FY 2025 report
Vee (AI Call Center, technologia Brilliance) przeszła w 2025 r. z straty do zysku: przychody +27,8% do 5,05 mln zł, EBIT 2,21 mln zł wobec −1,33 mln zł, zysk netto 2,15 mln zł wobec −3,25 mln zł.
Sentiment
Neutral
No guidance change
VEE
FY 2025 report
Revenue
5.05 m PLN
— YoY
Net income
2.15 m PLN
— YoY
EBITDA
3.09 m PLN
— YoY
Gross margin
55.91%
— YoY
Summary
Investment thesis
- Skala operacyjna rośnie (11,6 mln spraw i 7,2 mln minut rozmów w 2025 r.; od startu ponad 44 mln spraw), a zarząd wskazuje na projekty zagraniczne w sektorze finansowym i KPI incentives jako dźwignię wzrostu.
- Poprawa wyniku opiera się jednak w dużej mierze na księgowaniu: 36,8 mln zł nakładów na prace rozwojowe leży w długoterminowych rozliczeniach międzyokresowych (91% aktywów) i nie jest amortyzowane do ukończenia projektów (Vee Suite i Vee Desk — 2027).
- Gotówka jest śladowa (14 tys. zł), płynność bieżąca 0,95x, a wynik operacyjny zawiera 0,86 mln zł rozwiązanej rezerwy na CIT; działalność finansuje główny akcjonariusz Vee Ventures (54,8%), któremu w 2025 r. skonwertowano ponad 11 mln zł długu na akcje serii G.
- To spółka przejściowa: tezy inwestycyjnej nie da się ocenić bez dowodu na samofinansowanie, bo przychody 5 mln zł nie pokrywają kosztów rozwoju i obsługi infrastruktury poza kapitalizacją.
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Financials
BETA
VEE · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 5.05 | — | — | reported | — | 1.00 |
| Gross profit | 2.82 | — | — | reported | — | 1.00 |
| EBITDA | 3.09 | — | — | derived | — | 0.70 |
| EBIT | 2.21 | — | — | reported | — | 1.00 |
| EBT | 2.07 | — | — | reported | — | 1.00 |
| Net income | 2.15 | — | — | reported | — | 1.00 |
| EPS (basic) | 0 | — | — | reported | — | 0.50 |
| D&A | 0.88 | — | — | reported | — | 1.00 |
| Interest expense | 0.15 | — | — | reported | — | 1.00 |
| Income tax | -0.08 | — | — | reported | — | 1.00 |
| Shares (basic) (units) | 2,655,297 | — | — | reported | — | 0.60 |
| Gross margin | 55.91% | — | — | derived | — | 0.70 |
| EBITDA margin | 61.24% | — | — | derived | — | 0.70 |
| EBIT margin | 43.76% | — | — | derived | — | 0.70 |
| EBT margin | 41.06% | — | — | derived | — | 0.70 |
| Net margin | 42.59% | — | — | derived | — | 0.70 |
| D&A margin | 17.48% | — | — | derived | — | 0.70 |
| Cash | 0.01 | — | — | reported | — | 1.00 |
| Total debt | 0.63 | — | — | reported | — | 1.00 |
| Net debt | 0.61 | — | — | derived | — | 0.70 |
| Equity | 34.45 | — | — | reported | — | 1.00 |
| Total assets | 40.56 | — | — | reported | — | 1.00 |
| Working capital | -0.18 | — | — | derived | — | 0.70 |
| Current assets | 3.18 | — | — | reported | — | 1.00 |
| Current liabilities | 3.36 | — | — | reported | — | 1.00 |
| Non-current liabilities | 0.52 | — | — | reported | — | 1.00 |
| Inventory | 1.47 | — | — | reported | — | 1.00 |
| Trade receivables | 0.5 | — | — | reported | — | 1.00 |
| Trade payables | 0.7 | — | — | reported | — | 1.00 |
| CFO | -9.28 | — | — | reported | — | 1.00 |
| CapEx | 3.68 | — | — | reported | — | 1.00 |
| FCF | -12.95 | — | — | derived | — | 0.70 |
| FCF conversion | -418.68% | — | — | derived | — | 0.85 |
| CFO conversion | -299.79% | — | — | derived | — | 0.85 |
| ROE | 7.92% | — | — | derived | — | 0.70 |
| ROA | 5.62% | — | — | derived | — | 0.70 |
| ROIC | 5.64% | — | — | derived | — | 0.60 |
