M 
48.90
-3.17%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
—
FY2016FY2025
Net income
−PLN 6.7m
FY2016FY2025
Free cash flow
−PLN 11.7m
FY2016FY2025
Shareholders' equity
PLN 88.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | PLN 188,000 | PLN 225,000 | PLN 246,000 | PLN 288,000 | PLN 372,000 | PLN 164,388 | PLN 1,110 | PLN 243,035 | PLN 184,743 |
| Research and development | PLN 6,000 | PLN 75,000 | PLN 75,000 | PLN 85,000 | PLN 80,000 | PLN 69,000 | — | — | — | — |
| Operating income | −PLN 6.8m | PLN 37.2m | −PLN 5.8m | −PLN 5.0m | −PLN 3.5m | −PLN 2.9m | −PLN 2.0m | −PLN 1.7m | −PLN 618,036 | −PLN 303,489 |
| Net income | −PLN 6.7m | PLN 37.6m | −PLN 5.1m | −PLN 4.9m | −PLN 2.9m | −PLN 3.0m | −PLN 2.2m | −PLN 1.7m | −PLN 507,179 | −PLN 320,603 |
| Diluted earnings per share | -0.80 | 5.64 | -0.78 | -0.79 | -0.45 | -0.56 | -0.51 | -0.49 | -0.15 | -0.03 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 92.7m | PLN 86.6m | PLN 37.5m | PLN 41.9m | PLN 49.2m | PLN 20.9m | PLN 11.7m | PLN 7.6m | PLN 4.9m | PLN 1.5m |
| Cash and short-term investments | PLN 9.6m | PLN 9.1m | PLN 10.3m | PLN 21.2m | PLN 32.0m | PLN 11.6m | PLN 5.5m | PLN 3.5m | PLN 1.8m | PLN 3,806 |
| Total liabilities | PLN 4.6m | PLN 5.6m | PLN 4.3m | PLN 4.8m | PLN 8.6m | PLN 3.9m | PLN 3.5m | PLN 4.6m | PLN 1.6m | PLN 1.3m |
| Debt | PLN 365,000 | PLN 346,000 | PLN 506,000 | PLN 582,000 | PLN 764,000 | PLN 351,000 | PLN 509,308 | PLN 149,414 | PLN 127,000 | PLN 219,398 |
| Shareholders' equity | PLN 88.1m | PLN 81.0m | PLN 33.2m | PLN 37.1m | PLN 40.6m | PLN 17.0m | PLN 8.2m | PLN 2.9m | PLN 3.3m | PLN 151,948 |
| Shares outstanding | 8m | 7m | 6m | 6m | 6m | 5m | 4m | 3m | 3m | 9m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −PLN 5.6m | −PLN 3.7m | −PLN 3.4m | −PLN 2.8m | −PLN 1.7m | −PLN 3.3m | −PLN 5.1m | −PLN 1.9m | −PLN 1.7m | −PLN 625,358 |
| Capital spending | −PLN 6.1m | −PLN 3,000 | −PLN 6.5m | −PLN 3.5m | −PLN 4.4m | −PLN 3.0m | −PLN 907,272 | −PLN 39,055 | −PLN 30,788 | −PLN 31,179 |
| Free cash flow | −PLN 11.7m | −PLN 3.7m | −PLN 9.9m | −PLN 6.3m | −PLN 6.0m | −PLN 6.2m | −PLN 6.0m | −PLN 1.9m | −PLN 1.7m | −PLN 656,537 |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | PLN 19,000 | PLN 56,000 |
| Operating income | −PLN 2.5m | −PLN 1.2m | −PLN 3.2m | −PLN 922,000 | −PLN 1.6m | −PLN 1.1m | PLN 40.8m | −PLN 1.0m |
| Net income | −PLN 2.6m | −PLN 1.2m | −PLN 3.2m | −PLN 929,000 | −PLN 1.5m | −PLN 1.1m | PLN 40.9m | −PLN 942,000 |
| Diluted earnings per share | -0.28 | -0.13 | -0.38 | -0.11 | -0.18 | -0.13 | 6.14 | -0.14 |
| Cash from operations | −PLN 1.0m | −PLN 2.0m | −PLN 1.0m | — | −PLN 1.0m | −PLN 1.0m | −PLN 1.0m | — |
| Capital spending | −PLN 1.0m | — | −PLN 1.0m | −PLN 1.0m | −PLN 1.0m | −PLN 1.0m | — | −PLN 1.0m |
| Free cash flow | −PLN 2.0m | — | −PLN 2.0m | — | −PLN 2.0m | −PLN 2.0m | — | — |
| Total assets | PLN 89.3m | PLN 90.7m | PLN 92.7m | PLN 82.5m | PLN 84.0m | PLN 85.3m | PLN 86.6m | PLN 35.3m |
| Cash and short-term investments | PLN 4.2m | PLN 6.6m | PLN 9.6m | PLN 609,000 | PLN 2.5m | PLN 6.2m | PLN 9.1m | PLN 4.5m |
| Debt | PLN 344,000 | PLN 224,000 | PLN 187,000 | PLN 184,000 | — | PLN 187,000 | PLN 175,000 | — |
| Shareholders' equity | PLN 84.3m | PLN 86.9m | PLN 88.1m | PLN 77.6m | PLN 78.7m | PLN 80.0m | PLN 81.0m | PLN 30.6m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | 10.7% | 18.7% | — |
| Net income | 10.9% | 17.3% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | -21.4 | 1.4 | -12.5 | -17.8 | -45.7 | -30.7 | -18.4 | -13.1 |
| Price to sales | — | 276.5 | 281.5 | 355.5 | 457.8 | 249.4 | 252.1 | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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