New Risk • May 23
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: -zł5.1m 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 (-zł5.1m free cash flow). Shares are highly illiquid. Earnings have declined by 14% per year over the past 5 years. Revenue is less than US$1m (zł40k revenue, or US$11k). Market cap is less than US$10m (zł6.59m market cap, or US$1.80m). Announcement • Feb 10
T&T Proenergy S.A. to Report Q4, 2025 Results on Feb 13, 2026 T&T Proenergy S.A. announced that they will report Q4, 2025 results on Feb 13, 2026 Announcement • Jan 20
T&T Proenergy S.A., Annual General Meeting, Feb 12, 2026 T&T Proenergy S.A., Annual General Meeting, Feb 12, 2026, at 10:00 Central European Standard Time. Announcement • Nov 12
T&T Proenergy S.A. to Report Q3, 2025 Results on Nov 14, 2025 T&T Proenergy S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 Reported Earnings • Aug 20
Second quarter 2025 earnings released: zł0.11 loss per share (vs zł0.018 loss in 2Q 2024) Second quarter 2025 results: zł0.11 loss per share (further deteriorated from zł0.018 loss in 2Q 2024). Net loss: zł1.77m (loss widened 499% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 40% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 20
Full year 2024 earnings released Full year 2024 results: Net loss: zł3.66m (loss narrowed 51% from FY 2023). New Risk • Nov 15
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł39.3m (US$9.57m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 17% per year over the past 5 years. Market cap is less than US$10m (zł39.3m market cap, or US$9.57m). Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Revenue is less than US$5m (zł14m revenue, or US$3.3m). New Risk • Aug 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł44.7m (US$11.4m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (zł44.7m market cap, or US$11.4m). Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Large one-off items impacting financial results. Revenue is less than US$5m (zł17m revenue, or US$4.4m). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to zł2.24, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 18x in the Renewable Energy industry in Europe. Total loss to shareholders of 57% over the past three years. New Risk • Jul 29
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 6.5% 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: Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Large one-off items impacting financial results. Revenue is less than US$5m (zł17m revenue, or US$4.4m). Market cap is less than US$100m (zł45.7m market cap, or US$11.6m). Announcement • Jun 08
T&T Proenergy S.A., Annual General Meeting, Jul 04, 2024 T&T Proenergy S.A., Annual General Meeting, Jul 04, 2024. New Risk • May 13
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 6.8% 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 Risk Earnings have declined by 30% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (6.8% average weekly change). Revenue is less than US$5m (zł5.2m revenue, or US$1.3m). Market cap is less than US$100m (zł57.9m market cap, or US$14.6m). New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. 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 (-zł5.1m free cash flow). Earnings have declined by 30% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Revenue is less than US$5m (zł5.2m revenue, or US$1.3m). Market cap is less than US$100m (zł57.2m market cap, or US$14.3m). Reported Earnings • Feb 16
Full year 2023 earnings released Full year 2023 results: Revenue: zł16.9m (up 50% from FY 2022). Net loss: zł1.64m (loss narrowed 85% from FY 2022). New Risk • Oct 13
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 7.0% 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 (-zł5.1m free cash flow). Earnings have declined by 30% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Revenue is less than US$5m (zł5.2m revenue, or US$1.2m). Market cap is less than US$100m (zł57.2m market cap, or US$13.3m). Announcement • Sep 06
JOANNA TABAKA acquired a 8.15% stake in 01CYBERATON PROENERGY SA from JANUSZ SKOPOWSKI. JOANNA TABAKA acquired a 8.15% stake in 01CYBERATON PROENERGY SA from JANUSZ SKOPOWSKI on September 5, 2023.
JOANNA TABAKA completed the acquisition of a 8.15% stake in 01CYBERATON PROENERGY SA from JANUSZ SKOPOWSKI on September 5, 2023. Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: zł0.088 (vs zł0.15 in 2Q 2022) Second quarter 2023 results: EPS: zł0.088 (down from zł0.15 in 2Q 2022). Net income: zł1.44m (down 40% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Announcement • Aug 08
01Cyberaton Proenergy S.A., Annual General Meeting, Sep 04, 2023 01Cyberaton Proenergy S.A., Annual General Meeting, Sep 04, 2023. New Risk • Jul 09
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: -zł5.2m 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 (-zł5.2m free cash flow). Earnings have declined by 28% per year over the past 5 years. Minor Risks Revenue is less than US$5m (zł12m revenue, or US$2.8m). Market cap is less than US$100m (zł61.6m market cap, or US$15.2m). Reported Earnings • May 21
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł3.55m (up 5.6% from 1Q 2022). Net income: zł1.25m (up zł1.10m from 1Q 2022). Profit margin: 35% (up from 4.2% in 1Q 2022). Reported Earnings • Feb 19
Full year 2022 earnings released: EPS: zł0.19 (vs zł0.053 loss in FY 2021) Full year 2022 results: EPS: zł0.19 (up from zł0.053 loss in FY 2021). Revenue: zł19.8m (down 36% from FY 2021). Net income: zł3.09m (up zł3.95m from FY 2021). Profit margin: 16% (up from net loss in FY 2021). Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 20
