New Risk • Jul 01
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 Polish stocks, typically moving 11% 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 Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks High level of debt (42% net debt to equity). Revenue is less than US$5m (US$4.1m revenue). Market cap is less than US$100m (zł81.4m market cap, or US$21.6m). New Risk • Jun 28
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 42% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (42% net debt to equity). Share price has been volatile over the past 3 months (10% average weekly change). Revenue is less than US$5m (US$4.1m revenue). Market cap is less than US$100m (zł81.4m market cap, or US$21.6m). New Risk • May 21
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 Polish stocks, typically moving 11% 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 Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Revenue is less than US$5m (US$4.4m revenue). Market cap is less than US$100m (zł73.7m market cap, or US$20.2m). Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to zł4.20, the stock trades at a trailing P/E ratio of 39.1x. Average trailing P/E is 15x in the Software industry in Poland. Total loss to shareholders of 3.7% over the past three years. Reported Earnings • Apr 21
Third quarter 2025 earnings released: EPS: US$0.001 (vs US$0.009 loss in 3Q 2024) Third quarter 2025 results: EPS: US$0.001 (up from US$0.009 loss in 3Q 2024). Revenue: US$1.01m (up 61% from 3Q 2024). Net income: US$15.0k (up US$171.0k from 3Q 2024). Profit margin: 1.5% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to zł5.30, the stock trades at a trailing P/E ratio of 34.3x. Average trailing P/E is 20x in the Software industry in Poland. Total returns to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to zł6.60, the stock trades at a trailing P/E ratio of 43.3x. Average trailing P/E is 24x in the Software industry in Poland. Total returns to shareholders of 32% over the past three years. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to zł9.45, the stock trades at a trailing P/E ratio of 78.1x. Average trailing P/E is 18x in the Software industry in Poland. Total returns to shareholders of 72% over the past three years. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to zł7.15, the stock trades at a trailing P/E ratio of 59.5x. Average trailing P/E is 18x in the Software industry in Poland. Total returns to shareholders of 44% over the past three years. Reported Earnings • Sep 26
Second quarter 2025 earnings released: EPS: US$0.02 (vs US$0.02 loss in 2Q 2024) Second quarter 2025 results: EPS: US$0.02 (up from US$0.02 loss in 2Q 2024). Revenue: US$1.34m (up 192% from 2Q 2024). Net income: US$328.0k (up US$709.0k from 2Q 2024). Profit margin: 25% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Duyuru • Aug 22
Silvair, Inc. to Report First Half, 2025 Results on Sep 25, 2025 Silvair, Inc. announced that they will report first half, 2025 results on Sep 25, 2025 New Risk • Aug 01
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 Polish stocks, typically moving 11% 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 (-US$384k free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Revenue is less than US$5m (US$3.2m revenue). Market cap is less than US$100m (zł107.8m market cap, or US$29.2m). Reported Earnings • May 19
First quarter 2025 earnings released: EPS: US$0.01 (vs US$0.028 loss in 1Q 2024) First quarter 2025 results: EPS: US$0.01 (up from US$0.028 loss in 1Q 2024). Revenue: US$1.03m (up 177% from 1Q 2024). Net income: US$171.0k (up US$661.0k from 1Q 2024). Profit margin: 17% (up from net loss in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. New Risk • Mar 17
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 8.4% 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 Risk Less than 1 year of cash runway based on free cash flow trend (-US$1.2m free cash flow). Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Revenue is less than US$5m (US$1.9m revenue). Market cap is less than US$100m (zł53.4m market cap, or US$13.9m). Reported Earnings • Nov 29
Third quarter 2024 earnings released: US$0.03 loss per share (vs US$0.02 loss in 3Q 2023) Third quarter 2024 results: US$0.03 loss per share. Revenue: US$630.0k (up 32% from 3Q 2023). Net loss: US$156.0k (loss narrowed 49% from 3Q 2023). Reported Earnings • Sep 20
Second quarter 2024 earnings released: US$0.02 loss per share (vs US$0.014 loss in 2Q 2023) Second quarter 2024 results: US$0.02 loss per share (further deteriorated from US$0.014 loss in 2Q 2023). Revenue: US$459.0k (down 21% from 2Q 2023). Net loss: US$381.0k (loss widened 66% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 21
