Duyuru • Apr 30
TenderHut S.A., Annual General Meeting, May 27, 2026 TenderHut S.A., Annual General Meeting, May 27, 2026, at 12:00 Central European Standard Time. Reported Earnings • Nov 30
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł11.0m (down 9.9% from 3Q 2024). Net income: zł363.0k (up zł1.02m from 3Q 2024). Profit margin: 3.3% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 45% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 29
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł12.0m (up 2.0% from 2Q 2024). Net income: zł38.0k (up zł1.48m from 2Q 2024). Profit margin: 0.3% (up from net loss in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 45% per year, which means it is significantly lagging earnings. Duyuru • Aug 27
TenderHut S.A. to Report First Half, 2025 Results on Sep 30, 2025 TenderHut S.A. announced that they will report first half, 2025 results on Sep 30, 2025 Reported Earnings • Jun 02
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł11.2m (down 15% from 1Q 2024). Net income: zł287.0k (down 24% from 1Q 2024). Profit margin: 2.6% (down from 2.9% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has fallen by 54% per year, which means it is performing significantly worse than earnings. New Risk • Dec 18
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 8.7% 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 Share price has been highly volatile over the past 3 months (8.7% average weekly change). Earnings have declined by 57% per year over the past 5 years. Market cap is less than US$10m (zł13.1m market cap, or US$3.21m). Minor Risk Shareholders have been diluted in the past year (11% increase in shares outstanding). Reported Earnings • Dec 01
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: zł12.2m (down 14% from 3Q 2023). Net loss: zł655.0k (loss narrowed 7.1% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 24 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 02
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł11.7m (down 14% from 2Q 2023). Net loss: zł1.44m (loss narrowed 24% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 04
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł13.2m (down 11% from 1Q 2023). Net income: zł378.0k (up zł6.41m from 1Q 2023). Profit margin: 2.9% (up from net loss in 1Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Duyuru • May 31
TenderHut S.A., Annual General Meeting, Jun 24, 2024 TenderHut S.A., Annual General Meeting, Jun 24, 2024. New Risk • May 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 12% 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 Less than 1 year of cash runway based on free cash flow trend (-zł11m free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 62% per year over the past 5 years. Market cap is less than US$10m (zł22.9m market cap, or US$5.83m). Minor Risk Shareholders have been diluted in the past year (12% increase in shares outstanding). Reported Earnings • Nov 24
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł14.8m (down 24% from 3Q 2022). Net loss: zł705.0k (down 293% from profit in 3Q 2022). New Risk • Oct 25
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 9.7% 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 Share price has been highly volatile over the past 3 months (9.7% average weekly change). Earnings have declined by 61% per year over the past 5 years. Market cap is less than US$10m (zł25.4m market cap, or US$5.98m). Reported Earnings • Oct 05
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł14.1m (down 27% from 2Q 2022). Net loss: zł1.90m (loss widened 275% from 2Q 2022). New Risk • Aug 11
New major risk - Revenue and earnings growth Earnings have declined by 50% 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 Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 50% per year over the past 5 years. Market cap is less than US$10m (zł31.5m market cap, or US$7.78m). Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to zł16.50, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 18x in the IT industry in Poland. Total loss to shareholders of 72% over the past year. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to zł19.80, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 18x in the IT industry in Poland. Total loss to shareholders of 66% over the past year. New Risk • Jun 08
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 10% 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 Share price has been highly volatile over the past 3 months (10% average weekly change). High level of non-cash earnings (22% accrual ratio). Market cap is less than US$10m (zł34.8m market cap, or US$8.29m). Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Profit margins are more than 30% lower than last year (3.2% net profit margin). Valuation Update With 7 Day Price Move • May 26
Investor sentiment deteriorates as stock falls 31% After last week's 31% share price decline to zł17.40, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 18x in the IT industry in Poland. Total loss to shareholders of 71% over the past year. Duyuru • May 26
TenderHut S.A., Annual General Meeting, Jun 20, 2023 TenderHut S.A., Annual General Meeting, Jun 20, 2023, at 10:00 Central European Standard Time. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł26.60, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 19x in the IT industry in Poland. Total loss to shareholders of 59% over the past year. Reported Earnings • Dec 02
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł20.1m (up 28% from 3Q 2021). Net income: zł365.0k (down 71% from 3Q 2021). Profit margin: 1.8% (down from 8.1% in 3Q 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improved over the past week After last week's 20% share price gain to zł59.80, the stock trades at a trailing P/E ratio of 26.9x. Average trailing P/E is 17x in the IT industry in Poland. Total loss to shareholders of 7.3% over the past year. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improved over the past week After last week's 26% share price gain to zł71.30, the stock trades at a trailing P/E ratio of 31.4x. Average forward P/E is 21x in the IT industry in Poland. Duyuru • Mar 29
TenderHut S.A., Annual General Meeting, Apr 21, 2022 TenderHut S.A., Annual General Meeting, Apr 21, 2022, at 10:00 Central European Standard Time. Buying Opportunity • Mar 22
Now 20% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be zł73.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% per annum over the last 3 years. Earnings per share has grown by 30% per annum over the last 3 years. Buying Opportunity • Mar 02
Now 25% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be zł77.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% per annum over the last 3 years. Earnings per share has grown by 30% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improved over the past week After last week's 16% share price gain to zł64.00, the stock trades at a trailing P/E ratio of 20.1x. Average forward P/E is 23x in the IT industry in Poland. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 26% share price gain to zł65.00, the stock trades at a trailing P/E ratio of 20.4x. Average forward P/E is 25x in the IT industry in Poland. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł46.00, the stock trades at a trailing P/E ratio of 13.5x. Average forward P/E is 23x in the IT industry in Poland. Duyuru • Jun 09
TenderHut S.A. (WSE:THG) agreed to acquire Evertop from the partners of Evertop for PLN 4.1 million TenderHut S.A. (WSE:THG) entered into a conditional agreement to acquire Evertop from the partners of Evertop for PLN 4.1 million on June 8, 2021. The consideration comprises of 0.06 million new series shares of TenderHut. Evertop in 2020 had revenues of approximately PLN 5.9 million The condition for the entry into force of the agreement is the expression of unconditional consent to the change in the share structure of Evertop by the National Center for Research and Development by July 15, 2021.