New Risk • Jun 11
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 51% 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 Risks Less than 1 year of cash runway based on free cash flow trend (-zł188k free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (zł1.59m market cap, or US$430.8k). Announcement • Jun 09
The Dust S.A., Annual General Meeting, Jun 30, 2026 The Dust S.A., Annual General Meeting, Jun 30, 2026. New Risk • May 25
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 (-zł188k free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (zł1.50m market cap, or US$409.9k). Minor Risk Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Announcement • Feb 10
The Dust S.A. to Report Q4, 2025 Results on Feb 13, 2026 The Dust S.A. announced that they will report Q4, 2025 results on Feb 13, 2026 Announcement • Nov 06
The Dust S.A. to Report Q3, 2025 Results on Nov 06, 2025 The Dust S.A. announced that they will report Q3, 2025 results on Nov 06, 2025 New Risk • Aug 25
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: -zł197k 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 (-zł197k free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (zł2.81m market cap, or US$764.8k). Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł1.50, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 14x in the Entertainment industry in Poland. Total loss to shareholders of 88% over the past three years. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to zł1.28, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 16x in the Entertainment industry in Poland. Total loss to shareholders of 88% over the past three years. Announcement • Apr 21
The Dust S.A., Annual General Meeting, May 15, 2025 The Dust S.A., Annual General Meeting, May 15, 2025. 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 (-zł1.4m free cash flow). Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 27% per year over the past 5 years. Market cap is less than US$10m (zł3.21m market cap, or US$793.3k). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Revenue is less than US$5m (zł15m revenue, or US$3.7m). Reported Earnings • Aug 19
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł7.32m (up zł7.10m from 2Q 2023). Net income: zł2.97m (up zł3.77m from 2Q 2023). Profit margin: 41% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 53% per year, which means it is performing significantly worse than earnings. Announcement • May 25
The Dust S.A., Annual General Meeting, Jun 19, 2024 The Dust S.A., Annual General Meeting, Jun 19, 2024. Reported Earnings • May 13
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł6.53m (up 78% from 1Q 2023). Net loss: zł2.16m (down 377% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 20
Full year 2023 earnings released Full year 2023 results: Revenue: zł5.00m (up zł4.94m from FY 2022). Net loss: zł1.45m (loss narrowed 41% from FY 2022). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Announcement • Feb 14
The Dust S.A. to Report Q2, 2024 Results on Aug 14, 2024 The Dust S.A. announced that they will report Q2, 2024 results on Aug 14, 2024 New Risk • Sep 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.2% 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 (-zł1.6m free cash flow). Earnings have declined by 42% per year over the past 5 years. Revenue is less than US$1m (zł3.9m revenue, or US$935k). Market cap is less than US$10m (zł33.5m market cap, or US$8.02m). Minor Risk Shareholders have been diluted in the past year (5.2% increase in shares outstanding). New Risk • Aug 16
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: -zł1.6m 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 (-zł1.6m free cash flow). Earnings have declined by 42% per year over the past 5 years. Revenue is less than US$1m (zł3.9m revenue, or US$951k). Market cap is less than US$10m (zł37.3m market cap, or US$9.10m). Reported Earnings • Aug 16
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł213.6k (up zł203.1k from 2Q 2022). Net loss: zł798.9k (loss widened 56% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • May 21
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł3.67m (up zł3.62m from 1Q 2022). Net income: zł780.1k (up zł1.23m from 1Q 2022). Profit margin: 21% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 11
New 90-day low: zł21.90 The company is down 6.0% from its price of zł23.20 on 11 December 2020. The Polish market is up 5.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Entertainment industry, which is down 31% over the same period. Is New 90 Day High Low • Dec 14
New 90-day low: zł22.90 The company is down 3.0% from its price of zł23.70 on 15 September 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 18% over the same period. Is New 90 Day High Low • Sep 19
New 90-day high: zł28.00 The company is up 105% from its price of zł13.65 on 19 June 2020. The Polish market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 2.0% over the same period. 
