FY 2025 report
Rekordowy rok: przychody 7,7 mln zł (×3,2 r/r) i zysk netto 3,0 mln zł po stracie 0,6 mln zł rok wcześniej — marża netto ok. 39%, napędzana sukcesem Cave Crave (ponad 130 tys. egzemplarzy w 10 miesięcy).
Sentiment
Positive
No guidance change
3RG
FY 2025 report
Revenue
7.67 m PLN
— YoY
Net income
3.01 m PLN
— YoY
EBITDA
3.25 m PLN
— YoY
Net debt / EBITDA
-0.72x
— YoY
Summary
Investment thesis
- Bilans bez zadłużenia odsetkowego, gotówka 2,3 mln zł i bieżąca płynność ok. 8x — spółka finansuje produkcję z własnych przepływów.
- Zarząd zamierza przeznaczyć cały zysk za 2025 r. na pierwszą w historii dywidendę — to ok. 3,0 mln zł wobec 2,3 mln zł gotówki, więc wypłata skonsumuje całą bieżącą nadwyżkę.
- Aktywa to w 71% wartość firmy (15,6 mln zł) i w 11% nakłady na gry (2,5 mln zł) — jakość bilansu zależy od realizacji prognoz zarządu, na co biegły zwraca uwagę w dwóch paragrafach objaśniających.
- Przychody są mocno skoncentrowane na kilku tytułach (Cave Crave, Thief Simulator VR) i jednej platformie (Meta); Besiege VR sprzedaje się poniżej oczekiwań, a kolejne premiery dopiero się przygotowują.
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Financials
BETA
3RG · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 7,668 | — | — | reported | — | 1.00 |
| EBITDA | 3,253 | — | — | reported | — | 0.90 |
| EBIT | 3,253 | — | — | reported | — | 1.00 |
| EBT | 3,206 | — | — | reported | — | 1.00 |
| Net income | 3,014 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.04 | — | — | reported | — | 1.00 |
| D&A | 0 | — | — | reported | — | 0.80 |
| Income tax | 192 | — | — | reported | — | 1.00 |
| EBITDA margin | 42.42% | — | — | derived | — | 0.70 |
| EBIT margin | 42.42% | — | — | derived | — | 0.70 |
| EBT margin | 41.81% | — | — | derived | — | 0.70 |
| Net margin | 39.31% | — | — | derived | — | 0.70 |
| Cash | 2,346 | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | reported | — | 1.00 |
| Net debt | -2,346 | — | — | reported | — | 0.90 |
| Equity | 21,042 | — | — | reported | — | 1.00 |
| Total assets | 21,980 | — | — | reported | — | 1.00 |
| Working capital | 5,390 | — | — | derived | — | 0.70 |
| Current assets | 6,163 | — | — | reported | — | 1.00 |
| Current liabilities | 773 | — | — | reported | — | 1.00 |
| Non-current liabilities | 165 | — | — | reported | — | 1.00 |
| Inventory | 2,517 | — | — | reported | — | 1.00 |
| Trade receivables | 1,189 | — | — | reported | — | 1.00 |
| Trade payables | 432 | — | — | reported | — | 1.00 |
| Goodwill | 15,602 | — | — | reported | — | 1.00 |
| Tangible equity | 5,440 | — | — | derived | — | 0.70 |
| CFO | 1,373 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 0.80 |
| FCF | 1,373 | — | — | derived | — | 0.70 |
