T 
2.95
-0.67%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 2.24bn
FY2016FY2025
Net income
PLN 81.4m
FY2016FY2025
Free cash flow
PLN 126.1m
FY2016FY2025
Shareholders' equity
PLN 455.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 2.24bn | PLN 2.10bn | PLN 2.07bn | PLN 1.50bn | PLN 1.42bn | PLN 1.34bn | PLN 1.44bn | PLN 1.56bn | PLN 1.37bn | PLN 1.38bn |
| Gross profit | PLN 189.1m | PLN 124.5m | PLN 150.3m | −PLN 142.9m | PLN 57.6m | PLN 7.3m | −PLN 68.2m | −PLN 84.2m | PLN 93.3m | PLN 148.2m |
| Research and development | — | — | — | — | — | — | PLN 714,000 | — | — | PLN 859,000 |
| Operating income | PLN 126.6m | PLN 62.1m | PLN 95.7m | −PLN 288.6m | PLN 22.2m | −PLN 90.2m | −PLN 287.8m | −PLN 118.3m | PLN 38.1m | PLN 73.8m |
| Net income | PLN 81.4m | PLN 35.2m | PLN 55.7m | −PLN 306.4m | −PLN 11.4m | −PLN 110.0m | −PLN 285.0m | −PLN 111.0m | PLN 31.4m | PLN 54.7m |
| Diluted earnings per share | 0.17 | 0.10 | 0.16 | -0.91 | -0.13 | -1.27 | -3.25 | -2.15 | 0.62 | 1.06 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 1.87bn | PLN 1.74bn | PLN 1.49bn | PLN 1.39bn | PLN 1.38bn | PLN 1.48bn | PLN 1.48bn | PLN 1.54bn | PLN 1.44bn | PLN 1.40bn |
| Cash and short-term investments | PLN 360.7m | PLN 346.9m | PLN 384.9m | PLN 108.1m | PLN 163.6m | PLN 140.5m | PLN 120.2m | PLN 130.5m | PLN 127.0m | PLN 157.5m |
| Total liabilities | PLN 1.41bn | PLN 1.36bn | PLN 1.24bn | PLN 1.18bn | PLN 1.06bn | PLN 1.14bn | PLN 1.06bn | PLN 897.4m | PLN 685.3m | PLN 625.6m |
| Debt | PLN 186.7m | PLN 199.9m | PLN 212.6m | PLN 348.3m | PLN 422.7m | PLN 395.3m | PLN 342.8m | PLN 181.7m | PLN 103.6m | PLN 113.1m |
| Shareholders' equity | PLN 455.1m | PLN 375.2m | PLN 242.9m | PLN 210.2m | PLN 315.5m | PLN 331.6m | PLN 420.2m | PLN 645.5m | PLN 757.0m | PLN 771.1m |
| Shares outstanding | 476m | 336m | 353m | 336m | 86m | 86m | 88m | 52m | 51m | 51m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | PLN 145.2m | −PLN 53.1m | PLN 463.1m | −PLN 125.7m | −PLN 42.9m | PLN 37.2m | −PLN 190.1m | −PLN 34.7m | PLN 56.9m | −PLN 39.4m |
| Capital spending | −PLN 19.1m | −PLN 19.9m | −PLN 10.2m | −PLN 9.9m | −PLN 7.2m | −PLN 8.0m | −PLN 15.1m | −PLN 32.3m | −PLN 43.3m | −PLN 37.0m |
| Free cash flow | PLN 126.1m | −PLN 72.9m | PLN 452.9m | −PLN 135.6m | −PLN 50.1m | PLN 29.1m | −PLN 205.2m | −PLN 67.0m | PLN 13.6m | −PLN 76.4m |
| Dividends paid | — | — | — | — | — | — | — | −PLN 5.1m | −PLN 25.7m | −PLN 17.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 566.6m | PLN 324.9m | PLN 750.4m | PLN 572.4m | PLN 617.7m | PLN 301.9m | PLN 736.5m | PLN 609.5m |
| Gross profit | PLN 48.3m | PLN 11.9m | PLN 102.5m | PLN 58.3m | PLN 30.7m | −PLN 931,000 | PLN 53.7m | PLN 40.9m |
| Operating income | PLN 30.9m | −PLN 4.0m | PLN 82.7m | PLN 48.9m | PLN 15.0m | −PLN 14.0m | PLN 31.0m | PLN 28.7m |
| Net income | PLN 24.2m | −PLN 6.7m | PLN 53.7m | PLN 36.7m | PLN 862,000 | −PLN 9.8m | PLN 24.8m | PLN 21.2m |
| Diluted earnings per share | 0.05 | -0.01 | 0.11 | 0.08 | 0.00 | -0.02 | 0.07 | 0.06 |
