A 
0.65
-7.14%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 835,992
FY2016FY2025
Net income
−PLN 2.8m
FY2016FY2025
Free cash flow
−PLN 3.8m
FY2016FY2025
Shareholders' equity
−PLN 12.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 835,992 | PLN 2.4m | PLN 4.0m | PLN 14.3m | PLN 27.2m | PLN 25.8m | PLN 1.8m | −PLN 7,000 | −PLN 8.5m | −PLN 8.8m |
| Research and development | — | — | PLN 765,799 | PLN 11.1m | — | PLN 4.3m | — | — | — | — |
| Operating income | −PLN 2.8m | −PLN 2.1m | −PLN 5.0m | −PLN 40.3m | −PLN 798,057 | −PLN 7.9m | −PLN 8.8m | −PLN 1.7m | −PLN 9.9m | −PLN 9.2m |
| Net income | −PLN 2.8m | −PLN 2.2m | −PLN 6.2m | −PLN 40.2m | PLN 3.3m | −PLN 12.8m | −PLN 14.0m | −PLN 3.9m | −PLN 8.6m | −PLN 7.6m |
| Diluted earnings per share | -0.04 | -0.03 | -0.10 | -0.67 | 0.05 | -0.32 | -3.24 | -0.90 | -1.99 | -1.76 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 16.5m | PLN 23.1m | PLN 20.4m | PLN 13.8m | PLN 51.3m | PLN 54.7m | PLN 28,000 | PLN 50,000 | PLN 6.2m | PLN 15.5m |
| Cash and short-term investments | PLN 519,777 | PLN 46,741 | PLN 71,352 | PLN 137,193 | PLN 385,914 | PLN 506,053 | PLN 2,000 | — | PLN 2.9m | PLN 13.0m |
| Total liabilities | PLN 25.4m | PLN 27.6m | PLN 38.7m | PLN 28.6m | PLN 33.9m | PLN 83.2m | PLN 271,000 | PLN 105,000 | PLN 2.4m | PLN 2.8m |
| Debt | PLN 4.7m | PLN 6.7m | PLN 7.0m | PLN 9.8m | PLN 14.5m | PLN 37.2m | PLN 245,000 | PLN 99,000 | PLN 700,000 | PLN 697,000 |
| Shareholders' equity | −PLN 12.2m | −PLN 8.4m | −PLN 20.1m | −PLN 16.1m | PLN 17.4m | −PLN 28.4m | −PLN 243,000 | −PLN 55,000 | PLN 3.8m | PLN 12.7m |
| Shares outstanding | 76m | 82m | 60m | 60m | 60m | 40m | 4m | 4m | 4m | 4m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −PLN 3.8m | −PLN 172,801 | −PLN 8.1m | −PLN 956,541 | −PLN 940,121 | PLN 589,792 | −PLN 127,000 | −PLN 398,000 | −PLN 883,533 | −PLN 461,000 |
| Capital spending | −PLN 10,999 | −PLN 475,260 | −PLN 5.6m | −PLN 8.0m | −PLN 20.2m | −PLN 25.1m | −PLN 17.9m | — | — | — |
| Free cash flow | −PLN 3.8m | −PLN 648,061 | −PLN 13.6m | −PLN 9.0m | −PLN 21.2m | −PLN 24.5m | −PLN 18.0m | −PLN 398,000 | −PLN 883,533 | −PLN 461,000 |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 66,815 | PLN 111,713 | PLN 201,821 | PLN 92,656 | PLN 271,517 | PLN 269,998 | PLN 674,470 | PLN 558,895 |
| Operating income | −PLN 694,532 | −PLN 574,539 | −PLN 883,259 | −PLN 676,408 | −PLN 879,887 | −PLN 406,000 | PLN 119,535 | −PLN 438,000 |
| Net income | −PLN 1.2m | −PLN 310,058 | −PLN 3.4m | −PLN 327,317 | −PLN 671,526 | PLN 1.6m | −PLN 213,000 | −PLN 97,618 |
| Diluted earnings per share | -0.02 | -0.00 | -0.04 | -0.00 | -0.01 | 0.02 | -0.00 | -0.00 |
| Cash from operations | — | — | −PLN 1.0m | — | −PLN 1.0m | — | — | — |
| Total assets | PLN 18.1m | PLN 17.4m | PLN 16.5m | PLN 23.3m | PLN 22.8m | PLN 23.4m | PLN 23.1m | PLN 23.2m |
| Cash and short-term investments | PLN 63,195 | PLN 212,266 | PLN 519,777 | PLN 33,491 | PLN 265,309 | PLN 29,671 | PLN 46,741 | PLN 196,034 |
| Debt | PLN 1.4m | PLN 4.7m | PLN 4.7m | PLN 6.3m | PLN 1.1m | PLN 5.7m | PLN 6.7m | PLN 7.4m |
| Shareholders' equity | −PLN 4.7m | −PLN 12.5m | −PLN 12.2m | −PLN 8.9m | −PLN 8.6m | −PLN 6.8m | −PLN 8.4m | −PLN 8.1m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -61.1% | -49.6% | — |
| Operating income | -58.7% | -18.4% | -11.2% |
| Net income | -58.9% | -26.3% | -9.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -154.5% | -234.4% | -79.2% | -193.8% |
| Net margin | -154.7% | -239.9% | -82.0% | -202.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -17.3 | -40.4 | -15.1 | -2.3 | 62.9 | -43.1 | -1.7 | -1.5 | -2.6 | -14.9 |
| Price to sales | 57.9 | 36.9 | 23.8 | 6.4 | 7.5 | 21.5 | 13.0 | -812.4 | -2.6 | -12.8 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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