Announcement • Apr 21
Nation Group (Thailand) Public Company Limited Appoints Kamonpop Veerapala as A New Director Nation Group (Thailand) Public Company Limited at its AGM held on April 20, 2026, resolved to approve the appointment of Mr. Kamonpop Veerapala as a new director. New Risk • Apr 04
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: -฿35m 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 (-฿35m free cash flow). Share price has been highly volatile over the past 3 months (30% average weekly change). Earnings have declined by 40% per year over the past 5 years. Shareholders have been substantially diluted in the past year (45% increase in shares outstanding). Minor Risk Market cap is less than US$100m (฿707.8m market cap, or US$21.7m). Announcement • Feb 27
Nation Group (Thailand) Public Company Limited, Annual General Meeting, Apr 20, 2026 Nation Group (Thailand) Public Company Limited, Annual General Meeting, Apr 20, 2026, at 16:00 SE Asia Standard Time. New Risk • Jan 03
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 45% 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 Share price has been highly volatile over the past 3 months (43% average weekly change). Negative equity (-฿118m). Earnings have declined by 40% per year over the past 5 years. Shareholders have been substantially diluted in the past year (45% increase in shares outstanding). Minor Risk Market cap is less than US$100m (฿530.8m market cap, or US$16.9m). Reported Earnings • Nov 15
Third quarter 2025 earnings released: ฿0.002 loss per share (vs ฿0.004 loss in 3Q 2024) Third quarter 2025 results: ฿0.002 loss per share (improved from ฿0.004 loss in 3Q 2024). Revenue: ฿239.1m (up 5.1% from 3Q 2024). Net loss: ฿22.1m (loss narrowed 52% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 15
Second quarter 2025 earnings released: ฿0.004 loss per share (vs ฿0.033 loss in 2Q 2024) Second quarter 2025 results: ฿0.004 loss per share (improved from ฿0.033 loss in 2Q 2024). Revenue: ฿240.1m (up 14% from 2Q 2024). Net loss: ฿48.0m (loss narrowed 88% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Reported Earnings • May 15
First quarter 2025 earnings released: ฿0.007 loss per share (vs ฿0.009 loss in 1Q 2024) First quarter 2025 results: ฿0.007 loss per share (improved from ฿0.009 loss in 1Q 2024). Revenue: ฿191.5m (up 12% from 1Q 2024). Net loss: ฿84.6m (loss narrowed 23% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. New Risk • Mar 12
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿244.1m (US$7.21m) 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 Less than 1 year of cash runway based on free cash flow trend (-฿145m free cash flow). Share price has been highly volatile over the past 3 months (35% average weekly change). Earnings have declined by 35% per year over the past 5 years. Market cap is less than US$10m (฿244.1m market cap, or US$7.21m). Reported Earnings • Mar 01
Full year 2024 earnings released: ฿0.07 loss per share (vs ฿0.025 loss in FY 2023) Full year 2024 results: ฿0.07 loss per share (further deteriorated from ฿0.025 loss in FY 2023). Revenue: ฿897.4m (down 1.5% from FY 2023). Net loss: ฿845.0m (loss widened 196% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 23 percentage points per year, which is a significant difference in performance. Announcement • Feb 28
Nation Group (Thailand) Public Company Limited, Annual General Meeting, Apr 29, 2025 Nation Group (Thailand) Public Company Limited, Annual General Meeting, Apr 29, 2025, at 14:00 SE Asia Standard Time. Reported Earnings • Aug 15
Second quarter 2024 earnings released: ฿0.033 loss per share (vs ฿0.004 loss in 2Q 2023) Second quarter 2024 results: ฿0.033 loss per share (further deteriorated from ฿0.004 loss in 2Q 2023). Revenue: ฿222.3m (down 11% from 2Q 2023). Net loss: ฿399.6m (loss widened ฿345.1m from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has fallen by 40% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 17
First quarter 2024 earnings released: ฿0.009 loss per share (vs ฿0.004 loss in 1Q 2023) First quarter 2024 results: ฿0.009 loss per share (further deteriorated from ฿0.004 loss in 1Q 2023). Revenue: ฿184.3m (down 20% from 1Q 2023). Net loss: ฿110.3m (loss widened 205% from 1Q 2023). 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 45% per year, which means it is significantly lagging earnings. New Risk • Apr 02
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿366.1m (US$9.99m) 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 Less than 1 year of cash runway based on free cash flow trend (-฿179m free cash flow). Share price has been highly volatile over the past 3 months (33% average weekly change). Earnings have declined by 30% per year over the past 5 years. Market cap is less than US$10m (฿366.1m market cap, or US$9.99m). Reported Earnings • Mar 01
