Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Page | 1
DataWalk Capital Group
Interim condensed consolidated financial
statements
for the period of 6 months ended June 30, 2025
prepared in accordance with International Accounting Standard No. 34 "Interim Financial Reporting" approved by the
EU
Wrocław, August 2025
Wrocław, May 2020.
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Page | 2
Table of contents
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF THE DATAWALK CAPITAL GROUP .........................................4
Interim condensed consolidated statement of financial position of the DataWalk Capital Group ............................................... 4
Interim condensed consolidated income statement with statement of comprehensive income of the DataWalk Capital Group . 6
Interim condensed consolidated statement of changes in equity of the DataWalk Capital Group ............................................... 8
Interim condensed consolidated cash flow statement of the DataWalk Capital Group ............................................................. 10
SELECTED NOTES AND EXPLANATIONS TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF THE DATAWALK
CAPITAL GROUP ...................................................................................................................................................................... 11
Note 1.1 Tangible fixed assets .................................................................................................................................................. 12
Note 1.2 Changes in tangible fixed assets by type .................................................................................................................... 13
Note 2.1 Intangible assets .......................................................................................................................................................... 14
Note 2.2 Changes in intangible assets by type........................................................................................................................... 15
Note 2.3 Development costs in progress ................................................................................................................................... 16
Note 2.4 Costs of completed development work ....................................................................................................................... 16
Note 3 Right-of-use assets ......................................................................................................................................................... 17
Note 4 Deferred income tax assets and liabilities ...................................................................................................................... 17
Note 5 Contract assets and liabilities ......................................................................................................................................... 19
Note 6.1 Trade receivables (short-term and long-term) ............................................................................................................. 20
Note 6.2 Allowance for expected credit losses on trade receivables ......................................................................................... 21
Note 7 Other receivables (short-term) ....................................................................................................................................... 21
Note 8 Financial assets (short-term) .......................................................................................................................................... 22
Note 9 Accruals and deferrals (long-term and short-term) ........................................................................................................ 22
Note 10 Cash and cash equivalents ........................................................................................................................................... 22
Note 11 Share capital ................................................................................................................................................................ 23
Note 12.1 Share premium .......................................................................................................................................................... 24
Note 12.2 Changes in share premium from sale of shares above their nominal value ............................................................... 24
Note 13 Other capital ................................................................................................................................................................ 24
Note 14 Reserve capital ............................................................................................................................................................. 25
Note 15 Lease liabilities (long-term and short-term) ................................................................................................................. 31
Note 16 Loans and borrowings (long-term and short-term) ...................................................................................................... 33
Note 17 Incentive program liabilities ........................................................................................................................................ 34
Note 18 Trade payables ............................................................................................................................................................. 40
Note 19.1 Other provisions (short-term) ................................................................................................................................... 41
Note 19.2 Change in other provisions (short-term) ................................................................................................................... 41
Note 20.1 Sales revenue – by type ............................................................................................................................................ 42
Note 20.2 Sales revenue – territorial breakdown ....................................................................................................................... 42
Note 20.3 Sales revenue – customer groups .............................................................................................................................. 42
Note 20.4 Sales revenue – by method of recognition in the income statement.......................................................................... 43
Note 21 Cost by nature .............................................................................................................................................................. 43
