Consolidated statements

DataWalk Capital Group

For the year ended December 31, 2024.

April 2025.

Consolidated financial statements

DataWalk Capital Group

The current Board of Directors of the Issuer was appointed by resolutions of the Supervisory Board on December

19, 2024 for a joint, 3-year term, which began on January 1, 2025 and will end on December 31, 2027.

As of the date of this report, the composition of the Company's Board of Directors had not changed.

Supervisory Board

As of December 31, 2024 and as of the date of approval for publication of this report, the composition of the

Issuer's Supervisory Board is as follows:

The Issuer's current Supervisory Board was appointed for a joint three-year term, which began on July 1, 2024,

In view of the above, the Company's Supervisory Board, acting on the basis of the Issuer's Articles of Association,

Board for the current joint 3-year term with the other members of the Company's Supervisory Board appointed on

the basis of resolutions of the Company's Annual General Meeting of June 30, 2021.

On June 28, 2024, in connection with the adoption of a resolution to shorten the term of office of the Supervisory

Board, the Ordinary General Meeting of Shareholders of the Company (the "AGM"), pursuant to Resolutions No.

22-26, dismissed Mr. Piotr Bindas, Mr. Gregory Dymek, Mr. Wojciech Dyszy, Mr. Ola Malm, Mr. Roman Pudełko

from their positions as members of the Supervisory Board, effective June 30, 2024.

A new three-year term with effect from July 1, 2024.

As of the date of this report composition of the Company's Supervisory Board had not changed

Basis for the preparation of the financial statements - including a description

of circumstances indicating a threat to the continuation of operations

These financial statements have been prepared on the assumption that the DataWalk Group will continue as a

going concern for a period of not less than 12 months from the balance sheet date. Management conducted a

multidimensional analysis of the circumstances affecting the entity's ability to continue as a going concern,

including both internal factors, in particular:

and external, in particular:

During the analysis, significant uncertainties were identified regarding events and circumstances that may cast

doubt on the entity's ability to continue as a going concern. These include:

market and historical conversion rates of qualified sales prospects, the Company is capable of continuing

operations on the current scale for a period of not less than 12 months from the balance sheet date.

These forecasts correlate with external market analyses prepared by reputable consulting firms (e.g. Gartner) as

well as inquiries from potential customers directed to the Company in recent months. The implementation of these

assumptions does not require the Company to make significant capital expenditures or to acquire additional

operating or capital resources. In addition, it does not involve additional formal and legal requirements that the

Company would not already meet as of the balance sheet date.

At the same time, the Company's Board of Directors has taken a number of initiatives over the past few months to

improve performance and liquidity, including:

financial capabilities, but are also able to operate effectively in the business model proposed by the Company.

In parallel with these actions, the Company's Board of Directors requested that the shareholders grant the Board

of Directors authorization for another increase in the Company's share capital within the limits of authorized

capital. This was dictated by ensuring that the Company and its capital group could raise funds for its further

development through the most efficient and flexible mechanisms for increasing share capital, allowing for a shorter

issuance process. On June 28, 2024, the General Meeting of Shareholders, through Resolution 18a, granted the

Board of Directors authorization to increase the Company's share capital through the issuance of no more than

750,000 (seven hundred and fifty thousand) ordinary bearer shares. The above authorization was granted until

30.06.2027. As of the date of this Report, the Management Board has not decided when it will exercise the granted

authorization or to what extent.

in Western European and US markets strictly depend on securing external financing.

Management stresses that without additional financing, the Company may have limited funds for further

of adequate funding may result in the need to reduce the pace of software releases, which in turn may result in

delays in delivering new solutions to the market and limit competitive opportunities.

The Company's Board of Directors emphasizes that business operations involve inherent uncertainties and risks,

and despite the measures taken by the Company's Board of Directors to support the Company's financial stability,

in particular by securing additional sources of financing and optimizing spending on investing and operating

activities, it is necessary to recognize that factors such as changes in market conditions, customer demand, the

regulatory environment and other unexpected events may affect the Company's ability to achieve its projected

results and secure the necessary financing for its operations.

