Polaris IT Group Capital Group in 2023 reports over PLN 35.5 million in revenue and PLN 1 million in net profit

According to Polaris IT Group SA, an IT company listed on the NewConnect stock exchange, the consolidated net sales revenues of the Polaris IT Group Capital Group in 2023 amounted to PLN 35,578,946.56, while the consolidated net profit amounted to PLN 1,043,662.60. At the end of 2022, it was PLN 44,768,488.54 of consolidated net sales revenue and PLN 2,974,554.48 of consolidated net profit, respectively. At the same time, the unit net sales revenues of Polaris IT Group SA reached PLN 393,120.00, which means that the majority of the sales are still generated by ISRV Zrt., a Hungarian subsidiary based in Budapest.

As highlighted in the initial part of the earnings commentary, it was a difficult time for the global economy and much more difficult for the Hungarian economy, but despite significant declines in IT spending and new IT projects, ISRV Zrt – an operationally key company in the Polaris IT Group Capital Group – ended 2023 with slightly higher revenues than the year before.

“Last year, the company continued to work in parallel on several business areas, seeking to focus on the development of software, hardware and AI-based solutions. In addition, the company successfully sold implementations and licenses based on previous work and purchases, one of which was the acquisition of a license in the security segment by the company in 2022, which generated revenues of almost two-thirds of the acquisition value in 2023” – the activities of Polaris IT Group SA in the previous year were presented.

“In 2023 Polaris IT Group SA continued its previously started research and development activities on industrial 3D printing, which will be completed in late 2024 or early 2025. It also raised new capital in the amount of over PLN 4 million through the issue of new series R shares. The company used this capital to support research and development activities at ISRV Zrt. and preparatory work for new projects. In the area of healthcare, the company has successfully executed an agreement related to the management of hospital patients” – attention was also drawn to other areas of the operating activity of the IT company from the NewConnect market in the reporting period.

“Already after the end of the financial year, in March 2024, the company signed an exclusive representation agreement with one of the largest Chinese manufacturers of military accessories (e.g. military clothing, defense equipment, special tactical equipment, etc. – www.anlong.cn) for the whole of the EU. Due to current geopolitical developments, the volume of government spending on weapons and security solutions is increasing significantly across Europe. Polaris IT Group SA hopes that in 2024 this exclusive agreement, as well as other agreements being prepared, will ensure its advantageous position in tenders in various countries” – the current economic activity of Polaris IT Group SA and its significant business prospects were also emphasized.

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 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 Capital Group.

The core business lines of the Polaris IT Group 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.