Polaris IT Group SA Capital Group makes over PLN 7.3 million in revenues and PLN 575,000 in net profit in Q2 2023

As announced by Polaris IT Group SA, an IT company listed on the NewConnect stock market, the consolidated sales revenues of the Polaris IT Group SA Capital Group at the end of the second quarter of this year amounted to PLN 9,733,102.69, while the consolidated net profit amounted to PLN 575,880.87. It is worth to underline that the consolidated profit on sales in the reporting period amounted to PLN 383,458.08 and increased by 163% year on year. As it was emphasized in the initial part of the result commentary, taking into account the still difficult market environment, the achieved results allow us to look at the next quarters of this year with optimism.

„In 2023, the economic situation in Hungary is extremely difficult, which affects the activities of our company both directly and indirectly. Our subsidiary iSRV has two significant consortium agreements (with T-Systems and 4iG) for which we have high hopes, however we see that these projects can only be realized if Hungary and the EU come to an agreement and Hungary has at its disposal the resources on which these projects are based” – the current economic conditions and their actual impact on the business prospects of the Polaris IT Group SA Capital Group were presented.

„As we emphasized in our annual report for 2022 and after the first quarter of 2023, we are constantly looking for areas that offer the possibility of profitable operation of the company even in the current situation” – we read on.

„We are working on software development and preparation of services, and the results of this work will be used in the energy sector, in connection with a special industrial energy storage solution” – highlighted one of the key business activities of the Polaris IT Group SA in the second quarter of this year.

„We are preparing activities related to the development and operation of a logistics system based on artificial intelligence for the transport of industrial raw materials by rail” – attention was also paid to another area of operational activity.

„In recent weeks, we have established a Hungarian company called QuantaNex Kft, 100% owned by Polaris IT Group SA. The company will be the sales partner of the innovative VR solution in Central Europe. Currently, the project is in the contract negotiation phase. Thanks to this solution, we can meet the needs of B2C, B2B and B2G customers in the field of entertainment, education and presentation” – informed for the first time about the construction of completely new competences of the Polaris IT Group SA Capital Group in the field of innovative VR solutions.

„Polaris IT Group SA has recently decided to raise capital, under which 2,750,000 shares will be issued in a private placement at PLN 1.50 per share for one investor. The funds obtained from this issue will be largely allocated to development works carried out by iSRV Zrt” – once again, the issue of the recently obtained significant financing for the Polaris IT Group SA Group was mentioned.

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.