FY 2025 report
Spółka jest w trybie przetrwania: przychody ze sprzedaży spadły o 33% do 9,2 mln zł, strata netto wzrosła z 0,9 do 4,5 mln zł, a EBITDA zmieniła się z +2,0 mln zł na −2,1 mln zł.
Sentiment
Negative
No guidance change
VVD
FY 2025 report
Revenue
9.17 m PLN
— YoY
Net income
-4.5 m PLN
— YoY
EBITDA
-2.12 m PLN
— YoY
FCF
-5.64 m PLN
— YoY
Summary
Investment thesis
- Cała przyszłość opiera się na Real Boxing 3, którego pierwotny soft launch był nieudany; premiera przesunięta na maj 2026, a globalna na czerwiec 2026.
- 73% sumy bilansowej to aktywowane prace rozwojowe (13,1 mln zł), a odpisy wyniosły już 2,9 mln zł (rUNDEAD) — każda kolejna porażka produktowa uderza prosto w kapitał własny (4,6 mln zł).
- Płynność utrzymuje pożyczka akcjonariusza Gemini Grupe (2 mln EUR z 11,5% rocznie, zabezpieczona zastawem na prawach do serii Real Boxing); druga transza zależy od celów biznesowych i jest dopiero negocjowana.
- Zarząd otwarcie przyznaje, że „tego testu nie zdaliśmy w pełni”; to wiarygodne, ale jakość wykonania produktów pozostaje głównym ryzykiem.
Read the full analysis
Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.
Financials
BETA
VVD · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 9.17 | — | — | reported | — | 1.00 |
| EBITDA | -2.12 | — | — | reported | — | 1.00 |
| EBIT | -4.1 | — | — | reported | — | 1.00 |
| EBT | -4.48 | — | — | reported | — | 1.00 |
| Net income | -4.5 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.08 | — | — | reported | — | 1.00 |
| D&A | 1.98 | — | — | reported | — | 1.00 |
| Income tax | 0.01 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 55.54 | — | — | reported | — | 1.00 |
| EBITDA margin | -23.11% | — | — | derived | — | 0.90 |
| EBIT margin | -44.68% | — | — | derived | — | 0.90 |
| EBT margin | -48.89% | — | — | derived | — | 0.90 |
| Net margin | -49.04% | — | — | derived | — | 0.90 |
| D&A margin | 21.57% | — | — | derived | — | 0.90 |
| Cash | 3.49 | — | — | reported | — | 1.00 |
| Total debt | 8.88 | — | — | reported | — | 0.90 |
| Net debt | 5.39 | — | — | derived | — | 0.90 |
| Equity | 4.63 | — | — | reported | — | 1.00 |
| Total assets | 18.05 | — | — | reported | — | 1.00 |
| Working capital | 0.76 | — | — | derived | — | 0.90 |
| Current assets | 4.77 | — | — | reported | — | 1.00 |
| Current liabilities | 4.01 | — | — | reported | — | 1.00 |
| Non-current liabilities | 9.4 | — | — | reported | — | 1.00 |
| Trade receivables | 0.89 | — | — | reported | — | 1.00 |
| Trade payables | 1.58 | — | — | reported | — | 1.00 |
| Goodwill | 13.1 | — | — | reported | — | 1.00 |
| Tangible equity | -8.47 | — | — | derived | — | 0.90 |
| CFO | 0.41 | — | — | reported | — | 1.00 |
| CapEx | 6.05 | — | — | reported | — | 1.00 |
| FCF | -5.64 | — | — | derived | — | 0.80 |