| Cash from operations | −PLN 61.0m | PLN 40.0m | PLN 159.0m | PLN 83.0m | −PLN 89.0m | — | PLN 115.0m | PLN 35.0m |
| Capital spending | −PLN 7.0m | −PLN 8.0m | −PLN 4.0m | −PLN 5.0m | −PLN 7.0m | −PLN 2.0m | −PLN 1.0m | −PLN 8.0m |
| Free cash flow | −PLN 68.0m | PLN 32.0m | PLN 155.0m | PLN 78.0m | −PLN 96.0m | — | PLN 114.0m | PLN 27.0m |
| Total assets | PLN 1.68bn | PLN 1.60bn | PLN 1.87bn | PLN 1.67bn | PLN 1.59bn | PLN 1.53bn | PLN 1.74bn | PLN 1.52bn |
| Cash and short-term investments | PLN 269.0m | PLN 381.1m | PLN 360.7m | PLN 277.7m | PLN 220.0m | PLN 326.3m | PLN 346.9m | PLN 160.7m |
| Debt | PLN 70.1m | PLN 179.1m | PLN 112.5m | PLN 160.0m | PLN 118.8m | PLN 161.7m | PLN 151.7m | PLN 190.7m |
| Shareholders' equity | PLN 478.2m | PLN 453.1m | PLN 455.1m | PLN 401.6m | PLN 363.9m | PLN 360.4m | PLN 375.2m | PLN 251.1m |
Financial ratios
Data as of 31 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2016 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 8.4% | 5.9% | 7.3% | -9.5% | 4.0% | 0.5% | — | — | — | — |
| Operating margin | 5.6% | 3.2% | 4.5% | -19.2% | 1.4% | -6.9% | — | — | — | — |
| Net margin | 3.6% | 1.7% | 2.7% | -20.4% | -0.8% | -8.2% | — | — | — | — |
| Return on equity | 17.9% | 9.4% | 22.9% | -145.8% | -3.6% | -33.2% | — | — | — | — |
| Return on assets | 4.6% | 2.0% | 3.7% | -22.0% | -0.8% | -7.4% | — | — | — | — |
| Free cash flow yield | 11.5% | -3.1% | 40.8% | -11.4% | -14.8% | 15.1% | — | — | — | — |
| Revenue growth | 6.6% | 1.8% | 37.5% | 5.4% | 6.4% | -7.1% | — | — | — | — |
| Earnings growth | 131.4% | -36.8% | -118.2% | 2583.2% | -89.6% | -61.4% | — | — | — | — |
| Current ratio | 1.05x | 1.11x | 0.88x | 0.84x | 1.16x | 1.12x | — | — | — | — |
| Debt to equity | 0.25x | 0.40x | 0.66x | 1.38x | 1.15x | 1.01x | — | — | — | — |
| Equity ratio | 25.7% | 21.6% | 16.3% | 15.1% | 22.9% | 22.4% | — | — | — | — |
| Interest coverage | 4.98x | 2.19x | 2.24x | -7.63x | 0.70x | -3.47x | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.0% | 0.1% | 0.1% | 0.1% |
| Buybacks as a share of market value | -41.3% | 4.6% | -4.8% | -289.1% | -0.0% | 1.5% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 14.3% | 10.9% | 5.4% |
| Operating income | — | — | 5.1% |
| Net income | — | — | 5.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 7.2% | 4.1% | 3.6% | 3.6% |
| Operating margin | 4.3% | -0.1% | -0.7% | -1.6% |
| Net margin | 2.7% | -1.7% | -2.4% | -2.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 20.6 | 18.2 | 10.9 | -1.7 | -14.6 | -1.7 | -0.5 | -1.8 | 11.7 | 13.3 |
| Price to sales | 0.8 | 0.3 | 0.3 | 0.3 | 0.1 | 0.1 | 0.1 | 0.1 | 0.3 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 24 Sept 2018.
| FY2018 | FY2017 | FY2016 | FY2009 | |
|---|---|---|---|---|
| Paid in the year | 0.10 | 0.50 | 0.34 | 0.80 |
- 8-to-1 reverse split · 15 Dec 2014
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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