FY 2025 report
Spółka porzuca historyczny model (pożyczki dla JST, portfel spłacony w całości 30–31.03.2026) na rzecz kilku nowych, kapitałochłonnych biznesów: najmu wagonów, kruszyw, przyczep i naczep oraz obronności.
Sentiment
Cautious
No guidance change
MWT
FY 2025 report
Revenue
3.27 m PLN
— YoY
Net income
-6.42 m PLN
— YoY
EBITDA
-5.84 m PLN
— YoY
Gross margin
-188.3%
— YoY
Summary
Investment thesis
- Przychody Grupy wzrosły z 468 do 3 268 tys. zł, ale koszty działalności podstawowej (9 421 tys. zł) niemal trzykrotnie przekraczają przychody — strata operacyjna 6,6 mln zł.
- Bufor finansowy jest wciąż solidny (gotówka 5,4 mln zł, kapitał własny 17,6 mln zł, dług odsetkowy ok. 1,3 mln zł), lecz spalanie gotówki operacyjnej to ok. 5,1 mln zł rocznie.
- Wynik zależy od egzekucji w nowych segmentach: portfel zamówień MWST 7,8 mln zł netto (marzec 2026) i koncesje MSWiA dla MWR i MWST, na razie bez potwierdzonych kontraktów obronnych.
- Planowany aport 100% akcji MWR do VR Factory Games (Sigma Defence S.A.) zmieni strukturę grupy i wprowadza ryzyko oceny wyceny (MWR wyceniony na ok. 30 mln zł przy przychodach 786 tys. zł).
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Financials
BETA
MWT · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 3,268 | — | — | reported | — | 1.00 |
| Gross profit | -6,153 | — | — | reported | — | 1.00 |
| EBITDA | -5,841 | — | — | derived | — | 0.70 |
| EBIT | -6,623 | — | — | reported | — | 1.00 |
| EBT | -6,430 | — | — | reported | — | 1.00 |
| Net income | -6,418 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -2.51 | — | — | reported | — | 1.00 |
| D&A | 782 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 2.55 | — | — | reported | — | 1.00 |
| Gross margin | -188.3% | — | — | derived | — | 0.70 |
| EBITDA margin | -178.7% | — | — | derived | — | 0.70 |
| EBIT margin | -202.7% | — | — | derived | — | 0.70 |
| Net margin | -196.4% | — | — | derived | — | 0.70 |
| Cash | 5,359 | — | — | reported | — | 1.00 |
| Total debt | 1,283 | — | — | reported | — | 0.90 |
| Net debt | -4,076 | — | — | derived | — | 0.70 |
| Equity | 17,637 | — | — | reported | — | 1.00 |
| Total assets | 21,035 | — | — | reported | — | 1.00 |
| Working capital | 6,785 | — | — | derived | — | 0.70 |
| Current assets | 9,074 | — | — | reported | — | 1.00 |
| Current liabilities | 2,289 | — | — | reported | — | 1.00 |
| Non-current liabilities | 1,110 | — | — | reported | — | 1.00 |
| CFO | -5,139 | — | — | reported | — | 1.00 |
| Current ratio | 3.96x | — | — | derived | — | 0.70 |
| Debt / equity | 0.07x | — | — | derived | — | 0.70 |
| Debt / assets | 0.06x | — | — | derived | — | 0.70 |
| Net debt / equity | -0.23x | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | 598.3% | — | — | derived | — | 0.70 |
FY 2025 · Δ YoY
Revenue
3,268
—
3,268
—
- FY 2024
- —
Gross profit
-6,153
—
-6,153
—
- FY 2024
- —
EBITDA
-5,841
—
-5,841
—
- FY 2024
- —
EBIT
-6,623
—
-6,623
—
- FY 2024
- —
EBT
-6,430
—
-6,430
—
- FY 2024
- —
Net income
-6,418
—
-6,418
—
- FY 2024
- —
EPS (basic)
(PLN)
-2.51
—
-2.51
—
- FY 2024
- —
D&A
782
—
782
—
- FY 2024
- —
Shares (basic)
(m units)
2.55
—
2.55
—
- FY 2024
- —
Gross margin
-188.3%
—
-188.3%
—
- FY 2024
- —
EBITDA margin
-178.7%
—
-178.7%
—
- FY 2024
- —
EBIT margin
-202.7%
—
-202.7%
—
- FY 2024
- —
Net margin
-196.4%
—
-196.4%
—
- FY 2024
- —
Cash
5,359
—
5,359
—
- FY 2024
- —
Total debt
1,283
—
1,283
—
- FY 2024
- —
Net debt
-4,076
—
-4,076
—
- FY 2024
- —
Equity
17,637
—
17,637
—
- FY 2024
- —
Total assets
21,035
—
21,035
—
- FY 2024
- —
Working capital
6,785
—
6,785
—
- FY 2024
- —
Current assets
9,074
—
9,074
—
- FY 2024
- —
Current liabilities
2,289
—
2,289
—
- FY 2024
- —
Non-current liabilities
1,110
—
1,110
—
- FY 2024
- —
CFO
-5,139
—
-5,139
—
- FY 2024
- —
Current ratio
3.96x
—
3.96x
—
- FY 2024
- —
Debt / equity
0.07x
—
0.07x
—
- FY 2024
- —
Debt / assets
0.06x
—
0.06x
—
- FY 2024
- —
Net debt / equity
-0.23x
—
-0.23x
—
- FY 2024
- —
Revenue growth (YoY)
598.3%
—
598.3%
—
- FY 2024
- —