F 
38.00
+2.70%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 72.0m
FY2016FY2025
Net income
−PLN 35.7m
FY2016FY2025
Free cash flow
−PLN 17.7m
FY2016FY2025
Shareholders' equity
PLN 44.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 72.0m | PLN 82.4m | PLN 119.4m | PLN 117.8m | PLN 103.2m | PLN 111.0m | PLN 115.0m | PLN 121.3m | PLN 111.8m | PLN 109.2m |
| Gross profit | PLN 7.1m | PLN 630,000 | PLN 21.9m | PLN 18.7m | PLN 24.9m | PLN 23.6m | PLN 25.8m | PLN 26.2m | PLN 26.2m | PLN 28.3m |
| Operating income | −PLN 23.5m | −PLN 44.3m | −PLN 2.7m | −PLN 3.0m | PLN 2.3m | −PLN 572,000 | PLN 3.6m | PLN 3.2m | PLN 3.4m | PLN 6.9m |
| Net income | −PLN 35.7m | −PLN 44.5m | −PLN 7.2m | −PLN 7.2m | −PLN 288,000 | −PLN 2.6m | PLN 1.1m | PLN 771,000 | PLN 704,000 | PLN 4.0m |
| Diluted earnings per share | -4.26 | -8.26 | -1.34 | -1.67 | -0.07 | -0.60 | 0.25 | 0.18 | 0.16 | 0.92 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 200.6m | PLN 205.8m | PLN 252.5m | PLN 235.1m | PLN 219.9m | PLN 199.4m | PLN 211.2m | PLN 202.2m | PLN 195.7m | PLN 205.7m |
| Cash and short-term investments | PLN 34.1m | PLN 3.9m | PLN 779,000 | PLN 3.6m | PLN 2.7m | PLN 2.2m | PLN 850,000 | PLN 2.3m | PLN 5.7m | PLN 1.8m |
| Total liabilities | PLN 151.4m | PLN 160.3m | PLN 159.0m | PLN 150.4m | PLN 128.8m | PLN 107.6m | PLN 116.2m | PLN 108.1m | PLN 101.5m | PLN 110.6m |
| Debt | PLN 62.6m | PLN 60.0m | PLN 60.1m | PLN 57.6m | PLN 46.3m | PLN 34.6m | PLN 38.6m | PLN 43.1m | PLN 37.7m | PLN 39.3m |
| Shareholders' equity | PLN 44.4m | PLN 45.4m | PLN 93.5m | PLN 84.8m | PLN 92.4m | PLN 92.1m | PLN 95.0m | PLN 94.1m | PLN 94.2m | PLN 95.1m |
| Shares outstanding | 8m | 5m | 5m | 4m | 4m | 4m | 4m | 4m | 4m | 4m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −PLN 15.2m | PLN 7.5m | PLN 3.7m | PLN 12.3m | PLN 476,000 | PLN 11.4m | PLN 10.0m | PLN 1.4m | PLN 13.7m | PLN 10.7m |
| Capital spending | −PLN 2.4m | −PLN 1.1m | −PLN 9.7m | −PLN 12.3m | −PLN 7.1m | −PLN 4.7m | −PLN 6.2m | −PLN 6.7m | −PLN 4.8m | −PLN 8.8m |
| Free cash flow | −PLN 17.7m | PLN 6.4m | −PLN 6.0m | −PLN 24,000 | −PLN 6.6m | PLN 6.7m | PLN 3.8m | −PLN 5.3m | PLN 8.9m | PLN 1.8m |
| Dividends paid | — | — | — | — | — | — | — | −PLN 1.0m | −PLN 1.3m | −PLN 1.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 23.1m | PLN 22.0m | PLN 20.0m | PLN 16.2m | PLN 16.7m | PLN 19.0m | PLN 14.8m | PLN 19.7m |
| Gross profit | PLN 4.2m | PLN 3.3m | PLN 2.2m | PLN 1.4m | PLN 2.1m | PLN 2.5m | −PLN 1.6m | −PLN 296,000 |
| Operating income | −PLN 3.3m | −PLN 2.5m | −PLN 9.3m | −PLN 2.2m | −PLN 9.9m | −PLN 4.3m | −PLN 28.6m | −PLN 6.4m |
| Net income | −PLN 3.5m | −PLN 4.7m | −PLN 15.2m | −PLN 3.3m | −PLN 12.4m | −PLN 4.9m | −PLN 26.8m | −PLN 6.8m |
| Diluted earnings per share | -0.33 | -0.45 | -1.81 | -0.39 | -1.48 | -0.59 | -4.98 | -1.27 |
| Cash from operations | −PLN 4.0m | −PLN 7.0m | — | −PLN 4.0m | −PLN 9.0m | PLN 1.0m | — | PLN 5.0m |
| Capital spending | — | — | — | — | — | −PLN 2.0m | — | — |
| Free cash flow | — | — | — | — | — | −PLN 1.0m | — | — |
| Total assets | PLN 223.0m | PLN 200.5m | PLN 200.6m | PLN 189.8m | PLN 194.6m | PLN 202.8m | PLN 205.8m | PLN 243.0m |
| Cash and short-term investments | PLN 40.2m | PLN 26.2m | PLN 34.1m | PLN 14.9m | PLN 20.9m | PLN 2.6m | PLN 3.9m | PLN 5.5m |
| Debt | PLN 49.8m | PLN 54.4m | PLN 53.6m | PLN 49.8m | PLN 49.8m | PLN 50.4m | PLN 49.1m | PLN 47.9m |
| Shareholders' equity | PLN 56.3m | PLN 39.8m | PLN 44.4m | PLN 40.6m | PLN 43.8m | PLN 40.5m | PLN 45.4m | PLN 75.8m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -15.1% | -8.3% | -2.5% |
| Operating income | 98.4% | 110.2% | — |
| Net income | 70.3% | 68.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 5.0% | 12.4% | 16.0% | 19.7% |
| Operating margin | -43.9% | -18.8% | -11.9% | -4.2% |
| Net margin | -52.0% | -24.2% | -16.1% | -7.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -8.3 | -1.4 | -12.3 | -9.1 | -253.4 | -24.8 | 34.9 | 55.2 | 75.3 | 18.9 |
| Price to sales | 4.1 | 0.8 | 0.7 | 0.6 | 0.7 | 0.6 | 0.3 | 0.3 | 0.5 | 0.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 21 Sept 2018.
| FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.24 | 0.15 | 0.15 | 0.10 | 0.15 | 0.15 | 0.44 | 0.38 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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