H1 2025 report
Spółka w stanie głębokiego kryzysu operacyjnego: przychody H1 2025 = 400 PLN (spadek 99,95% r/r), kapitał własny ujemny -4,7 mln zł i pogłębiający się.
Sentiment
Cautious
No guidance change
TOW
H1 2025 report
Revenue
0.84 m PLN
— YoY
Net income
-32.96 m PLN
— YoY
Gross margin
-159.5%
— YoY
FCF
0.28 m PLN
— YoY
Summary
Investment thesis
- Audytor wydał wniosek z zastrzeżeniem dla sprawozdania skonsolidowanego (brak wyceny rynkowej gruntów 13,2 mln zł) oraz zwrócił uwagę na istotną niepewność kontynuacji działalności w obu sprawozdaniach.
- Cała teza wzrostowa oparta na zdarzeniach po dniu bilansowym: list intencyjny i umowa ramowa z chińskim Broad Box Technology, powołanie JV Broad Tower sp. z o.o. (luty 2026), planowana zmiana nazwy i profilu działalności na prefabrykację budowlaną.
- Emisja akcji serii D (objęto 1,1 z maks. 1,5 mln akcji, zarejestrowana luty 2026) ma finansować nowy biznes, ale brak pełnych informacji o przeznaczeniu środków vs. spłatę zaległych zobowiązań.
- Akcje zawieszone na GPW od ponad roku; ostatni kurs przed zawieszeniem 2,35 zł, kapitalizacja ok. 6,2 mln zł — rynek nie miał możliwości zareagowania na żadne z powyższych zdarzeń.
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Financials
BETA
TOW · H1 2025
| Metric | H1 2025 | H1 2024 | Δ YoY | YTD 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.84 | 6.46 | −87% | 0.84 | −87% | reported | — | 1.00 |
| Gross profit | 0 | — | — | 0 | — | reported | — | 1.00 |
| EBIT | -16.94 | -27.69 | +38.8% | -16.94 | +38.8% | reported | — | 1.00 |
| EBT | -0.65 | -32.97 | +98% | -0.65 | +98% | reported | — | 1.00 |
| Net income | -32.96 | -30.65 | −7.5% | -32.96 | −7.5% | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.42 | -19.79 | — | -0.42 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.42 | -19.79 | — | -0.42 | — | reported | — | 1.00 |
| D&A | 0.13 | — | — | 0.13 | — | reported | — | 1.00 |
| Interest expense | 0.4 | — | — | 0.4 | — | reported | — | 0.70 |
| Shares (basic) (m units) | 1.56 | — | — | — | — | reported | — | 1.00 |
| Gross margin | -159.5% | — | — | -159.5% | — | reported | — | 0.50 |
| EBIT margin | -187190% | -428.68% | −186761.3 pp | -187190% | −186761.3 pp | reported | — | 0.30 |
| Net margin | -162446% | -474.67% | −161971.3 pp | -162446% | −161971.3 pp | reported | — | 0.30 |
| Cash | 0.85 | — | — | 0.85 | — | reported | — | 1.00 |
| Total debt | 3.15 | — | — | 3.15 | — | reported | — | 1.00 |
| Net debt | 2.3 | — | — | 2.3 | — | reported | — | 0.90 |
| Equity | -4.74 | -4.09 | −15.9% | -4.74 | −15.9% | reported | — | 1.00 |
| Total assets | 16.11 | 16.28 | −1% | 16.11 | −1% | reported | — | 1.00 |
| Working capital | 1.37 | — | — | 1.37 | — | reported | — | 0.90 |
| Current assets | 13.68 | 13.72 | −0.3% | 13.68 | −0.3% | reported | — | 1.00 |
| Current liabilities | 12.31 | 11.99 | +2.7% | 12.31 | +2.7% | reported | — | 1.00 |
| Goodwill | 0.02 | — | — | 0.02 | — | reported | — | 1.00 |
| CFO | 0.28 | -1.9 | +114.5% | 0.28 | +114.5% | reported | — | 1.00 |
| CapEx | 0 | — | — | 0 | — | reported | — | 1.00 |
| FCF | 0.28 | — | — | 0.28 | — | derived | — | 0.90 |
