BSN BRAINSCAN NewConnect · Annual · publ. June 01, 2026

FY 2025 report

BrainScan rozwija oprogramowanie AI (BrainScan CT) wspomagające diagnostykę obrazową mózgu (TK), z docelowym zastosowaniem w triage i diagnostyce klinicznej.

Sentiment

Cautious No guidance change

Website

BSN FY 2025 report

Revenue

193,547 PLN

— YoY

Net income

-3,059,377 PLN

— YoY

EBITDA

-2,983,683 PLN

— YoY

Net debt / EBITDA

0.56x

— YoY

Summary

Investment thesis

W lutym 2026 spółka uzyskała certyfikat TÜV Nord MDR dla klasy IIa (ważny do 2029) — kluczowa bramka regulacyjna do komercjalizacji w UE.
Model wciąż przedkomercyjny: przychody ze sprzedaży (193 546,85 PLN) są śladowe wobec kosztów operacyjnych (4,59 mln PLN); działalność finansowana głównie dotacjami UE (SMART) oraz emisjami akcji/pożyczkami od akcjonariuszy.
Kapitał własny jest ujemny i pogłębia się (-2 599 096,02 PLN na 31.12.2025), a spółka prawdopodobnie przekroczyła próg z art. 397 KSH bez wyraźnego komentarza w dokumentach.
Zdarzenia po dniu bilansowym (emisja serii F — 894 000 PLN, pożyczka KWLM Estates — 450 000 PLN, przedłużenie spłat pożyczek do 2027, pierwsze kontrakty komercyjne) poprawiają płynność na 2026 r., ale skala zależności od finansowania zewnętrznego pozostaje kluczowym czynnikiem ryzyka.

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Financials

BETA

FY 2025

BSN · FY 2025

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

Revenue standalone	193,547	—	—	reported	standalone	1.00
EBITDA	-2,983,683	—	—	reported	—	1.00
EBIT standalone	-3,011,999	—	—	reported	standalone	1.00
EBT standalone	-3,059,377	—	—	reported	standalone	1.00
Net income standalone	-3,059,377	—	—	reported	standalone	1.00
EPS (basic)	-2.55	—	—	reported	—	0.50
D&A standalone	28,316	—	—	reported	standalone	1.00
Interest expense standalone	41,296	—	—	reported	standalone	1.00
Shares (basic) (units) standalone	1,199,200	—	—	reported	standalone	1.00

EBITDA margin	-1541.58%	—	—	reported	—	1.00
EBIT margin	-1556.21%	—	—	reported	—	1.00
EBT margin	-1580.69%	—	—	reported	—	1.00
Net margin	-1580.69%	—	—	reported	—	1.00
D&A margin	14.63%	—	—	reported	—	1.00

Cash standalone	2,411,181	—	—	reported	standalone	1.00
Total debt standalone	739,614	—	—	reported	standalone	1.00
Net debt	-1,671,567	—	—	reported	—	1.00
Equity standalone	-2,599,096	—	—	reported	standalone	1.00
Total assets standalone	2,536,035	—	—	reported	standalone	1.00
Working capital	518,404	—	—	reported	—	1.00
Current assets standalone	2,515,548	—	—	reported	standalone	1.00
Current liabilities standalone	1,997,145	—	—	reported	standalone	1.00

CFO standalone	-3,540,293	—	—	reported	standalone	1.00
CapEx standalone	0	—	—	reported	standalone	1.00
FCF	-3,540,293	—	—	reported	—	1.00

Current ratio	1.26x	—	—	reported	—	1.00
Quick ratio	1.26x	—	—	reported	—	0.80
Cash ratio	1.21x	—	—	reported	—	1.00
Interest coverage	-72.94x	—	—	reported	—	1.00

Net debt / EBITDA	0.56x	—	—	reported	—	0.70
Debt / equity	-0.28x	—	—	reported	—	0.70
Debt / assets	0.29x	—	—	reported	—	1.00

Revenue growth (YoY)	-9.46%	—	—	reported	—	1.00
EBITDA growth (YoY)	37.83%	—	—	reported	—	1.00
EBIT growth (YoY)	37.76%	—	—	reported	—	1.00
Net income growth (YoY)	40.24%	—	—	reported	—	1.00
EPS growth (YoY)	41.82%	—	—	reported	—	0.50
EBITDA margin Δ (YoY)	703.61 pp	—	—	reported	—	1.00
EBIT margin Δ (YoY)	707.61 pp	—	—	reported	—	1.00
Net margin Δ (YoY)	814.32 pp	—	—	reported	—	1.00

FY 2025 · Δ YoY

Revenue

standalone

193,547 —

FY 2024: —

EBITDA

-2,983,683 —

FY 2024: —

EBIT

standalone

-3,011,999 —

FY 2024: —

EBT

standalone

-3,059,377 —

FY 2024: —

Net income

standalone

-3,059,377 —

FY 2024: —

EPS (basic)

-2.55 —

FY 2024: —

D&A

standalone

28,316 —

FY 2024: —

Interest expense

standalone

41,296 —

FY 2024: —

Shares (basic) (units)

standalone

1,199,200 —

FY 2024: —

EBITDA margin

-1541.58% —

FY 2024: —

EBIT margin

-1556.21% —

FY 2024: —

EBT margin

-1580.69% —

FY 2024: —

Net margin

-1580.69% —

FY 2024: —

D&A margin

14.63% —

FY 2024: —

Cash

standalone

2,411,181 —

FY 2024: —

Total debt

standalone

739,614 —

FY 2024: —

Net debt

-1,671,567 —

FY 2024: —

Equity

standalone

-2,599,096 —

FY 2024: —

Total assets

standalone

2,536,035 —

FY 2024: —

Working capital

518,404 —

FY 2024: —

Current assets

standalone

2,515,548 —

FY 2024: —

Current liabilities

standalone

1,997,145 —

FY 2024: —

CFO

standalone

-3,540,293 —

FY 2024: —

CapEx

standalone

0 —

FY 2024: —

FCF

-3,540,293 —

FY 2024: —

Current ratio

1.26x —

FY 2024: —

Quick ratio

1.26x —

FY 2024: —

Cash ratio

1.21x —

FY 2024: —

Interest coverage

-72.94x —

FY 2024: —

Net debt / EBITDA

0.56x —

FY 2024: —

Debt / equity

-0.28x —

FY 2024: —

Debt / assets

0.29x —

FY 2024: —

Revenue growth (YoY)

-9.46% —

FY 2024: —

EBITDA growth (YoY)

37.83% —

FY 2024: —

EBIT growth (YoY)

37.76% —

FY 2024: —

Net income growth (YoY)

40.24% —

FY 2024: —

EPS growth (YoY)

41.82% —

FY 2024: —

EBITDA margin Δ (YoY)

703.61 pp —

FY 2024: —

EBIT margin Δ (YoY)

707.61 pp —

FY 2024: —

Net margin Δ (YoY)

814.32 pp —

FY 2024: —