New Risk • May 20
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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 Share price has been highly volatile over the past 3 months (34% average weekly change). Negative equity (-€6.0m). Earnings have declined by 36% per year over the past 5 years. Shareholders have been substantially diluted in the past year (61% increase in shares outstanding). Market cap is less than US$10m (€4.66m market cap, or US$5.40m). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). New Risk • Aug 12
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 487% 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 Less than 1 year of cash runway based on free cash flow trend (-€2.4m free cash flow). Share price has been highly volatile over the past 3 months (49% average weekly change). Negative equity (-€3.8m). Earnings have declined by 34% per year over the past 5 years. Shareholders have been substantially diluted in the past year (487% increase in shares outstanding). Market cap is less than US$10m (€2.89m market cap, or US$3.37m). New Risk • Aug 06
New major risk - Negative shareholders equity The company has negative equity. Total equity: -€3.8m 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 (-€2.4m free cash flow). Share price has been highly volatile over the past 3 months (56% average weekly change). Negative equity (-€3.8m). Earnings have declined by 27% per year over the past 5 years. Market cap is less than US$10m (€737.3k market cap, or US$855.7k). Duyuru • Jun 05
Rivolier SAS acquired Verney-Carron S.A. (ENXTPA:MLVER) from Cybergun S.A. (ENXTPA:ALCYB). Rivolier SAS acquired Verney-Carron S.A. (ENXTPA:MLVER) from Cybergun S.A. (ENXTPA:ALCYB) on June 4, 2025. As part of acquisition, Rivolier group, based in Saint-Just-Saint-Rambert (Loire), will take on 55 of the 67 employees of the Saint-?tienne arms manufacturer, which went into receivership in February.
Rivolier SAS completed the acquisition of Verney-Carron S.A. (ENXTPA:MLVER) from Cybergun S.A. (ENXTPA:ALCYB) on June 4, 2025. New Risk • May 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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 Share price has been highly volatile over the past 3 months (92% average weekly change). Earnings have declined by 2.8% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 10x increase in shares outstanding). Market cap is less than US$10m (€245.8k market cap, or US$279.2k). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Duyuru • May 15
Cybergun S.A., Annual General Meeting, Jun 17, 2025 Cybergun S.A., Annual General Meeting, Jun 17, 2025. Location: 14 rue de la republique, suresnes France Duyuru • Nov 24
Cybergun S.A., Annual General Meeting, Jan 06, 2025 Cybergun S.A., Annual General Meeting, Jan 06, 2025. Location: 40 boulevard henri sellier, suresnes France New Risk • Nov 10
New major risk - Revenue and earnings growth Earnings have declined by 3.0% 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 (-€1.6m free cash flow). Share price has been highly volatile over the past 3 months (87% average weekly change). Earnings have declined by 3.0% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 22x increase in shares outstanding). Market cap is less than US$10m (€122.9k market cap, or US$131.7k). Duyuru • Jul 19
Cybergun S.A. (ENXTPA:ALCYB) agreed to acquire Civil Division Assets of Dolomede Evike Europe. Cybergun S.A. (ENXTPA:ALCYB) agreed to acquire Civil Division Assets of Dolomede Evike Europe on July 17, 2024. Payment of the sale price would be spread over three years, subject to the effective transfer of the assets concerned. The transaction follows signing of a partial asset contribution agreement (APA) planned for the third quarter of 2024. For the period ending December 31, 2023, Civil Division Assets of Dolomede Evike Europe reported a turnover of €21.3 million. The proceeds from the sale of these assets should make it possible to support the development plan of the Military division, whose 2023 turnover amounted to €21.4 million. Reported Earnings • Jun 23
Full year 2023 earnings released Full year 2023 results: Revenue: €44.6m (up 3.0% from FY 2022). Net loss: €14.6m (down €15.1m from profit in FY 2022). New Risk • May 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 136% 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 (26% average weekly change). Shareholders have been substantially diluted in the past year (136% increase in shares outstanding). Market cap is less than US$10m (€250.7k market cap, or US$272.6k). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). New Risk • Feb 16
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 Share price has been highly volatile over the past 3 months (20% average weekly change). Market cap is less than US$10m (€2.26m market cap, or US$2.44m). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (23% increase in shares outstanding). New Risk • Jul 30
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 Share price has been highly volatile over the past 3 months (12% average weekly change). Market cap is less than US$10m (€6.88m market cap, or US$7.59m). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (13% increase in shares outstanding). Reported Earnings • Jul 06
Full year 2022 earnings released Full year 2022 results: Revenue: €43.5m (up 32% from FY 2021). Net income: €468.0k (up €7.70m from FY 2021). Profit margin: 1.1% (up from net loss in FY 2021). Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Director Emmanuel Couraud was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 21
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: €33.0m (up 44% from FY 2020). Net loss: €7.23m (loss narrowed 36% from FY 2020). Revenue missed analyst estimates by 1.7%. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Director Emmanuel Couraud was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.