C 
0.55
—
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 36.2m
FY2016FY2025
Net income
−PLN 17.0m
FY2016FY2025
Free cash flow
−PLN 17.1m
FY2016FY2025
Shareholders' equity
PLN 91.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 36.2m | PLN 3.9m | PLN 14.5m | PLN 7.3m | PLN 23.6m | PLN 6.1m | PLN 4.9m | PLN 2.1m | PLN 24.8m | PLN 47.0m |
| Research and development | — | — | — | — | — | — | PLN 9 | PLN 11 | PLN 8 | PLN 1 |
| Operating income | −PLN 13.3m | −PLN 21.5m | PLN 271,000 | −PLN 8.1m | PLN 31.9m | −PLN 28.2m | −PLN 35.6m | −PLN 16.5m | −PLN 247.3m | −PLN 110.8m |
| Net income | −PLN 17.0m | −PLN 12.8m | −PLN 15.2m | −PLN 19.9m | PLN 25.2m | −PLN 4.0m | −PLN 38.8m | −PLN 36.8m | −PLN 232.7m | −PLN 116.5m |
| Diluted earnings per share | -0.23 | -0.16 | -0.20 | -0.27 | 0.31 | -0.05 | -0.49 | -0.39 | -3.10 | -1.55 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 297.2m | PLN 226.5m | PLN 203.8m | PLN 256.5m | PLN 301.6m | PLN 283.8m | PLN 293.5m | PLN 301.0m | PLN 341.1m | PLN 600.1m |
| Cash and short-term investments | PLN 41.8m | PLN 24.3m | PLN 21.0m | PLN 31.4m | PLN 32.7m | PLN 15.2m | PLN 2.5m | PLN 4.6m | PLN 8.5m | PLN 697,000 |
| Total liabilities | PLN 208.1m | PLN 123.9m | PLN 84.9m | PLN 122.4m | PLN 147.7m | PLN 155.0m | PLN 160.8m | PLN 129.4m | PLN 131.2m | PLN 157.5m |
| Debt | PLN 43.0m | PLN 27.4m | PLN 33.3m | PLN 59.5m | PLN 80.5m | PLN 82.6m | PLN 64.8m | PLN 69.9m | PLN 37.9m | PLN 48.6m |
| Shareholders' equity | PLN 91.0m | PLN 102.6m | PLN 118.9m | PLN 134.1m | PLN 154.0m | PLN 130.4m | PLN 132.8m | PLN 171.6m | PLN 209.9m | PLN 442.6m |
| Shares outstanding | 75m | 80m | 75m | 75m | 81m | 73m | 79m | 94m | 75m | 75m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −PLN 9.6m | −PLN 29.3m | −PLN 24.8m | PLN 11.1m | PLN 10.0m | −PLN 2.8m | PLN 5.1m | PLN 1.6m | −PLN 5.6m | PLN 24.5m |
| Capital spending | −PLN 7.5m | −PLN 2.7m | −PLN 1.1m | −PLN 519,000 | −PLN 72,000 | −PLN 72,000 | −PLN 103,000 | −PLN 72,000 | — | −PLN 6,000 |
| Free cash flow | −PLN 17.1m | −PLN 32.0m | −PLN 25.9m | PLN 10.6m | PLN 9.9m | −PLN 2.9m | PLN 5.0m | PLN 1.5m | −PLN 5.6m | PLN 24.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 29.2m | PLN 9.7m | PLN 16.5m | PLN 3.3m | PLN 8.9m | PLN 8.1m | PLN 611,000 | PLN 1.7m |
| Operating income | PLN 17,000 | PLN 575,000 | −PLN 11.8m | −PLN 2.8m | −PLN 525,000 | −PLN 570,000 | −PLN 3.4m | −PLN 9.8m |
| Net income | −PLN 547,000 | PLN 221,000 | −PLN 8.1m | −PLN 955,000 | −PLN 3.1m | −PLN 2.9m | −PLN 4.2m | −PLN 9.3m |
| Diluted earnings per share | -0.01 | 0.00 | -0.11 | -0.01 | -0.04 | -0.04 | -0.05 | -0.12 |
| Cash from operations | PLN 2.0m | — | −PLN 6.0m | −PLN 7.0m | PLN 9.0m | −PLN 5.0m | −PLN 10.0m | −PLN 5.0m |
| Capital spending | — | — | — | −PLN 2.0m | −PLN 2.0m | −PLN 2.0m | −PLN 1.0m | −PLN 2.0m |
| Free cash flow | — | — | — | −PLN 9.0m | PLN 7.0m | −PLN 7.0m | −PLN 11.0m | −PLN 7.0m |
| Total assets | PLN 297.5m | PLN 311.3m | PLN 297.2m | PLN 282.9m | PLN 262.8m | PLN 244.9m | PLN 226.5m | PLN 214.8m |
| Cash and short-term investments | PLN 44.8m | PLN 45.7m | PLN 41.8m | PLN 30.9m | PLN 35.7m | PLN 27.3m | PLN 24.3m | PLN 34.8m |
| Debt | PLN 11.5m | PLN 46.4m | PLN 10.1m | PLN 29.7m | PLN 1.0m | PLN 34.4m | PLN 27.0m | PLN 28.1m |
| Shareholders' equity | PLN 90.7m | PLN 91.3m | PLN 91.0m | PLN 95.7m | PLN 96.7m | PLN 99.7m | PLN 102.6m | PLN 106.8m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 70.2% | 42.6% | -5.8% |
| Operating income | 17.8% | -14.0% | -11.2% |
| Net income | -5.1% | 33.6% | -12.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -86.6% | -68.8% | -42.5% | -208.7% |
| Net margin | -74.3% | -104.8% | -47.7% | -225.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -1.4 | -1.8 | -1.9 | -1.5 | 1.0 | -6.6 | -0.5 | -0.4 | -0.1 | -0.3 |
| Price to sales | 0.7 | 5.7 | 2.0 | 4.1 | 1.1 | 4.3 | 3.7 | 6.5 | 0.9 | 0.8 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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