PAC
FY 2024 report
Revenue
4.3 m PLN
— YoY
Net income
-9.54 m PLN
— YoY
EBITDA
-2.83 m PLN
— YoY
Gross margin
-77.6%
— YoY
Summary
Investment thesis
- Realny start usług IT/AI: przychody +564% YoY (z 0,65 mln do 4,30 mln zł), ale koszty operacyjne +551% — model jeszcze nie ma rentowności.
- Strata netto 9,54 mln zł (×10 YoY), z czego 4,46 mln zł to aktualizacje wartości inwestycji (głównie odpis 4,41 mln zł na VE Space).
- Płynność: środki pieniężne 12 tys. zł na koniec roku, OCF −3,75 mln zł, finansowane wyłącznie emisjami akcji (2,02 mln zł netto) i nowymi pożyczkami (+1,11 mln zł).
- Biegły rewident (POL-TAX) wydał opinię niezmodyfikowaną, ale z objaśnieniem o istotnej niepewności co do kontynuacji działalności (Emphasis of Matter).
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Financials
BETA
PAC · FY 2024
| Metric | FY 2024 | FY 2023 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 4.3 | — | — | reported | — | 1.00 |
| Gross profit | -3.34 | — | — | derived | — | 0.90 |
| EBITDA | -2.83 | — | — | reported | — | 0.85 |
| EBIT | -5.14 | — | — | reported | — | 1.00 |
| EBT | -9.64 | — | — | reported | — | 1.00 |
| Net income | -9.54 | — | — | reported | — | 1.00 |
| D&A | 2.31 | — | — | reported | — | 0.95 |
| Interest expense | 0.06 | — | — | reported | — | 1.00 |
| Gross margin | -77.6% | — | — | derived | — | 0.90 |
| EBITDA margin | -65.8% | — | — | derived | — | 0.85 |
| EBIT margin | -119.5% | — | — | derived | — | 1.00 |
| Net margin | -221.9% | — | — | derived | — | 1.00 |
| Cash | 0.01 | — | — | reported | — | 1.00 |
| Total debt | 1.32 | — | — | reported | — | 1.00 |
| Net debt | 1.31 | — | — | derived | — | 1.00 |
| Equity | 45.64 | — | — | reported | — | 1.00 |
| Total assets | 49.9 | — | — | reported | — | 1.00 |
| Current assets | 6.05 | — | — | reported | — | 0.70 |
| Current liabilities | 3.18 | — | — | reported | — | 1.00 |
| Goodwill | 42.56 | — | — | reported | — | 0.90 |
| CFO | -3.75 | — | — | reported | — | 1.00 |
| CapEx | 0.14 | — | — | reported | — | 0.70 |
| FCF | -3.89 | — | — | derived | — | 0.70 |
| ROE | -19.3% | — | — | derived | — | 0.90 |
| ROA | -17.6% | — | — | derived | — | 0.90 |
| Current ratio | 1.9x | — | — | derived | — | 0.70 |
| Cash ratio | 0x | — | — | derived | — | 1.00 |
| Net debt / EBITDA | -0.46x | — | — | reported | — | 0.50 |
| Debt / equity | 0.03x | — | — | derived | — | 1.00 |
| Revenue growth (YoY) | 563.6% | — | — | derived | — | 1.00 |
| Net income growth (YoY) | -928.5% | — | — | derived | — | 1.00 |
FY 2024 · Δ YoY
Revenue
4.3
—
4.3
—
- FY 2023
- —
Gross profit
-3.34
—
-3.34
—
- FY 2023
- —
EBITDA
-2.83
—
-2.83
—
- FY 2023
- —
EBIT
-5.14
—
-5.14
—
- FY 2023
- —
EBT
-9.64
—
-9.64
—
- FY 2023
- —
Net income
-9.54
—
-9.54
—
- FY 2023
- —
D&A
2.31
—
2.31
—
- FY 2023
- —
Interest expense
0.06
—
0.06
—
- FY 2023
- —
Gross margin
-77.6%
—
-77.6%
—
- FY 2023
- —
EBITDA margin
-65.8%
—
-65.8%
—
- FY 2023
- —
EBIT margin
-119.5%
—
-119.5%
—
- FY 2023
- —
Net margin
-221.9%
—
-221.9%
—
- FY 2023
- —
Cash
0.01
—
0.01
—
- FY 2023
- —
Total debt
1.32
—
1.32
—
- FY 2023
- —
Net debt
1.31
—
1.31
—
- FY 2023
- —
Equity
45.64
—
45.64
—
- FY 2023
- —
Total assets
49.9
—
49.9
—
- FY 2023
- —
Current assets
6.05
—
6.05
—
- FY 2023
- —
Current liabilities
3.18
—
3.18
—
- FY 2023
- —
Goodwill
42.56
—
42.56
—
- FY 2023
- —
CFO
-3.75
—
-3.75
—
- FY 2023
- —
CapEx
0.14
—
0.14
—
- FY 2023
- —
FCF
-3.89
—
-3.89
—
- FY 2023
- —
ROE
-19.3%
—
-19.3%
—
- FY 2023
- —
ROA
-17.6%
—
-17.6%
—
- FY 2023
- —
Current ratio
1.9x
—
1.9x
—
- FY 2023
- —
Cash ratio
0x
—
0x
—
- FY 2023
- —
Net debt / EBITDA
-0.46x
—
-0.46x
—
- FY 2023
- —
Debt / equity
0.03x
—
0.03x
—
- FY 2023
- —
Revenue growth (YoY)
563.6%
—
563.6%
—
- FY 2023
- —
Net income growth (YoY)
-928.5%
—
-928.5%
—
- FY 2023
- —