XTP XTPL Giełda Papierów Wartościowych w Warszawie · annual · publ. April 29, 2026

FY 2025 report

Deep-techowa spółka w fazie komercjalizacji: rekordowe przychody 15,6 mln zł (+14% r/r), ale nadal strata netto 23,3 mln zł i ujemny OCF -17,7 mln zł.

Sentiment

Cautious Guidance lowered

Website

XTP FY 2025 report

Revenue

15.61 m PLN

— YoY

Net income

-23.33 m PLN

— YoY

EBITDA

-16.32 m PLN

— YoY

Gross margin

-11.81%

— YoY

Summary

Investment thesis

Pierwsze wdrożenie przemysłowe (moduły UPD u dużego chińskiego producenta wyświetlaczy) ruszyło, jednak tempo jest wolniejsze od zakładanego, a cel 100 mln zł przychodów przesunięto na 2028 r.
Bilans osłabł: gotówka spadła z 27,7 do 6,6 mln zł, kapitał własny o 52% do 19,4 mln zł, rosną zobowiązania finansowe (16,7 mln zł).
Luka finansowa na 2026 r. szacowana na 15–20 mln zł; w marcu 2026 r. pozyskano 19,5 mln zł brutto z emisji 300 tys. akcji po 65 zł oraz rekomendację dotacji NCBR ok. 10 mln zł.
Kontynuacja działalności zależy od kolejnych źródeł finansowania (inwestor strategiczny, dług) – decyzje spodziewane w III/IV kw. 2026 r.

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Financials

BETA

FY 2025

XTP · FY 2025

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

Revenue	15.61	—	—	reported	—	1.00
Gross profit	-1.84	—	—	reported	—	1.00
EBITDA	-16.32	—	—	derived	—	0.70
EBIT	-22.28	—	—	reported	—	1.00
EBT	-23.33	—	—	reported	—	1.00
Net income	-23.33	—	—	reported	—	1.00
EPS (basic) (PLN)	-8.8	—	—	reported	—	1.00
EPS (diluted) (PLN)	-8.8	—	—	reported	—	1.00
D&A	5.95	—	—	reported	—	1.00
Interest expense	1.22	—	—	reported	—	1.00
Income tax	0	—	—	reported	—	1.00
Shares (basic) (m units)	2.65	—	—	reported	—	1.00
Shares (diluted) (m units)	2.65	—	—	reported	—	1.00

Gross margin	-11.81%	—	—	reported	—	0.70
EBITDA margin	-104.6%	—	—	reported	—	0.70
EBIT margin	-142.74%	—	—	reported	—	0.70
EBT margin	-149.47%	—	—	reported	—	0.70
Net margin	-149.47%	—	—	reported	—	0.70
D&A margin	38.15%	—	—	reported	—	0.70

Cash	6.64	—	—	reported	—	1.00
Total debt	16.72	—	—	reported	—	0.90
Net debt	10.07	—	—	reported	—	0.80
Equity	19.4	—	—	reported	—	1.00
Total assets	47.01	—	—	reported	—	1.00
Working capital	5.59	—	—	reported	—	0.70
Current assets	16.07	—	—	reported	—	1.00
Current liabilities	10.48	—	—	reported	—	1.00
Non-current liabilities	17.12	—	—	reported	—	1.00
Inventory	4.25	—	—	reported	—	1.00
Trade receivables	3.05	—	—	reported	—	1.00
Trade payables	3.63	—	—	reported	—	1.00
Goodwill	11.05	—	—	reported	—	1.00
Tangible equity	8.36	—	—	reported	—	0.70

CFO	-17.67	—	—	reported	—	1.00
CapEx	1.26	—	—	reported	—	1.00
FCF	-18.93	—	—	reported	—	0.70

ROE	-77.83%	—	—	reported	—	0.70
ROA	-43.43%	—	—	reported	—	0.70
ROCE	-61%	—	—	reported	—	0.70

Current ratio	1.53x	—	—	reported	—	0.70
Quick ratio	1.13x	—	—	reported	—	0.70
Cash ratio	0.63x	—	—	reported	—	0.70
Interest coverage	-18.29x	—	—	reported	—	0.70