| Current ratio | 1.19x | — | — | derived | — | 0.90 |
| Quick ratio | 1.19x | — | — | derived | — | 0.90 |
| Cash ratio | 0.87x | — | — | derived | — | 0.90 |
| Debt / equity | 1.92x | — | — | derived | — | 0.90 |
| Debt / assets | 0.49x | — | — | derived | — | 0.90 |
| Net debt / equity | 1.16x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | -33.46% | — | — | derived | — | 0.90 |
| EBITDA growth (YoY) | -205.5% | — | — | derived | — | 0.90 |
| EBIT growth (YoY) | -552.9% | — | — | derived | — | 0.90 |
| Net income growth (YoY) | -395.1% | — | — | derived | — | 0.90 |
| EPS growth (YoY) | -166.67% | — | — | derived | — | 0.60 |
| EBITDA margin Δ (YoY) | -37.69 pp | — | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | -40.13 pp | — | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -42.45 pp | — | — | derived | — | 0.90 |
FY 2025 · Δ YoY
Revenue
9.17
—
9.17
—
- FY 2024
- —
EBITDA
-2.12
—
-2.12
—
- FY 2024
- —
EBIT
-4.1
—
-4.1
—
- FY 2024
- —
EBT
-4.48
—
-4.48
—
- FY 2024
- —
Net income
-4.5
—
-4.5
—
- FY 2024
- —
EPS (basic)
(PLN)
-0.08
—
-0.08
—
- FY 2024
- —
D&A
1.98
—
1.98
—
- FY 2024
- —
Income tax
0.01
—
0.01
—
- FY 2024
- —
Shares (basic)
(m units)
55.54
—
55.54
—
- FY 2024
- —
EBITDA margin
-23.11%
—
-23.11%
—
- FY 2024
- —
EBIT margin
-44.68%
—
-44.68%
—
- FY 2024
- —
EBT margin
-48.89%
—
-48.89%
—
- FY 2024
- —
Net margin
-49.04%
—
-49.04%
—
- FY 2024
- —
D&A margin
21.57%
—
21.57%
—
- FY 2024
- —
Cash
3.49
—
3.49
—
- FY 2024
- —
Total debt
8.88
—
8.88
—
- FY 2024
- —
Net debt
5.39
—
5.39
—
- FY 2024
- —
Equity
4.63
—
4.63
—
- FY 2024
- —
Total assets
18.05
—
18.05
—
- FY 2024
- —
Working capital
0.76
—
0.76
—
- FY 2024
- —
Current assets
4.77
—
4.77
—
- FY 2024
- —
Current liabilities
4.01
—
4.01
—
- FY 2024
- —
Non-current liabilities
9.4
—
9.4
—
- FY 2024
- —
Trade receivables
0.89
—
0.89
—
- FY 2024
- —
Trade payables
1.58
—
1.58
—
- FY 2024
- —
Goodwill
13.1
—
13.1
—
- FY 2024
- —
Tangible equity
-8.47
—
-8.47
—
- FY 2024
- —
CFO
0.41
—
0.41
—
- FY 2024
- —
CapEx
6.05
—
6.05
—
- FY 2024
- —
FCF
-5.64
—
-5.64
—
- FY 2024
- —
Current ratio
1.19x
—
1.19x
—
- FY 2024
- —
Quick ratio
1.19x
—
1.19x
—
- FY 2024
- —
Cash ratio
0.87x
—
0.87x
—
- FY 2024
- —
Debt / equity
1.92x
—
1.92x
—
- FY 2024
- —
Debt / assets
0.49x
—
0.49x
—
- FY 2024
- —
Net debt / equity
1.16x
—
1.16x
—
- FY 2024
- —
Revenue growth (YoY)
-33.46%
—
-33.46%
—
- FY 2024
- —
EBITDA growth (YoY)
-205.5%
—
-205.5%
—
- FY 2024
- —
EBIT growth (YoY)
-552.9%
—
-552.9%
—
- FY 2024
- —
Net income growth (YoY)
-395.1%
—
-395.1%
—
- FY 2024
- —
EPS growth (YoY)
-166.67%
—
-166.67%
—
- FY 2024
- —
EBITDA margin Δ (YoY)
-37.69 pp
—
-37.69 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
-40.13 pp
—
-40.13 pp
—
- FY 2024
- —
Net margin Δ (YoY)
-42.45 pp
—
-42.45 pp
—
- FY 2024
- —