AREC
Valuation Ratios
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Price to Earnings | -1.98 | |||
| Price to Sales | 202.00 | 6.71 | 2.23 | 15.10 |
| Book Value Per Common Share | -1.02 | 0.25 | 0.08 | -0.07 |
| Price to Book | -0.99 | 5.94 | 16.06 | -24.97 |
| Price to Operating Cash Flow | -3.67 | -7.74 | 14.51 | -4.03 |
| Price to Free Cash Flow | -3.50 | |||
| Enterprise Value to EBITDA |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price to Earnings | -8.28 | -5.84 | ||||||||||||||
| Price to Sales | 2454.55 | 4142.00 | 1168.00 | 1683.33 | 206.82 | 562.46 | 6.70 | 13.76 | 12.89 | 5.13 | 3.82 | 18.72 | 35.92 | |||
| Book Value Per Common Share | -1.09 | -1.08 | -1.06 | -1.02 | -0.68 | -0.57 | 0.25 | 0.22 | 0.14 | 0.10 | 0.08 | -0.13 | -0.14 | -0.11 | -0.07 | 0.05 |
| Price to Book | -2.48 | -0.77 | -0.44 | -0.99 | -1.34 | -1.28 | 5.94 | 7.60 | 13.91 | 15.56 | 16.06 | -19.82 | -10.28 | -23.28 | -24.97 | 41.76 |
| Price to Operating Cash Flow | -21.72 | -9.21 | -25.67 | -13.34 | -4.25 | -4.28 | -12.37 | -25.29 | -15.56 | -15.03 | -12.14 | -29.64 | -6.63 | |||
| Price to Free Cash Flow | -9.21 | -25.67 | -11.31 | |||||||||||||
| Enterprise Value to EBITDA | 259377.19 |
Earnings Data
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Earning YoY | ||||
| Revenue YoY | -97.71 | -57.58 | 409.00 | |
| EBITDA YoY | ||||
| Net Profit YoY |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earning YoY | ||||||||||||||||
| Revenue YoY | 619.29 | -58.48 | -35.73 | -85.11 | 239.97 | 53.72 | 22.33 | 37.62 | 178.39 | 182.20 | 30125.26 | |||||
| EBITDA YoY | ||||||||||||||||
| Net Profit YoY | 12.20 |
Financial Strength
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Cash Per Common Share | 0.02 | 0.44 | 0.13 | 0.18 |
| Quick Ratio | 0.03 | 1.76 | 0.35 | 0.91 |
| Current Ratio | 0.13 | 1.87 | 0.40 | 0.93 |
| Debt to Equity | -3.54 | 15.59 | 11.43 | -8.04 |
| Long-Term Debt to Equity | -2.49 | 12.43 | 5.83 | -5.57 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash Per Common Share | 0.06 | 0.03 | 0.00 | 0.02 | 0.01 | 0.01 | 36.95 | 0.05 | 0.04 | 0.00 | 0.13 | 0.06 | 0.07 | 0.08 | 0.18 | 0.31 |
| Quick Ratio | 0.06 | 0.04 | 0.01 | 0.03 | 0.05 | 0.05 | 1.76 | 0.47 | 0.18 | 0.10 | 0.35 | 0.49 | 1.11 | 0.40 | 0.91 | 0.91 |
| Current Ratio | 0.11 | 0.12 | 0.10 | 0.13 | 0.70 | 0.23 | 1.87 | 0.76 | 0.39 | 0.26 | 0.40 | 0.54 | 1.01 | 0.50 | 0.93 | 0.77 |
| Debt to Equity | -3.12 | -3.17 | -3.34 | -3.54 | 0.72 | -5.29 | 15.59 | 6.00 | 8.32 | 5.74 | 11.43 | -5.11 | -9.02 | -11.56 | -8.04 | 17.75 |
| Long-Term Debt to Equity | -2.24 | -2.28 | -2.35 | -2.49 | 0.65 | -4.86 | 12.43 | 4.90 | 6.81 | 2.76 | 5.83 | -2.83 | -6.92 | -5.58 | -5.57 | 7.66 |
Profitability
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| ROA | -19.07 | 11.60 | -2.35 | -69.17 |
| ROE | 48.43 | 192.34 | -29.23 | 487.23 |
| Gross Margin | -568.65 | 92.59 | 45.06 | 8.59 |
| Operating Margin | -8171.86 | -56.39 | -314.71 | |
| EBITDA Margin | -7180.26 | -50.92 | -289.02 | |
