O 
1.04
+6.12%
Close of 9 Nov 2026, in BRL
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At a glance
Figures in BRL, from our data supplier.
Revenue
BRL 5.74bn
FY2016FY2025
Net income
−BRL 3.62bn
FY2016FY2025
Free cash flow
−BRL 271.3m
FY2016FY2025
Shareholders' equity
BRL 900.9m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 5.74bn | BRL 6.23bn | BRL 5.49bn | BRL 4.09bn | BRL 2.70bn | BRL 2.04bn | BRL 1.69bn | BRL 1.05bn | BRL 791.8m | BRL 594.8m |
| Gross profit | BRL 1.79bn | BRL 2.06bn | BRL 1.93bn | BRL 1.45bn | BRL 868.8m | BRL 635.7m | BRL 460.5m | BRL 309.4m | BRL 311.6m | BRL 235.7m |
| Research and development | — | — | BRL 37,000 | — | — | — | — | BRL 249,000 | BRL 547,000 | — |
| Operating income | −BRL 2.39bn | −BRL 166.3m | BRL 758.0m | BRL 470.6m | BRL 180.5m | BRL 32.1m | BRL 122.0m | BRL 82.7m | BRL 68.2m | BRL 40.0m |
| Net income | −BRL 3.62bn | −BRL 646.2m | BRL 223.6m | BRL 46.3m | −BRL 46.9m | −BRL 157.7m | −BRL 20.4m | −BRL 17.1m | BRL 3.1m | −BRL 25.4m |
| Diluted earnings per share | -5.38 | -1.02 | 0.41 | 0.07 | -0.11 | -0.39 | -0.05 | -0.05 | 0.01 | -0.11 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | BRL 7.13bn | BRL 11.20bn | BRL 9.18bn | BRL 8.22bn | BRL 6.03bn | BRL 3.39bn | BRL 2.11bn | BRL 1.35bn | BRL 786.4m | BRL 619.1m |
| Cash and short-term investments | BRL 510.3m | BRL 1.89bn | BRL 761.4m | BRL 1.09bn | BRL 2.01bn | BRL 787.1m | BRL 447.3m | BRL 198.9m | BRL 89.2m | BRL 69.8m |
| Total liabilities | BRL 6.07bn | BRL 7.82bn | BRL 6.50bn | BRL 5.59bn | BRL 3.73bn | BRL 2.71bn | BRL 1.45bn | BRL 878.2m | BRL 554.0m | BRL 374.5m |
| Debt | BRL 3.33bn | BRL 5.48bn | BRL 4.56bn | BRL 3.47bn | BRL 2.43bn | BRL 1.63bn | BRL 835.4m | BRL 397.4m | BRL 126.4m | BRL 49.9m |
| Shareholders' equity | BRL 900.9m | BRL 3.15bn | BRL 2.30bn | BRL 2.12bn | BRL 1.85bn | BRL 401.8m | BRL 556.7m | BRL 383.1m | BRL 181.0m | BRL 194.3m |
| Shares outstanding | 674m | 633m | 546m | 690m | 415m | 402m | 400m | 359m | 292m | 225m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −BRL 103.2m | −BRL 184.9m | −BRL 51.6m | −BRL 271.6m | −BRL 9.3m | BRL 97.6m | BRL 97.1m | BRL 38.9m | BRL 135.3m | −BRL 20.7m |
| Capital spending | −BRL 168.1m | −BRL 214.2m | −BRL 311.7m | −BRL 304.2m | −BRL 201.9m | −BRL 204.8m | −BRL 190.2m | −BRL 238.5m | −BRL 34.6m | −BRL 26.6m |
| Free cash flow | −BRL 271.3m | −BRL 399.1m | −BRL 363.3m | −BRL 575.8m | −BRL 211.2m | −BRL 107.2m | −BRL 93.1m | −BRL 199.6m | BRL 100.6m | −BRL 47.3m |
| Dividends paid | −BRL 36.8m | −BRL 11.7m | −BRL 59.7m | −BRL 18.3m | −BRL 26.4m | −BRL 45.2m | −BRL 22.8m | −BRL 18.4m | −BRL 19.2m | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 1.05bn | BRL 1.16bn | BRL 1.37bn | BRL 1.41bn | BRL 1.46bn | BRL 1.49bn | BRL 1.57bn | BRL 1.63bn |
| Gross profit | BRL 229.3m | BRL 347.8m | BRL 480.9m | BRL 453.1m | BRL 440.0m | BRL 412.2m | BRL 503.1m | BRL 548.1m |
