Hepsiburada Files 2025 Annual Report: TRY 5.7B Net Loss, Going Concern Assessment, and Board Slate for Oct 30 Vote
HEPS sits 15% above its 52-week low of $2.15 on elevated volume (1.9× avg).
Summary
Hepsiburada disclosed its 2025 annual report and audited financials, showing a TRY 5.7 billion net loss and accumulated losses of TRY 12.4 billion, with a going concern assessment that management believes is adequate for the next twelve months. The filing also sets the October 30, 2026 General Assembly agenda, including board elections and auditor appointment.
Key Events · Corporate Governance and Compliance · HEPS
-
2025 Net Loss of TRY 5.7B
Hepsiburada reported a net loss of TRY 5,699,176 thousand for 2025, widening from TRY 2,100,697 thousand in 2024. Accumulated losses reached TRY 12,370,907 thousand.
-
Going Concern Assessment Disclosed
Management concluded the Group has sufficient cash (TRY 11,308 million) and operating cash flow (TRY 9,732 million) to fund operations for at least twelve months, despite operating losses and accumulated losses.
-
Board Slate for Oct 30 Vote
The General Assembly will vote on electing eight directors for a three-year term, including five non-independent members (Lomtadze, Didenko, Mosidze, Mironov, Berdzenishvili) and three independent members (Bayazıt, Ashaboğlu, Gross-Selbeck).
-
Deloitte Proposed as 2026 Auditor
Shareholders will vote on appointing Deloitte as the independent auditor for the 2026 accounting period, following the 2025 audit conducted by Deloitte TR and Deloitte KZ.
Analysis · HEPS · Trade & Services
This 6-K marks the first public disclosure of Hepsiburada's audited 2025 financial statements and annual activity report. The company reported a net loss of TRY 5,699,176 thousand, accumulated losses of TRY 12,370,907 thousand, and an operating loss of TRY 3,990 million. Management's going concern assessment states the Group has sufficient cash and operating cash flow to fund operations for at least twelve months, but the disclosure itself is a material governance red flag that warrants investor attention. The filing also sets the agenda for the October 30, 2026 General Assembly, including the election of eight directors, appointment of Deloitte as auditor for 2026, and a proposed amendment to enable electronic board meetings. The going concern language, combined with the scale of accumulated losses, makes this a critical disclosure for assessing the company's financial viability.
How filings like this one have moved
In the 30 days to Sep 30, 2026, 34.9% of the 1009 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.52%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, HEPS was trading at $2.48 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $900.2M. The 52-week trading range was $2.15 to $3.33. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.