| Net Profit Margin | -10242.04 | 68.41 | -3.66 | -419.12 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -0.19 | -4.32 | -3.28 | -8.88 | -1.45 | 6.93 | 3.38 | -4.10 | -28.05 | -13.79 | -0.02 | -42.30 | ||||
| ROE | 0.39 | 9.40 | 7.69 | 22.55 | -2.48 | -29.69 | 23.70 | -38.20 | 115.36 | 110.63 | 0.22 | -793.27 | ||||
| Gross Margin | -1166.93 | -1847.95 | -483.52 | 3610.13 | 99.84 | 68.16 | -49.60 | |||||||||
| Operating Margin | -39921.49 | -49833.80 | -15358.61 | -24912.56 | 2.56 | -30.94 | -28.47 | -30.09 | -38.74 | |||||||
| EBITDA Margin | -39296.04 | -42742.64 | -12406.42 | -20340.79 | 25.81 | -30.74 | -28.32 | -23.65 | -31.81 | |||||||
| Net Profit Margin | -392.12 | -65375.14 | -20837.42 | -36798.61 | -2764.81 | 13805.74 | 20.89 | -37.80 | -30.09 | -20.56 | -0.09 | -682.26 |
Dividends
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Dividend Yield | ||||
| Dividend Payout Ratio |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | ||||||||||||||||
| Dividend Payout Ratio |
Financial Statements
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Assets | 205,871.93 | 98,791.54 | 61,492.32 | 46,989.84 |
| Current Assets | 11,325.04 | 35,071.60 | 10,948.69 | 15,297.94 |
| Cash and Short-Term Investments | 1,191.84 | 32,963.84 | 8,868.57 | 11,492.70 |
| Cash and Cash Equivalents | 604.49 | 2,666.64 | 8,868.57 | 11,492.70 |
| Short-Term Investments | 587.36 | 30,297.20 | 0 | 0 |
| Net Receivables | 1,173.91 | 99.02 | 759.78 | 3,525.64 |
| Inventory | 959.99 | 54.00 | 446.69 | 523.15 |
| Other Current Assets | 7,999.30 | 1,954.73 | 873.66 | -243.54 |
| Non-Current Assets | 194,546.89 | 63,719.94 | 50,543.63 | 31,691.90 |
| Property, Plant, Equipment Net | 40,151.74 | 15,882.45 | 22,584.96 | 23,629.35 |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1,706.24 | 18,780.00 | 0 | 0 |
| Non-Current Deferred Assets | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 152,688.91 | 29,057.49 | 27,958.67 | 8,062.55 |
| Liabilities | 286,923.74 | 92,835.98 | 56,546.53 | 53,661.11 |
| Current Liabilities | 84,802.85 | 18,782.71 | 27,710.28 | 16,535.21 |
| Payables and Expenses | 31,312.82 | 2,306.03 | 1,857.09 | 5,694.71 |
| Account Payables | 4,247.65 | 0 | 0 | 0 |
| Current Accrued Liabilities | 17,081.91 | 2,306.03 | 1,857.09 | 5,694.71 |
| Short-Term Debt | 46,896.32 | 5,712.30 | 15,842.36 | 6,007.07 |
| Other Current Liabilities | 6,593.71 | 10,764.37 | 10,010.84 | 4,833.43 |
| Non-Current Liabilities | 202,120.90 | 74,053.27 | 28,836.25 | 37,125.90 |
| Long-Term Debt | 173,618.39 | 8,010.46 | 0 | 548.48 |
| Other Non-Current Liabilities | 28,502.51 | 66,042.81 | 0 | 36,577.43 |
| Equity | -81,051.81 | 5,955.56 | 4,945.79 | -6,671.27 |
| Shareholders Equity | -79,490.14 | 223.84 | 5,492.24 | -4,690.82 |
| Capital Stock | 7.80 | 7.63 | 6.68 | 6.51 |
| Share Premium | 186,407.17 | 178,930.35 | 167,517.26 | 163,441.65 |
| Retained Earnings | -265,905.11 | -180,098.19 | -167,909.93 | -165,793.57 |
| Treasury Shares | 0 | 0 | 0 | 0 |
