P 
0.47
-3.89%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 96.3m
FY2016FY2025
Net income
−PLN 4.2m
FY2016FY2025
Free cash flow
−PLN 2.1m
FY2016FY2025
Shareholders' equity
PLN 45.9m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 96.3m | PLN 91.6m | PLN 82.2m | PLN 85.4m | PLN 84.7m | PLN 65.3m | PLN 68.4m | PLN 69.8m | PLN 77.6m | PLN 82.3m |
| Gross profit | PLN 37.9m | PLN 33.6m | PLN 33.6m | PLN 34.9m | PLN 34.5m | PLN 26.5m | PLN 26.9m | PLN 28.1m | PLN 31.1m | PLN 31.3m |
| Research and development | PLN 3.2m | PLN 4.1m | PLN 4.1m | PLN 3.5m | PLN 3.2m | PLN 2.8m | PLN 45.5m | PLN 19.6m | PLN 6.0m | PLN 254,000 |
| Operating income | −PLN 3.5m | −PLN 4.5m | −PLN 5.3m | −PLN 5.6m | PLN 2.2m | −PLN 7.3m | −PLN 42.8m | −PLN 27.3m | −PLN 8.7m | −PLN 7.8m |
| Net income | −PLN 4.2m | −PLN 5.3m | −PLN 4.5m | −PLN 7.0m | PLN 1.6m | −PLN 12.7m | −PLN 41.0m | −PLN 25.0m | −PLN 2.0m | −PLN 11.0m |
| Diluted earnings per share | -0.05 | -0.06 | -0.05 | -0.08 | 0.02 | -0.15 | -0.49 | -0.30 | -0.03 | -0.15 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 88.2m | PLN 89.7m | PLN 93.9m | PLN 102.0m | PLN 99.7m | PLN 93.7m | PLN 102.5m | PLN 161.5m | PLN 174.5m | PLN 188.2m |
| Cash and short-term investments | PLN 4.7m | PLN 4.7m | PLN 10.0m | PLN 14.9m | PLN 30.6m | PLN 35.9m | PLN 38.4m | PLN 2.3m | PLN 2.2m | PLN 3.3m |
| Total liabilities | PLN 41.2m | PLN 39.7m | PLN 38.2m | PLN 40.2m | PLN 34.0m | PLN 30.4m | PLN 28.7m | PLN 42.8m | PLN 38.9m | PLN 43.4m |
| Debt | PLN 10.2m | PLN 6.0m | PLN 4.9m | PLN 4.1m | PLN 4.1m | PLN 4.6m | PLN 2.1m | PLN 3.4m | PLN 3.0m | PLN 621,000 |
| Shareholders' equity | PLN 45.9m | PLN 49.6m | PLN 55.3m | PLN 61.3m | PLN 64.9m | PLN 62.4m | PLN 72.2m | PLN 111.7m | PLN 128.9m | PLN 102.0m |
| Shares outstanding | 84m | 84m | 84m | 84m | 83m | 83m | 84m | 84m | 77m | 74m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −PLN 699,000 | −PLN 2.6m | −PLN 3.2m | −PLN 8.7m | −PLN 1.5m | −PLN 161,000 | −PLN 4.4m | −PLN 1.6m | PLN 1.7m | −PLN 5.2m |
| Capital spending | −PLN 1.4m | −PLN 703,000 | −PLN 3.7m | −PLN 8.4m | −PLN 6.7m | −PLN 4.7m | −PLN 11.2m | −PLN 6.9m | −PLN 8.1m | −PLN 5.0m |
| Free cash flow | −PLN 2.1m | −PLN 3.3m | −PLN 6.9m | −PLN 17.1m | −PLN 8.2m | −PLN 4.8m | −PLN 15.5m | −PLN 8.5m | −PLN 6.5m | −PLN 10.2m |
| Dividends paid | — | −PLN 203,000 | — | −PLN 5,000 | −PLN 279,000 | −PLN 178,000 | −PLN 178,000 | −PLN 178,000 | −PLN 178,000 | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 26.9m | PLN 23.3m | PLN 25.4m | PLN 25.5m | PLN 22.6m | PLN 22.8m | PLN 24.6m | PLN 22.7m |
| Gross profit | PLN 11.4m | PLN 9.0m | PLN 10.1m | PLN 9.7m | PLN 8.6m | PLN 9.6m | PLN 9.0m | PLN 8.7m |
| Operating income | PLN 1.1m | −PLN 1.4m | −PLN 1.9m | PLN 251,000 | −PLN 1.6m | PLN 75,000 | PLN 230,000 | −PLN 879,000 |
| Net income | −PLN 87,000 | −PLN 2.3m | −PLN 1.8m | −PLN 430,000 | −PLN 2.5m | PLN 580,000 | PLN 8,000 | −PLN 1.7m |
| Diluted earnings per share | -0.00 | -0.03 | -0.02 | -0.01 | -0.03 | 0.01 | 0.00 | -0.02 |
| Cash from operations | — | −PLN 4.0m | PLN 1.0m | −PLN 1.0m | — | −PLN 1.0m | — | — |
| Capital spending | — | — | −PLN 1.0m | — | — | — | — | — |
| Free cash flow | — | — | PLN 0 | — | — | — | — | — |
| Total assets | PLN 97.3m | PLN 88.0m | PLN 88.2m | PLN 83.8m | PLN 86.9m | PLN 87.1m | PLN 89.7m | PLN 90.7m |
| Cash and short-term investments | PLN 6.3m | PLN 1.7m | PLN 4.7m | PLN 1.3m | PLN 2.2m | PLN 2.2m | PLN 4.7m | PLN 4.3m |
| Debt | PLN 3.0m | PLN 3.3m | PLN 3.3m | PLN 2.7m | PLN 2.1m | PLN 2.1m | PLN 1.7m | PLN 1.5m |
| Shareholders' equity | PLN 44.1m | PLN 44.1m | PLN 45.9m | PLN 47.6m | PLN 48.2m | PLN 50.0m | PLN 49.6m | PLN 49.6m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.1% | 8.1% | 7.9% |
| Operating income | -14.7% | -13.8% | -9.6% |
| Net income | -15.8% | -20.0% | -2.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 38.0% | 39.4% | 39.8% | 38.9% |
| Operating margin | -4.2% | -5.3% | -4.7% | -14.2% |
| Net margin | -5.0% | -5.9% | -6.3% | -13.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -7.6 | -6.0 | -10.9 | -10.7 | 58.2 | -7.5 | -2.1 | -3.7 | -58.1 | -13.9 |
| Price to sales | 0.3 | 0.3 | 0.6 | 0.9 | 1.1 | 1.5 | 1.2 | 1.3 | 1.5 | 1.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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