Announcement • Jun 10
Cannabis Poland S.A., Annual General Meeting, Jun 30, 2026 Cannabis Poland S.A., Annual General Meeting, Jun 30, 2026. New Risk • Jun 07
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 50% 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 (-zł2.6m free cash flow). Earnings have declined by 28% per year over the past 5 years. Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Revenue is less than US$1m (zł222k revenue, or US$60k). Market cap is less than US$10m (zł13.5m market cap, or US$3.68m). Minor Risk Share price has been volatile over the past 3 months (8.2% average weekly change). Reported Earnings • May 21
First quarter 2026 earnings released First quarter 2026 results: Net loss: zł738.0k (loss widened 66% from 1Q 2025). Reported Earnings • Feb 20
Full year 2025 earnings released: zł0.039 loss per share (vs zł0.042 loss in FY 2024) Full year 2025 results: zł0.039 loss per share (improved from zł0.042 loss in FY 2024). Net loss: zł1.94m (loss narrowed 5.0% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. New Risk • Nov 28
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: -zł2.4m 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 (-zł2.4m free cash flow). Earnings have declined by 28% per year over the past 5 years. Revenue is less than US$1m (zł117k revenue, or US$32k). Market cap is less than US$10m (zł12.8m market cap, or US$3.48m). Minor Risk Share price has been volatile over the past 3 months (6.9% average weekly change). Reported Earnings • Nov 18
Third quarter 2025 earnings released Third quarter 2025 results: Net loss: zł475.8k (loss narrowed 1.6% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Announcement • Nov 13
Cannabis Poland S.A. to Report Q3, 2025 Results on Nov 14, 2025 Cannabis Poland S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 New Risk • Aug 28
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: -zł2.3m 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 (-zł2.3m free cash flow). Earnings have declined by 26% per year over the past 5 years. Revenue is less than US$1m (zł53k revenue, or US$14k). Market cap is less than US$10m (zł15.7m market cap, or US$4.31m). Reported Earnings • Aug 19
Second quarter 2025 earnings released Second quarter 2025 results: Net loss: zł489.8k (loss widened 15% from 2Q 2024). New Risk • Jul 14
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 Earnings have declined by 24% per year over the past 5 years. Revenue is less than US$1m (zł250k revenue, or US$69k). Market cap is less than US$10m (zł15.4m market cap, or US$4.24m). Minor Risk Share price has been volatile over the past 3 months (7.2% average weekly change). New Risk • May 23
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 8.2% 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 Earnings have declined by 25% per year over the past 5 years. Revenue is less than US$1m (zł250k revenue, or US$67k). Market cap is less than US$10m (zł19.2m market cap, or US$5.12m). Minor Risk Share price has been volatile over the past 3 months (8.2% average weekly change). Reported Earnings • May 19
First quarter 2025 earnings released First quarter 2025 results: Net loss: zł445.1k (loss widened 19% from 1Q 2024). New Risk • Mar 07
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 7.8% 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 (-zł2.2m free cash flow). Earnings have declined by 23% per year over the past 5 years. Revenue is less than US$1m (zł250k revenue, or US$65k). Market cap is less than US$10m (zł19.8m market cap, or US$5.15m). Minor Risk Share price has been volatile over the past 3 months (7.8% average weekly change). Reported Earnings • Feb 19
Full year 2024 earnings released: zł4.10 loss per share (vs zł0.033 loss in FY 2023) Full year 2024 results: zł4.10 loss per share (further deteriorated from zł0.033 loss in FY 2023). Net loss: zł201.5m (loss widened zł200.3m from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 117 percentage points per year, which is a significant difference in performance. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 41% 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 (-zł76m free cash flow). Earnings have declined by 9.0% per year over the past 5 years. Shareholders have been substantially diluted in the past year (41% increase in shares outstanding). Revenue is less than US$1m (zł237k revenue, or US$57k). Market cap is less than US$10m (zł16.3m market cap, or US$3.92m). New Risk • Dec 01
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: -zł76m 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 (-zł76m free cash flow). Earnings have declined by 9.0% per year over the past 5 years. Revenue is less than US$1m (zł237k revenue, or US$58k). Market cap is less than US$10m (zł22.1m market cap, or US$5.45m). Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Shareholders have been diluted in the past year (41% increase in shares outstanding). New Risk • Nov 28