| Accumulated Other Comprehensive Income | 0 | 0 | 0 | 0 |
| Minority Interest | -1,561.67 | 0 | 0 | 0 |
| Investments | 0 | 49,077.20 | 2,000.00 | 0 |
| Debt | 220,514.71 | 57,875.26 | 15,842.36 | 15,175.96 |
| Net Debt | 196,950.76 | 24,911.42 | 6,973.79 | 3,683.26 |
| Common Shares Outstanding | 78,017.05 | 892.04 | 66,777.62 | 65,084.99 |
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Revenues | 383.23 | 16,744.08 | 39,474.27 | 7,755.31 |
| Cost Of Revenue | 2,562.51 | 1,240.91 | 21,687.66 | 7,088.95 |
| Interest Income | 1,101.58 | 0 | 1,426.15 | 4,159.81 |
| Interest Expense | 8,021.46 | 1,337.00 | 1,426.15 | 4,159.81 |
| Net Interest | 0 | 0 | 1,426.15 | 4,159.81 |
| Non-Interest Expense | 23,650.28 | 0 | 0 | 0 |
| Gross Profit | -2,179.27 | 15,503.16 | 17,786.61 | 666.36 |
| Operating Expenses | 30,211.20 | 26,925.49 | 41,783.98 | 28,999.76 |
| Selling, General and Administrative Expenses | 23,650.28 | 8,354.58 | 5,123.79 | 5,271.89 |
| Research and Development Expenses | 2,148.13 | 0 | 0 | 0 |
| Other Operating Expenses | 991.52 | 18,570.92 | 36,660.19 | 23,727.87 |
| Operating Income | -32,390.47 | -11,422.33 | -23,997.36 | -28,333.41 |
| Net Non-Operating Income | 221.47 | 0 | 312.18 | -232.99 |
| EBT | -39,338.81 | 0 | -23,685.19 | -28,566.40 |
| Income Tax | 0 | 0.00 | 0.00 | 0.00 |
| Net Income Including Non-Controlling Interests | -39,338.81 | -22,910.17 | 0 | 0 |
| Net Income Non-Controlling Interests | 87.81 | 34,365.26 | 0 | 0 |
| Net Income | -39,250.99 | 11,455.09 | -1,445.67 | -32,504.32 |
| EBIT | -31,317.35 | 0 | -22,259.03 | -24,406.59 |
| Deprecation and Amortization | 3,800.15 | 1,914.12 | 2,157.76 | 1,991.99 |
| EBITDA | -27,517.19 | 0 | -20,101.27 | -22,414.60 |
| EPS | -0.00 | 0 | 0 | 0 |
| Diluted EPS | -0.00 | 0 | 0 | 0 |
| Average Shares Outstanding Basic | 77,222.99 | 75,422.39 | 0 | 0 |
| Average Shares Outstanding Diluted | 77,222.99 | 0 | 0 | 0 |
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Operating Cash Flow | -21,243.21 | -14,515.24 | 6,074.99 | -29,092.19 |
| Operating Net Income | -39,338.81 | -22,910.17 | 1,445.67 | -32,504.32 |
| Deprecation and Amortization | 3,800.15 | 1,914.12 | 2,157.76 | 1,991.99 |
| Deferred Income Tax | 0 | 0 | 0 | 0 |
| Share Based Compensation | 3,274.76 | 1,506.29 | 1,742.14 | 1,093.60 |
| Change in Working Capital | 8,978.92 | 531.71 | -1,249.02 | 3,798.74 |
| Other Operating Activities | 2,041.77 | 4,442.81 | 1,978.43 | -3,472.20 |
| Investing Cash Flow | -125,400.36 | -28,833.25 | -7,640.67 | -5,918.94 |
| Capital Expenditure | 0 | 0.00 | 0.00 | 0.00 |
| Net Purchase/Sale of PPE | -659.06 | 0 | 0 | 0 |
| Net Purchase/Sale of Investments Net | -124,741.30 | 0 | 0 | 0 |
| Net Purchase/Sale of Business | 0 | 0 | 0 | 0 |
| Other Investing Activities | 0 | -28,833.25 | -7,640.67 | -5,918.94 |
| Financing Cash Flow | 145,679.34 | 37,387.16 | -31.61 | 36,398.05 |
| Net Issuance/Repayment of Debt | 642.72 | 1,112.85 | 2,849.57 | 600.00 |