| FCF conversion | 42.2% | — | — | derived | — | 0.70 |
| CFO conversion | 42.2% | — | — | derived | — | 0.70 |
| ROE | 15.44% | — | — | derived | — | 0.70 |
| ROA | 14.93% | — | — | derived | — | 0.70 |
| ROIC | 16.35% | — | — | derived | — | 0.70 |
| ROCE | 15.34% | — | — | derived | — | 0.70 |
| Current ratio | 7.97x | — | — | derived | — | 0.70 |
| Quick ratio | 4.72x | — | — | derived | — | 0.70 |
| Cash ratio | 3.03x | — | — | derived | — | 0.70 |
| Net debt / EBITDA | -0.72x | — | — | derived | — | 0.70 |
| Debt / equity | 0x | — | — | derived | — | 0.70 |
| Debt / assets | 0x | — | — | derived | — | 0.70 |
| Net debt / equity | -0.11x | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | 217.52% | — | — | derived | — | 0.70 |
| EBIT margin Δ (YoY) | 69.54 pp | — | — | derived | — | 0.70 |
| Net margin Δ (YoY) | 65.23 pp | — | — | derived | — | 0.70 |
FY 2025 · Δ YoY
Revenue
7,668
—
7,668
—
- FY 2024
- —
EBITDA
3,253
—
3,253
—
- FY 2024
- —
EBIT
3,253
—
3,253
—
- FY 2024
- —
EBT
3,206
—
3,206
—
- FY 2024
- —
Net income
3,014
—
3,014
—
- FY 2024
- —
EPS (basic)
(PLN)
0.04
—
0.04
—
- FY 2024
- —
D&A
0
—
0
—
- FY 2024
- —
Income tax
192
—
192
—
- FY 2024
- —
EBITDA margin
42.42%
—
42.42%
—
- FY 2024
- —
EBIT margin
42.42%
—
42.42%
—
- FY 2024
- —
EBT margin
41.81%
—
41.81%
—
- FY 2024
- —
Net margin
39.31%
—
39.31%
—
- FY 2024
- —
Cash
2,346
—
2,346
—
- FY 2024
- —
Total debt
0
—
0
—
- FY 2024
- —
Net debt
-2,346
—
-2,346
—
- FY 2024
- —
Equity
21,042
—
21,042
—
- FY 2024
- —
Total assets
21,980
—
21,980
—
- FY 2024
- —
Working capital
5,390
—
5,390
—
- FY 2024
- —
Current assets
6,163
—
6,163
—
- FY 2024
- —
Current liabilities
773
—
773
—
- FY 2024
- —
Non-current liabilities
165
—
165
—
- FY 2024
- —
Inventory
2,517
—
2,517
—
- FY 2024
- —
Trade receivables
1,189
—
1,189
—
- FY 2024
- —
Trade payables
432
—
432
—
- FY 2024
- —
Goodwill
15,602
—
15,602
—
- FY 2024
- —
Tangible equity
5,440
—
5,440
—
- FY 2024
- —
CFO
1,373
—
1,373
—
- FY 2024
- —
CapEx
0
—
0
—
- FY 2024
- —
FCF
1,373
—
1,373
—
- FY 2024
- —
FCF conversion
42.2%
—
42.2%
—
- FY 2024
- —
CFO conversion
42.2%
—
42.2%
—
- FY 2024
- —
ROE
15.44%
—
15.44%
—
- FY 2024
- —
ROA
14.93%
—
14.93%
—
- FY 2024
- —
ROIC
16.35%
—
16.35%
—
- FY 2024
- —
ROCE
15.34%
—
15.34%
—
- FY 2024
- —
Current ratio
7.97x
—
7.97x
—
- FY 2024
- —
Quick ratio
4.72x
—
4.72x
—
- FY 2024
- —
Cash ratio
3.03x
—
3.03x
—
- FY 2024
- —
Net debt / EBITDA
-0.72x
—
-0.72x
—
- FY 2024
- —
Debt / equity
0x
—
0x
—
- FY 2024
- —
Debt / assets
0x
—
0x
—
- FY 2024
- —
Net debt / equity
-0.11x
—
-0.11x
—
- FY 2024
- —
Revenue growth (YoY)
217.52%
—
217.52%
—
- FY 2024
- —
EBIT margin Δ (YoY)
69.54 pp
—
69.54 pp
—
- FY 2024
- —
Net margin Δ (YoY)
65.23 pp
—
65.23 pp
—
- FY 2024
- —