Debt / equity	0.86x	—	—	reported	—	0.70
Debt / assets	0.36x	—	—	reported	—	0.70
Net debt / equity	0.52x	—	—	reported	—	0.70

Revenue growth (YoY)	13.89%	—	—	reported	—	0.70
EBITDA growth (YoY)	5%	—	—	reported	—	0.70
EBIT growth (YoY)	-2.62%	—	—	reported	—	0.70
Net income growth (YoY)	-5.7%	—	—	reported	—	0.70
EPS growth (YoY)	-5.64%	—	—	reported	—	0.70
Gross margin Δ (YoY)	22.29 pp	—	—	reported	—	0.70
EBITDA margin Δ (YoY)	20.8 pp	—	—	reported	—	0.70
EBIT margin Δ (YoY)	15.68 pp	—	—	reported	—	0.70
Net margin Δ (YoY)	11.58 pp	—	—	reported	—	0.70

FY 2025 · Δ YoY

Revenue

15.61 —

FY 2024: —

Gross profit

-1.84 —

FY 2024: —

EBITDA

-16.32 —

FY 2024: —

EBIT

-22.28 —

FY 2024: —

EBT

-23.33 —

FY 2024: —

Net income

-23.33 —

FY 2024: —

EPS (basic) (PLN)

-8.8 —

FY 2024: —

EPS (diluted) (PLN)

-8.8 —

FY 2024: —

D&A

5.95 —

FY 2024: —

Interest expense

1.22 —

FY 2024: —

Income tax

0 —

FY 2024: —

Shares (basic) (m units)

2.65 —

FY 2024: —

Shares (diluted) (m units)

2.65 —

FY 2024: —

Gross margin

-11.81% —

FY 2024: —

EBITDA margin

-104.6% —

FY 2024: —

EBIT margin

-142.74% —

FY 2024: —

EBT margin

-149.47% —

FY 2024: —

Net margin

-149.47% —

FY 2024: —

D&A margin

38.15% —

FY 2024: —

Cash

6.64 —

FY 2024: —

Total debt

16.72 —

FY 2024: —

Net debt

10.07 —

FY 2024: —

Equity

19.4 —

FY 2024: —

Total assets

47.01 —

FY 2024: —

Working capital

5.59 —

FY 2024: —

Current assets

16.07 —

FY 2024: —

Current liabilities

10.48 —

FY 2024: —

Non-current liabilities

17.12 —

FY 2024: —

Inventory

4.25 —

FY 2024: —

Trade receivables

3.05 —

FY 2024: —

Trade payables

3.63 —

FY 2024: —

Goodwill

11.05 —

FY 2024: —

Tangible equity

8.36 —

FY 2024: —

CFO

-17.67 —

FY 2024: —

CapEx

1.26 —

FY 2024: —

FCF

-18.93 —

FY 2024: —

ROE

-77.83% —

FY 2024: —

ROA

-43.43% —

FY 2024: —

ROCE

-61% —

FY 2024: —

Current ratio

1.53x —

FY 2024: —

Quick ratio

1.13x —

FY 2024: —

Cash ratio

0.63x —

FY 2024: —

Interest coverage

-18.29x —

FY 2024: —

Debt / equity

0.86x —

FY 2024: —

Debt / assets

0.36x —

FY 2024: —

Net debt / equity

0.52x —

FY 2024: —

Revenue growth (YoY)

13.89% —

FY 2024: —

EBITDA growth (YoY)

5% —

FY 2024: —

EBIT growth (YoY)

-2.62% —

FY 2024: —

Net income growth (YoY)

-5.7% —

FY 2024: —

EPS growth (YoY)

-5.64% —

FY 2024: —

Gross margin Δ (YoY)

22.29 pp —

FY 2024: —

EBITDA margin Δ (YoY)

20.8 pp —

FY 2024: —

EBIT margin Δ (YoY)

15.68 pp —

FY 2024: —

Net margin Δ (YoY)

11.58 pp —

FY 2024: —