M
5.45
-1.98%
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 15.7m
FY2016FY2025
Free cash flow
−PLN 19.4m
FY2016FY2025
Shareholders' equity
PLN 87.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | PLN 2.9m | PLN 100 | PLN 7.5m | PLN 400 | PLN 122.9m | PLN 2,807 | PLN 3,000 | PLN 6,000 | PLN 6,600 |
| Gross profit | — | −PLN 489,909 | −PLN 4.1m | −PLN 21,328 | −PLN 2.8m | PLN 84.5m | −PLN 144,055 | −PLN 146,706 | −PLN 98,936 | −PLN 50,243 |
| Research and development | PLN 1.3m | PLN 2.4m | PLN 2.7m | PLN 11.6m | PLN 2.6m | PLN 38.3m | — | PLN 126,133 | — | PLN 1.5m |
| Operating income | −PLN 22.0m | −PLN 33.6m | −PLN 32.1m | −PLN 43.9m | −PLN 13.8m | PLN 73.7m | −PLN 4.8m | −PLN 5.1m | −PLN 2.6m | −PLN 2.5m |
| Net income | −PLN 15.7m | −PLN 31.3m | −PLN 28.4m | −PLN 13.5m | −PLN 13.6m | PLN 68.0m | −PLN 4.2m | −PLN 3.8m | −PLN 2.4m | −PLN 2.4m |
| Diluted earnings per share | -0.76 | -1.55 | -1.69 | -0.97 | -0.97 | 4.87 | -0.30 | -0.28 | -0.21 | -0.21 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 94.4m | PLN 113.7m | PLN 112.3m | PLN 138.1m | PLN 151.6m | PLN 153.5m | PLN 85.7m | PLN 86.0m | PLN 34.6m | PLN 15.5m |
| Cash and short-term investments | PLN 16.3m | PLN 18.2m | PLN 64.0m | PLN 65.6m | PLN 102.0m | PLN 120.5m | PLN 34.0m | PLN 51.9m | PLN 13.2m | PLN 2.5m |
| Total liabilities | PLN 7.0m | PLN 10.3m | PLN 11.3m | PLN 11.6m | PLN 10.4m | PLN 10.1m | PLN 6.6m | PLN 4.1m | PLN 4.8m | PLN 2.5m |
| Debt | PLN 5.3m | PLN 7.2m | PLN 7.1m | PLN 6.4m | PLN 6.0m | PLN 5.2m | PLN 3.8m | — | — | — |
| Shareholders' equity | PLN 87.4m | PLN 103.4m | PLN 100.9m | PLN 126.4m | PLN 141.1m | PLN 147.1m | PLN 79.1m | PLN 81.9m | PLN 29.7m | PLN 13.0m |
| Shares outstanding | 21m | 20m | 17m | 14m | 14m | 14m | 14m | 14m | 12m | 12m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −PLN 19.4m | −PLN 57.0m | −PLN 23.3m | −PLN 10.2m | −PLN 13.5m | PLN 57.4m | −PLN 7.1m | −PLN 4.9m | −PLN 599,630 | −PLN 1.4m |
| Capital spending | −PLN 3 | −PLN 23.8m | −PLN 362,233 | −PLN 33.6m | −PLN 18.8m | −PLN 2.1m | −PLN 34.9m | −PLN 27.4m | −PLN 24.0m | −PLN 14.6m |
| Free cash flow | −PLN 19.4m | −PLN 80.8m | −PLN 23.7m | −PLN 43.8m | −PLN 32.3m | PLN 55.3m | −PLN 42.0m | −PLN 32.3m | −PLN 24.6m | −PLN 16.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 156,280 | PLN 12,000 | — | — | PLN 3.0m | PLN 597,713 | PLN 1.8m | PLN 774,718 |
| Gross profit | −PLN 3.0m | −PLN 3.5m | — | — | PLN 2.7m | −PLN 686,495 | −PLN 1.1m | −PLN 716,971 |
| Operating income | −PLN 3.7m | −PLN 4.2m | −PLN 4.1m | −PLN 5.5m | −PLN 3.8m | −PLN 5.5m | −PLN 10.6m | −PLN 6.4m |
| Net income | −PLN 2.2m | −PLN 4.1m | −PLN 1.7m | −PLN 5.3m | −PLN 3.5m | −PLN 5.2m | −PLN 10.5m | −PLN 6.3m |
| Diluted earnings per share | -0.10 | -0.17 | -0.08 | -0.26 | -0.17 | -0.25 | -0.52 | -0.31 |
| Cash from operations | — | −PLN 2.0m | −PLN 3.0m | −PLN 6.0m | −PLN 35.0m | PLN 26.0m | −PLN 34.0m | −PLN 6.0m |
| Capital spending | — | — | — | — | — | −PLN 3.0m | −PLN 5.0m | −PLN 3.0m |
| Free cash flow | — | — | — | — | — | PLN 23.0m | −PLN 39.0m | −PLN 9.0m |
| Total assets | PLN 112.6m | PLN 109.4m | PLN 94.4m | PLN 97.2m | PLN 103.3m | PLN 107.4m | PLN 113.7m | PLN 87.7m |
| Cash and short-term investments | PLN 24.9m | PLN 8.1m | PLN 16.3m | PLN 22.5m | PLN 32.5m | PLN 40.7m | PLN 18.2m | PLN 28.6m |
| Debt | PLN 1.8m | PLN 1.4m | PLN 2.0m | PLN 2.1m | PLN 2.1m | PLN 1.6m | PLN 2.2m | PLN 1.6m |
| Shareholders' equity | PLN 101.3m | PLN 102.0m | PLN 87.4m | PLN 89.4m | PLN 94.7m | PLN 98.2m | PLN 103.4m | PLN 80.1m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | -20.5% | — | 39.4% |
| Net income | 5.0% | — | 39.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | -8.7 | -6.5 | -11.6 | -14.8 | -21.2 | 5.7 | -17.7 | -28.5 |
| Price to sales | — | 69.9 | — | 26.6 | — | 3.2 | — | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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