| Current ratio | 1.11x | — | — | 1.11x | — | reported | — | 0.90 |
| Cash ratio | 0.07x | — | — | 0.07x | — | reported | — | 0.90 |
| Debt / equity | -0.67x | — | — | -0.67x | — | reported | — | 0.50 |
| Net debt / equity | -0.49x | — | — | -0.49x | — | reported | — | 0.50 |
| Revenue growth (YoY) | -99.95% | -17.7% | — | -99.95% | — | reported | — | 1.00 |
| EBIT growth (YoY) | -95.58% | -1353.24% | — | -95.58% | — | reported | — | 0.90 |
| Net income growth (YoY) | -98.03% | -31.38% | — | -98.03% | — | reported | — | 0.90 |
H1 2025 · Δ YoY
Revenue
0.84
−87%
0.84
−87%
- H1 2024
- 6.46
- YTD 2025
- 0.84
- Δ YoY
- −87%
Gross profit
0
—
0
—
- H1 2024
- —
- YTD 2025
- 0
- Δ YoY
- —
EBIT
-16.94
+38.8%
-16.94
+38.8%
- H1 2024
- -27.69
- YTD 2025
- -16.94
- Δ YoY
- +38.8%
EBT
-0.65
+98%
-0.65
+98%
- H1 2024
- -32.97
- YTD 2025
- -0.65
- Δ YoY
- +98%
Net income
-32.96
−7.5%
-32.96
−7.5%
- H1 2024
- -30.65
- YTD 2025
- -32.96
- Δ YoY
- −7.5%
EPS (basic)
(PLN)
-0.42
—
-0.42
—
- H1 2024
- -19.79
- YTD 2025
- -0.42
- Δ YoY
- —
EPS (diluted)
(PLN)
-0.42
—
-0.42
—
- H1 2024
- -19.79
- YTD 2025
- -0.42
- Δ YoY
- —
D&A
0.13
—
0.13
—
- H1 2024
- —
- YTD 2025
- 0.13
- Δ YoY
- —
Interest expense
0.4
—
0.4
—
- H1 2024
- —
- YTD 2025
- 0.4
- Δ YoY
- —
Shares (basic)
(m units)
1.56
—
1.56
—
- H1 2024
- —
- YTD 2025
- —
- Δ YoY
- —
Gross margin
-159.5%
—
-159.5%
—
- H1 2024
- —
- YTD 2025
- -159.5%
- Δ YoY
- —
EBIT margin
-187190%
−186761.3 pp
-187190%
−186761.3 pp
- H1 2024
- -428.68%
- YTD 2025
- -187190%
- Δ YoY
- −186761.3 pp
Net margin
-162446%
−161971.3 pp
-162446%
−161971.3 pp
- H1 2024
- -474.67%
- YTD 2025
- -162446%
- Δ YoY
- −161971.3 pp
Cash
0.85
—
0.85
—
- H1 2024
- —
- YTD 2025
- 0.85
- Δ YoY
- —
Total debt
3.15
—
3.15
—
- H1 2024
- —
- YTD 2025
- 3.15
- Δ YoY
- —
Net debt
2.3
—
2.3
—
- H1 2024
- —
- YTD 2025
- 2.3
- Δ YoY
- —
Equity
-4.74
−15.9%
-4.74
−15.9%
- H1 2024
- -4.09
- YTD 2025
- -4.74
- Δ YoY
- −15.9%
Total assets
16.11
−1%
16.11
−1%
- H1 2024
- 16.28
- YTD 2025
- 16.11
- Δ YoY
- −1%
Working capital
1.37
—
1.37
—
- H1 2024
- —
- YTD 2025
- 1.37
- Δ YoY
- —
Current assets
13.68
−0.3%
13.68
−0.3%
- H1 2024
- 13.72
- YTD 2025
- 13.68
- Δ YoY
- −0.3%
Current liabilities
12.31
+2.7%
12.31
+2.7%
- H1 2024
- 11.99
- YTD 2025
- 12.31
- Δ YoY
- +2.7%
Goodwill
0.02
—
0.02
—
- H1 2024
- —
- YTD 2025
- 0.02
- Δ YoY
- —
CFO
0.28
+114.5%
0.28
+114.5%
- H1 2024
- -1.9
- YTD 2025
- 0.28
- Δ YoY
- +114.5%
CapEx
0
—
0
—
- H1 2024
- —
- YTD 2025
- 0
- Δ YoY
- —
FCF
0.28
—
0.28
—
- H1 2024
- —
- YTD 2025
- 0.28
- Δ YoY
- —
Current ratio
1.11x
—
1.11x
—
- H1 2024
- —
- YTD 2025
- 1.11x
- Δ YoY
- —
Cash ratio
0.07x
—
0.07x
—
- H1 2024
- —
- YTD 2025
- 0.07x
- Δ YoY
- —
Debt / equity
-0.67x
—
-0.67x
—
- H1 2024
- —
- YTD 2025
- -0.67x
- Δ YoY
- —
Net debt / equity
-0.49x
—
-0.49x
—
- H1 2024
- —
- YTD 2025
- -0.49x
- Δ YoY
- —
Revenue growth (YoY)
-99.95%
—
-99.95%
—
- H1 2024
- -17.7%
- YTD 2025
- -99.95%
- Δ YoY
- —
EBIT growth (YoY)
-95.58%
—
-95.58%
—
- H1 2024
- -1353.24%
- YTD 2025
- -95.58%
- Δ YoY
- —
Net income growth (YoY)
-98.03%
—
-98.03%
—
- H1 2024
- -31.38%
- YTD 2025
- -98.03%
- Δ YoY
- —