BKD BAKED GAMES NewConnect · Annual · publ. May 27, 2026

FY 2025 report

Mały producent/wydawca gier indie (Katowice, NewConnect) z portfolio kilku tytułów PC/konsole, w tym flagowej, wciąż nieukończonej gry Alaska Gold Fever.

Sentiment

Positive No guidance change

Website

BKD FY 2025 report

Revenue

1.41 m PLN

— YoY

Net income

-1 m PLN

— YoY

EBITDA

-0.8 m PLN

— YoY

FCF

-0.95 m PLN

— YoY

Summary

Investment thesis

2025 r. przyniósł spadek przychodów o 43,3% r/r i pogłębienie straty netto niemal dziesięciokrotnie, do -998,9 tys. zł.
Operacyjne spalanie gotówki przyspieszyło do -953,6 tys. zł rocznie, a stan środków pieniężnych spadł do 746,4 tys. zł — runway poniżej 12 miesięcy przy obecnym tempie, bez nowego finansowania.
Zero zadłużenia odsetkowego, ale 65,4% aktywów to skapitalizowane koszty produkcji gier w toku, których wartość zależy od przyszłej, niepewnej sprzedaży.
Zmiana akcjonariatu: wyjście PlayWay S.A. (wrzesień 2025) i wejście branżowego inwestora Phenomen Games Fund (luty 2026, rozmowy o finansowaniu nowego tytułu od kwietnia 2026).

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Financials

BETA

FY 2025

BKD · FY 2025

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

Revenue	1.41	—	—	reported	—	1.00
EBITDA	-0.8	—	—	derived	—	0.85
EBIT	-0.8	—	—	reported	—	0.90
EBT	-0.96	—	—	reported	—	1.00
Net income	-1	—	—	reported	—	1.00
EPS (basic) (PLN)	-0.4	—	—	derived	—	0.90
D&A	0	—	—	reported	—	1.00
Interest expense	0	—	—	reported	—	0.90
Shares (basic) (m units)	2.49	—	—	reported	—	1.00

EBITDA margin	-56.91%	—	—	reported	—	0.85
EBIT margin	-56.91%	—	—	reported	—	0.90
EBT margin	-68.32%	—	—	reported	—	0.90
Net margin	-70.84%	—	—	reported	—	0.95

Cash	0.75	—	—	reported	—	1.00
Total debt	0	—	—	reported	—	0.95
Net debt	-0.75	—	—	derived	—	0.90
Equity	2.34	—	—	reported	—	1.00
Total assets	2.72	—	—	reported	—	1.00
Working capital	2.66	—	—	derived	—	0.90
Current assets	2.7	—	—	reported	—	1.00
Current liabilities	0.03	—	—	reported	—	1.00

CFO	-0.95	—	—	reported	—	1.00
CapEx	0	—	—	reported	—	0.95
FCF	-0.95	—	—	derived	—	0.90
Dividends paid	0	—	—	reported	—	0.95

ROE	-35.17%	—	—	reported	—	0.85
ROA	-30.8%	—	—	reported	—	0.85

Current ratio	79.02x	—	—	reported	—	0.80
Quick ratio	26.9x	—	—	reported	—	0.75
Cash ratio	21.87x	—	—	reported	—	0.80

Debt / equity	0x	—	—	reported	—	0.90
Net debt / equity	-0.32x	—	—	reported	—	0.85

Revenue growth (YoY)	-43.34%	—	—	reported	—	0.95
EBITDA growth (YoY)	-1524.35%	—	—	reported	—	0.60
EBIT growth (YoY)	-1524.35%	—	—	reported	—	0.60
Net income growth (YoY)	-885.29%	—	—	reported	—	0.85
EPS growth (YoY)	-885.29%	—	—	reported	—	0.80
FCF growth (YoY)	-58.71%	—	—	reported	—	0.85
EBITDA margin Δ (YoY)	-54.92 pp	—	—	reported	—	0.80
EBIT margin Δ (YoY)	-54.92 pp	—	—	reported	—	0.85
Net margin Δ (YoY)	-66.77 pp	—	—	reported	—	0.85

FY 2025 · Δ YoY

Revenue

1.41 —

FY 2024: —

EBITDA

-0.8 —

FY 2024: —

EBIT

-0.8 —

FY 2024: —

EBT

-0.96 —

FY 2024: —

Net income

-1 —

FY 2024: —

EPS (basic) (PLN)

-0.4 —

FY 2024: —

D&A

0 —

FY 2024: —

Interest expense

0 —

FY 2024: —

Shares (basic) (m units)

2.49 —

FY 2024: —

EBITDA margin

-56.91% —

FY 2024: —

EBIT margin

-56.91% —

FY 2024: —

EBT margin

-68.32% —

FY 2024: —

Net margin

-70.84% —

FY 2024: —

Cash

0.75 —

FY 2024: —

Total debt

0 —

FY 2024: —

Net debt

-0.75 —

FY 2024: —

Equity

2.34 —

FY 2024: —

Total assets

2.72 —

FY 2024: —

Working capital

2.66 —

FY 2024: —

Current assets

2.7 —

FY 2024: —

Current liabilities

0.03 —

FY 2024: —

CFO

-0.95 —

FY 2024: —

CapEx

0 —

FY 2024: —

FCF

-0.95 —

FY 2024: —

Dividends paid

0 —

FY 2024: —

ROE

-35.17% —

FY 2024: —

ROA

-30.8% —

FY 2024: —

Current ratio

79.02x —

FY 2024: —

Quick ratio

26.9x —

FY 2024: —

Cash ratio

21.87x —

FY 2024: —

Debt / equity

0x —

FY 2024: —

Net debt / equity

-0.32x —

FY 2024: —

Revenue growth (YoY)

-43.34% —

FY 2024: —

EBITDA growth (YoY)

-1524.35% —

FY 2024: —

EBIT growth (YoY)

-1524.35% —

FY 2024: —

Net income growth (YoY)

-885.29% —

FY 2024: —

EPS growth (YoY)

-885.29% —

FY 2024: —

FCF growth (YoY)

-58.71% —

FY 2024: —

EBITDA margin Δ (YoY)

-54.92 pp —

FY 2024: —

EBIT margin Δ (YoY)

-54.92 pp —

FY 2024: —

Net margin Δ (YoY)

-66.77 pp —

FY 2024: —