| Operating income | −BRL 86.0m | −BRL 113.6m | −BRL 885.1m | −BRL 1.66bn | BRL 50.0m | BRL 31.1m | −BRL 703.1m | BRL 205.5m |
| Net income | −BRL 469.0m | −BRL 364.2m | −BRL 1.45bn | −BRL 1.88bn | −BRL 141.0m | −BRL 146.5m | −BRL 643.1m | −BRL 15.9m |
| Diluted earnings per share | -0.72 | -0.56 | -2.16 | -2.79 | -0.21 | -0.22 | -1.02 | -0.03 |
| Cash from operations | BRL 122.0m | −BRL 214.0m | BRL 271.0m | BRL 151.0m | −BRL 449.0m | −BRL 76.0m | BRL 32.0m | BRL 112.0m |
| Capital spending | −BRL 15.0m | −BRL 26.0m | −BRL 36.0m | −BRL 52.0m | −BRL 38.0m | −BRL 39.0m | −BRL 32.0m | −BRL 53.0m |
| Free cash flow | BRL 107.0m | −BRL 240.0m | BRL 235.0m | BRL 99.0m | −BRL 487.0m | −BRL 115.0m | BRL 0 | BRL 59.0m |
| Total assets | BRL 6.60bn | BRL 6.70bn | BRL 7.13bn | BRL 8.22bn | BRL 10.30bn | BRL 10.83bn | BRL 11.20bn | BRL 12.27bn |
| Cash and short-term investments | BRL 145.3m | BRL 112.3m | BRL 510.3m | BRL 473.2m | BRL 968.0m | BRL 1.64bn | BRL 1.89bn | BRL 2.16bn |
| Debt | BRL 3.44bn | BRL 3.38bn | BRL 3.33bn | BRL 4.86bn | BRL 5.31bn | BRL 5.46bn | BRL 5.48bn | BRL 5.79bn |
| Shareholders' equity | BRL 16.5m | BRL 533.4m | BRL 900.9m | BRL 971.2m | BRL 2.85bn | BRL 3.00bn | BRL 3.15bn | BRL 3.79bn |
Financial ratios
Data as of 22 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 31.1% | 33.1% | 35.1% | 35.5% | 32.2% | 31.2% | — | — |
| Operating margin | -44.0% | -0.9% | 15.7% | 12.7% | 8.0% | 2.0% | — | — |
| Net margin | -63.1% | -10.4% | 4.1% | 1.1% | -1.7% | -7.7% | — | — |
| Return on equity | -402.2% | -20.5% | 9.7% | 2.2% | -2.5% | -39.2% | — | — |
| Return on assets | -50.8% | -5.8% | 2.4% | 0.6% | -0.8% | -4.6% | — | — |
| Free cash flow yield | 9.2% | 4.4% | 45.4% | 4.5% | 44.2% | 71.7% | — | — |
| Revenue growth | -7.8% | 13.5% | 34.3% | 51.3% | 32.8% | 20.5% | — | — |
| Earnings growth | 460.8% | -389.0% | 383.4% | -198.6% | -70.3% | 672.3% | — | — |
| Current ratio | 0.56x | 1.90x | 1.71x | 1.50x | 2.41x | 1.40x | — | — |
| Debt to equity | 3.70x | 1.58x | 1.83x | 1.50x | 1.18x | 3.56x | — | — |
| Equity ratio | 12.6% | 28.1% | 25.1% | 25.8% | 30.7% | 11.8% | — | — |
| Interest coverage | -3.97x | -0.09x | 1.54x | 1.20x | 1.40x | 0.44x | — | — |
| R&D as a share of sales | — | — | 0.0% | — | — | — | 0.0% | 0.1% |
| Buybacks as a share of market value | -6.5% | -16.0% | 20.9% | -66.3% | -3.2% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 12.0% | 23.0% | 28.8% |
| Net income | — | 87.2% | 64.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 32.1% | 33.5% | 33.2% | 33.2% |
| Operating margin | -21.3% | -6.1% | -4.2% | -2.5% |
| Net margin | -35.7% | -18.6% | -16.0% | -13.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -0.5 | -2.3 | 31.7 | 89.9 | -99.5 |
| Price to sales | 0.3 | 0.2 | 1.3 | 1.0 | 1.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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