Third quarter 2022 earnings released Third quarter 2022 results: Net loss: zł644.5k (down 110% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 24% share price gain to zł4.55, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 24x in the Renewable Energy industry in Europe. Total returns to shareholders of 49% over the past three years. Buying Opportunity • Jun 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be zł4.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 88% over the last 3 years. Earnings per share has declined by 33%. Announcement • Jun 08
01Cyberaton Proenergy S.A., Annual General Meeting, Jun 30, 2022 01Cyberaton Proenergy S.A., Annual General Meeting, Jun 30, 2022, at 09:00 Central European Standard Time. Reported Earnings • May 19
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł3.42m (up 35% from 1Q 2021). Net income: zł140.9k (up zł321.1k from 1Q 2021). Profit margin: 4.1% (up from net loss in 1Q 2021). Reported Earnings • Feb 16
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: zł0.003 (up from zł0.27 loss in FY 2020). Revenue: zł31.0m (up 361% from FY 2020). Net income: zł41.8k (up zł3.46m from FY 2020). Profit margin: 0.1% (up from net loss in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 58% per year, which means it is well ahead of earnings. Reported Earnings • Nov 19
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł15.1m (up zł15.0m from 3Q 2020). Net income: zł6.23m (up zł6.38m from 3Q 2020). Profit margin: 41% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 70% per year, which means it is well ahead of earnings. Reported Earnings • Aug 21
Second quarter 2021 earnings released The company reported a decent second quarter result with improved revenues, although earnings and control over costs were weaker. Second quarter 2021 results: Revenue: zł4.21m (up zł3.73m from 2Q 2020). Net loss: zł2.40m (down zł2.81m from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 71% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 25
New 90-day low: zł7.89 The company is down 11% from its price of zł8.83 on 27 November 2020. The Polish market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 8.0% over the same period. Reported Earnings • Feb 18
Full year 2020 earnings released: zł0.20 loss per share (vs zł0.27 profit in FY 2019) Full year 2020 results: Net loss: zł2.58m (down 259% from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 89% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Jan 14
New 90-day high: zł9.08 The company is up 15% from its price of zł7.90 on 16 October 2020. The Polish market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 27% over the same period. Valuation Update With 7 Day Price Move • Nov 12
Market bids up stock over the past week After last week's 17% share price gain to zł8.92, the stock is trading at a trailing P/E ratio of 60.7x, up from the previous P/E ratio of 51.9x. This compares to an average P/E of 28x in the Renewable Energy industry in Europe. Total returns to shareholders over the past three years are 643%. Valuation Update With 7 Day Price Move • Nov 05
Market bids up stock over the past week After last week's 17% share price gain to zł7.32, the stock is trading at a trailing P/E ratio of 49.8x, up from the previous P/E ratio of 42.6x. This compares to an average P/E of 26x in the Renewable Energy industry in Europe. Total returns to shareholders over the past three years are 510%. Valuation Update With 7 Day Price Move • Oct 29
Market pulls back on stock over the past week After last week's 19% share price decline to zł6.27, the stock is trading at a trailing P/E ratio of 42.6x, down from the previous P/E ratio of 52.4x. This compares to an average P/E of 25x in the Renewable Energy industry in Europe. Total returns to shareholders over the past three years are 422%. Valuation Update With 7 Day Price Move • Oct 16
Market pulls back on stock over the past week After last week's 22% share price decline to zł7.22, the stock is trading at a trailing P/E ratio of 49.1x, down from the previous P/E ratio of 63.1x. This compares to an average P/E of 29x in the Renewable Energy industry in Europe. Total returns to shareholders over the past three years are 502%. Is New 90 Day High Low • Oct 16
New 90-day low: zł7.22 The company is down 30% from its price of zł10.34 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 Renewable Energy industry, which is up 11% over the same period. Announcement • Sep 30
01Cyberaton S.A. announced that it expects to receive PLN 53.6 million in funding 01Cyberaton S.A. (WSE:01C) announced a private placement of 6,700,000 series V shares at a price of PLN 8 per share for gross proceeds of PLN 53,600,000 on July 13, 2020. Announcement • Sep 22
Janusz Skopowski along with other investors acquired 33.53% stake in 01CYBERATON S.A. (WSE:01C) from Zoukuma Ltd. Janusz Skopowski along with other investors acquired 33.53% stake in 01CYBERATON S.A. (WSE:01C) from Zoukuma Ltd. on February 22, 2016. Under the terms of the transaction, Zoukuma Ltd. sold 30 million shares. Post closing, Janusz Skopowski raises stake in 01CYBERATON S.A. to 20.58% from 0.52%.
Janusz Skopowski along with other investors completed the acquisition of 33.53% stake in 01CYBERATON S.A. (WSE:01C) from Zoukuma Ltd. on February 22, 2016. Announcement • Aug 02
An unknwon buyer acquired 10.63% stake in 01Cyberaton S.A. (WSE:01C) from Roman Tabaka. An unknwon buyer acquired 10.63% stake in 01Cyberaton S.A. (WSE:01C) from Roman Tabaka on July 31, 2020.
An unknwon buyer completed the acquisition of 10.63% stake in 01Cyberaton S.A. (WSE:01C) from Roman Tabaka on July 31, 2020. 
