New Risk • Nov 20
New major risk - Revenue and earnings growth Earnings have declined by 32% 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 (9.3% average weekly change). Earnings have declined by 32% per year over the past 5 years. Revenue is less than US$1m (zł1.4m revenue, or US$385k). Market cap is less than US$10m (zł10.8m market cap, or US$2.94m). Reported Earnings • Nov 20
Third quarter 2025 earnings released Third quarter 2025 results: Net loss: zł34.9k (down 111% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Nov 13
VARSAV Game Studios S.A. to Report Q3, 2025 Results on Nov 14, 2025 VARSAV Game Studios S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 New Risk • Oct 08
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). Revenue is less than US$1m (zł1.2m revenue, or US$336k). Market cap is less than US$10m (zł13.1m market cap, or US$3.58m). Minor Risk Large one-off items impacting financial results. New Risk • Jul 18
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 7.1% 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 (zł1.2m revenue, or US$326k). Market cap is less than US$10m (zł9.26m market cap, or US$2.54m). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Large one-off items impacting financial results. Announcement • Jul 11
VARSAV Game Studios S.A., Annual General Meeting, Aug 04, 2025 VARSAV Game Studios S.A., Annual General Meeting, Aug 04, 2025, at 12:00 Central European Standard Time. Reported Earnings • May 19
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł168.2k (down 62% from 1Q 2024). Net loss: zł513.5k (down 292% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. New Risk • Mar 07
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 10% 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 (10% average weekly change). High level of non-cash earnings (27% accrual ratio). Revenue is less than US$1m (zł1.5m revenue, or US$381k). Market cap is less than US$10m (zł11.1m market cap, or US$2.88m). Reported Earnings • Feb 20
Full year 2024 earnings released Full year 2024 results: Revenue: zł1.47m (up 18% from FY 2023). Net income: zł1.10m (up zł6.48m from FY 2023). Profit margin: 75% (up from net loss in FY 2023). Reported Earnings • Aug 20
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł191.6k (up 18% from 2Q 2023). Net loss: zł409.3k (down 187% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings. New Risk • Aug 14
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). High level of non-cash earnings (27% accrual ratio). Revenue is less than US$1m (zł1.5m revenue, or US$387k). Market cap is less than US$10m (zł13.6m market cap, or US$3.50m). Minor Risk Shareholders have been diluted in the past year (13% increase in shares outstanding). Announcement • Jun 18
VARSAV Game Studios S.A., Annual General Meeting, Jul 16, 2024 VARSAV Game Studios S.A., Annual General Meeting, Jul 16, 2024. Reported Earnings • May 20
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł443.3k (up 152% from 1Q 2023). Net income: zł267.1k (up zł537.6k from 1Q 2023). Profit margin: 60% (up from net loss in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 27% per year whereas the company’s share price has fallen by 28% per year. New Risk • Mar 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% 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 High level of non-cash earnings (24% accrual ratio). Revenue is less than US$1m (zł1.2m revenue, or US$312k). Market cap is less than US$10m (zł14.0m market cap, or US$3.52m). Minor Risk Shareholders have been diluted in the past year (13% increase in shares outstanding). Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: zł0.007 (vs zł0.13 loss in FY 2022) Full year 2023 results: EPS: zł0.007 (up from zł0.13 loss in FY 2022). Revenue: zł1.24m (up 23% from FY 2022). Net income: zł136.6k (up zł2.64m from FY 2022). Profit margin: 11% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has fallen by 42% 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. Announcement • Feb 03
VARSAV Game Studios S.A. to Report Fiscal Year 2023 Results on May 31, 2024 VARSAV Game Studios S.A. announced that they will report fiscal year 2023 results on May 31, 2024 Reported Earnings • Nov 19
Third quarter 2023 earnings released Third quarter 2023 results: Net loss: zł144.7k (down 174% from profit in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 18
