FY 2025 report
Mała spółka NewConnect z dwoma równoległymi nogami biznesowymi: konsulting/projektowanie środowiskowe (core, rentowny operacyjnie po wyłączeniu kosztów R&D) oraz kosztowne projekty R&D dotowane w 95% przez UE/NFOŚiGW (plasticLIFEcycle, Archiclima, LIFE Dream Cities).
Sentiment
Cautious
No guidance change
IVE
FY 2025 report
Revenue
4.06 m PLN
— YoY
Net income
-0.94 m PLN
— YoY
EBITDA
0.05 m PLN
— YoY
Gross margin
-10.1%
— YoY
Summary
Investment thesis
- Przychody rosną (+9,8% r/r), ale strata operacyjna pogłębia się (-1,11 mln zł vs -0,73 mln zł), głównie przez odpis 892,5 tys. zł na wycenę kontraktu długoterminowego.
- Audytor formalnie zwraca uwagę na istotną niepewność co do kontynuowania działalności: ujemny kapitał obrotowy (-1,38 mln zł), wysokie zadłużenie, trudności w bieżącym regulowaniu zobowiązań.
- Płynność jest skrajnie napięta (gotówka na koniec roku: 3,4 tys. zł) i utrzymywana siecią pożyczek/poręczeń silnie powiązanych z prezesem zarządu i większościowym akcjonariuszem oraz z podmiotami z jego otoczenia.
- Zarząd liczy na komercjalizację technologii R&D (PLC, Archiclima) w 2026-2027 oraz 20-proc. wzrost przychodów Grupy w 2026 r., ale bez ujawnionych twardych kontraktów potwierdzających tę prognozę.
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Financials
BETA
IVE · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 4.06 | — | — | reported | — | 1.00 |
| EBITDA | 0.05 | — | — | derived | — | 0.70 |
| EBIT | -1.11 | — | — | reported | — | 1.00 |
| EBT | -0.98 | — | — | reported | — | 1.00 |
| Net income | -0.94 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.17 | — | — | reported | — | 1.00 |
| D&A | 1.16 | — | — | reported | — | 1.00 |
| Interest expense | 0.38 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 5.5 | — | — | reported | — | 1.00 |
| Gross margin | -10.1% | — | — | reported | — | 0.90 |
| EBITDA margin | 1.16% | — | — | reported | — | 0.70 |
| EBIT margin | -27.46% | — | — | reported | — | 0.90 |
| Net margin | -23.26% | — | — | reported | — | 0.90 |
| D&A margin | 28.62% | — | — | reported | — | 0.90 |
| Cash | 0 | — | — | reported | — | 1.00 |
| Total debt | 3.32 | — | — | reported | — | 1.00 |
| Net debt | 3.31 | — | — | derived | — | 0.90 |
| Equity | 5.89 | — | — | reported | — | 1.00 |
| Total assets | 25.24 | — | — | reported | — | 1.00 |
| Working capital | -1.38 | — | — | reported | — | 1.00 |
| Current assets | 3.79 | — | — | reported | — | 1.00 |
| Current liabilities | 2.66 | — | — | reported | — | 1.00 |
| Goodwill | 6.43 | — | — | reported | — | 0.90 |
| CFO | -1.32 | — | — | reported | — | 1.00 |
| CapEx | 0.84 | — | — | reported | — | 1.00 |
| FCF | -2.15 | — | — | derived | — | 0.80 |
| Dividends paid | 0 | — | — | reported | — | 1.00 |
| ROE | -16.03% | — | — | reported | — | 0.85 |
| Current ratio | 0.73x | — | — | reported | — | 0.80 |
| Quick ratio | 0.62x | — | — | reported | — | 1.00 |
| Interest coverage | -2.92x | — | — | reported | — | 0.70 |
| Net debt / EBITDA | 70.26x | — | — | reported | — | 0.40 |
| Debt / equity | 0.56x | — | — | reported | — | 0.85 |
| Debt / assets | 0.13x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | 9.79% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | -89.42% | — | — | reported | — | 0.60 |
| EBIT growth (YoY) | -52.23% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | -115.62% | — | — | reported | — | 0.90 |
| EPS growth (YoY) | -115.56% | — | — | reported | — | 0.90 |
| FCF growth (YoY) | 54.57% | — | — | reported | — | 0.60 |
| Net margin Δ (YoY) | -7.8 pp | — | — | derived | — | 0.90 |
FY 2025 · Δ YoY
Revenue
4.06
—
4.06
—
- FY 2024
- —
EBITDA
0.05
—
0.05
—
- FY 2024
- —
EBIT
-1.11
—
-1.11
—
- FY 2024
- —
EBT
-0.98
—
-0.98
—
- FY 2024
- —
Net income
-0.94
—
-0.94
—
- FY 2024
- —
EPS (basic)
(PLN)
-0.17
—
-0.17
—
- FY 2024
- —
D&A
1.16
—
1.16
—
- FY 2024
- —
Interest expense
0.38
—
0.38
—
- FY 2024
- —
Shares (basic)
(m units)
5.5
—
5.5
—
- FY 2024
- —
Gross margin
-10.1%
—
-10.1%
—
- FY 2024
- —
EBITDA margin
1.16%
—
1.16%
—
- FY 2024
- —
EBIT margin
-27.46%
—
-27.46%
—
- FY 2024
- —
Net margin
-23.26%
—
-23.26%
—
- FY 2024
- —
D&A margin
28.62%
—
28.62%
—
- FY 2024
- —
Cash
0
—
0
—
- FY 2024
- —
Total debt
3.32
—
3.32
—
- FY 2024
- —
Net debt
3.31
—
3.31
—
- FY 2024
- —
Equity
5.89
—
5.89
—
- FY 2024
- —
Total assets
25.24
—
25.24
—
- FY 2024
- —
Working capital
-1.38
—
-1.38
—
- FY 2024
- —
Current assets
3.79
—
3.79
—
- FY 2024
- —
Current liabilities
2.66
—
2.66
—
- FY 2024
- —
Goodwill
6.43
—
6.43
—
- FY 2024
- —
CFO
-1.32
—
-1.32
—
- FY 2024
- —
CapEx
0.84
—
0.84
—
- FY 2024
- —
FCF
-2.15
—
-2.15
—
- FY 2024
- —
Dividends paid
0
—
0
—
- FY 2024
- —
ROE
-16.03%
—
-16.03%
—
- FY 2024
- —
Current ratio
0.73x
—
0.73x
—
- FY 2024
- —
Quick ratio
0.62x
—
0.62x
—
- FY 2024
- —
Interest coverage
-2.92x
—
-2.92x
—
- FY 2024
- —
Net debt / EBITDA
70.26x
—
70.26x
—
- FY 2024
- —
Debt / equity
0.56x
—
0.56x
—
- FY 2024
- —
Debt / assets
0.13x
—
0.13x
—
- FY 2024
- —
Revenue growth (YoY)
9.79%
—
9.79%
—
- FY 2024
- —
EBITDA growth (YoY)
-89.42%
—
-89.42%
—
- FY 2024
- —
EBIT growth (YoY)
-52.23%
—
-52.23%
—
- FY 2024
- —
Net income growth (YoY)
-115.62%
—
-115.62%
—
- FY 2024
- —
EPS growth (YoY)
-115.56%
—
-115.56%
—
- FY 2024
- —
FCF growth (YoY)
54.57%
—
54.57%
—
- FY 2024
- —
Net margin Δ (YoY)
-7.8 pp
—
-7.8 pp
—
- FY 2024
- —