C 
16.30
0.00%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 209.8m
FY2016FY2025
Net income
−PLN 79.4m
FY2016FY2025
Free cash flow
−PLN 30.6m
FY2016FY2025
Shareholders' equity
PLN 363.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 209.8m | PLN 176.6m | PLN 213.9m | PLN 161.9m | PLN 196.1m | PLN 157.4m | PLN 102.2m | PLN 125.2m | PLN 107.1m | PLN 128.8m |
| Research and development | — | — | PLN 680,000 | PLN 680,000 | PLN 49.1m | PLN 42.3m | — | — | — | — |
| Operating income | −PLN 56.8m | −PLN 36.8m | −PLN 27.2m | −PLN 69.8m | −PLN 13.5m | −PLN 4.5m | PLN 6.9m | PLN 35.6m | PLN 26.0m | PLN 47.1m |
| Net income | −PLN 79.4m | −PLN 34.4m | −PLN 28.1m | −PLN 39.3m | −PLN 11.6m | −PLN 917,000 | PLN 11.9m | PLN 29.7m | PLN 25.6m | PLN 37.8m |
| Diluted earnings per share | -1.47 | -0.71 | -0.55 | -0.77 | -0.29 | -0.02 | 0.27 | 0.66 | 0.57 | 0.84 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 457.5m | PLN 543.8m | PLN 569.3m | PLN 608.9m | PLN 707.1m | PLN 703.6m | PLN 591.3m | PLN 563.7m | PLN 525.0m | PLN 464.3m |
| Cash and short-term investments | PLN 19.9m | PLN 56.5m | PLN 114.5m | PLN 164.6m | PLN 227.6m | PLN 44.0m | PLN 66.7m | PLN 148.0m | PLN 200.9m | PLN 221.9m |
| Total liabilities | PLN 74.5m | PLN 98.6m | PLN 123.8m | PLN 129.3m | PLN 153.1m | PLN 269.0m | PLN 146.3m | PLN 114.9m | PLN 85.2m | PLN 61.8m |
| Debt | PLN 18.9m | PLN 16.9m | PLN 25.6m | PLN 26.8m | PLN 14.9m | PLN 25.5m | PLN 1.7m | PLN 954,115 | PLN 3.3m | PLN 6.2m |
| Shareholders' equity | PLN 363.2m | PLN 445.2m | PLN 445.6m | PLN 479.6m | PLN 554.0m | PLN 344.5m | PLN 445.0m | PLN 448.7m | PLN 439.8m | PLN 402.5m |
| Shares outstanding | 54m | 49m | 51m | 51m | 41m | 45m | 45m | 45m | 45m | 45m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 23.9m | −PLN 11.3m | −PLN 8.3m | −PLN 4.7m | PLN 44.0m | PLN 70.9m | −PLN 5.1m | PLN 28.2m | PLN 25.3m | PLN 20.6m |
| Capital spending | −PLN 54.4m | −PLN 22.8m | −PLN 32.8m | −PLN 33.9m | −PLN 41.4m | −PLN 99.2m | −PLN 65.0m | −PLN 67.5m | −PLN 31.3m | −PLN 21.3m |
| Free cash flow | −PLN 30.6m | −PLN 34.1m | −PLN 41.1m | −PLN 38.6m | PLN 2.6m | −PLN 28.3m | −PLN 70.0m | −PLN 39.2m | −PLN 6.0m | −PLN 641,176 |
| Dividends paid | — | −PLN 4.1m | −PLN 4.6m | −PLN 14.8m | −PLN 3.1m | −PLN 3.6m | −PLN 7.2m | −PLN 7.7m | −PLN 7.7m | −PLN 4.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 49.1m | PLN 57.5m | PLN 54.0m | PLN 51.7m | PLN 56.6m | PLN 49.1m | PLN 37.5m | PLN 50.7m |
| Operating income | −PLN 14.0m | −PLN 10.3m | −PLN 7.4m | PLN 8.1m | −PLN 16.7m | −PLN 18.8m | −PLN 68.8m | PLN 56.7m |
| Net income | −PLN 30.6m | PLN 162.6m | −PLN 24.9m | PLN 3.7m | −PLN 32.8m | −PLN 25.1m | −PLN 67.9m | PLN 57.2m |
| Diluted earnings per share | -0.57 | 3.02 | -0.46 | 0.07 | -0.61 | -0.47 | -1.39 | 1.17 |