| ROCE | 5.94% | — | — | derived | — | 0.70 |
| Current ratio | 0.95x | — | — | derived | — | 0.70 |
| Quick ratio | 0.51x | — | — | derived | — | 0.70 |
| Cash ratio | 0x | — | — | derived | — | 0.70 |
| Interest coverage | 14.99x | — | — | derived | — | 0.70 |
| Net debt / EBITDA | 0.2x | — | — | derived | — | 0.70 |
| Debt / equity | 0.02x | — | — | derived | — | 0.70 |
| Debt / assets | 0.02x | — | — | derived | — | 0.70 |
| Net debt / equity | 0.02x | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | 27.78% | — | — | derived | — | 1.00 |
| EBIT growth (YoY) | 266.48% | — | — | derived | — | 0.70 |
| Net income growth (YoY) | 166.26% | — | — | derived | — | 0.70 |
| EPS growth (YoY) | -20.17% | — | — | derived | — | 0.50 |
| Gross margin Δ (YoY) | 41.57 pp | — | — | derived | — | 0.70 |
| EBITDA margin Δ (YoY) | 61.66 pp | — | — | derived | — | 0.85 |
| EBIT margin Δ (YoY) | 77.35 pp | — | — | derived | — | 0.70 |
| Net margin Δ (YoY) | 124.73 pp | — | — | derived | — | 0.70 |
FY 2025 · Δ YoY
Revenue
5.05
—
5.05
—
- FY 2024
- —
Gross profit
2.82
—
2.82
—
- FY 2024
- —
EBITDA
3.09
—
3.09
—
- FY 2024
- —
EBIT
2.21
—
2.21
—
- FY 2024
- —
EBT
2.07
—
2.07
—
- FY 2024
- —
Net income
2.15
—
2.15
—
- FY 2024
- —
EPS (basic)
0
—
0
—
- FY 2024
- —
D&A
0.88
—
0.88
—
- FY 2024
- —
Interest expense
0.15
—
0.15
—
- FY 2024
- —
Income tax
-0.08
—
-0.08
—
- FY 2024
- —
Shares (basic)
(units)
2,655,297
—
2,655,297
—
- FY 2024
- —
Gross margin
55.91%
—
55.91%
—
- FY 2024
- —
EBITDA margin
61.24%
—
61.24%
—
- FY 2024
- —
EBIT margin
43.76%
—
43.76%
—
- FY 2024
- —
EBT margin
41.06%
—
41.06%
—
- FY 2024
- —
Net margin
42.59%
—
42.59%
—
- FY 2024
- —
D&A margin
17.48%
—
17.48%
—
- FY 2024
- —
Cash
0.01
—
0.01
—
- FY 2024
- —
Total debt
0.63
—
0.63
—
- FY 2024
- —
Net debt
0.61
—
0.61
—
- FY 2024
- —
Equity
34.45
—
34.45
—
- FY 2024
- —
Total assets
40.56
—
40.56
—
- FY 2024
- —
Working capital
-0.18
—
-0.18
—
- FY 2024
- —
Current assets
3.18
—
3.18
—
- FY 2024
- —
Current liabilities
3.36
—
3.36
—
- FY 2024
- —
Non-current liabilities
0.52
—
0.52
—
- FY 2024
- —
Inventory
1.47
—
1.47
—
- FY 2024
- —
Trade receivables
0.5
—
0.5
—
- FY 2024
- —
Trade payables
0.7
—
0.7
—
- FY 2024
- —
CFO
-9.28
—
-9.28
—
- FY 2024
- —
CapEx
3.68
—
3.68
—
- FY 2024
- —
FCF
-12.95
—
-12.95
—
- FY 2024
- —
FCF conversion
-418.68%
—
-418.68%
—
- FY 2024
- —
CFO conversion
-299.79%
—
-299.79%
—
- FY 2024
- —
ROE
7.92%
—
7.92%
—
- FY 2024
- —
ROA
5.62%
—
5.62%
—
- FY 2024
- —
ROIC
5.64%
—
5.64%
—
- FY 2024
- —
ROCE
5.94%
—
5.94%
—
- FY 2024
- —
Current ratio
0.95x
—
0.95x
—
- FY 2024
- —
Quick ratio
0.51x
—
0.51x
—
- FY 2024
- —
Cash ratio
0x
—
0x
—
- FY 2024
- —
Interest coverage
14.99x
—
14.99x
—
- FY 2024
- —
Net debt / EBITDA
0.2x
—
0.2x
—
- FY 2024
- —
Debt / equity
0.02x
—
0.02x
—
- FY 2024
- —
Debt / assets
0.02x
—
0.02x
—
- FY 2024
- —
Net debt / equity
0.02x
—
0.02x
—
- FY 2024
- —
Revenue growth (YoY)
27.78%
—
27.78%
—
- FY 2024
- —
EBIT growth (YoY)
266.48%
—
266.48%
—
- FY 2024
- —
Net income growth (YoY)
166.26%
—
166.26%
—
- FY 2024
- —
EPS growth (YoY)
-20.17%
—
-20.17%
—
- FY 2024
- —
Gross margin Δ (YoY)
41.57 pp
—
41.57 pp
—
- FY 2024
- —
EBITDA margin Δ (YoY)
61.66 pp
—
61.66 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
77.35 pp
—
77.35 pp
—
- FY 2024
- —
Net margin Δ (YoY)
124.73 pp
—
124.73 pp
—
- FY 2024
- —