FY 2025 report
Grupa przeszła w 2025 roku z fazy badań do inwestycji: kupiła zakład w Tarnawatce-Tartak i zbudowała pierwszą na świecie instalację do produkcji materiału STRUMBER; w momencie publikacji trwa rozruch.
Sentiment
Positive
No guidance change
GRL
FY 2025 report
Revenue
197.1 k PLN
— YoY
Net income
-9.33 m PLN
— YoY
EBITDA
-5.07 m PLN
— YoY
FCF
-15.56 m PLN
— YoY
Summary
Investment thesis
- Przychody są symboliczne (197 tys. zł), a strata netto wzrosła do 9,3 mln zł, w tym 3,0 mln zł to odpis wartości firmy; ujemny OCF wyniósł 6,2 mln zł.
- Wydatki inwestycyjne 9,3 mln zł sfinansowano emisjami akcji (21,2 mln zł wpływów); gotówka wzrosła do 2,5 mln zł, a w marcu 2026 przeprowadzono kolejną emisję serii G po 18,00 zł.
- Pierwsze umowy handlowe mają charakter przedwstępny (hiszpańska umowa na ok. 2,8 mln zł w 2026 i 5,7 mln zł w 2027), więc przychody zależą od udanego rozruchu i skalowania produkcji.
- Dofinansowania (ok. 6,2 mln zł pozyskanych w 2025, umowa FENG na ok. 3,8 mln zł z 2026) łagodzą ryzyko, ale spółka nadal potrzebuje zewnętrznego finansowania, a audytor uznał kontynuację działalności za kluczową sprawę badania.
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Financials
BETA
GRL · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 197.1 | — | — | reported | — | 1.00 |
| EBITDA | -5,065.4 | — | — | derived | — | 0.70 |
| EBIT | -5,541.7 | — | — | reported | — | 1.00 |
| EBT | -9,507.8 | — | — | reported | — | 1.00 |
| Net income | -9,333.2 | — | — | reported | — | 1.00 |
| D&A | 476.3 | — | — | reported | — | 1.00 |
| Interest expense | 174.8 | — | — | reported | — | 1.00 |
| Income tax | -3.6 | — | — | reported | — | 1.00 |
| EBITDA margin | -2569.6% | — | — | reported | — | 0.60 |
| EBIT margin | -2811.6% | — | — | reported | — | 0.60 |
| EBT margin | -4823.6% | — | — | reported | — | 0.60 |
| Net margin | -4734.1% | — | — | reported | — | 0.60 |
| D&A margin | 241.6% | — | — | reported | — | 0.60 |
| Cash | 2,461 | — | — | reported | — | 1.00 |
| Total debt | 620.4 | — | — | reported | — | 0.80 |
| Net debt | -1,840.6 | — | — | derived | — | 0.70 |
| Equity | 13,599.3 | — | — | reported | — | 1.00 |
| Total assets | 21,524.3 | — | — | reported | — | 1.00 |
| Working capital | 397.9 | — | — | derived | — | 0.70 |
| Current assets | 4,018.9 | — | — | reported | — | 1.00 |
| Current liabilities | 3,621 | — | — | reported | — | 1.00 |
| Non-current liabilities | 3,557.2 | — | — | reported | — | 1.00 |
| Inventory | 410.7 | — | — | reported | — | 1.00 |
| Trade receivables | 7.3 | — | — | reported | — | 1.00 |
| Trade payables | 482.4 | — | — | reported | — | 1.00 |
| Goodwill | 554.4 | — | — | reported | — | 1.00 |
| Tangible equity | 13,044.9 | — | — | derived | — | 0.70 |
| CFO | -6,228.6 | — | — | reported | — | 1.00 |
| CapEx | 9,331.4 | — | — | reported | — | 1.00 |
