New Risk • May 29
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 60% 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 High level of non-cash earnings (52% accrual ratio). Shareholders have been substantially diluted in the past year (60% increase in shares outstanding). Market cap is less than US$10m (zł30.5m market cap, or US$8.41m). Minor Risk Revenue is less than US$5m (zł5.4m revenue, or US$1.5m). Duyuru • Feb 11
Vee S.A. to Report Q4, 2025 Results on Feb 13, 2026 Vee S.A. announced that they will report Q4, 2025 results on Feb 13, 2026 New Risk • Jan 22
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 6.6% 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 Risk Market cap is less than US$10m (zł22.4m market cap, or US$6.25m). Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Revenue is less than US$5m (zł4.7m revenue, or US$1.3m). Reported Earnings • Nov 18
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł1.20m (up 12% from 3Q 2024). Net income: zł215.1k (up zł667.9k from 3Q 2024). Profit margin: 18% (up from net loss in 3Q 2024). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Duyuru • Nov 12
Vee S.A. to Report Q3, 2025 Results on Nov 14, 2025 Vee S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 Reported Earnings • Aug 19
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł1.19m (up 30% from 2Q 2024). Net income: zł159.4k (up zł668.2k from 2Q 2024). Profit margin: 13% (up from net loss in 2Q 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. New Risk • Jun 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 12% 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 (12% average weekly change). Market cap is less than US$10m (zł21.0m market cap, or US$5.74m). Minor Risk Revenue is less than US$5m (zł4.3m revenue, or US$1.2m). Reported Earnings • May 20
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł1.23m (up 41% from 1Q 2024). Net income: zł304.6k (up zł768.6k from 1Q 2024). Profit margin: 25% (up from net loss in 1Q 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Apr 30
Now 25% undervalued Over the last 90 days, the stock has risen 18% to zł13.95. The fair value is estimated to be zł18.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 50%. New Risk • Feb 19
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 10% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (15% average weekly change). Revenue is less than US$1m (zł4.0m revenue, or US$987k). Market cap is less than US$10m (zł24.9m market cap, or US$6.23m). Reported Earnings • Feb 19
Full year 2024 earnings released: zł1.00 loss per share (vs zł1.01 loss in FY 2023) Full year 2024 results: zł1.00 loss per share (improved from zł1.01 loss in FY 2023). Revenue: zł3.95m (up 38% from FY 2023). Net loss: zł1.66m (loss narrowed 1.0% from FY 2023). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 47% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 18
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł914.7k (up 36% from 2Q 2023). Net loss: zł508.9k (loss narrowed 1.0% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 48% per year, which means it is significantly lagging earnings. Duyuru • Jun 05
Vee S.A., Annual General Meeting, Jun 29, 2024 Vee S.A., Annual General Meeting, Jun 29, 2024. New Risk • May 27
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł37.9m (US$9.66m) 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 Earnings have declined by 11% per year over the past 5 years. Revenue is less than US$1m (zł3.1m revenue, or US$789k). Market cap is less than US$10m (zł37.9m market cap, or US$9.66m). Minor Risk Share price has been volatile over the past 3 months (7.8% average weekly change). Reported Earnings • May 20
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł871.0k (up 33% from 1Q 2023). Net loss: zł464.0k (loss narrowed 6.1% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has increased by 1% per year. New Risk • Apr 22
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł40.1m (US$9.91m) 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 Earnings have declined by 26% per year over the past 5 years. Revenue is less than US$1m (zł2.9m revenue, or US$710k). Market cap is less than US$10m (zł40.1m market cap, or US$9.91m). Minor Risk Share price has been volatile over the past 3 months (9.2% average weekly change). Reported Earnings • Feb 16
Full year 2023 earnings released: zł0.89 loss per share (vs zł2.96 loss in FY 2022) Full year 2023 results: zł0.89 loss per share (improved from zł2.96 loss in FY 2022). Revenue: zł2.88m (flat on FY 2022). Net loss: zł1.47m (loss narrowed 70% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł777.9k (up 10.0% from 3Q 2022). Net loss: zł270.7k (loss narrowed 81% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 17
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł672.7k (up 9.3% from 2Q 2022). Net loss: zł513.8k (loss narrowed 66% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Duyuru • Jun 04
Vee S.A., Annual General Meeting, Jun 29, 2023 Vee S.A., Annual General Meeting, Jun 29, 2023, at 12:30 Central European Standard Time. Reported Earnings • May 21
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł653.9k (up 11% from 1Q 2022). Net loss: zł494.3k (loss narrowed 63% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 19
Full year 2022 earnings released: zł4.15 loss per share (vs zł2.90 loss in FY 2021) Full year 2022 results: zł4.15 loss per share (further deteriorated from zł2.90 loss in FY 2021). Revenue: zł3.44m (up 83% from FY 2021). Net loss: zł5.51m (loss widened 43% from FY 2021). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 19
Second quarter 2022 earnings released Second quarter 2022 results: Net loss: zł1.50m (loss widened 74% from 2Q 2021). Duyuru • Jun 07
Vee S.A., Annual General Meeting, Jun 30, 2022 Vee S.A., Annual General Meeting, Jun 30, 2022, at 12:00 Central European Standard Time. Reported Earnings • May 20
First quarter 2022 earnings released First quarter 2022 results: Net loss: zł1.32m (loss widened 153% from 1Q 2021). Reported Earnings • Feb 16
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: zł2.74 loss per share (down from zł0.095 loss in FY 2020). Net loss: zł3.64m (loss widened zł3.51m from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 13
Third quarter 2021 earnings released Third quarter 2021 results: Net loss: zł1.06m (loss widened 51% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 15
New 90-day high: zł33.00 The company is up 13% from its price of zł29.20 on 17 November 2020. The Polish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 12% over the same period. Reported Earnings • Feb 14
Full year 2020 earnings released: EPS zł0.065 (vs zł9.31 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: zł1.52m (down 77% from FY 2019). Net income: zł86.7k (up zł10.5m from FY 2019). Profit margin: 5.7% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 89% per year but the company’s share price has only fallen by 42% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 22
Third quarter 2020 earnings released: zł0.53 loss per share Third quarter 2020 results: Net loss: zł701.9k (flat on 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 84% per year but the company’s share price has only fallen by 44% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 21
New 90-day low: zł23.20 The company is down 49% from its price of zł45.80 on 22 July 2020. The Polish market is down 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 5.0% over the same period. Is New 90 Day High Low • Sep 29
New 90-day low: zł29.80 The company is down 40% from its price of zł49.80 on 01 July 2020. The Polish market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 13% over the same period.