| Net Issuance/Repurchase of Equity | 0 | 0 | 0 | -5,648.70 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Other Financing Activities | 0 | 36,274.31 | -2,881.18 | 41,446.74 |
| Net Change in Cash | -964.23 | -5,599.99 | -1,597.28 | 1,386.91 |
| Cash at Beginning of Period | 5,077.56 | 12,634.36 | 12,588.11 | 0 |
| Cash at End of Period | 4,113.33 | 7,034.37 | 10,990.83 | 0 |
| Free Cash Flow | -22,302.28 | 0 | 0 | 0 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | 201,200.39 | 200,445.72 | 202,758.38 | 205,871.93 | 634,802.56 | 195,519.28 | 98,791.54 | 102,920.13 | 100,079.25 | 49,496.60 | 61,492.32 | 37,313.39 | 37,676.61 | 38,560.45 | 46,989.84 | 51,901.37 | 37,711.44 |
| Current Assets | 8,787.20 | 9,542.09 | 8,630.63 | 11,325.04 | 17,144.11 | 4,450.23 | 35,071.60 | 12,352.38 | 6,387.57 | 5,748.76 | 10,948.69 | 11,224.87 | 9,978.61 | 10,885.61 | 15,297.94 | 21,503.65 | 7,727.15 |
| Cash and Short-Term Investments | 5,318.29 | 2,279.53 | 24.62 | 1,191.84 | 991.66 | 554.42 | 32,963.84 | 3,117.38 | 2,874.56 | 297.25 | 8,868.57 | 3,769.47 | 4,894.75 | 5,217.20 | 11,492.70 | 19,121.71 | 7,097.47 |
| Cash and Cash Equivalents | 2,696.85 | 2,279.53 | 24.62 | 604.49 | 840.33 | 554.42 | 2,666.64 | 3,117.38 | 2,874.56 | 297.25 | 8,868.57 | 3,769.47 | 4,894.75 | 5,217.20 | 11,492.70 | 19,121.71 | 7,097.47 |
| Short-Term Investments | 2,621.43 | 0 | 0 | 587.36 | 151.33 | 0 | 30,297.20 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Receivables | 18.23 | 1,188.77 | 1,244.54 | 1,173.91 | 280.00 | 379.02 | 99.02 | 4,489.85 | 99.02 | 1,793.95 | 759.78 | 6,356.04 | 6,039.77 | 3,541.32 | 3,525.64 | 6,224.08 | 4,354.65 |
| Inventory | 1,078.29 | 1,078.29 | 1,078.29 | 959.99 | 2,029.81 | 2,029.81 | 54.00 | 2,166.53 | 711.23 | 2,959.51 | 446.69 | 730.02 | 0 | 1,236.07 | 523.15 | 1.66 | 150.50 |
| Other Current Assets | 2,372.39 | 4,995.51 | 6,283.18 | 7,999.30 | 13,842.64 | 1,486.98 | 1,954.73 | 2,578.62 | 2,702.77 | 698.05 | 873.66 | 369.34 | -955.92 | 891.01 | -243.54 | -3,843.81 | -3,875.47 |
| Non-Current Assets | 192,413.19 | 190,903.62 | 194,127.75 | 194,546.89 | 620,658.45 | 191,069.05 | 63,719.94 | 90,567.76 | 93,691.68 | 43,747.84 | 50,543.63 | 26,088.52 | 27,698.01 | 27,674.84 | 31,691.90 | 30,397.73 | 29,984.29 |
| Property, Plant, Equipment Net | 16,214.29 | 36,882.06 | 38,082.75 | 40,151.74 | 18,224.57 | 42,356.78 | 15,882.45 | 12,252.07 | 9,619.43 | 9,916.55 | 22,584.96 | 20,576.11 | 63,317.57 | 23,403.24 | 23,629.35 | 23,022.00 | 1,572.43 |
| Real Estate | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13,432.02 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1,649.45 | 1,672.41 | 1,695.38 | 1,706.24 | 0 | 0 | 18,780.00 | 19,483.59 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Current Deferred Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 174,549.46 | 152,349.15 | 154,349.63 | 152,688.91 | 602,433.88 | 148,712.28 | 29,057.49 | 58,832.09 | 84,072.25 | 33,831.29 | 27,958.67 | 5,512.41 | -35,619.56 | 4,271.59 | 8,062.55 | 7,375.72 | 28,411.86 |
