Board commentary
The overall sales revenue of the Punktid Group increased by 75% in the second half of 2025 compared to the same period in 2024, reaching 102 thousand euros. The growth in sales revenue was primarily due to the partial recovery of wholesale sales, which accounted for 73 thousand euros of the sales revenue for the period. The Punktid platform commission amounted to 29 thousand euros at the same time.
In the second half of 2025, services were sold to retail consumers through the Punktid platform for 314 thousand euros. Compared to the same period in 2024, both the platform's gross sales (GMV) and commission decreased, falling from 58 thousand euros to 29 thousand euros. At the same time, the profit from the platform's brokerage service remained relatively at the level of the previous period, as the company optimized costs and improved operational efficiency. The profit from the platform's brokerage service was approximately 15 thousand euros in the period, compared to 18 thousand euros a year earlier. The brokerage business has been consistently profitable since the second half of 2023.
During the reporting period, technical optimizations of the platform and the restoration of functions that were left out of previous development continued in cooperation with the development manager. The group implemented several technical and user experience improvements aimed at making the purchasing process faster, smoother and more accurate. As a result of the improvements, the efficiency of order processing improved and the fulfillment time for products in stock stabilized again at 5-10 minutes. A new faster and more accurate search solution was also introduced, the display of inventory was improved, control mechanisms to mitigate fraud risk were further developed, technical errors related to user accounts were resolved, and IP-based domain recommendations were introduced for more convenient navigation. In addition, a new blog was launched, through which news, recommendations and articles related to the gaming world are shared with customers. According to the management, these developments made the platform faster, more stable and more user-friendly than before.
In the second half of 2025, wholesale partially recovered in line with demand, although the Group's main focus remained on platform development and expansion.
The Group's aggregate loss was mainly due to administrative and compliance expenses of the listed holding company Punktid Technologies AS, amortization expense of intangible assets of HVK Business OÜ, and write-offs and write-offs of previous inventory.
Key financial ratios
| 31.12.2025 | 31.12.2024 | |
| Sales revenue (wholesale + commission) | €102 715 | €58 307 |
| Gross profit (sales revenue - cost of goods sold) | €-64 932 | €58 127 |
| Operating profit before depreciation (EBITDA) (operating profit + depreciation) | €-97 768 | €-2 921 |
| Consumption | €-25 315 | €-26 268 |
| Operating profit (EBIT) | €-123 083 | €-29 189 |
| Net profit (loss) | €-128 361 | €-33 810 |
| Gross profit margin (gross profit/sales revenue) | -63.2% | 99.7% |
| EBITDA margin (EBITDA/sales revenue) | -95.2% | -5.0% |
| Operating profit margin (operating profit/sales revenue) | -119.8% | -50.1% |
| Net profit margin (net profit/sales revenue) | -125.0% | -58.0% |
| Short-term debt coverage ratio (current assets / short-term liabilities) | 1.50 | 1.76 |
| Assets to equity ratio (assets / equity) | 2.38 | 1.94 |
| Return on equity (ROE) (net profit/equity) | -49.81% | -17.6% |
| Return on Assets (ROA) (net profit/assets) | -20.9% | -9.03% |
Consolidated statement of financial position
(in Euros)
| 31.12.2025 | 31.12.2024 | Note nr | |
| Assets | |||
| Current assets | |||
| Cash and cash equivalents | 7 190 | 21 112 | |
| Receivables and prepayments | 4 412 | 9 045 | 2 |
| Inventories | 510 589 | 611 383 | 3 |
| Total current assets | 522 191 | 641 540 | |
| Non-current assets | |||
| Property, plant and equipment | 25 429 | 31 575 | 6 |
| Intangible assets | 281 107 | 342 499 | 7 |
| Total non-current assets | 306 536 | 374 074 | |
