Terms of Service

Last updated: 9 September 2026

These terms govern your use of Analyst Report at analystreport.ai (the “Service”). By creating an account, submitting your email address, or ordering research, you agree to them. If you do not agree, please do not use the Service.

The Service is operated by Winternet Labs, registered in the Netherlands under KVK number 98514601 (“we”, “us”). You can reach us at [email protected].

1. What the Service does

Analyst Report turns a listed company into a written initiation report. A run executes a five-step pipeline — company research, a financial model, a DCF and comparables valuation, chart generation, and report assembly — and returns a PDF note with its supporting exhibits.

The pipeline is automated. It is built on large language models working from public sources such as regulatory filings and market data, with automated review gates between steps. Unless you buy the analyst review add-on described in section 7, no part of a report is prepared, supervised, or signed off by a human, and even where that add-on is bought the research itself is still machine-generated — a reviewer reads the finished document, they do not write it. We are not a broker, an investment firm, or a registered investment adviser.

2. Availability and pre-launch status

Report generation is not yet generally available. Access is currently limited to an allowlist while the pipeline is completed, and an account does not by itself entitle you to start a run. Until generation opens, the Service consists of this site, the sample material, our email updates, and an account you can hold.

The Service is provided on an “as is” and “as available” basis. Features may change, and features described as forthcoming may change shape or not ship at all. We do not promise uninterrupted availability.

3. Accounts

You must be at least 18 and able to enter a contract. Keep your password confidential; you are responsible for activity under your account. Tell us at [email protected] if you believe it has been compromised. You may close your account at any time by writing to us.

4. Research output is not investment advice

Nothing the Service produces is investment, financial, tax, accounting, or legal advice, and nothing in it is an offer, a solicitation, or an inducement to buy, sell, or hold any security. Ratings, valuations, and price targets are the output of a model, not a recommendation. No output is tailored to your circumstances, objectives, or risk tolerance, and using the Service creates no advisory or fiduciary relationship.

Output is not “investment research” within the meaning of Article 36 of Commission Delegated Regulation (EU) 2017/565, and it is not a marketing communication issued by an investment firm.

Investing carries risk, including total loss of capital. Modelled or historical performance does not predict future results. Every decision you take remains yours.

5. Accuracy, and what you must verify

Automated systems misread filings, miscalculate, and state figures no source supports. A report is a research draft produced at speed, not a verified document: every number, quotation, and conclusion must be checked against the primary sources before you rely on it or pass it to anyone else. A report is also a snapshot. It reflects what was available when it ran and is not maintained, corrected, or updated afterwards.

Market data, filings, and reference information reach us from third parties and may be delayed, incomplete, or wrong. We make no warranty as to the accuracy, completeness, or timeliness of any of it, and the Service must not be used as a book of record for tax or regulatory reporting.

6. What you may do with a report

You own the report you commission. We claim no rights over it beyond what we need to produce, store, and deliver it to you, and we do not resell or republish it. What changes between orders is the licence you buy with the report: the research behind it is the same work either way, and the licence decides how far the file may travel.

Personal licence

A report bought on the personal licence is the note, its write-up and its exhibits, delivered watermarked, and it is for you. It does not include the spreadsheet model. You may:

• use it for your own investment decisions, without limit;
• use and circulate it inside your own firm, including to colleagues who did not commission it;
• quote from it externally with attribution to Analyst Report, provided the quotation is not misleading about what it is.

You may not remove or obscure the watermark, and you may not distribute the report itself outside your own firm.

Client-ready licence

A report bought on the client-ready licence — including every report delivered under a coverage, desk, or sponsored plan — arrives without a watermark and without our attribution, and the spreadsheet model comes with it. This is the prior written agreement referred to below: buying it is how you get one. In addition to everything the personal licence allows, you may:

• put your own name, byline, and branding on the report, the model, and the exhibits, and present the document as your firm’s own note;
• distribute it to your clients, your subscribers, or the public, and make it part of a paid product or service of yours;
• edit it, extract from it, and build further work on top of it.

The licence attaches to the reports delivered under it and does not lapse when a plan ends. Cancelling a plan stops future reports; it does not withdraw your rights in the ones you already have.

What neither licence allows

Under either licence, you may not, without our prior written agreement:

• resell or syndicate the reports as such, or make them into a data feed, a research library, or anything else that functions as a substitute for the Service;
• present a report as reviewed, verified, or human-authored analysis, unless it was reviewed — by the add-on in section 7, or by you — and you say plainly who did the reviewing;
• use it to provide investment advice or research services to third parties, or in any way that requires a licence, registration, or authorisation you do not hold.

That last point is worth separating from the licence: the client-ready licence is our permission to publish the document, and it is not, and cannot be, permission from your regulator. Whether you may distribute investment research at all — and what you must disclose when you do — is a question about your own authorisation, and it is yours to answer.

If you distribute a report or an extract under the personal licence, the disclaimers in sections 4 and 5 must travel with it. Under the client-ready licence the document goes out as yours, so those disclaimers are no longer in our name — and the responsibility they describe becomes yours, including telling your own readers what the document is, how it was produced, and what they must verify. Whatever you do with a report, and any regulatory consequence of publishing it, is your responsibility.

7. Orders, plans, and add-ons

Research is bought in one of two shapes: a single report, ordered at its listed price under the licence you choose for it, or a plan — coverage, desk, or sponsored — billed monthly for as long as it is active. Prices and what each includes are on the pricing page, and that page is part of these terms.

