FY 2025 report
Spółka przeszła z umownego „okresu bezwarunkowego zobowiązania” Novavax do realizacji drobnych zleceń: przychody razem spadły o 77% (z 69,0 do 15,8 mln zł), a koszty stałe nie zmalały.
Sentiment
Cautious
No guidance change
MAB
FY 2025 report
Revenue
15.76 m PLN
— YoY
Net income
-62.61 m PLN
— YoY
EBITDA
-50.5 m PLN
— YoY
Gross margin
-110.52%
— YoY
Summary
Investment thesis
- Strata netto 62,6 mln zł (wobec 6,3 mln zł) to głównie ujemna marża brutto na sprzedaży (−17,4 mln zł), koszty ogólnego zarządu 33,9 mln zł oraz odpis 8,0 mln zł na środki trwałe w budowie.
- Gotówka spadła z 38,4 do 6,4 mln zł, a OCF wyniósł −41,6 mln zł; bilans trzymają pożyczki od akcjonariuszy i inwestorów (16 mln zł i 3,1 mln EUR wypłacone do dnia publikacji).
- Biegły rewident (Grant Thornton) odmówił wyrażenia opinii: istotna niepewność co do kontynuacji działalności oraz brak aktualnego testu na utratę wartości środków trwałych o wartości 29,6 mln zł.
- Teza zależy od dwóch rzeczy: zamkniętej emisji akcji (kapitał docelowy do 8,08 mln akcji) i pozyskania nowych kontraktów CDMO; żadna nie jest zagwarantowana.
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Financials
BETA
MAB · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 15,757 | — | — | reported | — | 1.00 |
| Gross profit | -17,415 | — | — | reported | — | 1.00 |
| EBITDA | -50,499 | — | — | derived | — | 0.80 |
| EBIT | -59,594 | — | — | reported | — | 1.00 |
| EBT | -62,614 | — | — | reported | — | 1.00 |
| Net income | -62,614 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -3.87 | — | — | reported | — | 1.00 |
| D&A | 9,095 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 16.16 | — | — | reported | — | 0.90 |
| Gross margin | -110.52% | — | — | derived | — | 0.90 |
| EBITDA margin | -320.49% | — | — | derived | — | 0.80 |
| EBIT margin | -378.21% | — | — | derived | — | 0.90 |
| Net margin | -397.37% | — | — | derived | — | 0.90 |
| Cash | 6,372 | — | — | reported | — | 1.00 |
| Total debt | 12,688 | — | — | reported | — | 0.90 |
| Net debt | 6,316 | — | — | derived | — | 0.80 |
| Equity | 48,828 | — | — | reported | — | 1.00 |
| Total assets | 110,433 | — | — | reported | — | 1.00 |
| Working capital | -31,057 | — | — | derived | — | 0.90 |
| Current assets | 12,797 | — | — | reported | — | 1.00 |
| Current liabilities | 43,854 | — | — | reported | — | 1.00 |
| Non-current liabilities | 17,751 | — | — | reported | — | 1.00 |
| Inventory | 1,407 | — | — | reported | — | 1.00 |
| Trade receivables | 1,911 | — | — | reported | — | 1.00 |
| Trade payables | 6,126 | — | — | reported | — | 1.00 |
| Goodwill | 159 | — | — | reported | — | 1.00 |
| Tangible equity | 48,669 | — | — | derived | — | 0.90 |
| CFO | -41,590 | — | — | reported | — | 1.00 |
| CapEx | 892 | — | — | reported | — | 1.00 |
| FCF | -42,482 | — | — | derived | — | 0.90 |
| ROE | -78.14% | — | — | derived | — | 0.80 |