Note 22 Other operating income ............................................................................................................................................... 44
Note 23 Other operating expenses ............................................................................................................................................. 44
Note 24 Financial income .......................................................................................................................................................... 44
Note 25 Financial expenses ....................................................................................................................................................... 44
Note 26 Asset impairment tests ................................................................................................................................................. 45
Note 27 Off-balance sheet liabilities ......................................................................................................................................... 46
Note 28 Information on operating segments ............................................................................................................................. 46
Note 29 Transactions with related entities ................................................................................................................................. 50
ADDITIONAL INFORMATION TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF THE DATAWALK CAPITAL
GROUP .................................................................................................................................................................................... 51
Basic information ...................................................................................................................................................................... 52
General information about the Group ........................................................................................................................................ 52
Basis for preparation of the financial statements – including a description of circumstances indicating a threat to the continuity
of operations .............................................................................................................................................................................. 54
Statement of compliance ........................................................................................................................................................... 54
Impact of the political and economic situation in Ukraine ........................................................................................................ 55
Functional and reporting currency ............................................................................................................................................. 55
Estimates and professional judgment ........................................................................................................................................ 56
Accounting principles ............................................................................................................................................................... 56
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Page | 3
Changes in accounting principles .............................................................................................................................................. 57
New standards, interpretations .................................................................................................................................................. 59
Information on corrections of prior period errors ...................................................................................................................... 59
Approval of the financial statements ......................................................................................................................................... 59
Operating segments ................................................................................................................................................................... 59
Explanatory comment on seasonality or cyclicality of operations in the interim period ........................................................... 59
Type and amounts of items affecting assets, liabilities, equity, net profit or cash flows that are unusual due to their type, size or
frequency ................................................................................................................................................................................... 59
Information on write-downs of inventories to net realizable value and reversal of such write-downs ...................................... 60
Information on the recognition of impairment losses on financial assets, property, plant and equipment, intangible assets or
other assets and reversal of such impairment losses .................................................................................................................. 60
Information on the creation, increase, use and release of provisions ......................................................................................... 60
Information on deferred income tax provisions and assets ........................................................................................................ 61
Issue, redemption and repayment of non-equity and equity securities ...................................................................................... 61
Information on events occurring after the end of the interim period that have not been included in the financial statements for
the interim period ...................................................................................................................................................................... 61
Information on dividends paid (in total or per share), broken down into ordinary shares and other shares ............................... 61
For financial instruments measured at fair value – information on changes in the method of its determination ....................... 61
Information on transfers between different levels of the fair value hierarchy used for the measurement of the fair value of
financial instruments ................................................................................................................................................................. 62
Changes in the classification of financial instruments as a result of a change in the purpose or use of these assets ................. 62
Information on changes in the conditions of business and economic situation that affect the fair value of the entity's financial
