FY 2025 report
Spółka w restrukturyzacji sądowej z ujemnym kapitałem własnym (-4,01 mln zł) — dalszy byt zależy od głosowania wierzycieli nad układem, w tym konwersji ~55% wierzytelności na akcje.
Sentiment
●●●●●●
DDI
FY 2025 report
Revenue
2,392,768 PLN
▼
-76.3% YoY
—
Net income
-1,297,735 PLN
▼
-71.7% YoY
—
EBITDA
591,921 PLN
▼
-58.1% YoY
—
FCF
94,337 PLN
— YoY
Summary
Investment thesis
- Przychody ze sprzedaży skurczyły się o 61% r/r do 2,39 mln zł, a nominalna poprawa wyniku netto (-1,30 mln zł vs -4,92 mln zł) wynika głównie z niższego o połowę odpisu na wartościach niematerialnych, nie z ozdrowienia biznesu.
- Model biznesowy przesunął się z produkcji własnych gier na usługi portingowe dla zewnętrznych wydawców (Retrovibe, a po dniu bilansowym Better Gaming Agency, Pretty Soon S.A.) — dywersyfikacja przychodów dopiero się zaczyna.
- Dodatni operacyjny cash flow (+94 tys. zł) po raz pierwszy od lat jest w dużej mierze efektem wzrostu zobowiązań krótkoterminowych, nie poprawy sprzedaży gotówkowej.
- Trylogia 'Vampire: The Masquerade' osiągnęła próg zwrotu kosztów produkcji 'Reckoning of New York' pod koniec 2025 r., co otwiera nowy, dotąd niewystępujący strumień przychodów z podziału zysków.
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Financials
BETA
DDI · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 2,392,768 | 10,092,156 | −76.3% | reported | — | 1.00 |
| EBITDA | 591,921 | 1,411,093 | −58.1% | reported | — | 0.80 |
| EBIT | -1,290,986 | -570,823 | −126.2% | reported | — | 1.00 |
| EBT | -1,360,389 | -877,493 | −55% | reported | — | 1.00 |
| Net income | -1,297,735 | -755,914 | −71.7% | reported | — | 1.00 |
| EPS (basic) | -0.1 | — | — | reported | — | 0.75 |
| D&A | 1,882,906 | 1,981,915 | −5% | reported | — | 1.00 |
| Income tax | -62,654 | — | — | reported | — | 0.90 |
| Shares (basic) (m units) | 13.11 | — | — | reported | — | 0.90 |
| Cash | 45,146 | — | — | reported | — | 1.00 |
| Equity | -4,008,189 | 2,207,425 | −281.6% | reported | — | 1.00 |
| Total assets | 4,253,635 | 10,345,090 | −58.9% | reported | — | 1.00 |
| Working capital | -3,951,665 | -118,895 | −3223.6% | reported | — | 0.95 |
| Current assets | 2,376,051 | 4,135,064 | −42.5% | reported | — | 1.00 |
| Current liabilities | 6,327,716 | 4,253,960 | +48.7% | reported | — | 1.00 |
| Non-current liabilities | 0 | — | — | reported | — | 1.00 |
| Inventory | 2,018,950 | — | — | reported | — | 0.85 |
| CFO | 94,337 | -82,136 | +214.9% | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 0.90 |
| FCF | 94,337 | — | — | reported | — | 0.85 |
| Current ratio | 0.38x | 0.97x | −0.59x | reported | — | 0.95 |
| Quick ratio | 0.06x | — | — | reported | — | 0.80 |
| Cash ratio | 0.01x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | -61.28% | -38.76% | — | reported | — | 0.95 |
| EBITDA growth (YoY) | 126.56% | -257.94% | — | reported | — | 0.60 |
| EBIT growth (YoY) | 69.1% | -631.78% | — | reported | — | 0.85 |
| Net income growth (YoY) | 73.62% | -550.61% | — | reported | — | 0.90 |
| EPS growth (YoY) | 73.62% | — | — | reported | — | 0.75 |
| EBITDA margin Δ (YoY) | 60.8 pp | — | — | reported | — | 0.60 |
| EBIT margin Δ (YoY) | 13.64 pp | -61.97 pp | — | reported | — | 0.85 |
| Net margin Δ (YoY) | 25.33 pp | -72.08 pp | — | reported | — | 0.85 |
FY 2025 · Δ YoY
Revenue
2,392,768
−76.3%
2,392,768
−76.3%
- FY 2024
- 10,092,156
EBITDA
591,921
−58.1%
591,921
−58.1%
- FY 2024
- 1,411,093
EBIT
-1,290,986
−126.2%
-1,290,986
−126.2%
- FY 2024
- -570,823
EBT
-1,360,389
−55%
-1,360,389
−55%
- FY 2024
- -877,493
Net income
-1,297,735
−71.7%
-1,297,735
−71.7%
- FY 2024
- -755,914
EPS (basic)
-0.1
—
-0.1
—
- FY 2024
- —
D&A
1,882,906
−5%
1,882,906
−5%
- FY 2024
- 1,981,915
Income tax
-62,654
—
-62,654
—
- FY 2024
- —
Shares (basic)
(m units)
13.11
—
13.11
—
- FY 2024
- —
Cash
45,146
—
45,146
—
- FY 2024
- —
Equity
-4,008,189
−281.6%
-4,008,189
−281.6%
- FY 2024
- 2,207,425
Total assets
4,253,635
−58.9%
4,253,635
−58.9%
- FY 2024
- 10,345,090
Working capital
-3,951,665
−3223.6%
-3,951,665
−3223.6%
- FY 2024
- -118,895
Current assets
2,376,051
−42.5%
2,376,051
−42.5%
- FY 2024
- 4,135,064
Current liabilities
6,327,716
+48.7%
6,327,716
+48.7%
- FY 2024
- 4,253,960
Non-current liabilities
0
—
0
—
- FY 2024
- —
Inventory
2,018,950
—
2,018,950
—
- FY 2024
- —
CFO
94,337
+214.9%
94,337
+214.9%
- FY 2024
- -82,136
CapEx
0
—
0
—
- FY 2024
- —
FCF
94,337
—
94,337
—
- FY 2024
- —
Current ratio
0.38x
−0.59x
0.38x
−0.59x
- FY 2024
- 0.97x
Quick ratio
0.06x
—
0.06x
—
- FY 2024
- —
Cash ratio
0.01x
—
0.01x
—
- FY 2024
- —
Revenue growth (YoY)
-61.28%
—
-61.28%
—
- FY 2024
- -38.76%
EBITDA growth (YoY)
126.56%
—
126.56%
—
- FY 2024
- -257.94%
EBIT growth (YoY)
69.1%
—
69.1%
—
- FY 2024
- -631.78%
Net income growth (YoY)
73.62%
—
73.62%
—
- FY 2024
- -550.61%
EPS growth (YoY)
73.62%
—
73.62%
—
- FY 2024
- —
EBITDA margin Δ (YoY)
60.8 pp
—
60.8 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
13.64 pp
—
13.64 pp
—
- FY 2024
- -61.97 pp
Net margin Δ (YoY)
25.33 pp
—
25.33 pp
—
- FY 2024
- -72.08 pp