THD The Dust NewConnect · annual · publ. May 29, 2026

FY 2025 report

To raport o spółce w likwidacji dotychczasowego kształtu: po podziale przez wydzielenie do Ovid Works S.A. (rejestracja 4.05.2026) grupa The Dust w obecnym składzie przestaje istnieć, więc dane za 2025 opisują biznes, którego akcjonariusz już nie posiada.

Sentiment

Cautious No guidance change

Website

THD FY 2025 report

Revenue

951,374 PLN

— YoY

Net income

-33,130 PLN

— YoY

EBITDA

494,561 PLN

— YoY

Net debt / EBITDA

0.11x

— YoY

Summary

Investment thesis

Przychody spadły o ok. 91,5% r/r do 0,95 mln zł (z 11,2 mln zł), a 41% z nich to zmiana stanu produktów, czyli aktywowana produkcja w toku, nie sprzedaż – realna sprzedaż to 0,56 mln zł.
Strata netto akcjonariuszy jest niemal zerowa (-33 tys. zł) tylko dzięki udziałowi mniejszości w stracie (256 tys. zł); strata brutto to -289 tys. zł, a EBIT -293 tys. zł.
Audytor TRIIO Audyt wydał opinię z zastrzeżeniem (niepotwierdzone saldo Paradox ok. 141 tys. zł bez odpisu) i zwrócił uwagę na znaczącą niepewność co do kontynuacji działalności.
Gotówka operacyjna jest ujemna (-222 tys. zł) i grupa przeżyła 2025 dzięki emisji akcji serii H (1,0 mln zł) oraz pożyczkom; dalsze finansowanie zależy od transz Phenomen Games dla Two Horizons (do 1,27 mln zł).

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Financials

BETA

FY 2025

THD · FY 2025

Metric	FY 2025	FY 2024	Δ YoY	Value type	Segment	Conf.

Revenue jednostkowe	238,165	—	—	reported	jednostkowe	—
Revenue	951,374	—	—	reported	—	1.00
EBITDA	494,561	—	—	reported	—	—
EBIT jednostkowe	203,282	—	—	reported	jednostkowe	—
EBIT	-292,738	—	—	reported	—	1.00
EBT	-289,201	—	—	reported	—	1.00
Net income jednostkowe	189,715	—	—	reported	jednostkowe	—
Net income	-33,130	—	—	reported	—	1.00
D&A	672,470	—	—	reported	—	0.80
Interest expense	18,723	—	—	reported	—	1.00
Income tax	0	—	—	reported	—	1.00

EBITDA margin	51.98%	—	—	reported	—	—
EBIT margin	-30.77%	—	—	reported	—	—
EBIT margin jednostkowe	85.35%	—	—	reported	jednostkowe	—
EBT margin	-30.4%	—	—	derived	—	0.70
Net margin	-3.48%	—	—	reported	—	—
Net margin jednostkowe	79.66%	—	—	reported	jednostkowe	—
D&A margin	70.68%	—	—	derived	—	0.70

Cash	134,277	—	—	reported	—	1.00
Total debt	176,106	—	—	reported	—	0.70
Net debt	41,829	—	—	derived	—	0.70
Equity	2,820,592	—	—	reported	—	0.90
Total assets jednostkowe	1,343,183	—	—	reported	jednostkowe	—
Total assets	3,590,089	—	—	reported	—	1.00
Working capital	1,674,328	—	—	derived	—	0.70
Current assets	1,990,726	—	—	reported	—	1.00
Current liabilities jednostkowe	204,132	—	—	reported	jednostkowe	—
Current liabilities	316,398	—	—	reported	—	1.00
Non-current liabilities	373,100	—	—	reported	—	1.00
Inventory	845,715	—	—	reported	—	1.00
Trade receivables	233,517	—	—	reported	—	1.00
Trade payables	118,417	—	—	reported	—	1.00
Goodwill	1,518,554	—	—	reported	—	1.00
Tangible equity	1,302,038	—	—	derived	—	0.70

