olivLaw · European equity research
Silvair, Inc. SVRS.WA
Poland · GPW Warszawa · Vertical: Listed companies from Poland
Silvair, Inc. develops wireless network technology for lighting and automation, and in 2023 it widened its reach into European and Asian markets through a new mobile app for Android devices. The company does not yet cover its full funding needs from sales, with revenue rising to 1,941 thousand USD.
At the close of 05 Nov 2026, Silvair, Inc. (SVRS.WA) stock was 3.46 PLN (−4.95% on the day), with beta -0.01, 52-week range 3.46–12.00 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 41.4
- weak (30–45)
- Bollinger (20, 2)
- 3.30 – 4.23
- in the lower half of the band · %B 0.17 · band width 24.5%
- SMA 50 / 200
- 3.95 / 5.21
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.10 / -0.10
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −11.7% | −0.6% | −11.1 pp | — |
| 3 months | −15.2% | −4.2% | −11.0 pp | — |
| 6 months | −39.3% | +4.3% | −43.6 pp | — |
| Year to date | −64.0% | +7.5% | −71.5 pp | — |
| 1 year | −66.7% | +9.9% | −76.7 pp | +7.1% |
| 3 years | −23.5% | +49.8% | −73.3 pp | +3.3% |
| 5 years | −37.1% | +42.8% | −79.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 645.0 k | 1.3 m | 1.9 m |
| Revenue YoY | unavailable | +100.8% | +49.9% |
| Net income | -3.1 m | -2.2 m | -1.3 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -180.00 | -0.12 | -0.06 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -476.7% | -167.4% | -64.5% |
| Free cash flow | -846.0 k | -334.0 k | 848.0 k |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 406.0 k USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 8.8 m USD
- Total assets
- 13.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.33x
- ROE
- -16.4%
- ROA
- -10.2%
- FCF margin
- 43.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 645.0 k | 1.3 m | 1.9 m | esef· 24 Apr 2024verified |
| Cost of revenue | 1.1 m | 1.1 m | 1.3 m | esef· 24 Apr 2024verified |
| Gross profit | -411.0 k | 239.0 k | 642.0 k | esef· 24 Apr 2024verified |
| Operating income | -2.1 m | -2.0 m | -998.0 k | esef· 24 Apr 2024verified |
| Interest expense | 801.0 k | 455.0 k | 192.0 k | esef· 24 Apr 2024verified |
| Pre-tax income | -2.9 m | -2.5 m | -1.2 m | esef· 24 Apr 2024verified |
| Income tax | 147.0 k | -309.0 k | 62.0 k | esef· 24 Apr 2024verified |
| Net income | -3.1 m | -2.2 m | -1.3 m | esef· 24 Apr 2024verified |
| Diluted EPS | -180.00 | -0.12 | -0.06 | esef· 24 Apr 2024verified |
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.3 m | 401.0 k | 406.0 k | esef· 24 Apr 2024verified |
| Receivables | 359.0 k | 514.0 k | 381.0 k | esef· 24 Apr 2024verified |
| Inventories | 2.0 k | 2.0 k | 3.0 k | esef· 24 Apr 2024verified |
| Current assets | 1.6 m | 917.0 k | 790.0 k | esef· 24 Apr 2024verified |
| Property, plant & equipment, net | 13.0 k | 11.0 k | 21.0 k | esef· 24 Apr 2024verified |
| Total assets | 12.6 m | 11.5 m | 13.2 m | esef· 24 Apr 2024verified |
| Accounts payable | 353.0 k | 310.0 k | — | esef· 16 May 2023verified |
| Current liabilities | 3.3 m | 3.4 m | 2.4 m | esef· 24 Apr 2024verified |
| Equity | 9.0 m | 6.5 m | 8.8 m | esef· 24 Apr 2024verified |
| Shares outstanding at year end | 15.4 k | 15.5 m | 17.9 m | esef· 24 Apr 2024derived |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -843.0 k | -325.0 k | 866.0 k | esef· 24 Apr 2024verified |
| Capex | 3.0 k | 9.0 k | 18.0 k | esef· 24 Apr 2024verified |
| Free cash flow | -846.0 k ≈ | -334.0 k ≈ | 848.0 k ≈ | esef· 24 Apr 2024derived |
| Investing cash flow | -1.7 m | -1.7 m | -2.2 m | esef· 24 Apr 2024verified |
| Financing cash flow | 953.0 k | 1.2 m | 1.4 m | esef· 24 Apr 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -64.5% | 8 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -5.2x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 0.3x | 0 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial8/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SILVAIR, INC. (SVRS.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 1.9 m USD in 2023; YoY growth 49.9%; net margin -64.5%; ROE -16.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -64.5%
- Interest coverage: -5.2x
- Current ratio: 0.3x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BDX.WABudimex Spółka Akcyjna | 19.3 bn | 36.1 | 41.5% | 6.2% | +8.9% | +21% / +36% |
| ACP.WAAsseco Poland S.A. | 19.2 bn | 38.1 | 7.8% | 2.9% | +19.8% | +19% / +202% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 131.1 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.8 | 18.1% | 12.0% | +36.5% | +7% / +52% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.7 bn | — | -37.9% | -20.8% | −45.1% | −10% / −22% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +89% |
| ACT.WAAction S.A. | 997.4 m | 27.1 | 8.3% | 1.5% | +6.1% | +70% / +170% |
| BRS.WABoryszew Spółka Akcyjna | 889.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −26% |
| AGO.WAAgora Spółka Akcyjna | 601.9 m | — | -14.2% | -9.2% | +15.2% | +40% / +21% |