As of the date of approval of these consolidated financial statements for publication, the Issuer's Management

Board has considered the impact of the armed conflict in Ukraine on the Group's going concern and has found no

IFRS include standards and interpretations accepted by the International Accounting Standards Board and the

International Financial Reporting Interpretations Committee ("IFRIC").

As of the date of approval of this report for publication, given the ongoing process of IFRS standards in the EU

and the Group's operations, there is no difference between IFRS standards that have come into force and IFRS

standards approved by the EU in terms of the Group's accounting policies.

The scope of these consolidated financial statements is in accordance with the Ordinance of the Minister of Finance

dated March 29, 2018 on current and periodic information provided by issuers of securities and conditions for

recognizing as equivalent information required by the laws of a non-member state (consolidated text: Journal of

Laws 2018, item 757) (the "Ordinance") and includes the annual reporting period from January 1 to December 31,

presentation currency at the exchange rate in effect at the balance sheet date, and their statements of comprehensive

Intangible assets may include intangible assets with indefinite useful lives and goodwill. Goodwill and intangible

assets with indefinite useful lives are not subject to amortization. They are subject to annual impairment testing.

According to par. 66 and 67 of IAS 38, costs are capitalized to the extent directly related to bringing the asset to

full use and include, in particular, the costs of salaries of employees and subcontractors involved in the work during

attributable to bringing the asset to use.

The expected useful life for each group of tangible intangible assets is:

permanent impairment is found, no later than at the end of the fiscal year. .

Property, plant and equipment

The Group recognizes as fixed assets single, serviceable items that meet the criteria specified for fixed assets in

IAS 16 assets, if the purchase price (manufacturing cost) is at least PLN 10,000. Fixed assets below this value are

depreciated or written off on a one-time basis in the month of acquisition if, due to the nature of the Company's

business, they do not constitute a significant asset in their mass.

Depreciation is calculated for all fixed assets, excluding land and fixed assets under construction, over the

The expected useful life for each group of property, plant and equipment is:

when permanent impairment was found, no later than at the end of the fiscal year.

Gains or losses resulting from the sale/liquidation or discontinuation of fixed assets are determined as the

difference between the sales proceeds and the net value of these fixed assets and are recognized in the Income

Statement.

Investments in subsidiaries

Subsidiaries are entities over which the Group directly or indirectly exercises control.

In the financial statements, investments in subsidiaries and affiliates not classified as held for sale are recognized

at cost less impairment losses.

The carrying value of investments is tested for impairment. Recognized impairment is recognized in the income

statement in financial expenses. The release of the impairment provision is recognized in the income statement in

financial income if there has been a change in the estimates on the basis of which the Group determines the return

The Company does not enter into such transactions and does not make such investments.

Financial assets measured at amortized cost include loans granted, deposits, bills of exchange and other debt

instruments.

The Company enters into transactions related to time deposits. The balance of time deposits consists of time

deposits with an original maturity of more than 3 months.

When interest income does not represent significant amounts, the Company does not separate it into a separate

line item, but recognizes it in financial income. Other gains and losses on financial assets are recognized in profit

or loss, including foreign exchange differences, and are presented as financial income or expenses.

Contract assets and liabilities

Assets from balance sheet valuation of implementation contracts are the result of the preponderance of the stage

of completion of implementation contracts in relation to invoices issued. For this type of asset, the Group has

fulfilled its performance obligation, but the right to receive consideration is subject to conditions other than the

or services to a customer in exchange for which the Group has received remuneration or the amount of

remuneration is due.