Full year 2023 earnings released: ฿0.025 loss per share (vs ฿0.094 profit in FY 2022) Full year 2023 results: ฿0.025 loss per share (down from ฿0.094 profit in FY 2022). Revenue: ฿963.8m (up 2.6% from FY 2022). Net loss: ฿286.0m (down 175% from profit in FY 2022). 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 41% per year, which means it is significantly lagging earnings. New Risk • Nov 16
New major risk - Revenue and earnings growth Earnings have declined by 17% 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 Less than 1 year of cash runway based on free cash flow trend (-฿168m free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 17% per year over the past 5 years. Shareholders have been substantially diluted in the past year (200% increase in shares outstanding). Minor Risk Market cap is less than US$100m (฿854.3m market cap, or US$24.0m). 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: -฿255m 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 (-฿255m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Shareholders have been substantially diluted in the past year (200% increase in shares outstanding). Minor Risk Market cap is less than US$100m (฿1.10b market cap, or US$30.9m). Reported Earnings • Aug 17
Second quarter 2023 earnings released: ฿0.004 loss per share (vs ฿0.14 profit in 2Q 2022) Second quarter 2023 results: ฿0.004 loss per share (down from ฿0.14 profit in 2Q 2022). Revenue: ฿263.1m (up 10% from 2Q 2022). Net loss: ฿54.5m (down 109% from profit in 2Q 2022). Reported Earnings • May 19
First quarter 2023 earnings released: ฿0.004 loss per share (vs ฿0.017 loss in 1Q 2022) First quarter 2023 results: ฿0.004 loss per share (improved from ฿0.017 loss in 1Q 2022). Revenue: ฿248.1m (up 6.4% from 1Q 2022). Net loss: ฿36.2m (loss narrowed 48% from 1Q 2022). Reported Earnings • Nov 19
Third quarter 2022 earnings released: ฿0.022 loss per share (vs ฿0.005 loss in 3Q 2021) Third quarter 2022 results: ฿0.022 loss per share (further deteriorated from ฿0.005 loss in 3Q 2021). Revenue: ฿225.9m (up 2.0% from 3Q 2021). Net loss: ฿90.7m (loss widened 348% from 3Q 2021). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Thanachai Santichaikul was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 19
Second quarter 2022 earnings released: EPS: ฿0.14 (vs ฿0.008 loss in 2Q 2021) Second quarter 2022 results: EPS: ฿0.14 (up from ฿0.008 loss in 2Q 2021). Revenue: ฿238.6m (up 20% from 2Q 2021). Net income: ฿588.7m (up ฿622.6m from 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Announcement • Jul 28
Nation Group (Thailand) Public Company Limited Announces Mathaya Osathanond Resigns as Company Secretary, Effective from July 31, 2022 Nation Group (Thailand) Public Company Limited announced that Ms. Mathaya Osathanond, company secretary resigned from the position which will be effective from July 31, 2022 onwards. Reported Earnings • May 19
First quarter 2022 earnings released: ฿0.017 loss per share (vs ฿0.016 loss in 1Q 2021) First quarter 2022 results: ฿0.017 loss per share (down from ฿0.016 loss in 1Q 2021). Revenue: ฿252.4m (up 19% from 1Q 2021). Net loss: ฿69.0m (loss widened 4.6% from 1Q 2021). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Thanachai Santichaikul was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 01
Nation Multimedia Group Public Company Limited, Annual General Meeting, Apr 29, 2022 Nation Multimedia Group Public Company Limited, Annual General Meeting, Apr 29, 2022, at 14:00 SE Asia Standard Time. Agenda: To consider and certify minutes of the 2021 Annual General Meeting of Shareholders which was held on April 9, 2021; to acknowledge the operating results of the company for the year 2021; to consider and approve the company's financial statements for the year ended December 31, 2021; and to discuss other matters. Reported Earnings • Nov 15
Third quarter 2021 earnings released: ฿0.006 loss per share (vs ฿0.004 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: ฿235.4m (down 33% from 3Q 2020). Net loss: ฿20.3m (loss widened 17% from 3Q 2020). Reported Earnings • Aug 18
Second quarter 2021 earnings released: ฿0.008 loss per share (vs ฿0.007 loss in 2Q 2020) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: ฿218.9m (down 32% from 2Q 2020). Net loss: ฿33.9m (loss widened 13% from 2Q 2020). Reported Earnings • May 17
First quarter 2021 earnings released: ฿0.016 loss per share (vs ฿0.02 loss in 1Q 2020) The company reported a soft first quarter result with weaker revenues and control over costs, although losses reduced. First quarter 2021 results: Revenue: ฿212.7m (down 39% from 1Q 2020). Net loss: ฿66.0m (loss narrowed 19% from 1Q 2020). 