FY 2025 report
Pozorny wzrost 'sprzedaży produktów' (+383% r/r) to w rzeczywistości rozliczenie wcześniej aktywowanych nakładów po premierach — realny przychód operacyjny spadł o 13,3% r/r
Sentiment
Cautious
No guidance change
P2C
FY 2025 report
Revenue
2,419,278 PLN
— YoY
Net income
58,964 PLN
— YoY
FCF
541,254 PLN
— YoY
CFO
541,254 PLN
— YoY
Summary
Investment thesis
- Zysk netto spadł o 85,4% r/r (do 59 tys. zł) po tym, jak dwie premiery roku (Rally Mechanic Simulator, Aztecs The Last Sun EA) nie spełniły oczekiwań sprzedażowych zarządu
- Spółka jest niezadłużona finansowo, z komfortową pozycją gotówkową (793 tys. zł) względem skali działalności
- Wynagrodzenia zarządu (188 tys. zł) przekroczyły cały wypracowany zysk netto ponad 3-krotnie
- Po dniu bilansowym dotychczasowy główny akcjonariusz PlayWay S.A. (40,02% głosów) całkowicie wyszedł z akcjonariatu bez wyjaśnienia przyczyn w raporcie
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Financials
BETA
P2C · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 2,419,278 | — | — | reported | — | 1.00 |
| EBIT | 98,932 | — | — | reported | — | 1.00 |
| EBT | 68,684 | — | — | reported | — | 1.00 |
| Net income | 58,964 | — | — | reported | — | 1.00 |
| EPS (basic) | 0.02 | — | — | reported | — | 1.00 |
| D&A | 2,383 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 3.16 | — | — | reported | — | 1.00 |
| EBIT margin | 4.09% | — | — | derived | — | 0.90 |
| Net margin | 2.44% | — | — | derived | — | 0.90 |
| Cash | 792,848 | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | reported | — | 1.00 |
| Net debt | -792,848 | — | — | derived | — | 0.95 |
| Equity | 4,159,140 | — | — | reported | — | 1.00 |
| Total assets | 4,406,736 | — | — | reported | — | 1.00 |
| Working capital | 4,151,046 | — | — | derived | — | 0.90 |
| Current assets | 4,360,719 | — | — | reported | — | 0.95 |
| Current liabilities | 209,673 | — | — | reported | — | 1.00 |
| CFO | 541,254 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 0.90 |
| FCF | 541,254 | — | — | derived | — | 0.90 |
| FCF conversion | 917.86% | — | — | derived | — | 0.60 |
| Current ratio | 20.8x | — | — | derived | — | 0.85 |
| Cash ratio | 3.78x | — | — | derived | — | 0.85 |
| Revenue growth (YoY) | -13.34% | — | — | derived | — | 0.90 |
| EBIT growth (YoY) | -77.22% | — | — | derived | — | 0.90 |
| Net income growth (YoY) | -85.41% | — | — | derived | — | 0.90 |
| EPS growth (YoY) | -84.62% | — | — | derived | — | 0.85 |
FY 2025 · Δ YoY
Revenue
2,419,278
—
2,419,278
—
- FY 2024
- —
EBIT
98,932
—
98,932
—
- FY 2024
- —
EBT
68,684
—
68,684
—
- FY 2024
- —
Net income
58,964
—
58,964
—
- FY 2024
- —
EPS (basic)
0.02
—
0.02
—
- FY 2024
- —
D&A
2,383
—
2,383
—
- FY 2024
- —
Shares (basic)
(m units)
3.16
—
3.16
—
- FY 2024
- —
EBIT margin
4.09%
—
4.09%
—
- FY 2024
- —
Net margin
2.44%
—
2.44%
—
- FY 2024
- —
Cash
792,848
—
792,848
—
- FY 2024
- —
Total debt
0
—
0
—
- FY 2024
- —
Net debt
-792,848
—
-792,848
—
- FY 2024
- —
Equity
4,159,140
—
4,159,140
—
- FY 2024
- —
Total assets
4,406,736
—
4,406,736
—
- FY 2024
- —
Working capital
4,151,046
—
4,151,046
—
- FY 2024
- —
Current assets
4,360,719
—
4,360,719
—
- FY 2024
- —
Current liabilities
209,673
—
209,673
—
- FY 2024
- —
CFO
541,254
—
541,254
—
- FY 2024
- —
CapEx
0
—
0
—
- FY 2024
- —
FCF
541,254
—
541,254
—
- FY 2024
- —
FCF conversion
917.86%
—
917.86%
—
- FY 2024
- —
Current ratio
20.8x
—
20.8x
—
- FY 2024
- —
Cash ratio
3.78x
—
3.78x
—
- FY 2024
- —
Revenue growth (YoY)
-13.34%
—
-13.34%
—
- FY 2024
- —
EBIT growth (YoY)
-77.22%
—
-77.22%
—
- FY 2024
- —
Net income growth (YoY)
-85.41%
—
-85.41%
—
- FY 2024
- —
EPS growth (YoY)
-84.62%
—
-84.62%
—
- FY 2024
- —