| Total assets | 828 727 | 1 015 614 | |
| Liabilities and equity | |||
| Liabilities | |||
| Current liabilities | |||
| Loan liablities | 28 393 | 25 454 | 8 |
| Payables and prepayments | 320 227 | 338 547 | 9 |
| Total current liabilities | 348 620 | 354 001 | |
| Non-current liabilities | |||
| Loan liablities | 131 519 | 129 379 | 8 |
| Total non-current liabilities | 131 519 | 129 379 | |
| Total liabilities | 480 139 | 493 380 | |
| Equity | |||
|
Equity held by shareholders and partners in parent company | |||
| Share capital | 214 982 | 214 982 | 10 |
| Share premium | 1 057 861 | 1 057 861 | |
| Own shares | 0 | 0 | |
| Retained earnings (loss) | -750 608 | -658 863 | |
| Annual period profit (loss) | -173 647 | -91 745 | |
| Total equity held by shareholders and partners in parent company | 348 588 | 522 234 | |
| Total equity | 348 588 | 522 234 | |
| Total liabilities and equity | 828 727 | 1 015 614 |
Consolidated income statement
(in Euros)
| 01.07.2025 31.12.2025 | 01.07.2024 31.12.2024 | Note nr | |
| Revenue | 102 715 | 58 307 | 11 |
| Capitalized self-constructed assets | 0 | 0 | |
| Other income | 24 | 14 | |
| Goods, raw materials and services | -167 647 | -180 | 12 |
| Other operating expenses | -19 625 | -58 630 | 13 |
| Labor expense | -4 110 | -2 398 | 14 |
| Depreciation and impairment loss | -25 315 | -26 268 | 6,7 |
| Other expenses | -9 124 | -4 830 | |
| Operating profit (loss) | -123 083 | -29 189 | |
| Interest income | 2 | 0 | |
| Interest expenses | -5 308 | -5 150 | |
| Other financial income and expenses | 30 | 529 | |
| Profit (loss) before tax | -128 361 | 33 810 | |
| Annual period profit (loss) | -128 361 | 33 810 |
Consolidated statement of cash flows
(in Euros)
| 01.07.2025 31.12.2025 | 01.07.2024 31.12.2024 | |
| Cash flows from operating activities | ||
| Operating profit (loss) | -164 266 | -80 737 |
| Adjustments | ||
| Depreciation and impairment loss (reversal) | 50 572 | 52 137 |
| Profit (loss) on sale of fixed assets | 0 | 0 |
| Other adjustments | 29 499 | -3 133 |
| Total adjustments | 80 071 | 49 004 |
|
Changes in receivables and prepayments related to operating activities | 4 633 | 22 695 |
| Changes in inventories | 100 749 | -235 473 |
|
Changes in payables and prepayments related to operating activities | -18 320 | 218 975 |
| Total cash flows from operating activities | 2 912 | -25 536 |
| Cash flows from investing activities | ||
|
Purchase of property, plant and equipment and intangible assets | -9 315 | -27 170 |
| Proceeds from the sale of tangible and intangible assets | 0 | 4 992 |
| Disposal of fixed assets | 2 | 0 |
| Total cash flows from investing activities | -9 315 | -22 178 |
| Cash flows from financing activities | ||
| Loans received | 35 970 | 93 400 |
| Repayments of loans received | -35 453 | -69 315 |
| Change in overdraft balance | -2 600 | -1 807 |
| Repayments of finance lease liabilities | -344 | -2 396 |
| Interest paid | -5 092 | -7 840 |
| Received from the sale of own shares | 0 | 38 424 |
| Other financial payments | 0 | 0 |
| Total cash flows from financing activities | -7 519 | 50 466 |
| Total cash flows | -13 922 | 2 752 |
| Cash and cash equivalents at beginning of period | 21 112 | 18 360 |
| Change in cash and cash equivalents | -13 922 | 2 752 |
| Cash and cash equivalents at end of period | 7 190 | 21 112 |
Consolidated statement of changes in equity
(in Euros)
| Equity held by shareholders in parent company | |||||
| Share capital | Share premium | Own shares | Retained earnings(loss) | Total | |
| Restated balance 31.12.2023 | 214 982 | 1 057 861 | -1 | -658 863 | 613 980 |
| Annual period profit (loss) | 0 | 0 | 0 | -91 745 | -91 754 |
| Registred balance 31.12.2024 | 214 982 | 1 019 437 | 0 | -750 608 | 522 234 |
| Annual period profit (loss) | 0 | 0 | 0 | -173 647 | -173 647 |
| 31.12.2025 | 214 982 | 1 057 861 | 0 | -924 255 | 348 588 |
Contacts for additional information
Hannes Niid
Management Board Member of Punktid Technologies AS
E-mail: invest@punktid.com
punktid.com/investor