PLT PLOT TWIST NewConnect · Annual · publ. May 27, 2026

FY 2025 report

Plot Twist to niezależny deweloper gier na NewConnect w fazie inwestycyjnej — dwa flagowe projekty (Projekt A z Thunderful, EROSION z Lyrical Games) są w pełni finansowane przez wydawców w systemie kamieni milowych.

Sentiment

Positive No guidance change

Website

PLT FY 2025 report

Revenue

384,465 PLN

— YoY

Net income

-1,409,483 PLN

— YoY

EBITDA

-1,591,130 PLN

— YoY

Net debt / EBITDA

0.69x

— YoY

Summary

Investment thesis

Przychody z istniejącego portfela (Drift Zone, Tacticool Champs, The Last Case of Benedict Fox) są śladowe (385 tys. PLN, -13,7% r/r) i nie odzwierciedlają docelowej wartości spółki — kluczowa jest premiera EROSION i Projektu A w 2026 r.
Bilans napompowały 8,7 mln PLN produkcji w toku (75% aktywów) oraz 5,1 mln PLN zaliczek od wydawców — to niesprzedane jeszcze gry i zobowiązanie do ich dostarczenia, nie gotówka do swobodnej dyspozycji.
Płynność bieżąca (1,81x) i pozycja gotówkowa netto (spółka ma więcej gotówki niż długu finansowego) są na razie bezpieczne dzięki zaliczkom wydawniczym, ale poza nimi spółka nadal spala gotówkę operacyjnie.
Czysta opinia biegłego rewidenta bez zastrzeżeń i brak niepewności co do kontynuacji działalności — ale dwie kluczowe sprawy badania (wycena produkcji w toku i rozpoznawanie przychodów) pokazują, gdzie leży ryzyko osądu księgowego.

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Financials

BETA

FY 2025

PLT · FY 2025

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

Revenue	384,465	—	—	reported	—	1.00
EBITDA	-1,591,130	—	—	reported	—	0.90
EBIT	-1,591,569	—	—	reported	—	1.00
EBT	-1,717,817	—	—	reported	—	1.00
Net income	-1,409,483	—	—	reported	—	1.00
EPS (basic)	-0.1	—	—	reported	—	1.00
D&A	440	—	—	reported	—	1.00
Interest expense	12,137	—	—	reported	—	1.00
Shares (basic) (units)	14,046,490	—	—	reported	—	1.00

EBITDA margin	-413.85%	—	—	reported	—	0.90
EBIT margin	-413.96%	—	—	reported	—	0.90
EBT margin	-446.8%	—	—	reported	—	0.90
Net margin	-366.6%	—	—	reported	—	0.90
D&A margin	0.11%	—	—	reported	—	0.90

Cash	1,305,773	—	—	reported	—	1.00
Total debt	212,137	—	—	reported	—	1.00
Net debt	-1,093,636	—	—	reported	—	0.90
Equity	4,853,798	—	—	reported	—	1.00
Total assets	11,610,782	—	—	reported	—	1.00
Working capital	4,595,720	—	—	reported	—	0.90
Current assets	10,295,389	—	—	reported	—	1.00
Current liabilities	5,699,669	—	—	reported	—	1.00
Goodwill	0	—	—	reported	—	1.00
Tangible equity	4,853,798	—	—	reported	—	0.90

CFO	3,880	—	—	reported	—	1.00
CapEx	29,094	—	—	reported	—	1.00
FCF	-25,214	—	—	reported	—	0.90
FCF conversion	1.59%	—	—	reported	—	0.30
CFO conversion	-0.24%	—	—	reported	—	0.30

ROE	-25.37%	—	—	reported	—	0.60
ROA	-15.02%	—	—	reported	—	0.60
ROIC	-34.73%	—	—	reported	—	0.40
ROCE	-26.93%	—	—	reported	—	0.60

