C 
4.48
-0.44%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 2.08bn
FY2016FY2025
Net income
−PLN 125.2m
FY2016FY2025
Free cash flow
−PLN 272.1m
FY2016FY2025
Shareholders' equity
PLN 1.33bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 2.08bn | PLN 2.29bn | PLN 2.72bn | PLN 3.67bn | PLN 2.81bn | PLN 1.73bn | PLN 1.90bn | PLN 2.08bn | PLN 1.79bn | PLN 1.35bn |
| Gross profit | PLN 40.7m | PLN 42.2m | PLN 280.2m | PLN 894.3m | PLN 588.9m | PLN 158.9m | PLN 171.1m | PLN 276.3m | PLN 216.2m | PLN 142.7m |
| Research and development | — | — | — | PLN 309,000 | PLN 416,000 | PLN 441,000 | PLN 300,000 | PLN 302,000 | PLN 76,000 | PLN 72,000 |
| Operating income | −PLN 152.3m | −PLN 18.8m | PLN 248.0m | PLN 763.3m | PLN 467.8m | PLN 66.5m | PLN 54.6m | PLN 132.0m | PLN 99.2m | PLN 59.4m |
| Net income | −PLN 125.2m | −PLN 54.0m | PLN 229.3m | PLN 577.9m | PLN 342.8m | PLN 32.7m | PLN 19.1m | PLN 68.5m | PLN 47.6m | PLN 4.0m |
| Diluted earnings per share | -0.54 | -0.31 | 1.34 | 3.37 | 2.00 | 0.19 | 0.11 | 0.45 | 0.40 | 0.04 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 2.82bn | PLN 2.63bn | PLN 2.27bn | PLN 2.08bn | PLN 1.51bn | PLN 1.03bn | PLN 1.05bn | PLN 1.00bn | PLN 950.7m | PLN 895.3m |
| Cash and short-term investments | PLN 124.9m | PLN 69.0m | PLN 144.3m | PLN 335.8m | PLN 107.9m | PLN 96.6m | PLN 79.1m | PLN 60.0m | PLN 99.1m | PLN 24.5m |
| Total liabilities | PLN 1.41bn | PLN 1.45bn | PLN 1.03bn | PLN 854.6m | PLN 861.3m | PLN 724.2m | PLN 774.5m | PLN 705.5m | PLN 708.9m | PLN 739.4m |
| Debt | PLN 822.6m | PLN 873.8m | PLN 542.6m | PLN 398.0m | PLN 338.0m | PLN 266.7m | PLN 304.8m | PLN 283.3m | PLN 427.1m | PLN 474.0m |
| Shareholders' equity | PLN 1.33bn | PLN 1.10bn | PLN 1.16bn | PLN 1.16bn | PLN 603.9m | PLN 287.8m | PLN 258.8m | PLN 278.2m | PLN 225.3m | PLN 142.1m |
| Shares outstanding | 231m | 171m | 171m | 171m | 171m | 172m | 171m | 152m | 118m | 104m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −PLN 3.7m | PLN 159.0m | PLN 294.5m | PLN 486.4m | PLN 120.0m | PLN 206.1m | PLN 142.5m | PLN 232.2m | PLN 145.4m | PLN 91.6m |
| Capital spending | −PLN 268.4m | −PLN 454.6m | −PLN 388.1m | −PLN 205.4m | −PLN 100.5m | −PLN 60.4m | −PLN 59.7m | −PLN 42.6m | −PLN 17.4m | −PLN 32.8m |
| Free cash flow | −PLN 272.1m | −PLN 295.5m | −PLN 93.6m | PLN 281.0m | PLN 19.5m | PLN 145.7m | PLN 82.8m | PLN 189.5m | PLN 128.0m | PLN 58.8m |
| Dividends paid | — | −PLN 108,000 | −PLN 209.2m | −PLN 25.7m | −PLN 25.7m | −PLN 38.3m | −PLN 3.9m | −PLN 16.0m | −PLN 4.3m | −PLN 5.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 650.0m | PLN 591.3m | PLN 446.3m | PLN 496.3m | PLN 594.9m | PLN 543.3m | PLN 558.0m | PLN 498.3m |
| Gross profit | PLN 62.7m | PLN 37.4m | −PLN 23.8m | PLN 10.9m | PLN 35.0m | PLN 24.1m | −PLN 8.6m | PLN 1.7m |
| Operating income | PLN 29.3m | PLN 10.3m | −PLN 70.5m | −PLN 19.4m | PLN 7.7m | −PLN 7.9m | −PLN 37.4m | −PLN 19.9m |
