New Risk • Apr 19
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 (9.2% average weekly change). Negative equity (-€4.7m). Market cap is less than US$10m (€4.54m market cap, or US$5.34m). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). New Risk • Apr 14
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 Italian stocks, typically moving 6.7% 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 (-€2.1m free cash flow). Negative equity (-€2.7m). Market cap is less than US$10m (€5.05m market cap, or US$5.74m). Minor Risk Share price has been volatile over the past 3 months (6.7% average weekly change). New Risk • Feb 28
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 Italian stocks, typically moving 5.7% 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 (-€2.1m free cash flow). Negative equity (-€2.7m). Market cap is less than US$10m (€5.48m market cap, or US$5.70m). Minor Risk Share price has been volatile over the past 3 months (5.7% average weekly change). New Risk • Aug 18
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 Italian stocks, typically moving 5.4% 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 (-€1.8m free cash flow). Negative equity (-€3.0m). Market cap is less than US$10m (€7.44m market cap, or US$8.20m). Minor Risk Share price has been volatile over the past 3 months (5.4% average weekly change). New Risk • Feb 12
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 Italian stocks, typically moving 8.0% 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 Less than 1 year of cash runway based on free cash flow trend (-€1.7m free cash flow). Share price has been highly volatile over the past 3 months (8.0% average weekly change). Negative equity (-€2.7m). Market cap is less than US$10m (€7.22m market cap, or US$7.78m). Reported Earnings • Sep 19
Second quarter 2023 earnings released: €0.019 loss per share (vs €0.09 loss in 2Q 2022) Second quarter 2023 results: €0.019 loss per share (improved from €0.09 loss in 2Q 2022). Revenue: €1.32m (down 5.3% from 2Q 2022). Net loss: €209.0k (loss narrowed 79% from 2Q 2022). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. New Risk • Aug 24
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 Italian stocks, typically moving 4.6% 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 (-€1.4m free cash flow). Negative equity (-€2.7m). Market cap is less than US$10m (€7.29m market cap, or US$7.89m). Minor Risk Share price has been volatile over the past 3 months (4.6% average weekly change). Reported Earnings • May 21
First quarter 2023 earnings released: €0.041 loss per share (vs €0.07 loss in 1Q 2022) First quarter 2023 results: €0.041 loss per share (improved from €0.07 loss in 1Q 2022). Revenue: €1.33m (up 11% from 1Q 2022). Net loss: €464.0k (loss narrowed 41% from 1Q 2022). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Reported Earnings • Apr 19
Full year 2022 earnings released: €0.21 loss per share (vs €0.24 loss in FY 2021) Full year 2022 results: €0.21 loss per share (improved from €0.24 loss in FY 2021). Revenue: €5.11m (down 5.0% from FY 2021). Net loss: €2.39m (loss narrowed 12% from FY 2021). Over the last 3 years on average, earnings per share has increased by 6% per year and the company’s share price has also increased by 6% per 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. 9 experienced directors. 1 highly experienced director. 3 independent directors (4 non-independent directors). Independent Director Susanna Pedretti was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Sep 25
Second quarter 2022 earnings released: €0.09 loss per share (vs €0.081 loss in 2Q 2021) Second quarter 2022 results: €0.09 loss per share (further deteriorated from €0.081 loss in 2Q 2021). Revenue: €1.40m (down 3.3% from 2Q 2021). Net loss: €1.01m (loss widened 12% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 05
First quarter 2022 earnings released: €0.07 loss per share (vs €0.042 loss in 1Q 2021) First quarter 2022 results: €0.07 loss per share (down from €0.042 loss in 1Q 2021). Revenue: €1.20m (down 11% from 1Q 2021). Net loss: €781.0k (loss widened 68% from 1Q 2021). 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 7% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. 3 experienced directors. 1 highly experienced director. 3 independent directors (4 non-independent directors). Statutory Auditor Jean-Paul Baroni is the most experienced director on the board, commencing their role in 2010. Independent Director Susanna Pedretti was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Sep 30
Second quarter 2021 earnings released The company reported a poor second quarter result with increased losses and weaker control over costs, although revenues were flat. Second quarter 2021 results: Revenue: €1.45m (flat on 2Q 2020). Net loss: €903.0k (loss widened 159% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 17
First quarter 2021 earnings released The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: €1.34m (down 8.0% from 1Q 2020). Net loss: €465.0k (loss widened 31% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 5% per year. Is New 90 Day High Low • Feb 15
New 90-day high: €1.42 The company is up 33% from its price of €1.07 on 17 November 2020. The Italian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 9.0% over the same period. Reported Earnings • Oct 05
First half earnings released Over the last 12 months the company has reported total losses of €2.80m, with losses narrowing by 42% from the prior year. Total revenue was €6.20m over the last 12 months, down 21% from the prior year. Reported Earnings • Sep 27
First half earnings released Over the last 12 months the company has reported total losses of €2.80m, with losses narrowing by 42% from the prior year. Total revenue was €6.20m over the last 12 months, down 21% from the prior year.