• A single order is charged when the run starts, and covers one report with its write-up and its exhibits, under the licence bought with it. The spreadsheet model the report is built on is delivered with the client-ready licence and with every report under a plan; it is not part of a personal-licence order.
• A plan renews monthly until you cancel it. Cancelling stops the next renewal and the research that would have come with it; it does not claw back reports already delivered, and section 6 keeps your licence in them.
• What a plan includes in a month is for that month. Unused research does not roll into the next month unless the plan says it does.
• Add-ons — a pitch deck, a peer comparison, a priority run, an analyst review — are bought with the report they attach to and charged with it. The analyst review add-on means a person reads the finished document before you get it; it does not make us its author, and sections 1, 4, and 5 still apply to what it says.

A coverage plan re-runs a name against newly published figures. Each re-run is a fresh report and replaces nothing: the earlier ones stay yours, under the licence they were delivered on.

Your account may hold credits, an internal unit we use to meter runs. Credits are not sold, have no cash value, and cannot be exchanged for money, transferred between accounts, or resold. Any credits on your account do not expire while the account exists.

Billing is not yet switched on. Until it is, no charge arises, nothing on this page obliges you to pay, and any balance shown on your account is not a promise of free work.

8. Payment, refunds, and our guarantee

When paid ordering opens, payments will be handled by a third-party payment processor. We do not receive or store your card details; the processor handles them under its own terms.

A run that halts and delivers nothing usable is not billed. Where it has already been charged, we refund it. That holds however the run failed — our fault, a provider outage, or a cost ceiling reached mid-run. It is our responsibility, not yours.

A report that arrives complete but is not usable will be re-run or refunded, whichever you prefer, if you tell us within 14 days of delivery. Not usable means the document does not do what section 1 says it does: a model that does not compute, sections missing from the note, exhibits that never rendered, or figures that cannot be reconciled to the filings the report cites. It does not mean you disagree with the conclusion. A report whose valuation you dispute, or whose view you would not have taken, has done the job it was sold to do, and section 5 explains why we will not treat that as a defect. Quality warnings carried on the face of a report are disclosed shortfalls, not defects, and do not on their own trigger this.

A run begins real computation immediately and cannot be recalled. If you are a consumer in the EU you have a 14-day right of withdrawal. By starting a run you expressly request immediate performance and accept that you lose that right for the run you have started; it survives for anything you have paid for and not yet used, including the unused remainder of a plan month, for which we would settle pro rata. The guarantee above sits on top of that right and does not replace it.

Nothing here limits mandatory statutory rights that cannot be waived under the law of your country of residence. We may make goodwill refunds at our discretion; doing so once creates no entitlement.

9. Emails

We send our email sequence only to addresses that have confirmed by clicking the link in a confirmation email. Every message carries a one-click unsubscribe, and unsubscribing is honoured permanently. We do not sell or rent your address, and we do not send other companies’ marketing. Service messages about an account or an order you placed are sent separately from that sequence.

10. Acceptable use

You must not:

• access another user’s account, runs, or reports, or attempt to;
• scrape or bulk-extract the Service, or work around rate limits, access gates, or credit accounting;
• submit addresses you do not control to the capture form, or use it to make us send mail to anyone else;
• interfere with the Service’s integrity or availability, or probe it for vulnerabilities without our written permission;
• use the Service to break securities, market-abuse, sanctions, or data protection law.

Found a security problem? Tell us at [email protected] before disclosing it. We will not pursue anyone who reports in good faith and gives us reasonable time to fix it.

11. Our intellectual property

The site, the pipeline, the prompts, the templates, and the report design are ours and stay ours. Nothing in these terms transfers them, and commissioning a report does not license the machinery that made it.

12. Suspension and termination

You may stop using the Service and ask us to close your account at any time. We may suspend or close an account that materially breaches these terms, threatens the security or legality of the Service, or reverses a payment. Where circumstances allow, we will warn you first. On closure, any active plan stops and we settle what you have paid for and not received under section 8. Your licence in reports already delivered survives — closing an account does not take your research back.

Sections 4, 5, 6, 11, 13, 14, 15 and 18 survive termination.

13. Disclaimer of warranties

To the fullest extent permitted by law, we disclaim all warranties, express or implied, including merchantability, fitness for a particular purpose, non-infringement, and any warranty that the Service or its output will be uninterrupted, secure, accurate, complete, or profitable.

14. Limitation of liability

To the fullest extent permitted by law, we are not liable for investment losses, lost profits, lost opportunity, loss of data, or any indirect, incidental, special, or consequential damage arising from the Service or from any decision taken on the basis of its output. Our total liability for all claims arising in any twelve-month period is limited to what you paid us in that period, or EUR 100 if you paid nothing.

Nothing excludes liability for fraud, for death or personal injury caused by negligence, for intent or gross negligence, or anything else that cannot lawfully be excluded. If you are a consumer, your mandatory rights are unaffected.

15. Indemnity

You will indemnify us against claims, damages, and reasonable costs arising from your breach of these terms, from how you distribute or present a report, or from your use of the Service in breach of law.

16. Changes to these terms

We may update these terms. For material changes we will notify account holders by email before they take effect and update the date above. Continuing to use the Service after that means you accept the change.

17. Privacy

How we handle personal data is set out in our Privacy Policy, which forms part of these terms.

18. Governing law

These terms are governed by the law of the Netherlands, excluding its conflict-of-law rules and the UN Convention on Contracts for the International Sale of Goods. The competent Dutch courts have exclusive jurisdiction. If you are a consumer resident in the EU, this does not deprive you of the protection of mandatory provisions of your own country’s law, and you may also sue in your own courts. The European Commission’s online dispute resolution platform is at ec.europa.eu/consumers/odr.

19. General

These terms and the Privacy Policy are the whole agreement between us. If a provision is invalid, the rest stands. Not enforcing a provision does not waive it. You may not assign these terms without our consent; we may assign them to a successor of the business.

20. Contact

Analyst Report — [email protected]
Winternet Labs, the Netherlands — KVK 98514601