V 
532.00
+4.31%
Close of 9 Nov 2026, in PLN
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At a glance
Figures in PLN, from our data supplier.
Revenue
PLN 93.0m
FY2016FY2025
Net income
−PLN 15.1m
FY2016FY2025
Free cash flow
−PLN 11.2m
FY2016FY2025
Shareholders' equity
PLN 157.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 93.0m | PLN 78.3m | PLN 75.4m | PLN 67.9m | PLN 71.5m | PLN 53.5m | PLN 42.9m | PLN 37.4m | PLN 27.2m | PLN 25.6m |
| Gross profit | PLN 45.5m | PLN 39.6m | PLN 36.9m | PLN 35.1m | PLN 45.1m | PLN 35.6m | PLN 27.0m | PLN 20.5m | PLN 15.9m | PLN 15.2m |
| Research and development | PLN 16.7m | PLN 11.7m | PLN 15.2m | PLN 3.5m | PLN 2.7m | PLN 2.2m | PLN 1.7m | PLN 1.4m | PLN 1.2m | PLN 286,384 |
| Operating income | −PLN 10.8m | −PLN 1.7m | PLN 12.8m | PLN 7.8m | PLN 21.4m | PLN 20.2m | PLN 14.0m | PLN 12.8m | PLN 9.8m | PLN 9.9m |
| Net income | −PLN 15.1m | −PLN 4.1m | −PLN 3.0m | PLN 7.2m | PLN 30.5m | PLN 32.5m | PLN 13.9m | PLN 13.0m | PLN 9.5m | PLN 10.0m |
| Diluted earnings per share | -17.26 | -4.67 | -4.09 | 9.91 | 41.85 | 44.65 | 19.05 | 17.86 | 13.09 | 13.73 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | PLN 210.9m | PLN 219.9m | PLN 322.3m | PLN 254.0m | PLN 219.0m | PLN 167.1m | PLN 127.7m | PLN 90.2m | PLN 56.4m | PLN 50.4m |
| Cash and short-term investments | PLN 6.0m | PLN 14.4m | PLN 1.2m | PLN 2.3m | PLN 6.5m | PLN 16.3m | PLN 12.8m | PLN 9.3m | PLN 11.4m | PLN 10.8m |
| Total liabilities | PLN 35.5m | PLN 49.4m | PLN 124.1m | PLN 115.5m | PLN 85.9m | PLN 66.5m | PLN 59.7m | PLN 36.0m | PLN 15.2m | PLN 12.7m |
| Debt | PLN 19.7m | PLN 20.6m | PLN 52.2m | PLN 50.2m | PLN 34.8m | PLN 30.6m | PLN 32.8m | PLN 13.3m | — | PLN 410,200 |
| Shareholders' equity | PLN 157.2m | PLN 170.5m | PLN 198.2m | PLN 138.5m | PLN 131.1m | PLN 100.6m | PLN 68.1m | PLN 54.2m | PLN 41.2m | PLN 37.7m |
| Shares outstanding | 1m | 1m | 1m | 1m | 1m | 1m | 1m | 1m | 1m | 1m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −PLN 8.6m | −PLN 7.6m | −PLN 1.6m | PLN 3.8m | PLN 24.1m | PLN 21.2m | PLN 15.4m | PLN 9.1m | PLN 11.0m | PLN 9.1m |
| Capital spending | −PLN 2.5m | −PLN 11.1m | −PLN 26.8m | −PLN 45.0m | −PLN 47.7m | −PLN 20.5m | −PLN 39.4m | −PLN 26.0m | −PLN 8.3m | −PLN 9.9m |
| Free cash flow | −PLN 11.2m | −PLN 18.8m | −PLN 28.4m | −PLN 41.2m | −PLN 23.6m | PLN 714,000 | −PLN 24.0m | −PLN 16.9m | PLN 2.7m | −PLN 855,062 |
| Dividends paid | — | — | — | — | — | — | — | — | −PLN 6.0m | −PLN 4.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | PLN 34.7m | PLN 19.3m | PLN 27.4m | PLN 23.3m | PLN 20.3m | PLN 15.8m | PLN 24.1m | PLN 15.7m |
| Gross profit | PLN 16.4m | PLN 9.6m | PLN 13.6m | PLN 11.7m | PLN 10.3m | PLN 8.1m | PLN 15.0m | PLN 6.1m |
| Operating income | PLN 2.5m | −PLN 4.6m | −PLN 354,000 | −PLN 3.0m | −PLN 2.9m | −PLN 1.6m | PLN 1.2m | −PLN 3.3m |
| Net income | PLN 3.0m | −PLN 2.8m | −PLN 11.0m | −PLN 1.4m | −PLN 951,000 | −PLN 1.8m | PLN 697,000 | −PLN 4.4m |
| Diluted earnings per share | 3.45 | -3.19 | -12.58 | -1.63 | -1.09 | -2.08 | 0.80 | -5.04 |
| Cash from operations | PLN 1.0m | PLN 4.0m | — | −PLN 3.0m | −PLN 4.0m | — | −PLN 12.0m | PLN 2.0m |
| Capital spending | −PLN 31.0m | — | — | — | — | −PLN 5.0m | −PLN 1.0m | −PLN 5.0m |
| Free cash flow | −PLN 30.0m | — | — | — | — | — | −PLN 13.0m | −PLN 3.0m |
| Total assets | PLN 244.4m | PLN 235.9m | PLN 210.9m | PLN 219.6m | PLN 215.7m | PLN 218.3m | PLN 219.9m | PLN 284.1m |
| Cash and short-term investments | PLN 9.9m | PLN 6.2m | PLN 6.0m | PLN 3.6m | PLN 2.9m | PLN 10.8m | PLN 14.4m | PLN 23.9m |
| Debt | PLN 18.8m | PLN 45.9m | PLN 17.8m | PLN 18.9m | PLN 15.0m | PLN 16.8m | PLN 19.5m | PLN 22.4m |
| Shareholders' equity | PLN 157.3m | PLN 154.3m | PLN 157.2m | PLN 168.0m | PLN 169.5m | PLN 169.5m | PLN 170.5m | PLN 192.6m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 11.1% | 11.7% | 13.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 49.6% | 49.9% | 54.1% | 55.2% |
| Operating margin | -7.3% | 2.5% | 11.3% | 16.2% |
| Net margin | -11.2% | -4.7% | 10.9% | 17.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -26.1 | -101.8 | -119.8 | 45.6 | 16.0 | 12.7 | 19.6 | 15.4 | 24.2 | 16.9 |
| Price to sales | 4.2 | 5.3 | 4.7 | 4.9 | 6.8 | 7.7 | 6.4 | 5.4 | 8.5 | 6.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 30 May 2017.
| FY2017 | FY2016 | FY2015 | |
|---|---|---|---|
| Paid in the year | 8.24 | 6.49 | 5.61 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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