ZRX
FY 2025 report
Revenue
2.4 m PLN
— YoY
Net income
-13.56 m PLN
— YoY
EBITDA
-11.84 m PLN
— YoY
Gross margin
55.6%
— YoY
Summary
Investment thesis
- Dwa układy z wierzycielami prawomocnie zakończone, konwersja długu na akcje wyeliminowała ryzyko bezpośredniej upadłości
- Nowy zarząd (Stokłosa/Klimas) jest transparentny — ujawnia niepewność kontynuacji, przyznaje do błędów poprzednika i dokonuje odpisów nawet gdy bolesne
- Zero CAPEX materialny + radykalna redukcja zatrudnienia (34→4 osoby) oznacza minimalny cash burn — 2025 to rok czyszczenia bilansu, nie inwestowania
- Strategia 2026-2028 zakłada dwie nowe drukarki, wejście w sektor obronności (Zortrax Defence) i konsolidację rynku druku 3D — ambitna, choć bez finansowania i zasobów
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Financials
BETA
ZRX · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 2.4 | — | — | reported | — | 0.00 |
| Gross profit | 1.33 | — | — | derived | — | 0.00 |
| EBITDA | -11.84 | — | — | derived | — | 0.00 |
| EBIT | -16.02 | — | — | reported | — | 0.00 |
| EBT | -15.97 | — | — | reported | — | 0.00 |
| Net income | -13.56 | — | — | reported | — | 0.00 |
| EPS (basic) (PLN) | -0.11 | — | — | derived | — | 0.00 |
| D&A | 4.18 | — | — | reported | — | 0.00 |
| Interest expense | 0.1 | — | — | reported | — | 0.00 |
| Gross margin | 55.6% | — | — | reported | — | 0.00 |
| EBITDA margin | -493.7% | — | — | derived | — | 0.00 |
| EBIT margin | -667.8% | — | — | derived | — | 0.00 |
| Net margin | -565.2% | — | — | derived | — | 0.00 |
| Cash | 0 | — | — | reported | — | 0.00 |
| Total debt | 1.88 | — | — | reported | — | 0.00 |
| Net debt | 1.88 | — | — | derived | — | 0.00 |
| Equity | -1.56 | — | — | reported | — | 0.00 |
| Total assets | 16.63 | — | — | reported | — | 0.00 |
| Working capital | -9.65 | — | — | derived | — | 0.00 |
| Current assets | 6.06 | — | — | reported | — | 0.00 |
| Current liabilities | 15.7 | — | — | reported | — | 0.00 |
| Goodwill | 10.07 | — | — | reported | — | 0.00 |
| CFO | -0.24 | — | — | reported | — | 0.00 |
| CapEx | 0 | — | — | reported | — | 0.00 |
| FCF | -0.24 | — | — | derived | — | 0.00 |
| ROE | -381.8% | — | — | derived | — | 0.00 |
| ROA | -56.2% | — | — | derived | — | 0.00 |
| Current ratio | 0.39x | — | — | derived | — | 0.00 |
| Quick ratio | 0.31x | — | — | derived | — | 0.00 |
| Interest coverage | -162.6x | — | — | derived | — | 0.00 |
| Debt / assets | 0.11x | — | — | derived | — | 0.00 |
FY 2025 · Δ YoY
Revenue
2.4
—
2.4
—
- FY 2024
- —
Gross profit
1.33
—
1.33
—
- FY 2024
- —
EBITDA
-11.84
—
-11.84
—
- FY 2024
- —
EBIT
-16.02
—
-16.02
—
- FY 2024
- —
EBT
-15.97
—
-15.97
—
- FY 2024
- —
Net income
-13.56
—
-13.56
—
- FY 2024
- —
EPS (basic)
(PLN)
-0.11
—
-0.11
—
- FY 2024
- —
D&A
4.18
—
4.18
—
- FY 2024
- —
Interest expense
0.1
—
0.1
—
- FY 2024
- —
Gross margin
55.6%
—
55.6%
—
- FY 2024
- —
EBITDA margin
-493.7%
—
-493.7%
—
- FY 2024
- —
EBIT margin
-667.8%
—
-667.8%
—
- FY 2024
- —
Net margin
-565.2%
—
-565.2%
—
- FY 2024
- —
Cash
0
—
0
—
- FY 2024
- —
Total debt
1.88
—
1.88
—
- FY 2024
- —
Net debt
1.88
—
1.88
—
- FY 2024
- —
Equity
-1.56
—
-1.56
—
- FY 2024
- —
Total assets
16.63
—
16.63
—
- FY 2024
- —
Working capital
-9.65
—
-9.65
—
- FY 2024
- —
Current assets
6.06
—
6.06
—
- FY 2024
- —
Current liabilities
15.7
—
15.7
—
- FY 2024
- —
Goodwill
10.07
—
10.07
—
- FY 2024
- —
CFO
-0.24
—
-0.24
—
- FY 2024
- —
CapEx
0
—
0
—
- FY 2024
- —
FCF
-0.24
—
-0.24
—
- FY 2024
- —
ROE
-381.8%
—
-381.8%
—
- FY 2024
- —
ROA
-56.2%
—
-56.2%
—
- FY 2024
- —
Current ratio
0.39x
—
0.39x
—
- FY 2024
- —
Quick ratio
0.31x
—
0.31x
—
- FY 2024
- —
Interest coverage
-162.6x
—
-162.6x
—
- FY 2024
- —
Debt / assets
0.11x
—
0.11x
—
- FY 2024
- —