| AMB.WAAmbra S.A. | 468.0 m | 7.6 | 16.4% | 7.0% | +12.9% | +5% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 357.2 m | 1.4 | 16.3% | 7.0% | −27.5% | −38% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 299.3 m | 11.1 | 8.9% | 11.6% | −22.0% | −11% / +3% |
| ART.WAArtifex Mundi S.A. | 226.6 m | 17.4 | 35.7% | 33.3% | +51.9% | +46% / +12% |
| APN.WAAPLISENS Spółka Akcyjna | 194.6 m | 9.5 | 11.4% | 13.8% | +21.8% | −1% / −21% |
| BMC.WABumech Spółka Akcyjna | 155.7 m | — | -3.4% | -3.9% | −40.0% | −37% / −49% |
| ALI.WAALTUS Spolka Akcyjna | 153.9 m | 16.8 | 7.9% | 16.9% | +30.3% | +34% / +48% |
| BBT.WABoomBit Spółka Akcyjna | 71.4 m | 4.5 | 20.7% | 6.4% | −16.5% | −19% / −57% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.8 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 37.0 m | 63.2 | 1.2% | 1.3% | −67.5% | −29% / −45% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −28% / −42% |
| BCM.WABETACOM Spółka Akcyjna | 26.7 m | 17.6 | 8.0% | 0.9% | +21.3% | +8% / +4% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
| ASM.WAAsm Group Spółka Akcyjna | 7.2 m | — | -6.6% | -1.2% | +1.9% | −70% / unavailable |
1- and 3-year price returns: for SVRS.WA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Silvair, Inc. develops wireless network technology for lighting and automation, and in 2023 it widened its reach into European and Asian markets through a new mobile app for Android devices. The company does not yet cover its full funding needs from sales, with revenue rising to 1,941 thousand USD 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Going concernhigh
Management flagged that current revenue does not fully fund operations over the next 12 months, which may raise doubts about continuing as a going concern 1.
- Dilution from convertiblesmedium
The issued convertible securities could lead to new shares being issued, with a dilutive effect 1.
- Net lossmedium
The group reported a net loss in 2023, which limits its capacity for self-funding 1.
- Currencylow
Exchange rate differences between the dollar, euro and zloty may affect reported results 1.
Investment thesis
What would need to be true (bull case)
- If the Android app substantially widens the user base, revenue could accelerate in European and Asian markets 1.
- Positive operating cash flow in 2023 shows the core business can become self-sustaining as it scales 1.
- In-house technology with capitalised costs could support long-term competitive advantages 1.
What would break the thesis
What to watch
- Revenue development after the Android app launch2024
- Share of convertible debt securities converted into shares2024
- Going-concern assessment and funding plannext 10-K
- Net result and operating cash flow2024
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Silvair, Inc. is the parent of a group developing wireless network software and hardware, with the consolidated group including its Polish subsidiary Silvair Sp. z o.o. 1. Products are developed in-house, and a significant part of group assets are capitalised development costs 1. Management stated that the new mobile app opens new business directions over the medium term 1.
Group revenue comes from sales of products, goods and materials, and in 2023 revenue rose year on year, but it still does not fully finance operations and development 1. Management noted this raises doubts about continuing as a going concern over the next 12 months 1.
Funding relied on convertible debt securities into ordinary shares, approved by the Board of Directors in February 2023 1. The group reported a net loss for 2023 but positive operating cash flow 1.
Segments
Market context
The annual report does not describe market size in detail, but it explicitly names the European and Asian markets as expansion targets 1. Management identified the barrier created by limited iOS compatibility as an obstacle in these markets 1.
Exchange rates affect reported figures, because the group converts results from zloty and euro into US dollars, and currency differences affected other items of comprehensive income 1.
Trends
- Android expansiontailwind
Android compatibility could widen the user base beyond the Apple ecosystem 1.
- Reliance on convertible fundingheadwind
Convertible debt financing may dilute current shareholders if these securities are converted 1.
- Revenue growthtailwind
Revenue increased in 2023 compared with 2022, indicating ongoing commercial traction 1.
- Currency effectsmixed
Movements of the zloty and euro against the dollar can change the reported value of assets and results 1.
Competitive position
The provided sources do not identify direct competitors of the group, so no market share or pricing comparisons can be made 1.
The company's stated advantage is its proprietary technology and wider platform compatibility, but there are no comparative data in the sources 1.
- Competitors not named in source
The annual report names no competitors, so no tickers can be given.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202324 Apr 2024
- Annual report 202216 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Silvair, Inc. · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.