Polish technology company cyber_Folks ends 2025 with a clear signal to the market: the subscription-based business model and SaaS services for e-commerce are working well, driving a steady stream of recurring revenue.
The fourth quarter brought the company’s revenue to PLN 236.67 million, a solid jump from PLN 173.16 million in the same period a year earlier. This growth was followed by adjusted EBITDA, which shot up to PLN 82.4 million in the final three months of the year. This is market confirmation of CEO Jakub Dwernicki’s thesis on the effectiveness of building an integrated operating system for online commerce that is deeply embedded in the daily processes of B2B customers.
Looking at the full 2025 picture, the situation becomes particularly interesting from an analytical perspective. The group’s consolidated revenue increased by 30 per cent, hitting PLN 855.2 million. In turn, adjusted EBITDA jumped by as much as 66 per cent, reaching PLN 291.7 million with a strong margin of 34.1 per cent.
Despite this impressive improvement in operating efficiency, consolidated net profit for the full year amounted to PLN 63.14 million, representing a marked decline from the PLN 116.33 million reported in 2024. The gap between increasing profitability at the operating level and lower net profit “at the bottom” of the income statement reflects the capital-intensive nature of the current strategy – organic growth and integration costs of recently acquired companies come at a price.
However, the management seems to be keeping its hand in. CFO Robert Stasik stresses that the business model is generating strong cash with a safe level of debt, which is expected to fuel further acquisitions.
For cyber_Folks, which has been present on the Stock Exchange since 2017 (previously under the name R22), last year’s results represent the continuation of a long-term trend. Since its debut, the company has recorded a compound annual growth rate (CAGR) in revenue and adjusted EBITDA of more than 35 per cent.
The company is successfully transforming itself from a hosting provider to a comprehensive European technology ecosystem. The main challenge for 2026 is to prove that the operational scale developed will fully offset integration expenses and translate into net profit growth, delivering the promised value directly to shareholders’ wallets.
