declined by 50% over the past year. Revenue is less than US$1m (zł4.2m revenue, or US$1m). Market cap is less than US$10m (zł20.8m market cap, or US$4.98m). Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). Announcement • Aug 08
Madmind Studio Spólka Akcyjna, Annual General Meeting, Sep 02, 2024 Madmind Studio Spólka Akcyjna, Annual General Meeting, Sep 02, 2024, at 12:00 Central European Standard Time. Location: ul sienna 57 lok 9, warsaw Poland Announcement • Jul 05
Madmind Studio Spólka Akcyjna, Annual General Meeting, Jul 31, 2024 Madmind Studio Spólka Akcyjna, Annual General Meeting, Jul 31, 2024. Announcement • Jun 05
Madmind Studio Spólka Akcyjna, Annual General Meeting, Jun 28, 2024 Madmind Studio Spólka Akcyjna, Annual General Meeting, Jun 28, 2024. Announcement • Jan 11
Jakub Wladyslaw Trzebinski acquired 7.5% stake in Madmind Studio Spólka Akcyjna (WSE:MMS). Jakub Wladyslaw Trzebinski acquired 7.5% stake in Madmind Studio Spólka Akcyjna (WSE:MMS) on January 9, 2024.Jakub Wladyslaw Trzebinski completed the acquisition of 7.5% stake in Madmind Studio Spólka Akcyjna (WSE:MMS) on January 9, 2024. Reported Earnings • Aug 17
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł1.01m (up 32% from 2Q 2022). Net loss: zł77.3k (down 111% from profit in 2Q 2022). Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł4.74, the stock trades at a trailing P/E ratio of 34.8x. Average trailing P/E is 21x in the Entertainment industry in Poland. Total returns to shareholders of 49% over the past year. Announcement • Jun 04
Madmind Studio Spólka Akcyjna, Annual General Meeting, Jun 29, 2023 Madmind Studio Spólka Akcyjna, Annual General Meeting, Jun 29, 2023, at 12:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to zł4.50, the stock trades at a trailing P/E ratio of 25.2x. Average trailing P/E is 17x in the Entertainment industry in Poland. Total returns to shareholders of 33% over the past year. Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: zł0.18 (vs zł0.044 loss in FY 2021) Full year 2022 results: EPS: zł0.18 (up from zł0.044 loss in FY 2021). Revenue: zł5.81m (up 33% from FY 2021). Net income: zł2.14m (up zł2.66m from FY 2021). Profit margin: 37% (up from net loss in FY 2021). The move to profitability was primarily driven by higher revenue. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 17% share price gain to zł5.53, the stock trades at a trailing P/E ratio of 28.9x. Average trailing P/E is 14x in the Entertainment industry in Poland. Total returns to shareholders of 38% over the past year. Buying Opportunity • Nov 17
Now 21% undervalued Over the last 90 days, the stock is up 32%. The fair value is estimated to be zł5.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 465% over the last year. Earnings per share has grown by 844%. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improved over the past week After last week's 25% share price gain to zł3.80, the stock trades at a trailing P/E ratio of 64.3x. Average trailing P/E is 12x in the Entertainment industry in Poland. Total returns to shareholders of 15% over the past year. Buying Opportunity • Aug 11
Now 22% undervalued Over the last 90 days, the stock is up 19%. The fair value is estimated to be zł4.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. 
