Estonia: Mounting losses for growth companies on Tallinn Stock Exchange

Several growth companies on Estonia’s Tallinn Stock Exchange (Nasdaq Tallinn), including Clevon, ELMO Rent, and Hagen Bikes, saw significant losses in 2022, ERR reports. ELMO Rent’s annual turnover was only half of the forecasted amount, resulting in losses that were more than double the expectations. Despite the declining share prices and growing panic among shareholders, some investors remain optimistic about positive developments in the future. However, investment firms caution that raising additional funds for these companies has become more challenging as market conditions have changed. The financial struggles faced by these growth companies highlight the difficulties of meeting projections and maintaining investor confidence in the current market environment.