New Risk • Jun 21
New major risk - Revenue and earnings growth Earnings have declined by 2.6% 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 2.6% per year over the past 5 years. Shareholders have been substantially diluted in the past year (177% increase in shares outstanding). Revenue is less than US$1m (zł250k revenue, or US$67k). Market cap is less than US$10m (zł15.8m market cap, or US$4.25m). Announcement • Jun 05
Munar S.A., Annual General Meeting, Jun 30, 2026 Munar S.A., Annual General Meeting, Jun 30, 2026. New Risk • Jun 04
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended March 2025. This is considered a major 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. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported March 2025 fiscal period end). Debt is not well covered by operating cash flow (currently running at an operating cash loss). Negative equity (-zł957k). Revenue is less than US$1m (zł70k revenue, or US$19k). Market cap is less than US$10m (zł6.01m market cap, or US$1.64m). Minor Risk Large one-off items impacting financial results. New Risk • Dec 21
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (9.5% average weekly change). Negative equity (-zł957k). Revenue is less than US$1m (zł70k revenue, or US$20k). Market cap is less than US$10m (zł5.77m market cap, or US$1.61m). Minor Risks Latest financial reports are more than 6 months old (reported March 2025 fiscal period end). Large one-off items impacting financial results. Announcement • Nov 13
Munar S.A. to Report Q3, 2025 Results on Nov 14, 2025 Munar S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 New Risk • Jun 30
New major risk - Revenue and earnings growth Revenue has declined by 52% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 (26% average weekly change). Negative equity (-zł456k). Revenue has declined by 52% over the past year. Revenue is less than US$1m (zł1.6m revenue, or US$444k). Market cap is less than US$10m (zł7.64m market cap, or US$2.11m). New Risk • May 20
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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 Share price has been highly volatile over the past 3 months (18% average weekly change). Negative equity (-zł456k). Revenue is less than US$1m (zł1.6m revenue, or US$425k). Market cap is less than US$10m (zł5.94m market cap, or US$1.57m). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). New Risk • Mar 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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 (-zł219k free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Negative equity (-zł456k). Revenue is less than US$1m (zł1.6m revenue, or US$397k). Market cap is less than US$10m (zł4.89m market cap, or US$1.21m). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Announcement • Jul 26
No Gravity Games S.A., Annual General Meeting, Aug 21, 2024 No Gravity Games S.A., Annual General Meeting, Aug 21, 2024, at 10:15 Central European Standard Time. Location: ul koszykowa 53 63, warsaw Poland Reported Earnings • Feb 16
Full year 2023 earnings released: zł0.002 loss per share (vs zł0.002 loss in FY 2022) Full year 2023 results: zł0.002 loss per share (in line with FY 2022). Revenue: zł2.87m (down 3.4% from FY 2022). Net loss: zł268.1k (loss narrowed 13% from FY 2022). Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 19
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł904.6k (up 26% from 3Q 2022). Net loss: zł48.8k (down 118% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 18
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł581.8k (up 5.9% from 2Q 2022). Net income: zł373.0k (up zł566.2k from 2Q 2022). Profit margin: 64% (up from net loss in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings. New Risk • Aug 04
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 7.2% 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 Revenue is less than US$1m (zł3.1m revenue, or US$771k). Market cap is less than US$10m (zł13.4m market cap, or US$3.29m). Minor Risk Share price has been volatile over the past 3 months (7.2% average weekly change). Announcement • Jun 13
No Gravity Games S.A., Annual General Meeting, Jul 03, 2023 No Gravity Games S.A., Annual General Meeting, Jul 03, 2023, at 13:00 Central European Standard Time. Reported Earnings • May 21
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł556.5k (up 44% from 1Q 2022). Net loss: zł89.5k (loss widened 36% from 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 24
Full year 2022 earnings released Full year 2022 results: Revenue: zł2.97m (up 41% from FY 2021). Net loss: zł309.6k (loss narrowed 70% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Reported Earnings • May 21
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł385.7k (down 31% from 1Q 2021). Net loss: zł65.8k (down 242% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 16
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: zł0.004 loss per share (up from zł0.01 loss in FY 2020). Revenue: zł2.14m (down 4.7% from FY 2020). Net loss: zł636.6k (loss narrowed 58% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 02
New 90-day low: zł0.23 The company is down 22% from its price of zł0.30 on 02 December 2020. The Polish market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Entertainment industry, which is down 30% over the same period. Is New 90 Day High Low • Feb 10
New 90-day low: zł0.24 The company is down 21% from its price of zł0.31 on 12 November 2020. The Polish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is down 18% over the same period. Is New 90 Day High Low • Jan 26
New 90-day low: zł0.26 The company is down 4.0% from its price of zł0.27 on 28 October 2020. The Polish market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Entertainment industry, which is down 18% over the same period. Is New 90 Day High Low • Dec 23
New 90-day low: zł0.27 The company is down 6.0% from its price of zł0.28 on 24 September 2020. The Polish market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Entertainment industry, which is down 25% over the same period. Is New 90 Day High Low • Oct 27
New 90-day low: zł0.28 The company is down 35% from its price of zł0.43 on 29 July 2020. The Polish market is down 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is down 5.0% over the same period. 
