FY 2025 report
W ujęciu jednostkowym Cannabis Poland S.A. to spółka holdingowa bez istotnej własnej działalności operacyjnej - przychody własne wyniosły zaledwie 24,1 tys. PLN (-33% r/r), podczas gdy koszty operacyjne sięgnęły 1,72 mln PLN.
Sentiment
Cautious
No guidance change
CBD
FY 2025 report
Revenue
24,098 PLN
— YoY
Net income
-1,881,077 PLN
— YoY
EBITDA
-1,743,133 PLN
— YoY
Net debt / EBITDA
-0.04x
— YoY
Summary
Investment thesis
- Skumulowana strata z lat ubiegłych (-12,05 mln PLN) powiększona o stratę bieżącą (-1,88 mln PLN) formalnie przekroczyła próg z art. 397 KSH (suma kapitałów zapasowego/rezerwowego + 1/3 kapitału zakładowego = 12,39 mln PLN) - Zarząd zobowiązany do zwołania WZA ws. dalszego istnienia spółki.
- Środki pieniężne spadły o 94,5% r/r (z 316,6 tys. do 17,5 tys. PLN) przy operacyjnym 'spalaniu' gotówki -1,76 mln PLN rocznie - krytycznie niska poduszka płynnościowa.
- Po dniu bilansowym przeprowadzono emisję akcji (kapitał podstawowy wzrósł z 3,16 mln do 4,96 mln PLN), którą Zarząd wskazuje jako działanie eliminujące istotne ryzyko kontynuacji działalności - biegły rewident wydał opinię bez zastrzeżeń z dwoma objaśnieniami.
- Inwestycje w jednostki zależne (THC Pharma S.A., Certis Pharma sp. z o.o.) wzrosły do 500 tys. PLN i stanowią ok. 49,7% sumy bilansowej - test na utratę wartości (nota 53) jest kluczowym osądem księgowym (KAM biegłego rewidenta) w tym sprawozdaniu.
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Financials
BETA
CBD · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
|
Revenue
standalone
|
24,098 | — | — | reported | standalone | 1.00 |
|
EBITDA
standalone
|
-1,743,133 | — | — | derived | standalone | 1.00 |
|
EBIT
standalone
|
-1,782,275 | — | — | reported | standalone | 1.00 |
|
EBT
standalone
|
-1,686,119 | — | — | reported | standalone | 1.00 |
|
Net income
standalone
|
-1,881,077 | — | — | reported | standalone | 1.00 |
|
D&A
standalone
|
39,141 | — | — | reported | standalone | 1.00 |
|
Interest expense
standalone
|
1,783 | — | — | reported | standalone | 1.00 |
|
Cash
standalone
|
17,508 | — | — | reported | standalone | 1.00 |
|
Total debt
standalone
|
80,000 | — | — | derived | standalone | 0.70 |
|
Net debt
standalone
|
62,492 | — | — | derived | standalone | 0.70 |
|
Equity
standalone
|
1,761,989 | — | — | reported | standalone | 1.00 |
|
Total assets
standalone
|
2,703,160 | — | — | reported | standalone | 1.00 |
| Working capital | 1,189,208 | — | — | reported | — | 1.00 |
|
Current assets
standalone
|
2,083,993 | — | — | reported | standalone | 1.00 |
|
Current liabilities
standalone
|
894,785 | — | — | reported | standalone | 1.00 |
|
CFO
standalone
|
-1,760,971 | — | — | reported | standalone | 1.00 |
|
CapEx
standalone
|
0 | — | — | reported | standalone | 1.00 |
|
FCF
standalone
|
-1,760,971 | — | — | derived | standalone | 1.00 |
| ROE | -69.61% | — | — | reported | — | 0.90 |
| ROA | -54.49% | — | — | reported | — | 0.90 |
| ROCE | -98.56% | — | — | reported | — | 0.90 |
| Current ratio | 2.33x | — | — | reported | — | 1.00 |
| Quick ratio | 2.32x | — | — | reported | — | 1.00 |
| Cash ratio | 0.02x | — | — | reported | — | 1.00 |
| Net debt / EBITDA | -0.04x | — | — | reported | — | 0.50 |
| Debt / equity | 0.05x | — | — | reported | — | 0.70 |
| Debt / assets | 0.03x | — | — | reported | — | 0.70 |
| Net debt / equity | 0.04x | — | — | reported | — | 0.70 |
| Revenue growth (YoY) | -32.97% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 1.38% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | 2.31% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 1.56% | — | — | reported | — | 1.00 |
| FCF growth (YoY) | 7.4% | — | — | reported | — | 1.00 |
FY 2025 · Δ YoY
Revenue
standalone
24,098
—
standalone
24,098
—
- FY 2024
- —
EBITDA
standalone
-1,743,133
—
standalone
-1,743,133
—
- FY 2024
- —
EBIT
standalone
-1,782,275
—
standalone
-1,782,275
—
- FY 2024
- —
EBT
standalone
-1,686,119
—
standalone
-1,686,119
—
- FY 2024
- —
Net income
standalone
-1,881,077
—
standalone
-1,881,077
—
- FY 2024
- —
D&A
standalone
39,141
—
standalone
39,141
—
- FY 2024
- —
Interest expense
standalone
1,783
—
standalone
1,783
—
- FY 2024
- —
Cash
standalone
17,508
—
standalone
17,508
—
- FY 2024
- —
Total debt
standalone
80,000
—
standalone
80,000
—
- FY 2024
- —
Net debt
standalone
62,492
—
standalone
62,492
—
- FY 2024
- —
Equity
standalone
1,761,989
—
standalone
1,761,989
—
- FY 2024
- —
Total assets
standalone
2,703,160
—
standalone
2,703,160
—
- FY 2024
- —
Working capital
1,189,208
—
1,189,208
—
- FY 2024
- —
Current assets
standalone
2,083,993
—
standalone
2,083,993
—
- FY 2024
- —
Current liabilities
standalone
894,785
—
standalone
894,785
—
- FY 2024
- —
CFO
standalone
-1,760,971
—
standalone
-1,760,971
—
- FY 2024
- —
CapEx
standalone
0
—
standalone
0
—
- FY 2024
- —
FCF
standalone
-1,760,971
—
standalone
-1,760,971
—
- FY 2024
- —
ROE
-69.61%
—
-69.61%
—
- FY 2024
- —
ROA
-54.49%
—
-54.49%
—
- FY 2024
- —
ROCE
-98.56%
—
-98.56%
—
- FY 2024
- —
Current ratio
2.33x
—
2.33x
—
- FY 2024
- —
Quick ratio
2.32x
—
2.32x
—
- FY 2024
- —
Cash ratio
0.02x
—
0.02x
—
- FY 2024
- —
Net debt / EBITDA
-0.04x
—
-0.04x
—
- FY 2024
- —
Debt / equity
0.05x
—
0.05x
—
- FY 2024
- —
Debt / assets
0.03x
—
0.03x
—
- FY 2024
- —
Net debt / equity
0.04x
—
0.04x
—
- FY 2024
- —
Revenue growth (YoY)
-32.97%
—
-32.97%
—
- FY 2024
- —
EBITDA growth (YoY)
1.38%
—
1.38%
—
- FY 2024
- —
EBIT growth (YoY)
2.31%
—
2.31%
—
- FY 2024
- —
Net income growth (YoY)
1.56%
—
1.56%
—
- FY 2024
- —
FCF growth (YoY)
7.4%
—
7.4%
—
- FY 2024
- —