“In the second quarter of 2024, the company continued work on previous projects and actively searched for new customers. Preparatory work for new tenders and contracts was underway, the effect of which should be visible in the subsequent quarters of 2024” – we read at the beginning of the commentary of the Management Board of Polaris IT Group SA for the second quarter.

In March 2024, Polaris IT Group SA signed an exclusive representation agreement with one of the largest Chinese producers of military accessories (e.g. military clothing, defense equipment, special tactical equipment, etc. – www.anlong.cn) for the entire EU.  As highlighted in the previous quarterly report, due to current geopolitical events, the volume of government spending on weapons and security solutions is increasing significantly throughout Europe, which is why Polaris IT Group SA hopes that an exclusive agreement concluded in 2024, and other contracts being prepared will also provide the company with a favorable position in tenders in various countries.

In the first half of 2024, the Polaris IT Group Capital Group achieved consolidated net sales revenues of PLN 12,654,076.11, consolidated net profit of PLN 63,152.14 and consolidated operating result of PLN 538,983.37.

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.

The post Polaris IT Group Capital Group records in Q2 nearly PLN 4.7 million in revenues and approx. PLN 32,000 net loss appeared first on Polaris website.

“In March 2024, the company signed an exclusive representation agreement with one of the largest Chinese producers of military accessories (e.g. military clothing, defense equipment, special tactical equipment, etc. – www.anlong.cn) for the entire EU. Due to current geopolitical events, the volume of government spending on weapons and security solutions is increasing significantly across Europe. Polaris IT Group hopes that in 2024 this exclusive agreement, as well as other contracts being prepared, will provide it with a favorable position in tenders in various countries” – the business activity of Polaris IT Group in the reporting period and the already visible business prospects were emphasized.

“In the first quarter, the issue of series R shares was registered. The company obtained PLN 4,125,00.00 from the issue of 2,750,000 shares. These funds were loaned to the subsidiary iSRV and were used to support research and development activities and preparatory work for new projects” – attention was also paid to the capital aspect related to the registration of series R shares and the allocation of the funds obtained for the development of activities within the Polaris IT Group Capital Group.

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.

The post Polaris IT Group Capital Group in Q1 2024 reports PLN 8 million in revenues and over PLN 100,000 in net profit appeared first on Polaris website.

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.

The post Polaris IT Group Capital Group in 2023 reports over PLN 35.5 million in revenue and PLN 1 million in net profit appeared first on Polaris website.

„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.

The post Polaris IT Group SA Capital Group makes over PLN 7.3 million in revenues and PLN 575,000 in net profit in Q2 2023 appeared first on Polaris website.

As mentioned in the current report, the Management Board of Polaris IT Group SA, in accordance with the Articles of Association, is authorized to conduct such an issue within the authorized capital, and then introduce the shares to trading.

„The Management Board of Polaris IT Group SA plans that the subscription will be closed by the end of August 2023. The company received an advance payment towards the capital increase in the amount of HUF 80 million (approx. PLN 950 thousand). The funds from the issue of new shares will be allocated to the working capital of the iSRV Zrt. subsidiary, within the Polaris IT Group SA Capital Group” – the current stage and further actions in the field of the issue of shares addressed to the new investor were underlined.

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.

The post Polaris IT Group finds an investor and plans to raise capital appeared first on Polaris website.

The estimated net value of future orders covered by the framework agreement is HUF 250 bn (approx. PLN 3 bn). Conclusion of a framework agreement does not constitute an order; each specific order will be the subject of a re-competition between those consortia that have been selected by HDGA and which have concluded framework agreements with HDGA.

The Management Board of iSRV Zrt. believes that the company has a good chance of winning orders and will use its procurement opportunities, contacts in China and its own development capabilities.

The post NEW FRAMEWORK AGREEMENT OF THE SUBSIDIARY ISRV ZRT. appeared first on Polaris website.

The post NEW AGREEMENT FOR SOFTWARE DEVELOPMENT appeared first on Polaris website.

Polaris IT Group SA will achieve sales revenues of EUR 1.5 million, of which 5% will remain in Polaris IT Group SA, and 95% will be revenues of iSRV Zrt.

The revenue (approx. PLN 6.9 million) will be recognized in the first quarter of 2022, and the transaction will be settled by the end of July 2022.

The post LICENSE SALES AGREEMENT appeared first on Polaris website.

It is important to highlight:
Although this consortium contract is a significant opportunity for the company, it does not yet represent any guaranteed revenue!

The post NEW CONSORTIUM AGREEMENT appeared first on Polaris website.

The Management Board notes that T-Systems Hungary Zrt is a new client of ISRV Zrt, and considers it important that the Polaris IT Group will provide specialized services to the healthcare sector.

The post ISRV ZRT AGREEMENT WITH A NEW CLIENT appeared first on Polaris website.