The Group recognizes in contract assets and liabilities items whose value is at least PLN 40,000. In turn, items

below this value are recognized once in income in the month of their recognition

Impairment of financial assets

With regard to trade receivables, the Group applies, in accordance with the option provided by the standard, a

simplified approach and measures the allowance for expected credit losses at an amount equal to the expected

credit losses over the life of the receivables. This approach is based on the fact that the Group's receivables do not

contain a significant financing component within the meaning of IFRS 15. To calculate the allowance, the Group

uses the allowance matrix method, under which allowances are determined for receivables included in different

• Overdue 31 to 60 days,

• Overdue 61 to 90 days,

• Overdue 91 to 180 days,

For each of the above ranges, the Group estimates a default parameter, which takes into account the historical non-

payment of sales invoices by counterparties over a minimum of two years, preceding the year prior to the year for

which the financial statements are prepared. The value of expected credit loss is calculated by multiplying the

value of receivables in a given overdue range by the calculated default parameter.

With respect to trade receivables, the Group also allows for individual determination of expected credit losses. In

particular, this applies to:

• receivables from debtors in liquidation or bankruptcy, receivables disputed by debtors and with payment

In the above situations, an allowance for accounts receivable may be made at 100% of their value.

Financial assets are written off in full when the Group has exhausted virtually all avenues of action to collect the

Trade and other receivables

The Group measures financial assets at amortized cost using the effective interest rate method. Long-term

receivables subject to IFRS 9 are discounted at the balance sheet date.

Trade and other receivables with a maturity of less than 12 months are valued at nominal value less the value of

expected credit losses. To calculate the allowance, the Group uses the allowance matrix method, under which

allowances are determined for receivables included in different maturity ranges.

The impairment charge is updated at each reporting date.

When applying an adjustment to the VAT due under the bad debt relief, the company recognizes the receivable

from the tax office in the books in correspondence with the allowance account.

The receivable for the excess of input VAT over output VAT to be settled in a future period is reported under

The Group's accrued expenses include expenses that were incurred in advance, while all or part of them relate to

subsequent periods. In particular, accruals include: (i) prepaid subscriptions and license fees, (ii) prepaid insurance,

subscriptions, rents, etc., and (ii) other expenses incurred during the period but relating to future periods. The

Group recognizes in this balance sheet item expenses whose value is at least PLN 40,000. In turn, expenses below

this value are recognized as one-time expenses in the month they are incurred.

The Group keeps records of accruals on a short-term and long-term basis.

Cash and cash equivalents

Cash and cash equivalents include cash on hand, demand deposits and bank deposits with maturities of less than

3 months. Short-term investments that are not subject to significant changes in value and that can be readily

converted into a specific amount of cash and are part of the Entity's liquidity management policy are recognized

as cash and cash equivalents for purposes of the statement of cash flows.

probability-weighted scenarios.

Leasing

The Group applies the principles of IFRS 16 "Leases" to leases.

Under IFRS 16, a distinction is made between leases and service contracts based on whether the lessee of a

particular asset controls the asset that is the subject of the contract.

Control is believed to exist if the Group:

• has the right to receive substantially all of the economic benefits from the use of the identified asset,

• Has the right to direct the use of the identified asset.

For identified leases, the Group presents right-of-use assets on the one hand and lease liabilities on the other.

lease incentives received, the initial direct costs incurred by the lessee and an estimate of the costs to be incurred

by the lessee in dismantling and removing the underlying asset.

Subsequent valuation

The Group measures the right-of-use asset using the cost model, i.e., net of depreciation and impairment losses,

if any, but also after appropriate adjustment for lease liability conversions made (i.e., modifications that do not

result in the need to recognize a separate lease). Amortization of the Group's right-of-use is generally made using

the straight-line method. If the lease transfers ownership of the underlying asset to the Group at the end of the

lease term, or if the cost of the right-of-use asset takes into account that the Group will exercise a call option, the

Group amortizes the right-of-use asset from the commencement date until the end of the underlying asset's useful

life. Otherwise, the Group depreciates the right-of-use asset from the commencement date until the end of the

lease term or the end of the lease term, whichever is earlier. The Group applies the provisions of IAS 36,