Current ratio	1.81x	—	—	reported	—	0.90
Quick ratio	0.28x	—	—	reported	—	0.90
Cash ratio	0.23x	—	—	reported	—	0.90
Interest coverage	-131.13x	—	—	reported	—	0.30

Net debt / EBITDA	0.69x	—	—	reported	—	0.30
Debt / equity	0.04x	—	—	reported	—	0.90
Debt / assets	0.02x	—	—	reported	—	0.90
Net debt / equity	-0.23x	—	—	reported	—	0.90

Revenue growth (YoY)	-13.65%	—	—	reported	—	0.95
EBITDA growth (YoY)	-29.13%	—	—	reported	—	0.80
EBIT growth (YoY)	-29.17%	—	—	reported	—	0.95
Net income growth (YoY)	-9.39%	—	—	reported	—	0.95
EPS growth (YoY)	-11.11%	—	—	reported	—	0.90
FCF growth (YoY)	99.32%	—	—	reported	—	0.80
EBITDA margin Δ (YoY)	-137.09 pp	—	—	reported	—	0.80
EBIT margin Δ (YoY)	-137.2 pp	—	—	reported	—	0.80
Net margin Δ (YoY)	-77.22 pp	—	—	reported	—	0.80

FY 2025 · Δ YoY

Revenue

384,465 —

FY 2024: —

EBITDA

-1,591,130 —

FY 2024: —

EBIT

-1,591,569 —

FY 2024: —

EBT

-1,717,817 —

FY 2024: —

Net income

-1,409,483 —

FY 2024: —

EPS (basic)

-0.1 —

FY 2024: —

D&A

440 —

FY 2024: —

Interest expense

12,137 —

FY 2024: —

Shares (basic) (units)

14,046,490 —

FY 2024: —

EBITDA margin

-413.85% —

FY 2024: —

EBIT margin

-413.96% —

FY 2024: —

EBT margin

-446.8% —

FY 2024: —

Net margin

-366.6% —

FY 2024: —

D&A margin

0.11% —

FY 2024: —

Cash

1,305,773 —

FY 2024: —

Total debt

212,137 —

FY 2024: —

Net debt

-1,093,636 —

FY 2024: —

Equity

4,853,798 —

FY 2024: —

Total assets

11,610,782 —

FY 2024: —

Working capital

4,595,720 —

FY 2024: —

Current assets

10,295,389 —

FY 2024: —

Current liabilities

5,699,669 —

FY 2024: —

Goodwill

0 —

FY 2024: —

Tangible equity

4,853,798 —

FY 2024: —

CFO

3,880 —

FY 2024: —

CapEx

29,094 —

FY 2024: —

FCF

-25,214 —

FY 2024: —

FCF conversion

1.59% —

FY 2024: —

CFO conversion

-0.24% —

FY 2024: —

ROE

-25.37% —

FY 2024: —

ROA

-15.02% —

FY 2024: —

ROIC

-34.73% —

FY 2024: —

ROCE

-26.93% —

FY 2024: —

Current ratio

1.81x —

FY 2024: —

Quick ratio

0.28x —

FY 2024: —

Cash ratio

0.23x —

FY 2024: —

Interest coverage

-131.13x —

FY 2024: —

Net debt / EBITDA

0.69x —

FY 2024: —

Debt / equity

0.04x —

FY 2024: —

Debt / assets

0.02x —

FY 2024: —

Net debt / equity

-0.23x —

FY 2024: —

Revenue growth (YoY)

-13.65% —

FY 2024: —

EBITDA growth (YoY)

-29.13% —

FY 2024: —

EBIT growth (YoY)

-29.17% —

FY 2024: —

Net income growth (YoY)

-9.39% —

FY 2024: —

EPS growth (YoY)

-11.11% —

FY 2024: —

FCF growth (YoY)

99.32% —

FY 2024: —

EBITDA margin Δ (YoY)

-137.09 pp —

FY 2024: —

EBIT margin Δ (YoY)

-137.2 pp —

FY 2024: —

Net margin Δ (YoY)

-77.22 pp —

FY 2024: —