RAY PURPLE RAY STUDIO NewConnect · Annual · publ. June 01, 2026

FY 2025 report

Purple Ray Studio jest na etapie pre-revenue dla swojego flagowego produktu — 84% aktywów to skapitalizowane koszty produkcji niewydanej jeszcze gry 'Koshmar: The Last Reverie'.

Sentiment

Positive No guidance change

Website

RAY FY 2025 report

Revenue

844,371 PLN

— YoY

Net income

6,159 PLN

— YoY

EBITDA

236,958 PLN

— YoY

Gross margin

78.4%

— YoY

Summary

Investment thesis

Spółka zadebiutowała na NewConnect 11.12.2025 po dwóch emisjach akcji (seria C+D), które w 2025 r. pozyskały łącznie ok. 4,9 mln zł.
Operacyjny cash burn (-1,92 mln zł CFO w 2025) jest w pełni finansowany emisjami akcji, a nie generowaną gotówką z działalności.
Raportowany zysk netto (6,2 tys. zł) jest praktycznie wyzerowany przez efektywną stopę podatkową 96,7%, głównie wskutek wzrostu rezerwy na podatek odroczony (+157,3 tys. zł).
Bilans jest bardzo płynny i praktycznie bez długu finansowego (current ratio ~46x), ale jego wartość w decydującej mierze zależy od komercyjnego sukcesu jednego, jeszcze niewydanego tytułu.

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

FY 2025

RAY · FY 2025

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

Revenue	844,371	—	—	reported	—	1.00
Gross profit	662,000	—	—	reported	—	1.00
EBITDA	236,958	—	—	reported	—	1.00
EBIT	226,532	—	—	reported	—	1.00
EBT	185,448	—	—	reported	—	1.00
Net income	6,159	—	—	reported	—	1.00
EPS (basic)	0.05	—	—	reported	—	1.00
D&A	10,426	—	—	reported	—	1.00
Interest expense	30,111	—	—	reported	—	1.00
Shares (basic) (units)	3,982,794	—	—	reported	—	1.00

Gross margin	78.4%	—	—	reported	—	1.00
EBITDA margin	28.06%	—	—	reported	—	1.00
EBIT margin	26.83%	—	—	reported	—	1.00
EBT margin	21.96%	—	—	reported	—	1.00
Net margin	0.73%	—	—	reported	—	1.00
D&A margin	1.23%	—	—	reported	—	1.00

Cash	1,204,617	—	—	reported	—	1.00
Total debt	0	—	—	reported	—	1.00
Net debt	-1,204,617	—	—	reported	—	1.00
Equity	8,076,549	—	—	reported	—	1.00
Total assets	8,914,958	—	—	reported	—	1.00
Working capital	8,711,814	—	—	reported	—	1.00
Current assets	8,906,311	—	—	reported	—	1.00
Current liabilities	194,496	—	—	reported	—	1.00
Goodwill	8,648	—	—	reported	—	1.00
Tangible equity	8,067,901	—	—	reported	—	1.00

CFO	-1,924,396	—	—	reported	—	1.00
CapEx	10,426	—	—	reported	—	1.00
FCF	-1,934,822	—	—	reported	—	1.00

ROE	0.11%	—	—	reported	—	0.90
ROA	0.08%	—	—	reported	—	0.90
ROIC	3%	—	—	reported	—	0.60
ROCE	2.6%	—	—	reported	—	1.00

Current ratio	45.79x	—	—	reported	—	1.00
Quick ratio	7.14x	—	—	reported	—	1.00
Cash ratio	6.19x	—	—	reported	—	1.00
Interest coverage	7.52x	—	—	reported	—	1.00

Net debt / EBITDA	-5.08x	—	—	reported	—	1.00
Debt / equity	0x	—	—	reported	—	1.00
Debt / assets	0x	—	—	reported	—	1.00
Net debt / equity	-0.15x	—	—	reported	—	1.00

Revenue growth (YoY)	18.66%	—	—	reported	—	1.00
EBITDA growth (YoY)	-12.99%	—	—	reported	—	1.00
EBIT growth (YoY)	-14.04%	—	—	reported	—	1.00
Net income growth (YoY)	102.47%	—	—	reported	—	1.00
EPS growth (YoY)	141.67%	—	—	reported	—	1.00
FCF growth (YoY)	6.71%	—	—	reported	—	1.00
Gross margin Δ (YoY)	-4.05 pp	—	—	reported	—	1.00
EBITDA margin Δ (YoY)	-10.21 pp	—	—	reported	—	1.00
EBIT margin Δ (YoY)	-10.21 pp	—	—	reported	—	1.00
Net margin Δ (YoY)	35.74 pp	—	—	reported	—	1.00

FY 2025 · Δ YoY

Revenue

844,371 —

FY 2024: —

Gross profit

662,000 —

FY 2024: —

EBITDA

236,958 —

FY 2024: —

EBIT

226,532 —

FY 2024: —

EBT

185,448 —

FY 2024: —

Net income

6,159 —

FY 2024: —

EPS (basic)

0.05 —

FY 2024: —

D&A

10,426 —

FY 2024: —

Interest expense

30,111 —

FY 2024: —

Shares (basic) (units)

3,982,794 —

FY 2024: —

Gross margin

78.4% —

FY 2024: —

EBITDA margin

28.06% —

FY 2024: —

EBIT margin

26.83% —

FY 2024: —

EBT margin

21.96% —

FY 2024: —

Net margin

0.73% —

FY 2024: —

D&A margin

1.23% —

FY 2024: —

Cash

1,204,617 —

FY 2024: —

Total debt

0 —

FY 2024: —

Net debt

-1,204,617 —

FY 2024: —

Equity

8,076,549 —

FY 2024: —

Total assets

8,914,958 —

FY 2024: —

Working capital

8,711,814 —

FY 2024: —

Current assets

8,906,311 —

FY 2024: —

Current liabilities

194,496 —

FY 2024: —

Goodwill

8,648 —

FY 2024: —

Tangible equity

8,067,901 —

FY 2024: —

CFO

-1,924,396 —

FY 2024: —

CapEx

10,426 —

FY 2024: —

FCF

-1,934,822 —

FY 2024: —

ROE

0.11% —

FY 2024: —

ROA

0.08% —

FY 2024: —

ROIC

3% —

FY 2024: —

ROCE

2.6% —

FY 2024: —

Current ratio

45.79x —

FY 2024: —

Quick ratio

7.14x —

FY 2024: —

Cash ratio

6.19x —

FY 2024: —

Interest coverage

7.52x —

FY 2024: —

Net debt / EBITDA

-5.08x —

FY 2024: —

Debt / equity

0x —

FY 2024: —

Debt / assets

0x —

FY 2024: —

Net debt / equity

-0.15x —

FY 2024: —

Revenue growth (YoY)

18.66% —

FY 2024: —

EBITDA growth (YoY)

-12.99% —

FY 2024: —

EBIT growth (YoY)

-14.04% —

FY 2024: —

Net income growth (YoY)

102.47% —

FY 2024: —

EPS growth (YoY)

141.67% —

FY 2024: —

FCF growth (YoY)

6.71% —

FY 2024: —

Gross margin Δ (YoY)

-4.05 pp —

FY 2024: —

EBITDA margin Δ (YoY)

-10.21 pp —

FY 2024: —

EBIT margin Δ (YoY)

-10.21 pp —

FY 2024: —

Net margin Δ (YoY)

35.74 pp —

FY 2024: —