M 
3.76
+1.35%
Close of 6 Nov 2026, in PLN
At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 1.31bn
FY2016FY2025
Net income
−PLN 102.8m
FY2016FY2025
Free cash flow
PLN 87.3m
FY2016FY2025
Shareholders' equity
−PLN 32.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 1.31bn | PLN 1.58bn | PLN 1.68bn | PLN 1.61bn | PLN 1.31bn | PLN 1.37bn | PLN 1.27bn | PLN 1.01bn | PLN 1.10bn | PLN 1.40bn |
| Gross profit | −PLN 45.4m | PLN 52.6m | PLN 92.0m | PLN 112.7m | PLN 118.1m | PLN 101.9m | PLN 51.9m | PLN 40.6m | PLN 117.4m | PLN 120.9m |
| Research and development | — | — | — | — | PLN 149,000 | — | — | — | — | — |
| Operating income | −PLN 128.4m | −PLN 24.8m | PLN 24.6m | PLN 36.4m | PLN 39.9m | PLN 33.9m | −PLN 1.4m | −PLN 24.6m | PLN 21.4m | PLN 47.4m |
| Net income | −PLN 102.8m | −PLN 26.9m | PLN 23.4m | PLN 18.0m | PLN 15.0m | PLN 5.8m | −PLN 3,000 | −PLN 42.8m | PLN 2.5m | PLN 16.5m |
| Diluted earnings per share | -5.14 | -1.35 | 1.17 | 0.90 | 0.75 | 0.29 | -0.00 | -2.14 | 0.13 | 0.83 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 1.03bn | PLN 1.13bn | PLN 1.23bn | PLN 1.04bn | PLN 922.2m | PLN 963.2m | PLN 1.04bn | PLN 1.05bn | PLN 991.6m | PLN 1.15bn |
| Cash and short-term investments | PLN 224.4m | PLN 164.3m | PLN 282.1m | PLN 206.6m | PLN 240.8m | PLN 183.3m | PLN 273.7m | PLN 154.6m | PLN 96.5m | PLN 215.8m |
| Total liabilities | PLN 1.06bn | PLN 1.05bn | PLN 1.12bn | PLN 942.6m | PLN 841.4m | PLN 906.9m | PLN 986.0m | PLN 957.6m | PLN 853.1m | PLN 908.7m |
| Debt | PLN 205.3m | PLN 262.4m | PLN 240.0m | PLN 219.2m | PLN 170.7m | PLN 243.3m | PLN 283.3m | PLN 272.4m | PLN 222.2m | PLN 220.3m |
| Shareholders' equity | −PLN 32.1m | PLN 71.0m | PLN 98.2m | PLN 76.5m | PLN 58.3m | PLN 43.1m | PLN 40.1m | PLN 80.8m | PLN 124.9m | PLN 216.8m |
| Shares outstanding | 20m | 20m | 20m | 20m | 20m | 20m | 20m | 20m | 20m | 20m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 99.6m | −PLN 41.7m | PLN 184.1m | PLN 24.2m | PLN 158.6m | −PLN 5.2m | PLN 112.4m | PLN 29.3m | −PLN 125.1m | −PLN 124.7m |
| Capital spending | −PLN 12.3m | −PLN 38.1m | −PLN 80.2m | −PLN 31.9m | −PLN 10.6m | −PLN 13.9m | −PLN 7.9m | −PLN 4.1m | −PLN 5.3m | −PLN 5.1m |
| Free cash flow | PLN 87.3m | −PLN 79.9m | PLN 103.9m | −PLN 7.7m | PLN 147.9m | −PLN 19.0m | PLN 104.6m | PLN 25.2m | −PLN 130.4m | −PLN 129.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 300.2m | PLN 251.4m | PLN 238.3m | PLN 389.4m | PLN 364.9m | PLN 317.0m | PLN 454.7m | PLN 469.2m |
| Gross profit | PLN 54.2m | PLN 8.3m | −PLN 110.8m | PLN 39.1m | PLN 11.3m | PLN 19.8m | PLN 9.3m | PLN 37.4m |
| Operating income | PLN 34.1m | −PLN 10.3m | −PLN 134.5m | PLN 12.3m | −PLN 9.0m | PLN 2.8m | −PLN 10.0m | PLN 20.9m |
| Net income | PLN 25.3m | −PLN 9.7m | −PLN 105.8m | PLN 1.3m | PLN 1.2m | PLN 423,000 | −PLN 16.3m | PLN 12.8m |
| Diluted earnings per share | 1.27 | -0.48 | -5.29 | 0.07 | 0.06 | 0.02 | -0.81 | 0.64 |
| Cash from operations | −PLN 44.0m | −PLN 193.0m | PLN 128.0m | PLN 98.0m | −PLN 53.0m | −PLN 66.0m | PLN 92.0m | −PLN 40.0m |
| Capital spending | — | −PLN 2.0m | −PLN 1.0m | −PLN 2.0m | −PLN 2.0m | −PLN 5.0m | −PLN 7.0m | −PLN 14.0m |
| Free cash flow | — | −PLN 195.0m | PLN 127.0m | PLN 96.0m | −PLN 55.0m | −PLN 71.0m | PLN 85.0m | −PLN 54.0m |
| Total assets | — | PLN 956.0m | PLN 1.03bn | PLN 1.04bn | PLN 1.07bn | PLN 1.02bn | PLN 1.13bn | PLN 1.02bn |
| Cash and short-term investments | — | PLN 124.0m | PLN 224.4m | PLN 100.7m | PLN 22.0m | PLN 61.5m | PLN 164.3m | PLN 68.6m |
| Debt | — | PLN 259.9m | PLN 245.3m | PLN 171.4m | PLN 197.6m | PLN 149.9m | PLN 203.5m | PLN 130.8m |
| Shareholders' equity | — | −PLN 42.0m | −PLN 32.1m | PLN 73.7m | PLN 72.4m | PLN 71.3m | PLN 71.0m | PLN 87.4m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.7% | -0.8% | 0.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 0.3% | 3.4% | 4.9% | 5.9% |
| Operating margin | -5.3% | -1.5% | -0.2% | 0.5% |
| Net margin | -4.5% | -1.4% | -0.8% | -0.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -1.5 | -3.9 | 5.6 | 6.2 | 8.6 | 17.3 | -25866.7 | -1.0 | 36.8 | 13.0 |
| Price to sales | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.1 | 0.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 29 Jun 2011.
| FY2011 | FY2010 | |
|---|---|---|
| Paid in the year | 0.55 | 1.40 |
- 10-for-1 split · 8 Apr 1994
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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