| Liabilities | 296,202.41 | 292,644.03 | 289,261.44 | 286,923.74 | 265,985.87 | 241,135.13 | 92,835.98 | 88,223.91 | 89,343.75 | 42,148.77 | 56,546.53 | 46,386.10 | 42,373.88 | 42,211.97 | 53,661.11 | 49,133.89 | 50,059.95 |
| Current Liabilities | 83,620.48 | 82,298.34 | 85,969.78 | 84,802.85 | 24,607.10 | 19,268.06 | 18,782.71 | 16,207.39 | 16,204.99 | 21,843.51 | 27,710.28 | 20,691.22 | 9,851.52 | 21,843.51 | 16,535.21 | 27,942.69 | 26,598.84 |
| Payables and Expenses | 24,564.39 | 29,516.33 | 33,674.05 | 31,312.82 | 3,815.90 | 1,889.02 | 2,306.03 | 6,579.77 | 6,664.69 | 6,199.38 | 1,857.09 | 5,421.88 | 5,079.09 | 2,784.84 | 5,694.71 | 2,748.90 | 3,049.70 |
| Account Payables | 9,672.71 | 6,196.65 | 3,898.30 | 4,247.65 | 0 | 0 | 0 | 4,653.51 | 4,738.43 | 4,305.29 | 0 | 3,321.17 | 2,982.21 | 0 | 0 | 0 | 0 |
| Current Accrued Liabilities | 14,891.68 | 17,803.12 | 19,513.31 | 17,081.91 | 3,815.90 | 1,889.02 | 2,306.03 | 1,926.26 | 1,926.26 | 1,894.09 | 1,857.09 | 2,100.70 | 2,096.89 | 2,784.84 | 5,694.71 | 2,337.54 | 2,621.96 |
| Short-Term Debt | 3,864.35 | 47,969.62 | 46,573.77 | 46,896.32 | 892.55 | 861.96 | 5,712.30 | 6,212.06 | 49,213.83 | 4,801.89 | 15,842.36 | 11,379.34 | 837.41 | 12,729.67 | 6,007.07 | 17,365.03 | 19,305.30 |
| Other Current Liabilities | 55,191.74 | 4,812.39 | 5,721.96 | 6,593.71 | 19,898.65 | 16,517.08 | 10,764.37 | 3,415.55 | -39,673.54 | 10,842.24 | 10,010.84 | 3,890.00 | 3,935.02 | 6,329.00 | 4,833.43 | 7,828.76 | 4,243.85 |
| Non-Current Liabilities | 212,581.93 | 210,345.68 | 203,291.66 | 202,120.90 | 241,378.77 | 221,867.07 | 74,053.27 | 72,016.52 | 73,138.76 | 20,305.27 | 28,836.25 | 25,694.88 | 32,522.35 | 20,368.46 | 37,125.90 | 21,191.20 | 23,461.11 |
| Long-Term Debt | 27,144.04 | 177,366.00 | 175,042.31 | 173,618.39 | 703.90 | 611.95 | 8,010.46 | 7,773.15 | 8,870.66 | 6,696.91 | 0 | 3,559.69 | 10,439.33 | 0 | 548.48 | 4,746.16 | 5,033.63 |
| Other Non-Current Liabilities | 185,437.89 | 32,979.69 | 28,249.35 | 28,502.51 | 240,674.87 | 221,255.12 | 66,042.81 | 64,243.36 | 64,268.10 | 13,608.35 | 0 | 22,135.19 | 22,083.03 | 0 | 36,577.43 | 16,445.04 | 18,427.47 |
| Equity | -95,002.02 | -92,198.31 | -86,503.05 | -81,051.81 | 371,816.69 | -45,615.85 | 5,955.56 | 14,696.22 | 10,735.50 | 7,347.82 | 4,945.79 | -9,072.70 | -4,697.27 | -3,651.52 | -6,671.27 | 2,767.48 | -12,348.50 |
| Shareholders Equity | -93,434.30 | -90,630.59 | -84,938.11 | -79,490.14 | -51,830.28 | -44,076.57 | 223.84 | 14,696.22 | 10,735.50 | 7,347.82 | 5,492.24 | -9,009.22 | -9,394.53 | -7,303.04 | -4,690.82 | 2,767.48 | -24,697.01 |
| Capital Stock | 8.45 | 8.29 | 8.05 | 7.80 | 7.74 | 7.74 | 7.63 | 7.63 | 7.62 | 7.62 | 6.68 | 6.68 | 6.66 | 6.62 | 6.51 | 6.08 | 4.98 |
| Share Premium | 194,077.14 | 191,443.06 | 188,469.65 | 186,407.17 | 182,761.57 | 182,012.92 | 178,930.35 | 178,533.97 | 178,056.89 | 177,680.31 | 167,517.26 | 167,180.70 | 166,286.38 | 164,888.34 | 163,441.65 | 158,119.22 | 127,440.64 |
