FY 2025 report
Spolka VR/medtech (symulatory medyczne TutorDerm, Wirtualna Strzykawka) z pierwszym istotnym przychodem operacyjnym w 2025 r. (3,17 mln zl, +1041% r/r) z uslug badawczo-rozwojowych
Sentiment
Cautious
No guidance change
INM
FY 2025 report
Revenue
0.28 m PLN
— YoY
Net income
-4.41 m PLN
— YoY
EBITDA
-1.62 m PLN
— YoY
Net debt / EBITDA
14.16x
— YoY
Summary
Investment thesis
- Bieglu rewident wprost flaguje istotna niepewnosc co do kontynuacji dzialalnosci - kolejny rok straty, naruszenie art. 397 KSH wymagajace uchwaly WZA
- Struktura finansowania niemal w calosci dlugiem (98% kapitalow obcych), w tym 21,6 mln zl pozyczek od podmiotu z ktorym spolke laczy krzyzowy akcjonariat (SoftBlue S.A.)
- Pokrycie odsetek EBIT/interest = 0,51x - wynik operacyjny nie pokrywa nawet polowy kosztow finansowych
- Inwestycje w Softblue (Mobility + S.A.) wycenione po odpisach 21,5 mln zl - 23,1% sumy bilansowej, kluczowa sprawa badania
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Financials
BETA
INM · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 0.28 | — | — | reported | — | 1.00 |
| EBITDA | -1.62 | — | — | reported | — | 0.90 |
| EBIT | -2.47 | — | — | reported | — | 1.00 |
| EBT | -0.75 | — | — | reported | — | 1.00 |
| Net income | -4.41 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0 | — | — | reported | — | 1.00 |
| D&A | 0.85 | — | — | reported | — | 1.00 |
| Interest expense | 1.6 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 202.79 | — | — | reported | — | 1.00 |
| EBITDA margin | -583.68% | — | — | reported | — | 0.60 |
| EBIT margin | -889.42% | — | — | reported | — | 0.60 |
| Net margin | -1586.24% | — | — | reported | — | 0.60 |
| Cash | 0 | — | — | reported | — | 1.00 |
| Total debt | 24.26 | — | — | reported | — | 0.95 |
| Net debt | 21.48 | — | — | reported | — | 0.75 |
| Equity | 1.52 | — | — | reported | — | 1.00 |
| Total assets | 37.89 | — | — | reported | — | 1.00 |
| Working capital | 2.4 | — | — | reported | — | 0.90 |
| Current assets | 2.77 | — | — | reported | — | 1.00 |
| Current liabilities | 0.38 | — | — | reported | — | 1.00 |
| Goodwill | 0.06 | — | — | reported | — | 0.90 |
| Tangible equity | 0.72 | — | — | reported | — | 0.85 |
| CFO | 0.83 | — | — | reported | — | 1.00 |
| CapEx | 0.14 | — | — | reported | — | 1.00 |
| FCF | 0.7 | — | — | reported | — | 0.90 |
| FCF conversion | -63.29% | — | — | reported | — | 0.60 |
| CFO conversion | -29.19% | — | — | reported | — | 0.60 |
| ROE | -65.16% | — | — | reported | — | 0.75 |
| ROA | -1.94% | — | — | reported | — | 0.80 |
| ROIC | 3.28% | — | — | reported | — | 0.60 |
| ROCE | 2.09% | — | — | reported | — | 0.85 |
| Current ratio | 7.47x | — | — | reported | — | 0.90 |
| Quick ratio | 7.46x | — | — | reported | — | 0.85 |
| Cash ratio | 0.28x | — | — | reported | — | 0.90 |
| Interest coverage | 0.51x | — | — | reported | — | 0.90 |
| Net debt / EBITDA | 14.16x | — | — | reported | — | 0.70 |
| Debt / equity | 31.29x | — | — | reported | — | 0.85 |
| Debt / assets | 0.61x | — | — | reported | — | 0.90 |
| Net debt / equity | 31.16x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | 1041.51% | — | — | reported | — | 0.90 |
| EBIT growth (YoY) | 133.11% | — | — | reported | — | 0.70 |
| Net income growth (YoY) | 82.99% | — | — | reported | — | 0.85 |
FY 2025 · Δ YoY
Revenue
0.28
—
0.28
—
- FY 2024
- —
EBITDA
-1.62
—
-1.62
—
- FY 2024
- —
EBIT
-2.47
—
-2.47
—
- FY 2024
- —
EBT
-0.75
—
-0.75
—
- FY 2024
- —
Net income
-4.41
—
-4.41
—
- FY 2024
- —
EPS (basic)
(PLN)
0
—
0
—
- FY 2024
- —
D&A
0.85
—
0.85
—
- FY 2024
- —
Interest expense
1.6
—
1.6
—
- FY 2024
- —
Shares (basic)
(m units)
202.79
—
202.79
—
- FY 2024
- —
EBITDA margin
-583.68%
—
-583.68%
—
- FY 2024
- —
EBIT margin
-889.42%
—
-889.42%
—
- FY 2024
- —
Net margin
-1586.24%
—
-1586.24%
—
- FY 2024
- —
Cash
0
—
0
—
- FY 2024
- —
Total debt
24.26
—
24.26
—
- FY 2024
- —
Net debt
21.48
—
21.48
—
- FY 2024
- —
Equity
1.52
—
1.52
—
- FY 2024
- —
Total assets
37.89
—
37.89
—
- FY 2024
- —
Working capital
2.4
—
2.4
—
- FY 2024
- —
Current assets
2.77
—
2.77
—
- FY 2024
- —
Current liabilities
0.38
—
0.38
—
- FY 2024
- —
Goodwill
0.06
—
0.06
—
- FY 2024
- —
Tangible equity
0.72
—
0.72
—
- FY 2024
- —
CFO
0.83
—
0.83
—
- FY 2024
- —
CapEx
0.14
—
0.14
—
- FY 2024
- —
FCF
0.7
—
0.7
—
- FY 2024
- —
FCF conversion
-63.29%
—
-63.29%
—
- FY 2024
- —
CFO conversion
-29.19%
—
-29.19%
—
- FY 2024
- —
ROE
-65.16%
—
-65.16%
—
- FY 2024
- —
ROA
-1.94%
—
-1.94%
—
- FY 2024
- —
ROIC
3.28%
—
3.28%
—
- FY 2024
- —
ROCE
2.09%
—
2.09%
—
- FY 2024
- —
Current ratio
7.47x
—
7.47x
—
- FY 2024
- —
Quick ratio
7.46x
—
7.46x
—
- FY 2024
- —
Cash ratio
0.28x
—
0.28x
—
- FY 2024
- —
Interest coverage
0.51x
—
0.51x
—
- FY 2024
- —
Net debt / EBITDA
14.16x
—
14.16x
—
- FY 2024
- —
Debt / equity
31.29x
—
31.29x
—
- FY 2024
- —
Debt / assets
0.61x
—
0.61x
—
- FY 2024
- —
Net debt / equity
31.16x
—
31.16x
—
- FY 2024
- —
Revenue growth (YoY)
1041.51%
—
1041.51%
—
- FY 2024
- —
EBIT growth (YoY)
133.11%
—
133.11%
—
- FY 2024
- —
Net income growth (YoY)
82.99%
—
82.99%
—
- FY 2024
- —