Reported Earnings • Mar 02
Full year 2025 earnings released: RON0.01 loss per share (vs RON0.01 loss in FY 2024) Full year 2025 results: RON0.01 loss per share (in line with FY 2024). Revenue: RON394.3m (down 2.4% from FY 2024). Net loss: RON6.12m (flat on FY 2024). Revenue is expected to decline by 7.5% p.a. on average during the next 3 years, while revenues in the IT industry in Europe are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 28% per year. Board Change • Dec 15
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 1 independent director (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Price Target Changed • Dec 04
Price target decreased by 41% to RON0.11 Down from RON0.19, the current price target is provided by 1 analyst. New target price is 6.8% below last closing price of RON0.12. Stock is down 26% over the past year. The company posted a net loss per share of RON0.0097 last year. Reported Earnings • Nov 30
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: RON69.8m (down 47% from 3Q 2024). Net loss: RON871.1k (loss narrowed 35% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. New Risk • Oct 03
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 Romanian 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 Risk Earnings have declined by 56% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (RON92.6m market cap, or US$21.3m). Reported Earnings • Sep 01
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: RON57.5m (down 56% from 2Q 2024). Net loss: RON8.16m (down 334% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Jun 05
Now 28% overvalued Over the last 90 days, the stock has fallen 4.1% to RON0.17. The fair value is estimated to be RON0.13, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Jun 02
First quarter 2025 earnings released First quarter 2025 results: Revenue: RON46.4m (up 5.2% from 1Q 2024). Net loss: RON9.44m (loss widened 3.1% from 1Q 2024). Announcement • May 28
Arctic Stream S.A. (BVB : AST) signed a share purchase agreement to acquire 50.20% stake in IT Prepared SRL from Bittnet Systems SA (BVB:BNET) for RON 6.12 million. Arctic Stream S.A. (BVB : AST) signed a share purchase agreement to acquire 50.20% stake in IT Prepared SRL from Bittnet Systems SA (BVB:BNET) for RON 6.12 million on May 27, 2025. IT Prepared SRL will be rebranded as Optimizor. The transaction price of RON 6.12 million will be paid within 5 business days from the signing of the share purchase agreement.
The expected completion of the transaction is within 5 working days from the signing of the share sale-purchase agreement. Reported Earnings • Mar 04
Full year 2024 earnings released: EPS: RON0.01 (vs RON0.008 loss in FY 2023) Full year 2024 results: EPS: RON0.01 (up from RON0.008 loss in FY 2023). Revenue: RON418.9m (up 12% from FY 2023). Net income: RON6.51m (up RON11.1m from FY 2023). Profit margin: 1.6% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 18
Third quarter 2024 earnings released: RON0.002 loss per share (vs RON0.002 profit in 3Q 2023) Third quarter 2024 results: RON0.002 loss per share (down from RON0.002 profit in 3Q 2023). Revenue: RON131.9m (flat on 3Q 2023). Net loss: RON1.34m (down 230% from profit in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 03
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: RON132.1m (up 43% from 2Q 2023). Net income: RON3.49m (up RON7.21m from 2Q 2023). Profit margin: 2.6% (up from net loss in 2Q 2023). 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 • May 16
First quarter 2024 earnings released First quarter 2024 results: Revenue: RON44.1m (down 18% from 1Q 2023). Net loss: RON9.15m (loss widened 222% from 1Q 2023). Reported Earnings • Feb 26
Full year 2023 earnings released: RON0.008 loss per share (vs RON0.01 loss in FY 2022) Full year 2023 results: RON0.008 loss per share (improved from RON0.01 loss in FY 2022). Revenue: RON383.2m (up 99% from FY 2022). Net loss: RON4.78m (loss narrowed 11% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Feb 25
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at RON0.27. The fair value is estimated to be RON0.22, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 47% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Nov 13
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: RON132.0m (up 222% from 3Q 2022). Net income: RON1.03m (up RON4.13m from 3Q 2022). Profit margin: 0.8% (up from net loss in 3Q 2022). New Risk • Sep 11
New major risk - Revenue and earnings growth Earnings have declined by 12% 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 Risk Earnings have declined by 12% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (RON159.2m market cap, or US$34.3m). Price Target Changed • Dec 21
Price target decreased to RON0.30 Down from RON0.35, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of RON0.29. Stock is down 6.3% over the past year. The company posted earnings per share of RON0.026 last year. Announcement • Dec 14
