COS COSMA NewConnect · Annual · publ. June 01, 2026

FY 2025 report

Przychody jednostkowe wzrosły o 126,3% r/r (do 13,55 mln zł), ale 66% pochodzi od jednostek powiązanych w Grupie - jakość i trwałość tego wzrostu wymaga weryfikacji.

Sentiment

Positive No guidance change

Website

COS FY 2025 report

Revenue

13,554,209.15 PLN

— YoY

Net income

-12,401,088.81 PLN

— YoY

EBITDA

-10,726,580.53 PLN

— YoY

Gross margin

-20.09%

— YoY

Summary

Investment thesis

Strata netto zwęziła się o 48,3% (do -12,40 mln zł), ale to głównie efekt braku powtórzenia jednorazowego odpisu goodwill z 2024 r. (-14,78 mln zł) - 'core' EBIT pozostaje głęboko ujemny (ok. -3,19 mln zł).
Kapitał własny skurczył się o 71,6% do 4,44 mln zł, a po wyłączeniu goodwill (40,4% aktywów) tangible equity jest ujemne (-2,09 mln zł).
Audytor potwierdził w paragrafie objaśniającym przekroczenie progu z art. 397 KSH (obowiązek zwołania WZA), co stoi w jawnej sprzeczności z deklaracją Zarządu o braku zagrożeń dla kontynuacji działalności.
Spółka jest całkowicie zależna od finansowania zewnętrznego (emisje akcji) - gotówka na koniec roku to tylko 272,6 tys. zł, working capital ujemny, ale po dniu bilansowym zyskała 2 nowe pozwolenia URPL i nowe kanały dystrybucji w UK i Szwajcarii dające realny potencjał wzrostu w 2026 r.

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Financials

BETA

FY 2025

COS · FY 2025

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

Revenue standalone	13,554,209.15	—	—	reported	standalone	1.00
Gross profit standalone	-2,722,145.56	—	—	reported	standalone	1.00
EBITDA standalone	-10,726,580.53	—	—	derived	standalone	1.00
EBIT standalone	-11,676,864.39	—	—	reported	standalone	1.00
EBT standalone	-12,477,992.71	—	—	reported	standalone	1.00
Net income standalone	-12,401,088.81	—	—	reported	standalone	1.00
EPS (basic) standalone	-0.08	—	—	derived	standalone	0.95
D&A standalone	950,283.86	—	—	reported	standalone	1.00
Shares (basic) (shares) standalone	148,288,344	—	—	reported	standalone	1.00

Gross margin standalone	-20.09%	—	—	derived	standalone	1.00
EBITDA margin standalone	-79.14%	—	—	derived	standalone	1.00
EBIT margin standalone	-86.15%	—	—	derived	standalone	1.00
Net margin standalone	-91.49%	—	—	derived	standalone	1.00

Cash standalone	272,595.38	—	—	reported	standalone	1.00
Equity standalone	4,437,474.89	—	—	reported	standalone	1.00
Total assets standalone	16,163,981.17	—	—	reported	standalone	1.00
Working capital standalone	-1,239,969.36	—	—	derived	standalone	1.00
Current assets standalone	6,837,836.54	—	—	reported	standalone	1.00
Current liabilities standalone	8,077,805.9	—	—	reported	standalone	1.00
Goodwill standalone	6,522,892.56	—	—	reported	standalone	1.00
Tangible equity standalone	-2,085,417.67	—	—	derived	standalone	1.00

CFO standalone	-1,256,398.17	—	—	reported	standalone	1.00
CapEx standalone	0	—	—	reported	standalone	1.00
FCF standalone	-1,256,398.17	—	—	derived	standalone	1.00

ROE standalone	-279.48%	—	—	derived	standalone	1.00
ROA standalone	-76.74%	—	—	derived	standalone	1.00