| Retained Earnings | -287,519.90 | -282,081.94 | -273,415.81 | -265,905.11 | -234,599.58 | -226,097.24 | -180,098.19 | -163,845.38 | -167,329.01 | -170,340.11 | -167,909.93 | -176,196.60 | -170,969.76 | -168,538.59 | -165,793.57 | -155,357.82 | -139,794.13 |
| Treasury Shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated Other Comprehensive Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -1,567.72 | -1,567.71 | -1,564.94 | -1,561.67 | -1,554.74 | -1,539.28 | 0 | 0 | 0 | 0 | 0 | -63.49 | -20.55 | -7.88 | 0 | 0 | 0 |
| Investments | 4,270.88 | 0 | 0 | 0 | 4,651.33 | 0 | 49,077.20 | 19,483.59 | 0 | 1,694.93 | 2,000.00 | 6,265.44 | 5,767.40 | 4,775.00 | 0 | 0 | 0 |
| Debt | 31,008.39 | 225,335.62 | 221,616.08 | 220,514.71 | 1,596.45 | 1,473.91 | 57,875.26 | 57,188.07 | 58,084.49 | 11,498.80 | 15,842.36 | 17,134.88 | 13,776.73 | 13,264.22 | 15,175.96 | 22,111.19 | 24,338.93 |
| Net Debt | 25,690.11 | 199,138.54 | 199,009.54 | 196,950.76 | 604.80 | 919.49 | 24,911.42 | 54,070.69 | 55,209.93 | 11,201.55 | 6,973.79 | 13,365.42 | 8,881.98 | 8,047.01 | 3,683.26 | 2,989.47 | 17,241.47 |
| Common Shares Outstanding | 85,976.02 | 84,305.07 | 80,491.85 | 78,017.05 | 76,247.37 | 77,400.29 | 892.04 | 66,860.52 | 76,197.85 | 76,197.85 | 66,777.62 | 66,860.52 | 66,613.09 | 66,156.42 | 65,084.99 | 60,829.72 | 0 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-09-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenues | 95.35 | 13.26 | 31.93 | 49.68 | 333.56 | 98.11 | -19,651.20 | 16,677.67 | 10,849.14 | 8,868.46 | -29,675.75 | 34,789.57 | 25,279.83 | 9,080.62 | 3,217.78 | 10.65 |
| Cost Of Revenue | 1,208.01 | 258.22 | 186.30 | -1,743.73 | 0 | 0 | 1,240.91 | 0 | 0 | 0 | 18,756.28 | 0 | 40.52 | 2,890.86 | 4,813.69 | 800.51 |
| Interest Income | 0 | 7.25 | 4.17 | 990.66 | 0 | 0 | 0 | 0 | 743.79 | 575.96 | 384.12 | 0 | 658.34 | 383.70 | 2,260.97 | 491.11 |
| Interest Expense | 17,470.89 | 2,062.94 | 1,752.50 | 5,911.56 | 2,162.05 | 908.38 | -1,026.31 | 1,043.55 | 743.79 | 575.96 | 384.12 | 0.00 | 658.34 | 383.70 | 2,260.97 | 491.11 |
| Net Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 743.79 | 575.96 | 384.12 | 0 | 658.34 | 383.70 | 2,260.97 | 491.11 |
| Non-Interest Expense | 0 | 5,066.94 | 3,379.84 | 13,888.72 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | -1,112.66 | -244.96 | -154.37 | 1,793.40 | 0 | 0 | 15,503.16 | 0 | 0 | 0 | -13,642.46 | 0 | 25,239.31 | 6,189.76 | -1,595.91 | -789.87 |
| Operating Expenses | 48,858.86 | 6,465.83 | 4,769.88 | 14,986.72 | 19,988.64 | 12,732.10 | -30,344.22 | 25,251.34 | 20,514.81 | 11,503.57 | -49,281.39 | 47,537.15 | 33,354.74 | 10,173.48 | 17,805.41 | 5,182.46 |
| Selling, General and Administrative Expenses | 33,734.98 | 5,066.94 | 3,379.84 | 13,888.72 | 9,761.56 | 6,389.67 | -1,110.49 | 4,754.53 | 3,095.82 | 1,614.72 | -2,305.78 | 3,547.53 | 2,510.29 | 1,371.75 | 3,692.95 | 1,791.48 |
| Research and Development Expenses | 0 | 0 | 325.50 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Operating Expenses | 15,123.88 | 585.19 | 248.29 | -2,750.21 | 10,227.08 | 6,342.42 | -29,233.74 | 20,496.81 | 17,418.99 | 9,888.85 | -46,975.60 | 43,989.61 | 30,844.46 | 8,801.72 | 14,112.46 | 3,390.98 |