CFO jednostkowe	-366,795	—	—	reported	jednostkowe	—
CFO	-221,736	—	—	reported	—	1.00
CapEx	0	—	—	reported	—	—
FCF	-221,736	—	—	derived	—	0.70

Current ratio	6.29x	—	—	reported	—	—
Quick ratio	3.62x	—	—	derived	—	0.70
Cash ratio	0.42x	—	—	derived	—	0.70
Interest coverage	-15.64x	—	—	derived	—	0.70

Net debt / EBITDA	0.11x	—	—	derived	—	0.70
Debt / equity	0.06x	—	—	derived	—	0.70
Debt / assets	0.05x	—	—	derived	—	0.70
Net debt / equity	0.01x	—	—	derived	—	0.70

Revenue growth (YoY)	-91.51%	—	—	reported	—	—
EBIT growth (YoY)	78.21%	—	—	derived	—	0.70
Net income growth (YoY)	97.8%	—	—	reported	—	—
EBIT margin Δ (YoY)	-18.78 pp	—	—	derived	—	0.70
Net margin Δ (YoY)	9.96 pp	—	—	derived	—	0.70

FY 2025 · Δ YoY

Revenue

jednostkowe

238,165 —

FY 2024: —

Revenue

951,374 —

FY 2024: —

EBITDA

494,561 —

FY 2024: —

EBIT

jednostkowe

203,282 —

FY 2024: —

EBIT

-292,738 —

FY 2024: —

EBT

-289,201 —

FY 2024: —

Net income

jednostkowe

189,715 —

FY 2024: —

Net income

-33,130 —

FY 2024: —

D&A

672,470 —

FY 2024: —

Interest expense

18,723 —

FY 2024: —

Income tax

0 —

FY 2024: —

EBITDA margin

51.98% —

FY 2024: —

EBIT margin

-30.77% —

FY 2024: —

EBIT margin

jednostkowe

85.35% —

FY 2024: —

EBT margin

-30.4% —

FY 2024: —

Net margin

-3.48% —

FY 2024: —

Net margin

jednostkowe

79.66% —

FY 2024: —

D&A margin

70.68% —

FY 2024: —

Cash

134,277 —

FY 2024: —

Total debt

176,106 —

FY 2024: —

Net debt

41,829 —

FY 2024: —

Equity

2,820,592 —

FY 2024: —

Total assets

jednostkowe

1,343,183 —

FY 2024: —

Total assets

3,590,089 —

FY 2024: —

Working capital

1,674,328 —

FY 2024: —

Current assets

1,990,726 —

FY 2024: —

Current liabilities

jednostkowe

204,132 —

FY 2024: —

Current liabilities

316,398 —

FY 2024: —

Non-current liabilities

373,100 —

FY 2024: —

Inventory

845,715 —

FY 2024: —

Trade receivables

233,517 —

FY 2024: —

Trade payables

118,417 —

FY 2024: —

Goodwill

1,518,554 —

FY 2024: —

Tangible equity

1,302,038 —

FY 2024: —

CFO

jednostkowe

-366,795 —

FY 2024: —

CFO

-221,736 —

FY 2024: —

CapEx

0 —

FY 2024: —

FCF

-221,736 —

FY 2024: —

Current ratio

6.29x —

FY 2024: —

Quick ratio

3.62x —

FY 2024: —

Cash ratio

0.42x —

FY 2024: —

Interest coverage

-15.64x —

FY 2024: —

Net debt / EBITDA

0.11x —

FY 2024: —

Debt / equity

0.06x —

FY 2024: —

Debt / assets

0.05x —

FY 2024: —

Net debt / equity

0.01x —

FY 2024: —

Revenue growth (YoY)

-91.51% —

FY 2024: —

EBIT growth (YoY)

78.21% —

FY 2024: —

Net income growth (YoY)

97.8% —

FY 2024: —

EBIT margin Δ (YoY)

-18.78 pp —

FY 2024: —

Net margin Δ (YoY)

9.96 pp —

FY 2024: —