Bittnet Systems SA (BVB:BNET) and Dendrio Solutions S.R.L. entered into an agreement to acquire 70% stake in Dataware Consulting Srl for RON 18.6 million Bittnet Systems SA (BVB:BNET) and Dendrio Solutions S.R.L. entered into an agreement to acquire 70% stake in Dataware Consulting Srl for RON 18.6 million on December 12, 2022. Dendrio Solutions will pay RON 13.6 million in cash and Bittnet Systems will issue shares of RON 5 million as consideration. The remaining 30% of Dataware will remain the property of the company's founders. The transaction is subject to approval by the Competition Council. In 2021 Dataware Consulting recorded total revenues of RON 28 million and a gross profit of RON 3.5 million. The transaction is expected to close in the first half of 2023. Price Target Changed • Nov 16
Price target increased to RON0.35 Up from RON0.32, the current price target is provided by 1 analyst. New target price is 20% above last closing price of RON0.29. Stock is down 3.9% over the past year. The company posted earnings per share of RON0.026 last year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). VP of Education & Member of Advisory Board Dan Berteanu was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Price Target Changed • Aug 09
Price target increased to RON0.35 Up from RON0.32, the current price target is provided by 1 analyst. New target price is 22% above last closing price of RON0.29. Stock is down 18% over the past year. The company posted earnings per share of RON0.026 last year. Announcement • Jun 15
Agista Management agreed to acquire 12% stake in Dendrio Solutions S.R.L. from Bittnet Systems SA (BVB : BNET) for RON 7.5 million. Agista Management agreed to acquire 12% stake in Dendrio Solutions S.R.L. from Bittnet Systems SA (BVB : BNET) for RON 7.5 million on June 14, 2022. In 2021, Dendrio made an operating profit of RON 5.41 million on a turnover of RON 87 million. Price Target Changed • Apr 27
Price target decreased to RON0.36 Down from RON0.79, the current price target is provided by 1 analyst. New target price is 13% above last closing price of RON0.32. Stock is down 26% over the past year. The company posted earnings per share of RON0.029 last year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Member of Advisory Board Dan Berteanu was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Mar 07
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 9.3%. The fair value is estimated to be RON0.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% per annum over the last 3 years. Earnings per share has grown by 42% per annum over the last 3 years. Announcement • Dec 15
Bittnet Systems SA (BVB:BNET) signed an agreement to acquire a 74% stake in Global Resolution Experts (GRX). Bittnet Systems SA (BVB:BNET) signed an agreement to acquire a 74% stake in Global Resolution Experts (GRX) on December 14, 2021. The transaction price will be established after auditing the financial results for 2021 and will be paid in two instalments. The first tranche, RON 5.15 million, will be unblocked and paid to the founding shareholders of GRX after fulfilling some suspensive conditions such as the transformation of GRX into a joint-stock company, the adoption of the new articles of association of the company, the appointment of new directors - estimated December 2021. Reported Earnings • Nov 18
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: RON33.8m (up 64% from 3Q 2020). Net income: RON7.95m (up RON10.4m from 3Q 2020). Profit margin: 24% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Price Target Changed • Sep 01
Price target increased to RON0.79 Up from RON0.46, the current price target is provided by 1 analyst. New target price is 114% above last closing price of RON0.37. Stock is down 9.6% over the past year. Announcement • Jun 30
Bittnet Systems SA (BVB:BNET) acquired 20% stake in DataScript s.r.o. for €0.28 million ($0.33 million). Bittnet Systems SA (BVB:BNET) acquired 20% stake in DataScript s.r.o. for €0.28 million ($0.33 million) on June 28, 2021.
Bittnet Systems SA (BVB:BNET) completed the acquisition of 20% stake in DataScript s.r.o. on June 28, 2021. Is New 90 Day High Low • Nov 02
New 90-day high: RON0.73 The company is up 7.0% from its price of RON0.68 on 04 August 2020. The Romanian market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is down 9.0% over the same period. Announcement • Oct 15
Bittnet Systems SA (BVB:BNET) agreed to acquire a 25% stake in Softbinator Technologies SA for an enterprise value of $2 million. Bittnet Systems SA (BVB:BNET) agreed to acquire a 25% stake in Softbinator Technologies SA for an enterprise value of $2 million on October 13, 2020. Under the terms of the transaction, Bittnet will pay the consideration in a mix of cash and Bittnet shares. Softbinator reported revenues of $1.3 billion (RON 5.4 billion) in the first half of 2020. The transaction is subject to the approval of the Extraordinary General Meeting of Shareholders of Bittnet in November 2020.