S 
16.84
+2.93%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 364.5m
FY2016FY2025
Net income
PLN 813,000
FY2016FY2025
Free cash flow
PLN 57.2m
FY2016FY2025
Shareholders' equity
PLN 321.7m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 364.5m | PLN 342.0m | PLN 346.7m | PLN 360.7m | PLN 310.9m | PLN 137.4m | PLN 30.4m | PLN 70.7m | PLN 54.6m | PLN 48.1m |
| Research and development | PLN 102.9m | PLN 44.3m | PLN 49.1m | PLN 7.4m | PLN 6.0m | — | — | PLN 4.6m | — | — |
| Operating income | PLN 7.3m | −PLN 487,000 | PLN 69.3m | PLN 39.9m | PLN 26.1m | PLN 19.5m | PLN 3.8m | PLN 11.1m | PLN 6.7m | −PLN 1.2m |
| Net income | PLN 813,000 | −PLN 6.1m | PLN 69.9m | PLN 30.3m | PLN 14.9m | PLN 18.0m | PLN 5.5m | PLN 10.5m | PLN 3.9m | PLN 2.7m |
| Diluted earnings per share | 0.04 | -0.33 | 3.81 | 1.65 | 0.81 | 0.98 | 0.35 | 0.60 | 0.21 | 0.15 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 597.8m | PLN 642.1m | PLN 636.3m | PLN 584.9m | PLN 466.6m | PLN 218.8m | PLN 90.9m | PLN 72.6m | PLN 47.9m | PLN 89.1m |
| Cash and short-term investments | PLN 24.2m | PLN 22.5m | PLN 53.0m | PLN 76.2m | PLN 97.0m | PLN 103.2m | PLN 13.7m | PLN 26.8m | PLN 22.1m | PLN 29.2m |
| Total liabilities | PLN 276.0m | PLN 320.2m | PLN 309.2m | PLN 311.8m | PLN 261.0m | PLN 66.1m | PLN 43.2m | PLN 23.4m | PLN 10.6m | PLN 33.4m |
| Debt | PLN 169.6m | PLN 218.5m | PLN 224.7m | PLN 213.0m | PLN 179.8m | PLN 41.3m | PLN 25.1m | PLN 7.6m | PLN 1.6m | PLN 9.6m |
| Shareholders' equity | PLN 321.7m | PLN 321.9m | PLN 327.1m | PLN 262.2m | PLN 196.9m | PLN 147.3m | PLN 44.2m | PLN 46.2m | PLN 35.6m | PLN 55.4m |
| Shares outstanding | 18m | 18m | 18m | 18m | 18m | 18m | 16m | 18m | 18m | 18m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 64.3m | PLN 64.1m | PLN 79.0m | PLN 75.4m | PLN 87.5m | PLN 29.4m | PLN 4.3m | PLN 11.6m | PLN 10.5m | −PLN 6.3m |
| Capital spending | −PLN 7.1m | −PLN 18.7m | −PLN 73.9m | −PLN 101.6m | −PLN 27.5m | −PLN 15.0m | −PLN 1.2m | −PLN 7.8m | −PLN 1.6m | −PLN 21.2m |
| Free cash flow | PLN 57.2m | PLN 45.4m | PLN 5.0m | −PLN 26.2m | PLN 59.9m | PLN 14.4m | PLN 3.1m | PLN 3.8m | PLN 8.9m | −PLN 27.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 82.0m | PLN 76.0m | PLN 92.6m | PLN 88.0m | PLN 95.0m | PLN 90.2m | PLN 97.4m | PLN 88.3m |
| Operating income | −PLN 680,000 | −PLN 6.8m | PLN 5.7m | PLN 2.3m | PLN 1.6m | PLN 277,000 | PLN 6.5m | PLN 1.4m |
| Net income | −PLN 3.0m | −PLN 5.4m | PLN 7.3m | −PLN 936,000 | −PLN 4.6m | −PLN 986,000 | PLN 3.6m | PLN 2.4m |
| Diluted earnings per share | -0.17 | -0.30 | 0.40 | -0.05 | -0.25 | -0.05 | 0.20 | 0.13 |
| Cash from operations | −PLN 7.0m | PLN 6.0m | PLN 27.0m | PLN 21.0m | PLN 12.0m | PLN 10.0m | PLN 25.0m | PLN 19.0m |
| Capital spending | −PLN 1.0m | −PLN 3.0m | — | −PLN 2.0m | −PLN 2.0m | −PLN 1.0m | −PLN 1.0m | −PLN 5.0m |
| Free cash flow | −PLN 8.0m | PLN 3.0m | — | PLN 19.0m | PLN 10.0m | PLN 9.0m | PLN 24.0m | PLN 14.0m |
| Total assets | PLN 582.8m | PLN 584.1m | PLN 597.8m | PLN 610.8m | PLN 619.1m | PLN 632.6m | PLN 642.1m | PLN 639.1m |
| Cash and short-term investments | — | PLN 19.9m | PLN 24.2m | PLN 17.0m | PLN 14.4m | PLN 15.5m | PLN 22.5m | PLN 14.7m |
| Debt | PLN 66.7m | PLN 128.4m | PLN 156.5m | PLN 140.1m | PLN 146.4m | PLN 144.2m | PLN 150.2m | PLN 151.3m |
| Shareholders' equity | PLN 315.5m | PLN 317.1m | PLN 321.7m | PLN 316.3m | PLN 315.8m | PLN 318.2m | PLN 321.9m | PLN 316.7m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 0.3% | 21.6% | 24.4% |
| Operating income | -43.3% | -18.0% | 13.4% |
| Net income | -70.1% | -46.2% | -18.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 1.0% | 8.2% | 8.7% | 8.7% |
| Net margin | -0.7% | 6.7% | 6.9% | 7.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | — | -149.0 | 15.4 | 50.2 | 101.0 | 50.3 | 68.0 |
| Price to sales | 2.2 | 2.7 | 3.1 | 4.2 | 4.8 | 6.6 | 12.3 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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