| Cash from operations | — | −PLN 4.0m | PLN 36.0m | −PLN 4.0m | PLN 3.0m | −PLN 11.0m | PLN 13.0m | −PLN 14.0m |
| Capital spending | −PLN 40.0m | −PLN 14.0m | −PLN 26.0m | −PLN 2.0m | −PLN 22.0m | −PLN 3.0m | −PLN 13.0m | −PLN 4.0m |
| Free cash flow | — | −PLN 18.0m | PLN 10.0m | −PLN 6.0m | −PLN 19.0m | −PLN 14.0m | PLN 0 | −PLN 18.0m |
| Total assets | PLN 733.4m | PLN 670.7m | PLN 457.5m | PLN 471.3m | PLN 482.6m | PLN 522.6m | PLN 543.8m | PLN 619.2m |
| Cash and short-term investments | — | PLN 9.1m | PLN 19.9m | PLN 1.7m | PLN 39.0m | PLN 52.5m | PLN 56.5m | PLN 103.3m |
| Debt | PLN 77.9m | PLN 21.4m | PLN 8.8m | PLN 7.7m | PLN 12.3m | PLN 12.3m | PLN 8.7m | PLN 7.1m |
| Shareholders' equity | PLN 498.6m | PLN 528.8m | PLN 363.2m | PLN 389.2m | PLN 385.1m | PLN 419.5m | PLN 445.2m | PLN 516.2m |
Financial ratios
Data as of 4 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2014 | FY2013 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | -23.2% | -17.8% | -8.1% | -21.5% | -6.9% | -2.6% | — | — |
| Net margin | -32.5% | -16.6% | -13.1% | -24.3% | -5.9% | -0.6% | — | — |
| Return on equity | -21.8% | -7.7% | -6.3% | -8.2% | -2.1% | -0.3% | — | — |
| Return on assets | -17.3% | -6.3% | -4.9% | -6.5% | -1.6% | -0.1% | — | — |
| Free cash flow yield | 8.6% | 1.4% | 2.8% | 3.4% | 12.5% | 22.5% | — | — |
| Revenue growth | 17.9% | -3.1% | 32.1% | -17.4% | 24.5% | 54.0% | — | — |
| Earnings growth | 130.4% | 22.5% | -28.4% | 238.4% | 1165.8% | -107.7% | — | — |
| Current ratio | 1.62x | 2.40x | 2.20x | 2.04x | 3.23x | 1.04x | — | — |
| Debt to equity | 0.02x | 0.02x | 0.04x | 0.04x | 0.01x | 0.05x | — | — |
| Equity ratio | 79.4% | 81.9% | 78.3% | 78.8% | 78.3% | 49.0% | — | — |
| Interest coverage | -35.54x | -14.93x | -6.49x | -20.81x | -8.71x | -2.94x | — | — |
| R&D as a share of sales | — | — | 0.3% | 0.4% | 25.0% | 26.8% | 9.0% | 6.2% |
| Buybacks as a share of market value | -10.4% | 5.0% | -0.7% | -25.7% | 9.8% | 0.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 9.0% | 5.9% | 6.9% |
| Operating income | -6.6% | 65.8% | — |
| Net income | 26.4% | 144.0% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -24.2% | -25.0% | -18.7% | -2.7% |
| Net margin | -29.5% | -23.8% | -17.4% | -3.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -13.8 | -37.5 | -28.2 | -18.2 | -116.0 | -1989.9 | 149.7 | 47.4 | 62.9 | 29.2 |
| Price to sales | 5.2 | 7.3 | 3.7 | 4.4 | 6.9 | 11.6 | 17.5 | 11.2 | 15.0 | 8.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 27 Jun 2024.
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.08 | 0.09 | 0.29 | 0.07 | 0.08 | 0.24 | 0.17 | 0.17 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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