| ROA | -46.4% | — | — | derived | — | 0.80 |
| ROCE | -89.51% | — | — | derived | — | 0.80 |
| Current ratio | 0.29x | — | — | derived | — | 0.90 |
| Quick ratio | 0.26x | — | — | derived | — | 0.90 |
| Cash ratio | 0.15x | — | — | derived | — | 0.90 |
| Debt / equity | 0.26x | — | — | derived | — | 0.80 |
| Debt / assets | 0.11x | — | — | derived | — | 0.80 |
| Net debt / equity | 0.13x | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | -77.17% | — | — | derived | — | 0.90 |
| Net income growth (YoY) | -888.54% | — | — | derived | — | 0.90 |
| FCF growth (YoY) | -254.3% | — | — | derived | — | 0.80 |
| Gross margin Δ (YoY) | -170.15 pp | — | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | -367.8 pp | — | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -388.2 pp | — | — | derived | — | 0.90 |
FY 2025 · Δ YoY
Revenue
15,757
—
15,757
—
- FY 2024
- —
Gross profit
-17,415
—
-17,415
—
- FY 2024
- —
EBITDA
-50,499
—
-50,499
—
- FY 2024
- —
EBIT
-59,594
—
-59,594
—
- FY 2024
- —
EBT
-62,614
—
-62,614
—
- FY 2024
- —
Net income
-62,614
—
-62,614
—
- FY 2024
- —
EPS (basic)
(PLN)
-3.87
—
-3.87
—
- FY 2024
- —
D&A
9,095
—
9,095
—
- FY 2024
- —
Shares (basic)
(m units)
16.16
—
16.16
—
- FY 2024
- —
Gross margin
-110.52%
—
-110.52%
—
- FY 2024
- —
EBITDA margin
-320.49%
—
-320.49%
—
- FY 2024
- —
EBIT margin
-378.21%
—
-378.21%
—
- FY 2024
- —
Net margin
-397.37%
—
-397.37%
—
- FY 2024
- —
Cash
6,372
—
6,372
—
- FY 2024
- —
Total debt
12,688
—
12,688
—
- FY 2024
- —
Net debt
6,316
—
6,316
—
- FY 2024
- —
Equity
48,828
—
48,828
—
- FY 2024
- —
Total assets
110,433
—
110,433
—
- FY 2024
- —
Working capital
-31,057
—
-31,057
—
- FY 2024
- —
Current assets
12,797
—
12,797
—
- FY 2024
- —
Current liabilities
43,854
—
43,854
—
- FY 2024
- —
Non-current liabilities
17,751
—
17,751
—
- FY 2024
- —
Inventory
1,407
—
1,407
—
- FY 2024
- —
Trade receivables
1,911
—
1,911
—
- FY 2024
- —
Trade payables
6,126
—
6,126
—
- FY 2024
- —
Goodwill
159
—
159
—
- FY 2024
- —
Tangible equity
48,669
—
48,669
—
- FY 2024
- —
CFO
-41,590
—
-41,590
—
- FY 2024
- —
CapEx
892
—
892
—
- FY 2024
- —
FCF
-42,482
—
-42,482
—
- FY 2024
- —
ROE
-78.14%
—
-78.14%
—
- FY 2024
- —
ROA
-46.4%
—
-46.4%
—
- FY 2024
- —
ROCE
-89.51%
—
-89.51%
—
- FY 2024
- —
Current ratio
0.29x
—
0.29x
—
- FY 2024
- —
Quick ratio
0.26x
—
0.26x
—
- FY 2024
- —
Cash ratio
0.15x
—
0.15x
—
- FY 2024
- —
Debt / equity
0.26x
—
0.26x
—
- FY 2024
- —
Debt / assets
0.11x
—
0.11x
—
- FY 2024
- —
Net debt / equity
0.13x
—
0.13x
—
- FY 2024
- —
Revenue growth (YoY)
-77.17%
—
-77.17%
—
- FY 2024
- —
Net income growth (YoY)
-888.54%
—
-888.54%
—
- FY 2024
- —
FCF growth (YoY)
-254.3%
—
-254.3%
—
- FY 2024
- —
Gross margin Δ (YoY)
-170.15 pp
—
-170.15 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
-367.8 pp
—
-367.8 pp
—
- FY 2024
- —
Net margin Δ (YoY)
-388.2 pp
—
-388.2 pp
—
- FY 2024
- —