SDS SDS OPTIC NewConnect · Annual · publ. June 02, 2026

FY 2025 report

Technologia inPROBE (biosensor fotoniczy) ma unikalna pozycje rynkowa — brak bezposrednich komercyjnych odpowiednikow do srodoperacyjnej diagnostyki molekularnej in vivo

Sentiment

Cautious No guidance change

Website

SDS FY 2025 report

Revenue

3.65 m PLN

— YoY

Net income

-2.79 m PLN

— YoY

EBITDA

-1.26 m PLN

— YoY

FCF

-7.44 m PLN

— YoY

Summary

Investment thesis

Pivot strategiczny na model platformy (B2B + licencjonowanie + robotyczna biopsja z MedApp/Accrea) redukuje ryzyko single-project i otwiera krotkoterminowe strumienie przychodow
Post-balance milestones potwierdzaja postep: ISO 13485 rozszerzony (kwiecien 2026), strategie regulacyjne US+EU (Star Global), NCBR wygrana +550K PLN (maj 2026)
Spolka pozostaje calkowicie pre-komercyjna (przychody 753K PLN vs koszty 7,9M PLN) — bez przelomu komercyjnego wycena oparta wylacznie na wartosci opcji technologicznej
Krytyczne ryzyko plynnosciowe i refinansowania EBI (13,8M PLN wymagalne ~2028) — przezycie uzaleznione od zewnetrznego finansowania, co zagraza akcjonariuszom przez dilucje

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

FY 2025

SDS · FY 2025

Metric	FY 2025	FY 2024	Δ YoY	Value type	Segment	Conf.

Revenue	3.65	—	—	reported	—	1.00
EBITDA	-1.26	—	—	derived	—	0.95
EBIT	-2.03	—	—	reported	—	1.00
EBT	-2.83	—	—	reported	—	1.00
Net income	-2.79	—	—	reported	—	1.00
EPS (basic) (PLN)	-0.44	—	—	derived	—	0.85
D&A	0.78	—	—	reported	—	1.00
Interest expense	0.91	—	—	reported	—	0.90
Shares (basic) (m units)	6.3	—	—	reported	—	1.00

EBITDA margin	-34.4%	—	—	derived	—	0.90
EBIT margin	-55.6%	—	—	derived	—	0.95
Net margin	-76.3%	—	—	derived	—	0.95

Cash	1.08	—	—	reported	—	1.00
Total debt	13.82	—	—	reported	—	1.00
Net debt	12.74	—	—	derived	—	1.00
Equity	1.57	—	—	reported	—	1.00
Total assets	16.67	—	—	reported	—	1.00
Working capital	1.7	—	—	derived	—	0.90
Current assets	2.38	—	—	reported	—	1.00
Current liabilities	0.67	—	—	reported	—	0.85

CFO	-7.08	—	—	reported	—	1.00
CapEx	0.35	—	—	reported	—	1.00
FCF	-7.44	—	—	derived	—	1.00

ROE	-110.7%	—	—	derived	—	0.80
ROA	-16.3%	—	—	derived	—	0.80
ROIC	-14.2%	—	—	derived	—	0.85
ROCE	-13%	—	—	derived	—	0.85

Current ratio	3.53x	—	—	derived	—	0.90
Quick ratio	3.51x	—	—	derived	—	0.90
Cash ratio	1.6x	—	—	derived	—	0.90
Interest coverage	-2.24x	—	—	derived	—	0.90

Debt / equity	8.81x	—	—	derived	—	1.00
Debt / assets	0.83x	—	—	derived	—	1.00
Net debt / equity	8.13x	—	—	derived	—	1.00

Revenue growth (YoY)	-31.8%	—	—	derived	—	0.95
EBIT growth (YoY)	50.1%	—	—	derived	—	0.90
Net income growth (YoY)	44.8%	—	—	derived	—	0.95
EPS growth (YoY)	48.1%	—	—	derived	—	0.80
EBIT margin Δ (YoY)	20.4 pp	—	—	derived	—	0.85
Net margin Δ (YoY)	18 pp	—	—	derived	—	0.85

FY 2025 · Δ YoY

Revenue

3.65 —

FY 2024: —

EBITDA

-1.26 —

FY 2024: —

EBIT

-2.03 —

FY 2024: —

EBT

-2.83 —

FY 2024: —

Net income

-2.79 —

FY 2024: —

EPS (basic) (PLN)

-0.44 —

FY 2024: —

D&A

0.78 —

FY 2024: —

Interest expense

0.91 —

FY 2024: —

Shares (basic) (m units)

6.3 —

FY 2024: —

EBITDA margin

-34.4% —

FY 2024: —

EBIT margin

-55.6% —

FY 2024: —

Net margin

-76.3% —

FY 2024: —

Cash

1.08 —

FY 2024: —

Total debt

13.82 —

FY 2024: —

Net debt

12.74 —

FY 2024: —

Equity

1.57 —

FY 2024: —

Total assets

16.67 —

FY 2024: —

Working capital

1.7 —

FY 2024: —

Current assets

2.38 —

FY 2024: —

Current liabilities

0.67 —

FY 2024: —

CFO

-7.08 —

FY 2024: —

CapEx

0.35 —

FY 2024: —

FCF

-7.44 —

FY 2024: —

ROE

-110.7% —

FY 2024: —

ROA

-16.3% —

FY 2024: —

ROIC

-14.2% —

FY 2024: —

ROCE

-13% —

FY 2024: —

Current ratio

3.53x —

FY 2024: —

Quick ratio

3.51x —

FY 2024: —

Cash ratio

1.6x —

FY 2024: —

Interest coverage

-2.24x —

FY 2024: —

Debt / equity

8.81x —

FY 2024: —

Debt / assets

0.83x —

FY 2024: —

Net debt / equity

8.13x —

FY 2024: —

Revenue growth (YoY)

-31.8% —

FY 2024: —

EBIT growth (YoY)

50.1% —

FY 2024: —

Net income growth (YoY)

44.8% —

FY 2024: —

EPS growth (YoY)

48.1% —

FY 2024: —

EBIT margin Δ (YoY)

20.4 pp —

FY 2024: —

Net margin Δ (YoY)

18 pp —

FY 2024: —