Polaris IT Group SA Capital Group makes over PLN 10 million in revenues and PLN 1.8 million in net profit in Q1 2023

As announced by Polaris IT Group SA, an IT company listed on the Warsaw NewConnect stock market, the consolidated sales revenues of the Polaris IT Group SA Capital Group at the end of the first quarter of this year amounted to PLN 10,104,858.73, while the consolidated net profit amounted to PLN 1,811,672,74 which, as emphasized in the initial part of the result commentary, allows to look at the next quarters of this year with optimism, taking into account still difficult market environment.

„In the first quarter of 2023, iSRV Zrt. [Hungarian subsidiary, included in the structures of the Polaris IT Group SA Capital Group] achieved a pre-tax profit of HUF 174 million and revenues of HUF 823 million. Of these revenues, HUF 265 million came from license trading, but a significant amount also came from the sale of the EDL system (online education system) and the solution built on it, which accounted for another HUF 173 million in revenues. In addition, the company recorded HUF 195 million from individual implementations and sales of FPGA licenses and HUF 37 million from system operation. In addition, the sale of the Enclosed Server license developed by iSRV generated revenues of HUF 125 million” – the business activity in the first quarter of this year of the key operating company for Polaris IT Group SA Capital Group was underlined.

„The company has performed a cost effectiveness review, therefore we expect savings in operating costs from the second quarter. In the field of research and development, the company focused mainly on bug fixes, other than that, no new development expenses were incurred” – we read on.

„In 2023, the economic situation in Hungary remains extremely difficult, which affects the company both directly and indirectly. iSRV has two existing consortium contracts with a total framework of HUF 450 billion (with T-Systems and 4iG companies), for which we have high hopes. However, we already see clearly that they can only start when Hungary and the EU reach an agreement and Hungary receives the funds on which these projects are based” – current market conditions were presented.

„As we emphasized in the annual report for 2022, we are constantly looking for areas that give the company a chance for profitable operation even in the current situation. In the near future, we will focus on three such areas: software development in the energy sector, provision of telemedicine services based on the collection of telemetric data and AI in the healthcare sector as well as the sale of related devices and the implementation of optimization algorithms and AI-based solutions in the logistics sector, aimed at shortening and optimizing the time of transporting industrial products by rail. We are actively preparing projects in all three areas, and we are convinced that they will soon bring further successes for iSRV Zrt and thus also for Polaris IT Group SA Capital Group” – the current operational goals and business perspectives of the Polaris IT Group SA Capital Group were summarized.

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.