Current ratio standalone	0.85x	—	—	derived	standalone	1.00
Quick ratio standalone	0.67x	—	—	derived	standalone	1.00
Cash ratio standalone	0.03x	—	—	derived	standalone	1.00

Debt / equity standalone	2.64x	—	—	derived	standalone	1.00
Debt / assets standalone	0.73x	—	—	derived	standalone	1.00

Revenue growth (YoY) standalone	126.3%	—	—	derived	standalone	1.00
EBITDA growth (YoY) standalone	54.45%	—	—	derived	standalone	1.00
EBIT growth (YoY) standalone	50.93%	—	—	derived	standalone	1.00
Net income growth (YoY) standalone	48.31%	—	—	derived	standalone	1.00
EPS growth (YoY) standalone	48.31%	—	—	derived	standalone	0.95
FCF growth (YoY) standalone	77.73%	—	—	derived	standalone	1.00
Gross margin Δ (YoY) standalone	33.52 pp	—	—	derived	standalone	1.00
EBITDA margin Δ (YoY) standalone	314.08 pp	—	—	derived	standalone	1.00
Net margin Δ (YoY) standalone	309.1 pp	—	—	derived	standalone	1.00

FY 2025 · Δ YoY

Revenue

standalone

13,554,209.15 —

FY 2024: —

Gross profit

standalone

-2,722,145.56 —

FY 2024: —

EBITDA

standalone

-10,726,580.53 —

FY 2024: —

EBIT

standalone

-11,676,864.39 —

FY 2024: —

EBT

standalone

-12,477,992.71 —

FY 2024: —

Net income

standalone

-12,401,088.81 —

FY 2024: —

EPS (basic)

standalone

-0.08 —

FY 2024: —

D&A

standalone

950,283.86 —

FY 2024: —

Shares (basic) (shares)

standalone

148,288,344 —

FY 2024: —

Gross margin

standalone

-20.09% —

FY 2024: —

EBITDA margin

standalone

-79.14% —

FY 2024: —

EBIT margin

standalone

-86.15% —

FY 2024: —

Net margin

standalone

-91.49% —

FY 2024: —

Cash

standalone

272,595.38 —

FY 2024: —

Equity

standalone

4,437,474.89 —

FY 2024: —

Total assets

standalone

16,163,981.17 —

FY 2024: —

Working capital

standalone

-1,239,969.36 —

FY 2024: —

Current assets

standalone

6,837,836.54 —

FY 2024: —

Current liabilities

standalone

8,077,805.9 —

FY 2024: —

Goodwill

standalone

6,522,892.56 —

FY 2024: —

Tangible equity

standalone

-2,085,417.67 —

FY 2024: —

CFO

standalone

-1,256,398.17 —

FY 2024: —

CapEx

standalone

0 —

FY 2024: —

FCF

standalone

-1,256,398.17 —

FY 2024: —

ROE

standalone

-279.48% —

FY 2024: —

ROA

standalone

-76.74% —

FY 2024: —

Current ratio

standalone

0.85x —

FY 2024: —

Quick ratio

standalone

0.67x —

FY 2024: —

Cash ratio

standalone

0.03x —

FY 2024: —

Debt / equity

standalone

2.64x —

FY 2024: —

Debt / assets

standalone

0.73x —

FY 2024: —

Revenue growth (YoY)

standalone

126.3% —

FY 2024: —

EBITDA growth (YoY)

standalone

54.45% —

FY 2024: —

EBIT growth (YoY)

standalone

50.93% —

FY 2024: —

Net income growth (YoY)

standalone

48.31% —

FY 2024: —

EPS growth (YoY)

standalone

48.31% —

FY 2024: —

FCF growth (YoY)

standalone

77.73% —

FY 2024: —

Gross margin Δ (YoY)

standalone

33.52 pp —

FY 2024: —

EBITDA margin Δ (YoY)

standalone

314.08 pp —

FY 2024: —

Net margin Δ (YoY)

standalone

309.1 pp —

FY 2024: —