New Risk • May 14
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł35.2m (US$9.69m) 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 Risk Market cap is less than US$10m (zł35.2m market cap, or US$9.69m). Minor Risks Share price has been volatile over the past 3 months (9.4% average weekly change). Revenue is less than US$5m (zł11m revenue, or US$3.1m). New Risk • Apr 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 29% 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: Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (29% increase in shares outstanding). Revenue is less than US$5m (zł11m revenue, or US$3.2m). Market cap is less than US$100m (zł50.3m market cap, or US$14.0m). Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł1.90, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 10x in the Electronic industry in Poland. Total loss to shareholders of 16% over the past three years. New Risk • Feb 26
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 (zł11m revenue, or US$3.2m). Market cap is less than US$100m (zł42.2m market cap, or US$11.8m). Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł1.82, the stock trades at a trailing P/E ratio of 19.5x. Average trailing P/E is 11x in the Electronic industry in Poland. Total loss to shareholders of 21% over the past three years. Reported Earnings • Feb 19
Full year 2025 earnings released Full year 2025 results: EPS: zł0.093. Revenue: zł11.3m (up 16% from FY 2024). Net income: zł2.56m (up zł13.8m from FY 2024). Profit margin: 23% (up from net loss in FY 2024). The move to profitability was primarily driven by lower expenses. Duyuru • Feb 10
Sygnis SA to Report Q4, 2025 Results on Feb 13, 2026 Sygnis SA announced that they will report Q4, 2025 results on Feb 13, 2026 Duyuru • Nov 12
Sygnis SA to Report Q3, 2025 Results on Nov 14, 2025 Sygnis SA announced that they will report Q3, 2025 results on Nov 14, 2025 New Risk • Mar 02
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 Less than 1 year of cash runway based on free cash flow trend (-zł611k free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 60% per year over the past 5 years. Market cap is less than US$10m (zł12.6m market cap, or US$3.11m). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Revenue is less than US$5m (zł16m revenue, or US$4.0m). Reported Earnings • Aug 19
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł2.15m (down 52% from 2Q 2023). Net loss: zł2.10m (loss narrowed 7.1% from 2Q 2023). Reported Earnings • May 20
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł2.76m (down 34% from 1Q 2023). Net loss: zł815.0k (loss narrowed 71% from 1Q 2023). New Risk • Mar 13
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 6.9% 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 (-zł1.0m free cash flow). Earnings have declined by 60% per year over the past 5 years. Market cap is less than US$10m (zł24.7m market cap, or US$6.30m). Minor Risk Share price has been volatile over the past 3 months (6.9% average weekly change). Reported Earnings • Feb 16
Full year 2023 earnings released Full year 2023 results: Revenue: zł20.0m (down 30% from FY 2022). Net loss: zł8.22m (loss widened 266% from FY 2022). Reported Earnings • Nov 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł2.41m (down 59% from 3Q 2022). Net loss: zł1.93m (loss widened zł1.78m from 3Q 2022). Reported Earnings • Aug 13
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł4.48m (up 4.2% from 2Q 2022). Net loss: zł2.26m (loss widened 7.8% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. New Risk • Jun 27
New major risk - Revenue and earnings growth Earnings have declined by 27% 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 (9.8% average weekly change). Earnings have declined by 27% per year over the past 5 years. Market cap is less than US$10m (zł34.6m market cap, or US$8.55m). Minor Risks Shareholders have been diluted in the past year (11% increase in shares outstanding). Revenue is less than US$5m (zł20m revenue, or US$5.0m). Duyuru • May 26
Sygnis SA, Annual General Meeting, Jun 19, 2023 Sygnis SA, Annual General Meeting, Jun 19, 2023, at 13:00 Central European Standard Time. Reported Earnings • Mar 24
Full year 2022 earnings released Full year 2022 results: Revenue: zł28.5m (up zł25.1m from FY 2021). Net loss: zł2.24m (down zł2.65m from profit in FY 2021). Duyuru • May 31
Sygnis SA, Annual General Meeting, Jun 22, 2022 Sygnis SA, Annual General Meeting, Jun 22, 2022, at 14:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł1.79, the stock trades at a trailing P/E ratio of 53x. Average trailing P/E is 9x in the Electronic industry in Poland. Total returns to shareholders of 744% over the past three years. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment deteriorated over the past week After last week's 20% share price decline to zł1.83, the stock trades at a trailing P/E ratio of 54.1x. Average trailing P/E is 9x in the Electronic industry in Poland. Total returns to shareholders of 395% over the past three years. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improved over the past week After last week's 17% share price gain to zł2.25, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 8x in the Electronic industry in Poland. Total returns to shareholders of 508% over the past three years. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł1.59, the stock trades at a trailing P/E ratio of 52.3x. Average trailing P/E is 8x in the Electronic industry in Poland. Total returns to shareholders of 298% over the past three years. Valuation Update With 7 Day Price Move • Aug 31
Investor sentiment improved over the past week After last week's 20% share price gain to zł2.20, the stock trades at a trailing P/E ratio of 72.3x. Average trailing P/E is 8x in the Electronic industry in Poland. Total returns to shareholders of 400% over the past three years. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 18% share price gain to zł2.36, the stock trades at a trailing P/E ratio of 77.6x. Average trailing P/E is 9x in the Electronic industry in Poland. Total returns to shareholders of 449% over the past three years. Is New 90 Day High Low • Mar 09
New 90-day low: zł2.00 The company is down 17% from its price of zł2.40 on 09 December 2020. The Polish market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 20% over the same period. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorated over the past week After last week's 29% share price decline to zł2.18, the stock is trading at a trailing P/E ratio of 71.7x, down from the previous P/E ratio of 101.3x. This compares to an average P/E of 8x in the Electronic industry in Poland. Total returns to shareholders over the past three years are 419%. Valuation Update With 7 Day Price Move • Nov 26
Market pulls back on stock over the past week After last week's 24% share price decline to zł2.26, the stock is trading at a trailing P/E ratio of 74.3x, down from the previous P/E ratio of 97.3x. This compares to an average P/E of 9x in the Electronic industry in Poland. Total returns to shareholders over the past three years are 381%. Is New 90 Day High Low • Nov 12
New 90-day high: zł2.60 The company is up 122% from its price of zł1.17 on 14 August 2020. The Polish market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is down 2.0% over the same period.