FY 2025 report
Cała teza inwestycyjna opiera się na terminowej premierze BARKOUR w 2026 roku — obecna działalność (Bee Simulator, Everdream Valley) ledwo pokrywa koszty operacyjne
Sentiment
Cautious
No guidance change
VAR
FY 2025 report
Revenue
4.19 m PLN
— YoY
Net income
-1.27 m PLN
— YoY
EBITDA
-1.32 m PLN
— YoY
FCF
-4.33 m PLN
— YoY
Summary
Investment thesis
- Zysk ze sprzedaży rośnie (+16,8% r/r) dzięki zmianie modelu wydawniczego Bee Simulator z Untold Tales
- Strata netto -1,27 mln zł to w całości efekt jednorazowego, niepieniężnego odpisu na Giants Uprising (2,26 mln zł)
- Biegły rewident wskazuje istotną niepewność co do kontynuacji działalności — 8,0 mln zł zamrożone w produkcji w toku vs 4,8 mln zł zobowiązań krótkoterminowych i 0,45 mln zł gotówki
- Finansowanie zewnętrzne (umowa partycypacyjna 500 tys. EUR + emisja akcji) zabezpiecza runway do premiery, ale koncentruje ryzyko kontrahenta i rozwadnia akcjonariat
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Financials
BETA
VAR · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
|
Revenue
standalone
|
4.19 | — | — | reported | standalone | 1.00 |
|
EBITDA
standalone
|
-1.32 | — | — | derived | standalone | 0.70 |
|
EBIT
standalone
|
-1.37 | — | — | reported | standalone | 1.00 |
|
EBT
standalone
|
-1.88 | — | — | reported | standalone | 1.00 |
|
Net income
standalone
|
-1.27 | — | — | reported | standalone | 1.00 |
|
D&A
standalone
|
0.05 | — | — | reported | standalone | 1.00 |
|
Interest expense
standalone
|
0.09 | — | — | reported | standalone | 1.00 |
| EBITDA margin | -31.61% | — | — | reported | — | 0.70 |
| EBIT margin | -32.74% | — | — | reported | — | 0.90 |
| EBT margin | -44.86% | — | — | reported | — | 0.90 |
| Net margin | -30.32% | — | — | reported | — | 0.90 |
|
Cash
standalone
|
0.45 | — | — | reported | standalone | 1.00 |
|
Total debt
standalone
|
5.09 | — | — | derived | standalone | 0.70 |
|
Net debt
standalone
|
4.64 | — | — | derived | standalone | 0.70 |
|
Equity
standalone
|
10.21 | — | — | reported | standalone | 1.00 |
|
Total assets
standalone
|
18.62 | — | — | reported | standalone | 1.00 |
|
Working capital
standalone
|
5.42 | — | — | derived | standalone | 1.00 |
|
Current assets
standalone
|
10.19 | — | — | reported | standalone | 1.00 |
|
Current liabilities
standalone
|
4.78 | — | — | reported | standalone | 1.00 |
|
CFO
standalone
|
-4.33 | — | — | reported | standalone | 1.00 |
|
CapEx
standalone
|
0 | — | — | reported | standalone | 0.90 |
|
FCF
standalone
|
-4.33 | — | — | derived | standalone | 0.90 |
| ROE | -13.46% | — | — | reported | — | 0.85 |
| ROA | -7.17% | — | — | reported | — | 0.85 |
| Current ratio | 2.13x | — | — | reported | — | 1.00 |
| Quick ratio | 0.46x | — | — | reported | — | 0.90 |
| Cash ratio | 0.1x | — | — | reported | — | 1.00 |
| Interest coverage | -14.86x | — | — | reported | — | 0.85 |
| Debt / equity | 0.5x | — | — | reported | — | 0.70 |
| Net debt / equity | 0.45x | — | — | reported | — | 0.70 |
| Revenue growth (YoY) | 6.85% | — | — | reported | — | 0.90 |
| EBIT growth (YoY) | -447.15% | — | — | reported | — | 0.85 |
| Net income growth (YoY) | -362.63% | — | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | -42.82 pp | — | — | reported | — | 0.85 |
| Net margin Δ (YoY) | -42.66 pp | — | — | reported | — | 0.85 |
FY 2025 · Δ YoY
Revenue
standalone
4.19
—
standalone
4.19
—
- FY 2024
- —
EBITDA
standalone
-1.32
—
standalone
-1.32
—
- FY 2024
- —
EBIT
standalone
-1.37
—
standalone
-1.37
—
- FY 2024
- —
EBT
standalone
-1.88
—
standalone
-1.88
—
- FY 2024
- —
Net income
standalone
-1.27
—
standalone
-1.27
—
- FY 2024
- —
D&A
standalone
0.05
—
standalone
0.05
—
- FY 2024
- —
Interest expense
standalone
0.09
—
standalone
0.09
—
- FY 2024
- —
EBITDA margin
-31.61%
—
-31.61%
—
- FY 2024
- —
EBIT margin
-32.74%
—
-32.74%
—
- FY 2024
- —
EBT margin
-44.86%
—
-44.86%
—
- FY 2024
- —
Net margin
-30.32%
—
-30.32%
—
- FY 2024
- —
Cash
standalone
0.45
—
standalone
0.45
—
- FY 2024
- —
Total debt
standalone
5.09
—
standalone
5.09
—
- FY 2024
- —
Net debt
standalone
4.64
—
standalone
4.64
—
- FY 2024
- —
Equity
standalone
10.21
—
standalone
10.21
—
- FY 2024
- —
Total assets
standalone
18.62
—
standalone
18.62
—
- FY 2024
- —
Working capital
standalone
5.42
—
standalone
5.42
—
- FY 2024
- —
Current assets
standalone
10.19
—
standalone
10.19
—
- FY 2024
- —
Current liabilities
standalone
4.78
—
standalone
4.78
—
- FY 2024
- —
CFO
standalone
-4.33
—
standalone
-4.33
—
- FY 2024
- —
CapEx
standalone
0
—
standalone
0
—
- FY 2024
- —
FCF
standalone
-4.33
—
standalone
-4.33
—
- FY 2024
- —
ROE
-13.46%
—
-13.46%
—
- FY 2024
- —
ROA
-7.17%
—
-7.17%
—
- FY 2024
- —
Current ratio
2.13x
—
2.13x
—
- FY 2024
- —
Quick ratio
0.46x
—
0.46x
—
- FY 2024
- —
Cash ratio
0.1x
—
0.1x
—
- FY 2024
- —
Interest coverage
-14.86x
—
-14.86x
—
- FY 2024
- —
Debt / equity
0.5x
—
0.5x
—
- FY 2024
- —
Net debt / equity
0.45x
—
0.45x
—
- FY 2024
- —
Revenue growth (YoY)
6.85%
—
6.85%
—
- FY 2024
- —
EBIT growth (YoY)
-447.15%
—
-447.15%
—
- FY 2024
- —
Net income growth (YoY)
-362.63%
—
-362.63%
—
- FY 2024
- —
EBIT margin Δ (YoY)
-42.82 pp
—
-42.82 pp
—
- FY 2024
- —
Net margin Δ (YoY)
-42.66 pp
—
-42.66 pp
—
- FY 2024
- —