| Operating Income | -49,971.51 | -6,710.80 | -4,924.26 | -13,193.32 | -19,655.09 | -12,633.98 | 9,452.11 | -8,573.67 | -9,665.66 | -2,635.12 | 849.36 | -12,747.58 | -8,115.43 | -3,983.71 | -19,401.31 | -5,972.33 |
| Net Non-Operating Income | -5,564.12 | 180.38 | 86.58 | 80.57 | 0 | 0 | 0 | 7,956.51 | 5,564.87 | -465.75 | -2,051.04 | 2,281.07 | 0 | 82.16 | 0 | 0 |
| EBT | -55,535.63 | -8,668.90 | -6,656.04 | -18,287.37 | 0 | 0 | 0 | -617.16 | -4,100.79 | -3,100.87 | -9,317.11 | -10,466.52 | 0 | -3,901.55 | 0 | 0 |
| Income Tax | 0.00 | 0 | 0 | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Equity Method Investments Income | -170.39 | 0 | 0 | 0 | -396.20 | -231.36 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income Including Non-Controlling Interests | 0 | -8,668.90 | -6,656.04 | -18,287.37 | -21,909.37 | -13,545.36 | -16,091.28 | -617.16 | -3,100.87 | -3,100.87 | 0 | -10,530.01 | 0 | -15.77 | 0 | 0 |
| Net Income Non-Controlling Interests | 0 | 2.77 | 3.28 | 6.93 | 12,687.13 | 27,090.73 | 31,264.39 | 4,100.79 | -999.92 | 0 | 0 | 63.49 | 0 | 7.88 | 0 | 0 |
| Net Income | -373.88 | -8,666.13 | -6,652.76 | -18,280.45 | -9,222.23 | 13,545.36 | 12,072.25 | 3,483.64 | -4,100.79 | 0 | 14,225.47 | -10,466.52 | -5,196.74 | -7.88 | -21,953.55 | -6,389.86 |
| EBIT | -38,064.74 | -6,605.97 | -4,903.54 | -12,375.81 | 0 | 0 | 0 | 426.39 | -3,357.01 | -2,524.91 | -8,274.66 | -10,466.52 | 0 | -3,517.86 | 0 | 0 |
| Deprecation and Amortization | 596.36 | 940.00 | 942.55 | 2,271.12 | 1,653.64 | 1,096.68 | -1,999.66 | 3,878.63 | 21.82 | 13.34 | -1,979.67 | 2,237.08 | 1,271.40 | 628.94 | 2,281.13 | 393.53 |
| EBITDA | -37,468.38 | -5,665.97 | -3,961.00 | -10,104.69 | 0 | 0 | 0 | 4,305.02 | -3,335.19 | -2,511.57 | -8,982.92 | -8,229.43 | 0 | -2,888.92 | 0 | 0 |
| EPS | 0 | -0.00 | -0.00 | 0 | 0 | 0 | 0.00 | 0 | 0 | 0 | 0.00 | 0 | 0 | 0 | 0 | 0 |
| Diluted EPS | -0.00 | -0.00 | -0.00 | 0 | 0 | 0 | 0.00 | 0 | 0 | 0 | 0.00 | 0 | 0 | 0 | 0 | 0 |
| Average Shares Outstanding Basic | 0 | 82,851.61 | 78,952.63 | 0 | 0 | 0 | 75,422.39 | 0 | 0 | 0 | 0.00 | 0 | 0 | 0 | 0 | 0 |
| Average Shares Outstanding Diluted | 82,178.73 | 82,851.61 | 78,952.63 | 0 | 0 | 0 | 0.00 | 0 | 0 | 0 | 0.00 | 0 | 0 | 0 | 0 | 0 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-09-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -10,685.24 | -7,445.83 | -1,434.85 | -5,908.32 | -16,317.03 | -13,217.55 | 7,758.31 | -9,028.40 | -5,902.19 | -7,342.96 | 31,641.07 | -11,881.58 | -7,950.89 | -5,733.61 | -17,441.22 | -6,745.97 |
| Operating Net Income | -21,620.83 | -8,668.90 | -6,656.04 | -18,287.37 | -9,222.23 | 13,545.36 | -15,851.35 | 142.84 | -4,100.79 | -3,100.87 | 22,614.73 | -10,466.52 | -5,196.74 | -5,505.80 | -21,953.55 | -6,389.86 |
| Deprecation and Amortization | 596.36 | 940.00 | 942.55 | 2,271.12 | 1,653.64 | 1,096.68 | -1,999.66 | 3,878.63 | 21.82 | 13.34 | -1,979.67 | 2,237.08 | 1,271.40 | 628.94 | 2,281.13 | 393.53 |
