New Risk • Jun 02
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 Revenue is less than US$1m (zł1.4m revenue, or US$387k). Market cap is less than US$10m (zł3.32m market cap, or US$910.2k). Minor Risk Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Announcement • Feb 10
Apanet S.A. to Report Q4, 2025 Results on Feb 13, 2026 Apanet S.A. announced that they will report Q4, 2025 results on Feb 13, 2026 Reported Earnings • Nov 20
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł424.2k (down 15% from 3Q 2024). Net income: zł168.4k (up zł442.8k from 3Q 2024). Profit margin: 40% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. 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 35% per year, which means it is significantly lagging earnings. Announcement • Nov 07
Apanet S.A. to Report Q3, 2025 Results on Nov 07, 2025 Apanet S.A. announced that they will report Q3, 2025 results on Nov 07, 2025 New Risk • Aug 17
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: -zł2.7k 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 (-zł2.7k free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 23% per year over the past 5 years. Revenue is less than US$1m (zł1.5m revenue, or US$408k). Market cap is less than US$10m (zł3.58m market cap, or US$982.2k). Reported Earnings • Aug 12
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł429.1k (up 27% from 2Q 2024). Net income: zł278.2k (up zł518.5k from 2Q 2024). Profit margin: 65% (up from net loss in 2Q 2024). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings. New Risk • Aug 05
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 12% 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 (12% average weekly change). Negative equity (-zł59k). Earnings have declined by 29% per year over the past 5 years. Revenue is less than US$1m (zł1.3m revenue, or US$362k). Market cap is less than US$10m (zł3.80m market cap, or US$1.03m). New Risk • May 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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 (-zł636k free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Negative equity (-zł18k). Earnings have declined by 20% per year over the past 5 years. Revenue is less than US$1m (zł2.5m revenue, or US$662k). Market cap is less than US$10m (zł3.06m market cap, or US$815.9k). Minor Risk Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). New Risk • Feb 25
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 (-zł636k free cash flow). Negative equity (-zł18k). Earnings have declined by 20% per year over the past 5 years. Revenue is less than US$1m (zł2.5m revenue, or US$628k). Market cap is less than US$10m (zł3.10m market cap, or US$786.7k). Minor Risk Share price has been volatile over the past 3 months (7.8% average weekly change). New Risk • Nov 28
New major risk - Negative shareholders equity The company has negative equity. Total equity: -zł18k This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. 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 (-zł565k free cash flow). Negative equity (-zł18k). Earnings have declined by 24% per year over the past 5 years. Revenue is less than US$1m (zł2.5m revenue, or US$606k). Market cap is less than US$10m (zł4.65m market cap, or US$1.14m). Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). 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: -zł481k 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 (-zł481k free cash flow). Earnings have declined by 14% per year over the past 5 years. Revenue is less than US$1m (zł2.7m revenue, or US$703k). Market cap is less than US$10m (zł6.31m market cap, or US$1.65m). Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł2.10, the stock trades at a trailing P/E ratio of 31.5x. Average trailing P/E is 9x in the Electronic industry in Poland. Total loss to shareholders of 3.7% over the past three years. Reported Earnings • Aug 14
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł337.1k (down 44% from 2Q 2023). Net loss: zł240.4k (loss narrowed 53% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Announcement • Aug 01
Apanet S.A., Annual General Meeting, Aug 26, 2024 Apanet S.A., Annual General Meeting, Aug 26, 2024, at 14:00 Central European Standard Time. Location: ul piwna 12, wroclaw Poland Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to zł2.64, the stock trades at a trailing P/E ratio of 39.6x. Average trailing P/E is 11x in the Electronic industry in Poland. Total returns to shareholders of 234% over the past three years. Reported Earnings • Feb 13
Full year 2023 earnings released: zł0.052 loss per share (vs zł0.13 loss in FY 2022) Full year 2023 results: zł0.052 loss per share (improved from zł0.13 loss in FY 2022). Revenue: zł2.85m (up 7.8% from FY 2022). Net loss: zł168.4k (loss narrowed 60% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Feb 09
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to zł1.74. The fair value is estimated to be zł2.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.6% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Dec 20
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be zł2.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.6% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Oct 26
Now 20% undervalued Over the last 90 days, the stock is up 17%. The fair value is estimated to be zł2.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Sep 28
Now 21% undervalued Over the last 90 days, the stock is up 5.0%. The fair value is estimated to be zł2.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Aug 14
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be zł2.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 09
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł605.3k (down 19% from 2Q 2022). Net loss: zł508.3k (loss widened 384% from 2Q 2022). New Risk • Jun 26
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 9.6% 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 (9.6% average weekly change). Revenue is less than US$1m (zł2.6m revenue, or US$647k). Market cap is less than US$10m (zł7.02m market cap, or US$1.73m). Announcement • May 31
Apanet S.A., Annual General Meeting, Jun 27, 2023 Apanet S.A., Annual General Meeting, Jun 27, 2023, at 09:00 Central European Standard Time. Reported Earnings • May 21
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł569.4k (down 2.2% from 1Q 2022). Net loss: zł326.9k (loss widened zł281.1k from 1Q 2022). Reported Earnings • Mar 24
Full year 2022 earnings released Full year 2022 results: Revenue: zł2.65m (down 42% from FY 2021). Net loss: zł423.5k (down 172% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 16
Apanet S.A. to Report Fiscal Year 2022 Results on Mar 15, 2023 Apanet S.A. announced that they will report fiscal year 2022 results on Mar 15, 2023 Announcement • Jul 06
Apanet S.A., Annual General Meeting, Jul 27, 2022 Apanet S.A., Annual General Meeting, Jul 27, 2022, at 10:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment deteriorated over the past week After last week's 17% share price decline to zł1.99, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 9x in the Electronic industry in Poland. Total returns to shareholders of 14% over the past three years. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improved over the past week After last week's 26% share price gain to zł2.44, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 9x in the Electronic industry in Poland. Total returns to shareholders of 48% over the past three years. Valuation Update With 7 Day Price Move • May 24
Investor sentiment deteriorated over the past week After last week's 19% share price decline to zł2.00, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 9x in the Electronic industry in Poland. Total returns to shareholders of 8.1% over the past three years. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment deteriorated over the past week After last week's 17% share price decline to zł2.50, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 9x in the Electronic industry in Poland. Total returns to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment deteriorated over the past week After last week's 29% share price decline to zł2.70, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 7x in the Electronic industry in Poland. Total returns to shareholders of 38% over the past three years. Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment improved over the past week After last week's 25% share price gain to zł4.00, the stock trades at a trailing P/E ratio of 41.5x. Average trailing P/E is 8x in the Electronic industry in Poland. Total returns to shareholders of 150% over the past three years. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment improved over the past week After last week's 20% share price gain to zł2.88, the stock trades at a trailing P/E ratio of 29.9x. Average trailing P/E is 8x in the Electronic industry in Poland. Total returns to shareholders of 106% over the past three years. Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment deteriorated over the past week After last week's 17% share price decline to zł2.32, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 8x in the Electronic industry in Poland. Total returns to shareholders of 78% over the past three years. Valuation Update With 7 Day Price Move • Nov 27
Investor sentiment improved over the past week After last week's 28% share price gain to zł2.66, the stock trades at a trailing P/E ratio of 27.6x. Average trailing P/E is 7x in the Electronic industry in Poland. Total returns to shareholders of 75% over the past three years. Reported Earnings • Nov 25
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: zł0.001 (down from zł0.039 in 3Q 2020). Revenue: zł933.0k (up 3.7% from 3Q 2020). Net income: zł2.3k (down 98% from 3Q 2020). Profit margin: 0.2% (down from 14% in 3Q 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment deteriorated over the past week After last week's 19% share price decline to zł2.50, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 8x in the Electronic industry in Poland. Total returns to shareholders of 45% over the past three years. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improved over the past week After last week's 59% share price gain to zł1.40, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 8x in the Electronic industry in Poland. Total loss to shareholders of 13% over the past three years. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment deteriorated over the past week After last week's 17% share price decline to zł1.04, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 8x in the Electronic industry in Poland. Total loss to shareholders of 40% over the past three years. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment deteriorated over the past week After last week's 19% share price decline to zł1.45, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 8x in the Electronic industry in Poland. Negligible returns to shareholders over past three years. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improved over the past week After last week's 27% share price gain to zł1.47, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 8x in the Electronic industry in Poland. Total loss to shareholders of 2.0% over the past three years. Reported Earnings • Mar 25
Full year 2020 earnings released: zł0.058 loss per share (vs zł0.088 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: zł2.61m (down 22% from FY 2019). Net loss: zł188.2k (down 166% from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Announcement • Feb 09
Apanet S.A. to Report Q2, 2021 Results on Aug 09, 2021 Apanet S.A. announced that they will report Q2, 2021 results on Aug 09, 2021 Is New 90 Day High Low • Jan 05
New 90-day high: zł0.97 The company is up 7.0% from its price of zł0.91 on 07 October 2020. The Polish market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 13% over the same period. 
