Annual unit and consolidated report for 2022

Polaris IT Group SA Capital Group ends 2022 with revenues of nearly PLN 45 mln and net profit of approx. PLN 3 mln

As announced by Polaris IT Group SA, an IT company listed on the NewConnect stock exchange, the consolidated sales revenues achieved by Polaris IT Group SA and its hungarian subsidiary company iSRV Zrt. amounted to PLN 44,768,488.54 at the end of last year, while the net profit of Polaris IT Group SA Capital Group amounted to PLN 2,974,554.48. In the corresponding period of the year before, consolidated sales revenues reached PLN 115,912,099.09 and consolidated net profit PLN 8,482,276.74.

At the same time, Polaris IT Group SA recorded at the end of 2022 unit sales revenues of PLN 6,976,050.00 compared to PLN 3,996,725.20 in the previous year, representing an increase of nearly 75% year on year and a net loss of PLN 59,540.02 compared to a similar loss of PLN 57,153.21 at the end of 2021.

As emphasized by the Management Board of Polaris IT Group SA at the beginning of the result report, net sales revenues in 2022, at the level of the Polaris IT Group SA Capital Group, were expected to be much lower compared to those achieved in the previous year, as the value of revenues in 2021 was significantly affected by revenues from transactions for ventilators and medical masks, generated during the peak of demand caused by the COVID-19.

“The economic environment in 2022 was not favorable. War in Ukraine, high, rising inflation, still unstable supplies after the COVID-19 pandemic. Despite these unfortunate circumstances, we obtained significant revenues from all areas of our business, without neglecting research and development expenses and incurring the costs of preparing for future tasks” – we read further.

“We emphasize that despite the tough economic conditions, our percentage profit to sales ratio has improved. We have been working all the time on the preparation of large projects that will start after 2022 and which, as we hope, will generate significant growth already in 2023, e.g. contracts acquired through participation in consortia” – Polaris IT Group SA indicates an improvement in the net profitability.

“Economic difficulties did not disappear with the new year, however, even with such a poor environment, we are optimistic about 2023. We continue the research and development work that we have begun, which – we hope – will result in the launch of innovative products and services that generate revenue and high margins” – the impact of the R&D area on business perspectives was brought closer.

“We will continue to work in those areas that contributed to last year’s results. These include: development of software systems, development of encryption solutions and hardware, development of research on artificial intelligence, trade in hardware and software, trade in hardware and software related to the healthcare market and provision of services related to this hardware and software, development of online educational solutions. We also intend to operate in new areas where we see the opportunity to use our skills in software development using blockchain-based technologies and AI solutions. One of them is logistics, where he intends to develop IT and logistics algorithms for freight transport. The second is the energy sector, where it intends to contribute to the implementation of effective control of high-performance energy storage devices (on a national and industrial scale)” – the IT company listed on NewConnect stock market clearly summarizes the operational goals.

About Polaris IT Group SA:

Polaris IT Group SA operates as an IT service provider and consulting company in the field of information technology.

In July 2020 the Polaris IT Group SA Capital Group was established when Polaris IT Group SA acquired 100% of shares in the share capital of IAI (Industrial Artificial Intelligence Kft.), which holds 100% of shares in another Hungarian entity ISRV Zrt. At present, IAI does not conduct activities generating sales revenue, while ISRV is the company conducting operating activities on the largest scale within the Polaris IT Group SA Capital Group.

The main business lines of the Polaris IT Group SA Capital Group are artificial intelligence and the development of computer hardware and software.

Polaris IT Group SA is a company listed on the Warsaw NewConnect stock market operated by the Warsaw Stock Exchange as part of the Alternative Trading System.