| Net income | PLN 6.4m | −PLN 1.1m | −PLN 75.2m | −PLN 24.7m | −PLN 11.2m | −PLN 14.0m | −PLN 33.5m | −PLN 28.6m |
| Diluted earnings per share | 0.03 | -0.00 | -0.32 | -0.11 | -0.05 | -0.06 | -0.20 | -0.17 |
| Cash from operations | PLN 35.0m | −PLN 118.0m | −PLN 26.0m | PLN 65.0m | −PLN 29.0m | PLN 21.0m | −PLN 86.0m | −PLN 71.0m |
| Capital spending | −PLN 34.0m | −PLN 26.0m | −PLN 137.0m | −PLN 27.0m | −PLN 71.0m | −PLN 33.0m | −PLN 121.0m | −PLN 81.0m |
| Free cash flow | PLN 1.0m | −PLN 144.0m | −PLN 163.0m | PLN 38.0m | −PLN 100.0m | −PLN 12.0m | −PLN 207.0m | −PLN 152.0m |
| Total assets | PLN 2.95bn | PLN 2.87bn | PLN 2.82bn | PLN 2.79bn | PLN 2.80bn | PLN 2.80bn | PLN 2.63bn | PLN 2.69bn |
| Cash and short-term investments | PLN 97.9m | PLN 102.0m | PLN 124.9m | PLN 45.7m | PLN 49.3m | PLN 50.8m | PLN 69.0m | PLN 246.8m |
| Debt | PLN 820.1m | PLN 814.0m | PLN 750.5m | PLN 801.8m | PLN 814.8m | PLN 799.3m | PLN 757.5m | PLN 754.6m |
| Shareholders' equity | PLN 1.34bn | PLN 1.33bn | PLN 1.33bn | PLN 1.12bn | PLN 1.14bn | PLN 1.09bn | PLN 1.10bn | PLN 1.14bn |
Financial ratios
Data as of 5 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 2.0% | 1.8% | 10.3% | 24.4% | 20.9% | 9.2% | — | — | — |
| Operating margin | -7.3% | -0.8% | 11.3% | 20.9% | 17.3% | 3.1% | — | — | — |
| Net margin | -6.0% | -2.5% | 8.4% | 16.6% | 12.9% | 1.9% | — | — | — |
| Return on equity | -8.9% | -4.9% | 18.5% | 49.7% | 56.5% | 11.4% | — | — | — |
| Return on assets | -4.4% | -2.2% | 10.1% | 29.3% | 24.2% | 3.2% | — | — | — |
| Free cash flow yield | 29.9% | 77.2% | 85.9% | 87.1% | 27.8% | 33.5% | — | — | — |
| Revenue growth | -9.3% | -15.7% | -25.8% | 30.4% | 62.2% | -8.9% | — | — | — |
| Earnings growth | 117.6% | -125.1% | -62.4% | 67.9% | 1012.6% | 71.0% | — | — | — |
| Current ratio | 0.97x | 0.86x | 1.76x | 2.65x | 1.59x | 1.08x | — | — | — |
| Debt to equity | 0.51x | 0.64x | 0.35x | 0.25x | 0.38x | 0.64x | — | — | — |
| Equity ratio | 49.8% | 44.9% | 54.6% | 59.0% | 42.8% | 27.9% | — | — | — |
| Interest coverage | -2.27x | -0.32x | 6.57x | 17.79x | 14.11x | 1.95x | — | — | — |
| R&D as a share of sales | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | -35.0% | 0.0% | 0.0% | 0.0% | 0.2% | -0.2% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -17.2% | 3.7% | 4.3% |
| Net income | — | — | 24.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 1.9% | 11.7% | 13.1% | 12.2% |
| Operating margin | -3.9% | 7.8% | 9.0% | 7.3% |
| Net margin | -4.1% | 5.8% | 6.6% | 4.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -9.5 | -21.5 | 6.2 | 1.3 | 1.9 | 9.2 | 11.1 | 3.6 | 3.7 | 39.6 |
| Price to sales | 0.6 | 0.5 | 0.5 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 4 May 2023.
| FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | |
|---|---|---|---|---|---|
| Paid in the year | 1.22 | 0.15 | 0.15 | 0.28 | 0.10 |
- 1-to-1 reverse split · 29 Sept 2005
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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