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł162.0k (up 22% from 2Q 2022). Net income: zł471.2k (up zł1.56m from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Announcement • Jun 22
VARSAV Game Studios S.A., Annual General Meeting, Jul 17, 2023 VARSAV Game Studios S.A., Annual General Meeting, Jul 17, 2023, at 12:00 Central European Standard Time. Reported Earnings • May 21
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł175.9k (down 43% from 1Q 2022). Net loss: zł270.4k (loss narrowed 78% from 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 19
Full year 2022 earnings released: zł0.12 loss per share (vs zł0.093 loss in FY 2021) Full year 2022 results: zł0.12 loss per share (further deteriorated from zł0.093 loss in FY 2021). Revenue: zł1.01m (up 17% from FY 2021). Net loss: zł2.35m (loss widened 26% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment deteriorated over the past week After last week's 18% share price decline to zł1.64, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 14x in the IT industry in Poland. Total loss to shareholders of 57% over the past three years. Valuation Update With 7 Day Price Move • Aug 30
Investor sentiment improved over the past week After last week's 23% share price gain to zł2.07, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 16x in the IT industry in Poland. Total returns to shareholders of 8.9% over the past three years. Reported Earnings • Feb 17
Full year 2020 earnings released: EPS zł0.10 (vs zł0.12 in FY 2019) Full year 2020 results: Net income: zł2.06m (down 11% from FY 2019). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improved over the past week After last week's 20% share price gain to zł2.15, the stock is trading at a trailing P/E ratio of 6.8x, up from the previous P/E ratio of 5.7x. This compares to an average P/E of 14x in the IT industry in Poland. Total returns to shareholders over the past three years are 105%. Is New 90 Day High Low • Feb 01
New 90-day low: zł1.83 The company is down 6.0% from its price of zł1.94 on 03 November 2020. The Polish market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 4.0% over the same period. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment deteriorated over the past week After last week's 18% share price decline to zł2.12, the stock is trading at a trailing P/E ratio of 6.7x, down from the previous P/E ratio of 8.1x. This compares to an average P/E of 12x in the IT industry in Poland. Total returns to shareholders over the past three years are 133%. Is New 90 Day High Low • Dec 14
New 90-day high: zł2.57 The company is up 9.0% from its price of zł2.36 on 15 September 2020. The Polish market is also up 9.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the IT industry, which is down 12% over the same period. Valuation Update With 7 Day Price Move • Dec 07
Market bids up stock over the past week After last week's 16% share price gain to zł2.28, the stock is trading at a trailing P/E ratio of 7.2x, up from the previous P/E ratio of 6.2x. This compares to an average P/E of 12x in the IT industry in Poland. Total returns to shareholders over the past three years are 88%. Valuation Update With 7 Day Price Move • Nov 13
Market bids up stock over the past week After last week's 22% share price gain to zł2.25, the stock is trading at a trailing P/E ratio of 21.6x, up from the previous P/E ratio of 17.7x. This compares to an average P/E of 14x in the IT industry in Poland. Total returns to shareholders over the past three years are 92%. Valuation Update With 7 Day Price Move • Oct 30
Market pulls back on stock over the past week After last week's 15% share price decline to zł1.78, the stock is trading at a trailing P/E ratio of 17.1x, down from the previous P/E ratio of 20.1x. This compares to an average P/E of 13x in the IT industry in Poland. Total returns to shareholders over the past three years are 42%. Is New 90 Day High Low • Oct 29
New 90-day low: zł1.79 The company is down 55% from its price of zł4.00 on 30 July 2020. The Polish market is down 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is down 7.0% over the same period. Is New 90 Day High Low • Oct 07
New 90-day low: zł2.08 The company is down 46% from its price of zł3.88 on 09 July 2020. The Polish market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 5.0% over the same period. Is New 90 Day High Low • Sep 22
New 90-day low: zł2.14 The company is down 40% from its price of zł3.58 on 24 June 2020. The Polish market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 8.0% over the same period.