Full year 2023 earnings released Full year 2023 results: Revenue: US$1.94m (up 50% from FY 2022). Net loss: US$1.25m (loss narrowed 42% from FY 2022). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Mar 26
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: Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (17% increase in shares outstanding). Revenue is less than US$5m (US$1.9m revenue). Market cap is less than US$100m (zł82.5m market cap, or US$20.8m). Reported Earnings • Nov 29
Third quarter 2023 earnings released: US$0.02 loss per share (vs US$0.11 loss in 3Q 2022) Third quarter 2023 results: US$0.02 loss per share (improved from US$0.11 loss in 3Q 2022). Revenue: US$479.0k (up 16% from 3Q 2022). Net loss: US$307.0k (loss narrowed 82% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 05
Second quarter 2023 earnings released: US$0.01 loss per share (vs US$0.06 loss in 2Q 2022) Second quarter 2023 results: US$0.01 loss per share (improved from US$0.06 loss in 2Q 2022). Revenue: US$577.0k (up 126% from 2Q 2022). Net loss: US$229.0k (loss narrowed 76% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • May 28
First quarter 2023 earnings released: US$0.02 loss per share (vs US$0.058 loss in 1Q 2022) First quarter 2023 results: US$0.02 loss per share (improved from US$0.058 loss in 1Q 2022). Revenue: US$493.0k (up 90% from 1Q 2022). Net loss: US$281.0k (loss narrowed 69% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Board Change • May 18
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. 2 experienced directors. 3 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Non-Executive Director Christopher Morawski was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Christopher Morawski was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 02
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: US$255.0k (up 106% from 2Q 2021). Net loss: US$951.0k (loss widened 166% from 2Q 2021). Reported Earnings • May 30
First quarter 2022 earnings released First quarter 2022 results: Net loss: US$904.0k (loss narrowed 26% from 1Q 2021). 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 34% per year, which means it is significantly lagging earnings. 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. 5 non-independent directors. Director Christopher Morawski 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 • Nov 27
Third quarter 2021 earnings: Revenues in line with analyst expectations Third quarter 2021 results: Net loss: US$1.03m (loss widened 223% from 3Q 2020). Revenue was in line with analyst estimates. 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 32% per year, which means it is significantly lagging earnings. Reported Earnings • May 26
First quarter 2021 earnings released First quarter 2021 results: Net loss: US$1.23m (loss widened 16% from 1Q 2020). Reported Earnings • Apr 18
Full year 2020 earnings released Full year 2020 results: Net loss: US$2.61m (loss narrowed 33% from FY 2019). Is New 90 Day High Low • Jan 20
New 90-day low: zł6.30 The company is down 23% from its price of zł8.20 on 21 October 2020. The Polish market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 4.0% over the same period. Is New 90 Day High Low • Jan 04
New 90-day low: zł6.80 The company is down 21% from its price of zł8.65 on 06 October 2020. The Polish market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 3.0% over the same period. Is New 90 Day High Low • Dec 04
New 90-day low: zł7.30 The company is down 13% from its price of zł8.40 on 03 September 2020. The Polish market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is down 4.0% over the same period. Reported Earnings • Dec 03
Third quarter 2020 earnings released: US$0.03 loss per share Third quarter 2020 results: Net loss: US$317.0k (loss narrowed 51% from 3Q 2019). Is New 90 Day High Low • Nov 10
New 90-day low: zł7.77 The company is down 3.0% from its price of zł8.00 on 10 August 2020. The Polish market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is down 5.0% over the same period. Duyuru • Oct 27
Silvair, Inc. announced that it expects to receive PLN 6 million in funding Silvair, Inc. (WSE:SVRS) announced private placement of 800,000 common shares at a price of PLN 7.5 per share for gross proceeds of PLN 6,000,000 on October 26, 2020. Reported Earnings • Oct 01
First half earnings released Over the last 12 months the company has reported total losses of US$3.68m, with losses widening by 38% from the prior year.