B 
68.70
-0.43%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
—
FY2018FY2025
Net income
−PLN 15.2m
FY2018FY2025
Free cash flow
−PLN 14.1m
FY2018FY2025
Shareholders' equity
PLN 73.3m
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | PLN 10,800 | PLN 1,500 | PLN 9,202 |
| Gross profit | −PLN 680,062 | −PLN 574,435 | −PLN 1.0m | −PLN 445,385 | −PLN 376,978 | −PLN 3.9m | −PLN 3.5m | −PLN 1.8m |
| Research and development | PLN 3.5m | PLN 6.4m | PLN 3.8m | PLN 1.3m | PLN 1.9m | — | — | — |
| Operating income | −PLN 17.3m | −PLN 18.8m | −PLN 15.8m | −PLN 9.7m | −PLN 6.2m | −PLN 4.0m | −PLN 3.8m | −PLN 1.9m |
| Net income | −PLN 15.2m | −PLN 14.9m | −PLN 13.7m | −PLN 8.9m | −PLN 4.4m | −PLN 2.3m | −PLN 1.6m | −PLN 775,690 |
| Diluted earnings per share | -2.87 | -3.03 | -3.31 | -2.60 | -1.34 | -0.42 | -0.29 | -0.14 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 75.6m | PLN 41.9m | PLN 12.7m | PLN 6.0m | PLN 8.2m | PLN 4.8m | PLN 3.2m | PLN 3.3m |
| Cash and short-term investments | PLN 68.4m | PLN 33.6m | PLN 9.3m | PLN 4.1m | PLN 6.1m | PLN 3.2m | PLN 1.1m | PLN 1.6m |
| Total liabilities | PLN 2.4m | PLN 3.4m | PLN 2.3m | PLN 2.5m | PLN 2.2m | PLN 1.5m | PLN 1.3m | PLN 1.7m |
| Debt | PLN 314,902 | PLN 823,920 | PLN 175,057 | PLN 293,942 | PLN 530,830 | PLN 104,165 | PLN 165,000 | — |
| Shareholders' equity | PLN 73.3m | PLN 38.4m | PLN 10.5m | PLN 5.2m | PLN 6.0m | PLN 3.3m | PLN 1.9m | PLN 1.6m |
| Shares outstanding | 5m | 5m | 4m | 3m | 3m | 6m | 6m | 6m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −PLN 12.1m | −PLN 17.7m | −PLN 14.7m | −PLN 7.9m | −PLN 4.0m | −PLN 1.5m | −PLN 1.7m | −PLN 1.8m |
| Capital spending | −PLN 2.0m | −PLN 242,780 | −PLN 458,352 | −PLN 351,734 | −PLN 5,984 | −PLN 13,909 | −PLN 179,667 | −PLN 523,195 |
| Free cash flow | −PLN 14.1m | −PLN 18.0m | −PLN 15.2m | −PLN 8.3m | −PLN 4.0m | −PLN 1.5m | −PLN 1.8m | −PLN 2.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Gross profit | −PLN 192,243 | −PLN 161,647 | −PLN 161,626 | −PLN 160,783 | −PLN 501,092 | −PLN 472,100 | −PLN 209,257 | −PLN 426,261 |
| Operating income | −PLN 5.5m | −PLN 6.1m | −PLN 4.7m | −PLN 4.4m | −PLN 3.7m | −PLN 3.8m | −PLN 4.7m | −PLN 3.5m |
| Net income | −PLN 5.1m | −PLN 5.7m | −PLN 3.4m | −PLN 4.4m | −PLN 3.7m | −PLN 3.8m | −PLN 3.0m | −PLN 3.5m |
| Diluted earnings per share | -0.92 | -1.03 | -0.64 | -0.83 | -0.71 | -0.72 | -0.61 | -0.70 |
| Cash from operations | −PLN 2.0m | −PLN 6.0m | −PLN 4.0m | −PLN 5.0m | −PLN 1.0m | — | −PLN 4.0m | −PLN 6.0m |
| Capital spending | −PLN 1.0m | −PLN 1.0m | — | — | — | — | — | — |
| Free cash flow | −PLN 3.0m | −PLN 7.0m | — | — | — | — | — | — |
| Total assets | PLN 65.7m | PLN 70.6m | PLN 75.6m | PLN 30.2m | PLN 34.9m | PLN 39.3m | PLN 41.9m | PLN 44.4m |
| Cash and short-term investments | PLN 56.8m | PLN 60.8m | PLN 68.4m | PLN 24.0m | PLN 30.0m | PLN 32.6m | PLN 33.6m | PLN 38.2m |
| Debt | PLN 129,255 | PLN 170,808 | PLN 227,328 | PLN 291,722 | PLN 316,553 | PLN 494,314 | PLN 1.3m | PLN 777,154 |
| Shareholders' equity | PLN 62.5m | PLN 67.6m | PLN 73.3m | PLN 27.0m | PLN 31.4m | PLN 34.6m | PLN 38.4m | PLN 41.4m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | 21.4% | 34.1% | — |
| Net income | 19.3% | 45.2% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -27.0 | -29.0 | -27.1 | -14.9 | -39.0 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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