S 
0.39
-1.02%
Close of 6 Nov 2026, in PLN
At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 46.7m
FY2016FY2025
Net income
−PLN 7.0m
FY2016FY2025
Free cash flow
PLN 8.7m
FY2016FY2025
Shareholders' equity
−PLN 83.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 46.7m | PLN 75.6m | PLN 100.1m | PLN 96.9m | PLN 63.9m | PLN 77.3m | PLN 170.4m | PLN 181.6m | PLN 187.1m | PLN 208.5m |
| Operating income | PLN 4.0m | PLN 5.4m | PLN 4.6m | PLN 3.5m | −PLN 3.4m | −PLN 10.8m | PLN 5.6m | PLN 1.3m | −PLN 5.2m | PLN 13.1m |
| Net income | −PLN 7.0m | −PLN 5.1m | −PLN 339,000 | PLN 21.5m | −PLN 19.6m | −PLN 61.4m | −PLN 18.0m | −PLN 4.7m | −PLN 9.2m | PLN 10.5m |
| Diluted earnings per share | -0.18 | -0.13 | -0.01 | 0.57 | -0.61 | -1.91 | -0.56 | -0.15 | -0.30 | 0.33 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 63.0m | PLN 104.5m | PLN 118.7m | PLN 120.9m | PLN 129.6m | PLN 158.9m | PLN 273.1m | PLN 142.2m | PLN 131.7m | PLN 129.8m |
| Cash and short-term investments | PLN 485,000 | PLN 1.1m | PLN 1.7m | PLN 3.7m | PLN 5.9m | PLN 1.5m | PLN 7.4m | PLN 16.6m | PLN 10.8m | PLN 9.2m |
| Total liabilities | PLN 146.1m | PLN 180.4m | PLN 189.6m | PLN 193.2m | PLN 229.2m | PLN 238.2m | PLN 287.7m | PLN 140.0m | PLN 125.0m | PLN 113.9m |
| Debt | PLN 123.1m | PLN 151.9m | PLN 178.4m | PLN 161.3m | PLN 165.4m | PLN 177.4m | PLN 220.1m | PLN 71.5m | PLN 77.0m | PLN 84.7m |
| Shareholders' equity | −PLN 83.1m | −PLN 75.9m | −PLN 70.9m | −PLN 72.3m | −PLN 99.7m | −PLN 79.3m | −PLN 14.6m | PLN 2.2m | PLN 6.7m | PLN 15.9m |
| Shares outstanding | 38m | 38m | 38m | 38m | 32m | 32m | 32m | 31m | 31m | 32m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 10.3m | PLN 15.8m | PLN 8.2m | PLN 8.4m | PLN 7.0m | PLN 15.9m | PLN 46.2m | PLN 20.1m | PLN 14.6m | PLN 23.7m |
| Capital spending | −PLN 1.6m | −PLN 5.2m | −PLN 595,000 | −PLN 996,000 | −PLN 509,000 | −PLN 1.2m | −PLN 5.1m | −PLN 7.5m | −PLN 13.1m | −PLN 28.8m |
| Free cash flow | PLN 8.7m | PLN 10.7m | PLN 7.6m | PLN 7.4m | PLN 6.5m | PLN 14.7m | PLN 41.1m | PLN 12.6m | PLN 1.6m | −PLN 5.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 7.5m | PLN 9.5m | PLN 10.5m | PLN 11.3m | PLN 12.1m | PLN 12.8m | PLN 15.8m | PLN 18.7m |
| Operating income | −PLN 789,000 | PLN 690,000 | PLN 1.5m | PLN 2.5m | −PLN 433,000 | PLN 87,000 | −PLN 752,000 | PLN 1.5m |
| Net income | −PLN 1.6m | −PLN 1.3m | −PLN 1.1m | PLN 217,000 | PLN 6.6m | −PLN 2.0m | −PLN 4.1m | −PLN 356,000 |
| Diluted earnings per share | -0.05 | -0.04 | -0.03 | 0.01 | 0.17 | -0.05 | -0.11 | -0.01 |
| Cash from operations | PLN 3.0m | PLN 2.0m | PLN 2.0m | PLN 2.0m | PLN 2.0m | PLN 1.0m | PLN 4.0m | PLN 4.0m |
| Capital spending | — | — | — | — | — | — | −PLN 1.0m | — |
| Free cash flow | — | — | — | — | — | — | PLN 3.0m | — |
| Total assets | PLN 55.7m | PLN 58.5m | PLN 63.0m | PLN 65.8m | PLN 74.9m | PLN 86.1m | PLN 104.5m | PLN 109.8m |
| Cash and short-term investments | PLN 1.6m | PLN 185,000 | PLN 485,000 | PLN 112,000 | PLN 312,000 | PLN 684,000 | PLN 1.1m | PLN 1.2m |
| Debt | PLN 13.3m | PLN 96.8m | PLN 106.0m | PLN 106.1m | PLN 23.7m | PLN 99.0m | PLN 100.8m | PLN 100.6m |
| Shareholders' equity | −PLN 86.0m | −PLN 84.4m | −PLN 83.1m | −PLN 82.0m | −PLN 82.2m | −PLN 78.1m | −PLN 75.9m | −PLN 71.8m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -21.6% | -9.6% | -12.4% |
| Operating income | 4.8% | — | -4.3% |
| Net income | — | -35.2% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 7.7% | 5.5% | 0.7% | 1.8% |
| Net margin | -9.9% | 2.8% | -15.6% | -5.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -2.0 | -3.7 | -87.3 | 0.7 | -0.7 | -0.2 | -1.1 | -5.4 | -4.9 | 8.1 |
| Price to sales | 0.3 | 0.3 | 0.3 | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | 0.2 | 0.4 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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