FY 2025 report
Moonlit odnotował pierwszy w swojej historii dodatni wynik netto (45,4 tys. zł) i EBIT (50,4 tys. zł) dzięki nowej strategii opartej na usługach LLM/AI dla Notoria SA oraz komercjalizacji technologii z programów GameINN.
Sentiment
Cautious
No guidance change
MLT
FY 2025 report
Revenue
654,800 PLN
— YoY
Net income
45,426 PLN
— YoY
FCF
-10,764 PLN
— YoY
CFO
73,236 PLN
— YoY
Summary
Investment thesis
- Przychody wzrosły o ponad 350% r/r (144,5 do 654,8 tys. zł), ale baza jest ekstremalnie mała, a część wzrostu napędzana jednorazowymi lub początkowymi płatnościami licencyjnymi.
- Kapitały własne pozostają ujemne (-11,8 tys. zł), a biegły rewident zwrócił uwagę na niepewność kontynuacji działalności zgodnie z art. 397 KSH — opinia jest bez zastrzeżeń, ale zawiera istotny paragraf objaśniający.
- Największym ryzykiem korporacyjnym jest silna koncentracja przychodów u jednego kontrahenta, Notoria SA, będącego jednocześnie stroną porozumienia akcjonariuszy z prezesem zarządu.
- Spółka finansuje bieżącą płynność częściowo pożyczką od własnego prezesa i planuje kolejną emisję akcji z kapitału docelowego — struktura kapitałowa pozostaje krucha mimo poprawy r/r.
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
MLT · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 654,800 | — | — | reported | — | 1.00 |
| EBIT | 50,389 | — | — | reported | — | 1.00 |
| EBT | 45,426 | — | — | reported | — | 1.00 |
| Net income | 45,426 | — | — | reported | — | 1.00 |
| Interest expense | 7,680 | — | — | reported | — | 1.00 |
| EBIT margin | 7.7% | — | — | reported | — | 0.95 |
| EBT margin | 6.94% | — | — | reported | — | 0.90 |
| Net margin | 6.94% | — | — | reported | — | 0.95 |
| Cash | 48,464 | — | — | reported | — | 1.00 |
| Total debt | 359,725 | — | — | reported | — | 0.90 |
| Net debt | 311,260 | — | — | reported | — | 0.90 |
| Equity | -11,780 | — | — | reported | — | 1.00 |
| Total assets | 542,812 | — | — | reported | — | 1.00 |
| Working capital | -84,306 | — | — | reported | — | 0.90 |
| Current assets | 436,463 | — | — | reported | — | 1.00 |
| Current liabilities | 520,770 | — | — | reported | — | 1.00 |
| Goodwill | 84,000 | — | — | reported | — | 0.85 |
| Tangible equity | -95,780 | — | — | reported | — | 0.80 |
| CFO | 73,236 | — | — | reported | — | 0.80 |
| CapEx | 84,000 | — | — | reported | — | 1.00 |
| FCF | -10,764 | — | — | reported | — | 0.75 |
| ROA | 9.55% | — | — | reported | — | 0.70 |
| ROIC | 16.83% | — | — | reported | — | 0.50 |
| ROCE | 228.6% | — | — | reported | — | 0.35 |
| Current ratio | 0.84x | — | — | reported | — | 0.90 |
| Quick ratio | 0.5x | — | — | reported | — | 0.90 |
| Cash ratio | 0.09x | — | — | reported | — | 0.90 |
| Interest coverage | 6.56x | — | — | reported | — | 0.90 |
| Debt / equity | -30.54x | — | — | reported | — | 0.40 |
| Debt / assets | 0.66x | — | — | reported | — | 0.85 |
| Net debt / equity | -26.42x | — | — | reported | — | 0.40 |
| Revenue growth (YoY) | 353.13% | — | — | reported | — | 0.95 |
| EBIT growth (YoY) | 123.49% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | 118.19% | — | — | reported | — | 0.90 |
| FCF growth (YoY) | 96.4% | — | — | reported | — | 0.65 |
| EBIT margin Δ (YoY) | 156.21 pp | — | — | reported | — | 0.85 |
| Net margin Δ (YoY) | 179.79 pp | — | — | reported | — | 0.85 |
FY 2025 · Δ YoY
Revenue
654,800
—
654,800
—
- FY 2024
- —
EBIT
50,389
—
50,389
—
- FY 2024
- —
EBT
45,426
—
45,426
—
- FY 2024
- —
Net income
45,426
—
45,426
—
- FY 2024
- —
Interest expense
7,680
—
7,680
—
- FY 2024
- —
EBIT margin
7.7%
—
7.7%
—
- FY 2024
- —
EBT margin
6.94%
—
6.94%
—
- FY 2024
- —
Net margin
6.94%
—
6.94%
—
- FY 2024
- —
Cash
48,464
—
48,464
—
- FY 2024
- —
Total debt
359,725
—
359,725
—
- FY 2024
- —
Net debt
311,260
—
311,260
—
- FY 2024
- —
Equity
-11,780
—
-11,780
—
- FY 2024
- —
Total assets
542,812
—
542,812
—
- FY 2024
- —
Working capital
-84,306
—
-84,306
—
- FY 2024
- —
Current assets
436,463
—
436,463
—
- FY 2024
- —
Current liabilities
520,770
—
520,770
—
- FY 2024
- —
Goodwill
84,000
—
84,000
—
- FY 2024
- —
Tangible equity
-95,780
—
-95,780
—
- FY 2024
- —
CFO
73,236
—
73,236
—
- FY 2024
- —
CapEx
84,000
—
84,000
—
- FY 2024
- —
FCF
-10,764
—
-10,764
—
- FY 2024
- —
ROA
9.55%
—
9.55%
—
- FY 2024
- —
ROIC
16.83%
—
16.83%
—
- FY 2024
- —
ROCE
228.6%
—
228.6%
—
- FY 2024
- —
Current ratio
0.84x
—
0.84x
—
- FY 2024
- —
Quick ratio
0.5x
—
0.5x
—
- FY 2024
- —
Cash ratio
0.09x
—
0.09x
—
- FY 2024
- —
Interest coverage
6.56x
—
6.56x
—
- FY 2024
- —
Debt / equity
-30.54x
—
-30.54x
—
- FY 2024
- —
Debt / assets
0.66x
—
0.66x
—
- FY 2024
- —
Net debt / equity
-26.42x
—
-26.42x
—
- FY 2024
- —
Revenue growth (YoY)
353.13%
—
353.13%
—
- FY 2024
- —
EBIT growth (YoY)
123.49%
—
123.49%
—
- FY 2024
- —
Net income growth (YoY)
118.19%
—
118.19%
—
- FY 2024
- —
FCF growth (YoY)
96.4%
—
96.4%
—
- FY 2024
- —
EBIT margin Δ (YoY)
156.21 pp
—
156.21 pp
—
- FY 2024
- —
Net margin Δ (YoY)
179.79 pp
—
179.79 pp
—
- FY 2024
- —