B 
10.85
+0.74%
Close of 6 Nov 2026, in PLN
At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 328.8m
FY2016FY2025
Net income
−PLN 153.6m
FY2016FY2025
Free cash flow
PLN 506,000
FY2016FY2025
Shareholders' equity
−PLN 568.8m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 328.8m | PLN 409.9m | PLN 667.5m | PLN 1.11bn | PLN 427.1m | PLN 78.6m | PLN 74.3m | PLN 66.0m | PLN 62.7m | PLN 114.3m |
| Research and development | — | — | — | — | — | PLN 501,000 | PLN 1.0m | PLN 1.0m | PLN 1.0m | PLN 1.0m |
| Operating income | −PLN 114.1m | −PLN 506.6m | −PLN 39.0m | PLN 494.9m | PLN 216.5m | PLN 3.5m | −PLN 869,000 | −PLN 30.7m | −PLN 25.7m | PLN 8.0m |
| Net income | −PLN 153.6m | −PLN 1.15bn | −PLN 25.9m | PLN 395.0m | PLN 404.0m | PLN 1.6m | −PLN 6.7m | −PLN 33.6m | −PLN 36.1m | PLN 496,000 |
| Diluted earnings per share | -10.41 | -79.73 | -1.79 | 27.27 | 27.84 | 0.10 | -0.47 | -5.28 | -5.05 | 0.08 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 363.9m | PLN 422.0m | PLN 1.18bn | PLN 1.22bn | PLN 937.3m | PLN 111.5m | PLN 116.4m | PLN 112.5m | PLN 158.7m | PLN 225.7m |
| Cash and short-term investments | PLN 13.6m | PLN 5.8m | PLN 55.4m | PLN 102.3m | PLN 27.7m | PLN 1.7m | PLN 642,000 | PLN 2.0m | PLN 680,000 | PLN 4.3m |
| Total liabilities | PLN 931.9m | PLN 841.7m | PLN 445.6m | PLN 441.7m | PLN 500.2m | PLN 78.0m | PLN 85.9m | PLN 105.3m | PLN 110.2m | PLN 138.3m |
| Debt | PLN 514.2m | PLN 489.3m | PLN 94.0m | PLN 104.5m | PLN 123.7m | PLN 11.0m | PLN 13.5m | PLN 6.0m | — | PLN 54.7m |
| Shareholders' equity | −PLN 568.8m | −PLN 419.6m | PLN 736.0m | PLN 790.1m | PLN 437.1m | PLN 33.5m | PLN 30.5m | PLN 7.3m | PLN 48.6m | PLN 87.4m |
| Shares outstanding | 15m | 14m | 14m | 14m | 15m | 15m | 14m | 6m | 7m | 6m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 7.9m | PLN 1.3m | PLN 126.0m | PLN 225.0m | PLN 4.7m | PLN 6.6m | PLN 6.2m | PLN 332,000 | PLN 9.7m | PLN 33.2m |
| Capital spending | −PLN 7.4m | −PLN 43.4m | −PLN 127.2m | −PLN 107.1m | −PLN 13.4m | −PLN 3.8m | −PLN 7.6m | −PLN 2.5m | −PLN 6.9m | −PLN 13.7m |
| Free cash flow | PLN 506,000 | −PLN 42.1m | −PLN 1.2m | PLN 117.9m | −PLN 8.7m | PLN 2.8m | −PLN 1.5m | −PLN 2.2m | PLN 2.8m | PLN 19.5m |
| Dividends paid | — | — | −PLN 29.0m | −PLN 14.5m | −PLN 14.5m | −PLN 14.5m | −PLN 14.5m | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 13.6m | PLN 38.4m | PLN 65.1m | PLN 65.0m | PLN 111.6m | PLN 87.1m | PLN 38.6m | PLN 86.7m |
| Operating income | −PLN 53.4m | −PLN 54.3m | −PLN 47.8m | −PLN 14.9m | PLN 20.4m | PLN 4.3m | −PLN 402.4m | −PLN 38.8m |
| Net income | −PLN 76.3m | PLN 600.3m | −PLN 156.2m | −PLN 3.9m | PLN 6.9m | −PLN 416,000 | −PLN 1.08bn | −PLN 20.8m |
| Diluted earnings per share | -5.09 | 40.06 | -10.59 | -0.27 | 0.47 | -0.03 | -74.44 | -1.44 |
| Cash from operations | −PLN 20.0m | −PLN 5.0m | −PLN 4.0m | −PLN 12.0m | PLN 13.0m | PLN 11.0m | PLN 4.0m | −PLN 1.0m |
| Capital spending | — | −PLN 1.0m | −PLN 1.0m | −PLN 1.0m | — | −PLN 3.0m | — | −PLN 7.0m |
| Free cash flow | — | −PLN 6.0m | −PLN 5.0m | −PLN 13.0m | — | PLN 8.0m | — | −PLN 8.0m |
| Total assets | PLN 174.3m | PLN 200.7m | PLN 363.9m | PLN 450.3m | PLN 435.5m | PLN 433.6m | PLN 422.0m | PLN 1.10bn |
| Cash and short-term investments | PLN 1.7m | PLN 4.5m | PLN 13.6m | PLN 12.9m | PLN 27.3m | PLN 14.5m | PLN 5.8m | PLN 3.6m |
| Debt | PLN 25.9m | PLN 27.3m | PLN 508.6m | PLN 464.2m | PLN 494.3m | PLN 487.1m | PLN 482.7m | PLN 84.3m |
| Shareholders' equity | −PLN 45.2m | PLN 31.3m | −PLN 568.8m | −PLN 374.6m | −PLN 409.4m | −PLN 419.9m | −PLN 419.6m | PLN 658.7m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -33.4% | 33.1% | 10.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -84.0% | -6.5% | 1.8% | 0.6% |
| Net margin | -177.1% | -37.3% | -17.7% | -17.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -1.7 | -0.1 | -10.1 | 2.1 | 0.8 | 33.1 | -6.4 | -0.4 | -0.7 | 97.2 |
| Price to sales | 0.8 | 0.2 | 0.4 | 0.7 | 0.7 | 0.7 | 0.6 | 0.2 | 0.4 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 18 Oct 2023.
| FY2023 | FY2022 | |
|---|---|---|
| Paid in the year | 2.00 | 1.00 |
- 11-to-1 reverse split · 4 Apr 2019
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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