New major risk - Revenue and earnings growth Earnings have declined by 8.6% 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 Share price has been highly volatile over the past 3 months (8.8% average weekly change). Earnings have declined by 8.6% per year over the past 5 years. Revenue is less than US$1m (zł22k revenue, or US$5.3k). Market cap is less than US$10m (zł21.9m market cap, or US$5.36m). Minor Risk Shareholders have been diluted in the past year (41% increase in shares outstanding). New Risk • Sep 27
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 8.3% 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 Shareholders have been substantially diluted in the past year (56% increase in shares outstanding). Revenue is less than US$1m (zł265k revenue, or US$69k). Market cap is less than US$10m (zł25.2m market cap, or US$6.59m). Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). Reported Earnings • Aug 19
Second quarter 2024 earnings released Second quarter 2024 results: Net loss: zł468.0k (loss widened 81% from 2Q 2023). Announcement • Jun 05
Cannabis Poland S.A., Annual General Meeting, Jun 28, 2024 Cannabis Poland S.A., Annual General Meeting, Jun 28, 2024. Reported Earnings • May 20
First quarter 2024 earnings released First quarter 2024 results: Net loss: zł373.0k (loss widened 37% from 1Q 2023). New Risk • Mar 04
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 86% 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 (-zł1.5m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Shareholders have been substantially diluted in the past year (86% increase in shares outstanding). Revenue is less than US$1m (zł66k revenue, or US$16k). Market cap is less than US$10m (zł31.7m market cap, or US$7.97m). Reported Earnings • Feb 19
Full year 2023 earnings released: zł0.035 loss per share (vs zł0.026 loss in FY 2022) Full year 2023 results: zł0.035 loss per share (further deteriorated from zł0.026 loss in FY 2022). Net loss: zł1.23m (loss widened 81% from FY 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. Reported Earnings • Nov 19
Third quarter 2023 earnings released Third quarter 2023 results: Net loss: zł320.4k (loss widened 276% from 3Q 2022). Reported Earnings • Aug 18
Second quarter 2023 earnings released Second quarter 2023 results: Net loss: zł259.2k (loss widened 17% from 2Q 2022). Announcement • Jun 04
Cannabis Poland S.A., Annual General Meeting, Jun 29, 2023 Cannabis Poland S.A., Annual General Meeting, Jun 29, 2023, at 13:00 Central European Standard Time. Reported Earnings • Feb 20
Full year 2022 earnings released: zł0.026 loss per share (vs zł0.03 loss in FY 2021) Full year 2022 results: zł0.026 loss per share (improved from zł0.03 loss in FY 2021). Revenue: zł199.9k (down 48% from FY 2021). Net loss: zł692.1k (loss narrowed 12% from FY 2021). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • May 20
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł112.5k (up 74% from 1Q 2021). Net loss: zł105.8k (loss narrowed 36% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 18
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: zł0.032 loss per share (up from zł0.035 loss in FY 2020). Revenue: zł381.2k (up 230% from FY 2020). Net loss: zł859.5k (loss widened 21% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 56% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 19
Third quarter 2021 earnings released The company reported a solid third quarter result with improved revenues and control over costs, although losses increased. Third quarter 2021 results: Revenue: zł120.4k (up zł115.8k from 3Q 2020). Net loss: zł284.0k (loss widened 198% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 55% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 21
Second quarter 2021 earnings released The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: zł150.5k (up 219% from 2Q 2020). Net loss: zł182.0k (loss narrowed 32% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 21
First quarter 2021 earnings released The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: zł64.8k (down 32% from 1Q 2020). Net loss: zł166.5k (loss widened 37% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 08
New 90-day high: zł1.87 The company is up 46% from its price of zł1.28 on 10 November 2020. The Polish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is down 15% over the same period. Is New 90 Day High Low • Oct 15
New 90-day low: zł1.20 The company is down 29% from its price of zł1.70 on 17 July 2020. The Polish market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 1.0% over the same period. 