| FCF | -15,560 | — | — | derived | — | 0.70 |
| ROE | -71% | — | — | reported | — | 0.80 |
| ROA | -49.9% | — | — | reported | — | 0.80 |
| ROIC | -34.4% | — | — | reported | — | 0.50 |
| ROCE | -31.6% | — | — | reported | — | 0.60 |
| Current ratio | 1.01x | — | — | reported | — | 0.70 |
| Quick ratio | 0.91x | — | — | reported | — | 0.70 |
| Cash ratio | 0.62x | — | — | reported | — | 0.70 |
| Interest coverage | -31.71x | — | — | reported | — | 0.70 |
| Debt / equity | 0.43x | — | — | reported | — | 0.70 |
| Debt / assets | 0.26x | — | — | reported | — | 0.70 |
| Net debt / equity | 0.24x | — | — | reported | — | 0.70 |
| Revenue growth (YoY) | -11.28% | — | — | reported | — | 0.90 |
| EBITDA growth (YoY) | -2.84% | — | — | reported | — | 0.80 |
| EBIT growth (YoY) | 0.48% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | -35.27% | — | — | reported | — | 0.90 |
FY 2025 · Δ YoY
Revenue
197.1
—
197.1
—
- FY 2024
- —
EBITDA
-5,065.4
—
-5,065.4
—
- FY 2024
- —
EBIT
-5,541.7
—
-5,541.7
—
- FY 2024
- —
EBT
-9,507.8
—
-9,507.8
—
- FY 2024
- —
Net income
-9,333.2
—
-9,333.2
—
- FY 2024
- —
D&A
476.3
—
476.3
—
- FY 2024
- —
Interest expense
174.8
—
174.8
—
- FY 2024
- —
Income tax
-3.6
—
-3.6
—
- FY 2024
- —
EBITDA margin
-2569.6%
—
-2569.6%
—
- FY 2024
- —
EBIT margin
-2811.6%
—
-2811.6%
—
- FY 2024
- —
EBT margin
-4823.6%
—
-4823.6%
—
- FY 2024
- —
Net margin
-4734.1%
—
-4734.1%
—
- FY 2024
- —
D&A margin
241.6%
—
241.6%
—
- FY 2024
- —
Cash
2,461
—
2,461
—
- FY 2024
- —
Total debt
620.4
—
620.4
—
- FY 2024
- —
Net debt
-1,840.6
—
-1,840.6
—
- FY 2024
- —
Equity
13,599.3
—
13,599.3
—
- FY 2024
- —
Total assets
21,524.3
—
21,524.3
—
- FY 2024
- —
Working capital
397.9
—
397.9
—
- FY 2024
- —
Current assets
4,018.9
—
4,018.9
—
- FY 2024
- —
Current liabilities
3,621
—
3,621
—
- FY 2024
- —
Non-current liabilities
3,557.2
—
3,557.2
—
- FY 2024
- —
Inventory
410.7
—
410.7
—
- FY 2024
- —
Trade receivables
7.3
—
7.3
—
- FY 2024
- —
Trade payables
482.4
—
482.4
—
- FY 2024
- —
Goodwill
554.4
—
554.4
—
- FY 2024
- —
Tangible equity
13,044.9
—
13,044.9
—
- FY 2024
- —
CFO
-6,228.6
—
-6,228.6
—
- FY 2024
- —
CapEx
9,331.4
—
9,331.4
—
- FY 2024
- —
FCF
-15,560
—
-15,560
—
- FY 2024
- —
ROE
-71%
—
-71%
—
- FY 2024
- —
ROA
-49.9%
—
-49.9%
—
- FY 2024
- —
ROIC
-34.4%
—
-34.4%
—
- FY 2024
- —
ROCE
-31.6%
—
-31.6%
—
- FY 2024
- —
Current ratio
1.01x
—
1.01x
—
- FY 2024
- —
Quick ratio
0.91x
—
0.91x
—
- FY 2024
- —
Cash ratio
0.62x
—
0.62x
—
- FY 2024
- —
Interest coverage
-31.71x
—
-31.71x
—
- FY 2024
- —
Debt / equity
0.43x
—
0.43x
—
- FY 2024
- —
Debt / assets
0.26x
—
0.26x
—
- FY 2024
- —
Net debt / equity
0.24x
—
0.24x
—
- FY 2024
- —
Revenue growth (YoY)
-11.28%
—
-11.28%
—
- FY 2024
- —
EBITDA growth (YoY)
-2.84%
—
-2.84%
—
- FY 2024
- —
EBIT growth (YoY)
0.48%
—
0.48%
—
- FY 2024
- —
Net income growth (YoY)
-35.27%
—
-35.27%
—
- FY 2024
- —