| Deferred Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Based Compensation | 1,827.27 | 0 | 518.62 | 1,213.59 | 0 | 0 | -376.57 | 1,129.72 | 753.15 | 0 | 792.03 | 560.25 | 389.87 | 0 | 0 | 147.00 |
| Change in Working Capital | 3,538.59 | -895.95 | 3,467.49 | 8,375.18 | -1,212.96 | -3,681.32 | 8,570.90 | -9,388.25 | -471.88 | 1,820.94 | -3,781.18 | 3,908.62 | -2,892.21 | 1,515.75 | -3,469.29 | -2,407.46 |
| Other Operating Activities | 4,973.37 | 0 | 292.52 | 519.17 | -7,535.48 | -24,178.28 | 17,415.00 | -4,791.34 | -2,104.48 | -6,076.37 | 13,995.16 | -8,121.01 | -1,523.22 | -2,372.49 | 5,700.49 | 1,510.81 |
| Investing Cash Flow | 3,930.74 | -148,956.67 | 151,647.77 | -1,701.86 | 1,757.84 | -248.80 | -28,740.33 | -2,233.43 | 1,173.17 | 967.34 | -9,396.54 | 3,477.47 | -929.57 | -792.02 | -5,075.70 | -2,840.00 |
| Capital Expenditure | 0.00 | 0 | 158.50 | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Purchase/Sale of PPE | 0 | 145.35 | 158.50 | -1,225.29 | 732.46 | 1,048.80 | 0 | 3,534.70 | 0 | 508.93 | 0 | 31.80 | 31.80 | 0 | 0 | 0 |
| Net Purchase/Sale of Investments Net | 306,678.06 | -149,102.01 | 151,489.27 | -476.57 | 0 | 0 | 0 | -1,301.27 | 0 | 0 | 0 | 1,240.44 | 0 | 0 | 0 | 0 |
| Net Purchase/Sale of Business | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing Activities | -302,747.32 | 0 | 0 | 0 | 1,025.38 | -1,297.59 | -25,997.98 | -4,466.85 | 1,173.17 | 458.41 | -8,092.51 | 2,205.24 | -961.37 | -792.02 | -5,075.70 | -2,840.00 |
| Financing Cash Flow | 9,341.65 | 5,903.87 | 76.80 | 1,325.19 | 145,336.29 | 146,338.96 | -50,673.27 | 44,984.06 | 45,271.12 | -2,194.75 | -2,132.45 | 672.42 | 1,187.11 | 241.32 | 31,446.02 | 6,715.94 |
| Net Issuance/Repayment of Debt | 17,233.01 | 2,355.00 | 1,450.00 | 155,916.22 | 894.17 | 0 | -8,264.07 | 2,229.82 | 6,030.13 | 1,116.97 | -5,582.46 | 4,453.58 | 3,938.89 | 39.56 | -41.41 | 3,555.22 |
| Net Issuance/Repurchase of Equity | 0 | 0 | 0 | 0 | 189.24 | 189.24 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 280.88 | 31,487.42 | 3,160.72 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | -7,891.36 | 3,548.87 | -1,373.20 | -154,591.02 | 144,252.88 | 146,149.72 | -42,409.21 | 42,754.24 | 39,241.00 | -3,311.72 | 3,730.88 | -3,781.15 | -2,751.79 | -79.12 | 0.00 | 0.00 |
| Net Change in Cash | 2,587.15 | -150,498.63 | 150,289.71 | -6,284.99 | 130,777.09 | 132,872.62 | -71,293.69 | 33,722.24 | 40,542.10 | -8,570.64 | 20,112.07 | -7,731.68 | -7,693.36 | -6,284.32 | 0 | 0 |
| Cash at Beginning of Period | 4,113.33 | 154,403.04 | 4,113.33 | 161,651.73 | 30,874.64 | 36,680.64 | 78,328.06 | 10,990.83 | 10,990.83 | 10,991.10 | -9,121.24 | 12,588.11 | 0 | 0 | 0 | 0 |
| Cash at End of Period | 6,700.48 | 3,904.41 | 154,403.04 | 155,366.87 | 161,651.73 | 169,553.26 | 7,034.37 | 44,713.07 | 51,532.93 | 2,420.46 | 10,990.83 | 4,856.44 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | -7,445.83 | -1,434.85 | -6,967.38 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |