S 
3.42
-2.84%
Close of 6 Nov 2026, in PLN
At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 218.3m
FY2016FY2025
Net income
−PLN 20.2m
FY2016FY2025
Free cash flow
PLN 17.6m
FY2016FY2025
Shareholders' equity
PLN 82.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 218.3m | PLN 207.8m | PLN 315.7m | PLN 289.5m | PLN 130.5m | PLN 84.6m | PLN 62.2m | PLN 57.5m | PLN 38.8m | PLN 27.7m |
| Gross profit | PLN 42.5m | PLN 41.5m | PLN 93.6m | PLN 73.7m | PLN 22.0m | PLN 17.1m | PLN 11.1m | PLN 8.8m | PLN 5.4m | PLN 4.2m |
| Research and development | PLN 86,493 | PLN 853,505 | PLN 103,081 | PLN 1.1m | PLN 1.0m | PLN 592,667 | PLN 163,118 | — | — | — |
| Operating income | −PLN 15.5m | −PLN 18.0m | PLN 30.4m | PLN 51.4m | PLN 10.2m | PLN 10.1m | PLN 4.7m | PLN 2.6m | PLN 1.0m | PLN 330,000 |
| Net income | −PLN 20.2m | −PLN 20.1m | PLN 24.4m | PLN 39.0m | PLN 6.2m | PLN 6.5m | PLN 3.5m | PLN 1.5m | PLN 712,000 | PLN 156,000 |
| Diluted earnings per share | -0.91 | -0.90 | 1.20 | 1.92 | 0.31 | 0.32 | 0.17 | 0.07 | 0.04 | 0.01 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 275.2m | PLN 292.2m | PLN 269.0m | PLN 199.1m | PLN 116.6m | PLN 83.9m | PLN 62.4m | PLN 47.0m | PLN 41.9m | PLN 38.6m |
| Cash and short-term investments | PLN 1.6m | PLN 1.1m | PLN 2.0m | PLN 3.1m | PLN 1.7m | PLN 1.6m | PLN 769,430 | PLN 164,220 | PLN 135,160 | PLN 117,000 |
| Total liabilities | PLN 184.3m | PLN 189.6m | PLN 170.3m | PLN 119.0m | PLN 73.8m | PLN 43.3m | PLN 36.2m | PLN 23.8m | PLN 20.0m | PLN 16.7m |
| Debt | PLN 123.3m | PLN 130.3m | PLN 110.7m | PLN 60.4m | PLN 39.4m | PLN 25.1m | PLN 21.0m | PLN 9.1m | PLN 8.7m | PLN 8.3m |
| Shareholders' equity | PLN 82.4m | PLN 102.6m | PLN 98.7m | PLN 80.2m | PLN 42.8m | PLN 37.7m | PLN 26.3m | PLN 23.1m | PLN 21.9m | PLN 22.0m |
| Shares outstanding | 22m | 22m | 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 19.5m | PLN 6.6m | PLN 24.6m | PLN 2.9m | −PLN 12.7m | PLN 5.0m | PLN 1.6m | PLN 1.6m | PLN 46,000 | PLN 20,000 |
| Capital spending | −PLN 2.0m | −PLN 18.3m | −PLN 40.0m | −PLN 15.7m | −PLN 2.1m | −PLN 6.2m | −PLN 12.9m | −PLN 1.6m | −PLN 360,000 | −PLN 471,000 |
| Free cash flow | PLN 17.6m | −PLN 11.7m | −PLN 15.4m | −PLN 12.8m | −PLN 14.9m | −PLN 1.2m | −PLN 11.3m | PLN 30,987 | −PLN 314,000 | −PLN 451,000 |
| Dividends paid | — | — | −PLN 5.7m | −PLN 2.0m | −PLN 811,661 | −PLN 405,830 | −PLN 365,247 | −PLN 365,247 | −PLN 365,247 | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 63.2m | PLN 41.4m | PLN 44.2m | PLN 62.4m | PLN 65.7m | PLN 46.1m | PLN 52.5m | PLN 66.2m |
| Gross profit | PLN 10.2m | PLN 4.0m | −PLN 4.9m | PLN 13.1m | PLN 13.8m | PLN 5.8m | PLN 13.5m | PLN 13.7m |
| Operating income | −PLN 2.8m | −PLN 9.9m | −PLN 6.1m | −PLN 377,393 | PLN 144,413 | −PLN 7.7m | −PLN 3.9m | −PLN 551,936 |
| Net income | −PLN 4.6m | −PLN 10.2m | −PLN 8.1m | −PLN 2.2m | −PLN 2.7m | −PLN 7.2m | −PLN 4.3m | −PLN 2.1m |
| Diluted earnings per share | -0.20 | -0.46 | -0.36 | -0.10 | -0.12 | -0.32 | -0.19 | -0.09 |
| Cash from operations | PLN 8.0m | −PLN 3.0m | PLN 1.0m | PLN 4.0m | PLN 5.0m | PLN 6.0m | PLN 5.0m | PLN 1.0m |
| Capital spending | — | — | — | −PLN 1.0m | — | −PLN 1.0m | −PLN 3.0m | −PLN 3.0m |
| Free cash flow | — | — | — | PLN 3.0m | — | PLN 5.0m | PLN 2.0m | −PLN 2.0m |
| Total assets | PLN 281.8m | PLN 274.5m | PLN 275.2m | PLN 295.7m | PLN 302.4m | PLN 298.7m | PLN 292.2m | PLN 290.8m |
| Cash and short-term investments | PLN 1.7m | PLN 727,800 | PLN 1.6m | PLN 1.8m | PLN 1.0m | PLN 1.7m | PLN 1.1m | PLN 4.1m |
| Debt | PLN 27.8m | PLN 111.4m | PLN 106.7m | PLN 95.7m | PLN 67.9m | PLN 96.7m | PLN 98.6m | PLN 112.1m |
| Shareholders' equity | PLN 66.7m | PLN 72.1m | PLN 82.4m | PLN 90.5m | PLN 92.7m | PLN 95.4m | PLN 102.6m | PLN 106.9m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -9.0% | 20.9% | 22.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 19.7% | 24.4% | 23.3% | 22.2% |
| Operating margin | -7.9% | 4.7% | 5.5% | 5.3% |
| Net margin | -9.5% | 2.2% | 2.9% | 2.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -4.3 | -7.1 | 9.7 | 11.8 | 11.6 | 15.6 | 10.0 | 10.9 | 14.3 | 86.4 |
| Price to sales | 0.4 | 0.7 | 0.8 | 1.6 | 0.6 | 1.2 | 0.6 | 0.3 | 0.3 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 17 Jul 2023.
| FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|
| Paid in the year | 0.28 | 0.10 | 0.04 | 0.02 | 0.018 |
- 5-for-1 split · 15 Sept 2020
- 40-to-1 reverse split · 12 Nov 2015
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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