assets and financial liabilities, regardless of whether these assets and liabilities are recognized at fair value or at amortized cost
.................................................................................................................................................................................................. 62
Information on significant transactions involving the acquisition and sale of property, plant and equipment .......................... 62
Information on commitments made to purchase tangible fixed assets ....................................................................................... 62
Information on settlements related to court cases ...................................................................................................................... 62
Information on outstanding loans or breaches of loan agreements for which no remedial measures were taken by the end of the
reporting period ......................................................................................................................................................................... 63
Information on changes in contingent liabilities and contingent assets that have occurred since the end of the last financial year
.................................................................................................................................................................................................. 63
Other information that may significantly affect the assessment of the Group's financial position and financial performance .. 63
INTERIM CONDENSED FINANCIAL STATEMENTS OF DATAWALK S.A.......................................................................................... 64
Interim condensed statement of financial position of DataWalk S.A. ...................................................................................... 65
Interim condensed income statement with statement of comprehensive income DataWalk S.A. .............................................. 66
Interim condensed statement of changes in equity DataWalk S.A. ........................................................................................... 68
Interim condensed cash flow statement DataWalk S.A. ............................................................................................................ 70
Accounting principles ............................................................................................................................................................... 71
Changes in accounting principles .............................................................................................................................................. 71
Estimates and professional judgment ........................................................................................................................................ 71
Note Investments in subsidiaries (long-term) ............................................................................................................................ 72
Note Breakdown of costs by type .............................................................................................................................................. 73
APPROVED FOR PUBLICATION BY THE MANAGEMENT BOARD ................................................................................................... 75
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Page | 4
Interim condensed consolidated financial statements of the DataWalk Capital Group
Interim condensed consolidated statement of financial position of the
DataWalk Capital Group
Assets
Note
30.06.2025
31.12.2024
A
Fixed assets
43 905
29 826
I
Tangible fixed assets
1
39
95
II
Intangible assets
2
17 828
19 033
III
Right-of-use assets
3
543
796
IV
Long-term receivables
6
5 783
172
V
Long-term accruals
9
70
0
VI
Deferred income tax assets
4
19 641
9 730
B
Current assets
77 842
28 656
I
Contract assets
5
1 112
888
II
Trade receivables
6
7 508
8 872
III
Income tax receivables
13
13
IV
Other receivables
7
1 597
1 192
V
Financial assets
8
18 127
93
VI
Prepayments
9
1 320
1 099
VII
Cash and cash equivalents
10
48 165
16 499
Total assets
121 748
58 482
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Page | 5
Liabilities
Note
30.06.2025
31.12.2024
A
Equity
2 894
-5 558
Equity attributable to shareholders of the
parent company
2 894
-5 558
I
Share capital
11
638
563
II
Share premium
12
255 852
199 351
III
Other capital reserves
13
9 965
9 965
IV
Retained earnings
-262 824
-213 863
V
Reserve capital
14
49 925
46 915
VI
Financial result for the current year
-51 306
-48 961
VII
Foreign exchange differences on translation
644
472
Non-controlling interests
0
0
B
Long-term liabilities
743
1 032
I
Lease liabilities
15
216
427
II
Loans and borrowings
16
527
605
C
Short-term liabilities
118 110
63 008
I
Trade payables
18
2 000
2 263
II
Lease liabilities
15
418
422
III
Loans and borrowings
16
32
35
IV
Incentive program liabilities
17
102 429
50 459
V
Other liabilities
736
929
VI
Other reserves
19
2 961
1 716
VII
Contract liabilities
5
9 535
7 184
Equity and liabilities
121 748
58 482
Net asset value per share
30.06.2025
31.12.2024
Net asset value
2 894
-5 558
Number of shares (in pcs.)
6 382 988
5 632 988
Net asset value per share (in PLN)
0,45
-0,99
Diluted number of shares (in pcs.)
6 843 956
6 044 362
Diluted net asset value per share (in PLN)
0,42
-0,92
Net asset value per share was calculated in relation to the number of shares of Data Walk S.A. as at the balance
sheet date.
The diluted number of shares includes the estimated number of contingent rights to subscribe for and/or acquire
shares of the Company under the incentive program.
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Page | 6
Interim condensed consolidated income statement with statement of
comprehensive income of the DataWalk Capital Group
Income statement
Note
01.01.2025-
30.06.2025
01.01.2024-
30.06.2024
01.04.2025-
30.06.2025
01.04.2024-
30.06.2024
A
Revenue
2
23 765
10 918
10 313
4 494
License revenue
16 153
3 586
6 593
3
Maintenance revenue
6 340
4 907
3 260
2 547
Professional Services revenue
1 273
2 425
460
1 944
B
Cost of revenue
21
7 167
8 536
4 081
4 251
Cost of license revenue
1 277
721
1 028
335
Cost of maintenance revenue
3 023
3 028
1 673
1 430
Cost of professional services revenue
2 867
4 786
1 379
2 486
C
Gross profit on sales
16 598
2 383
6 232
242
Sales and marketing
6 763
6 821
3 726
2 905
Research and development
7 057
5 411
4 662
2 158
Administration and general expenses
6 927
4 087
4 222
1 966
Incentive program
54 980
25 779
54 007
11 038
Other operating income
22
175
202
64
66
Other operating expenses
23
1 194
1 687
4
1 134
Loss (gain) on expected credit losses
5.6
258
2 153
10
1 705
D
Operating result
-60 407
-43 354
-60 334
-20 597
Financial income
24
190
20
163
-3
Financial expenses
25
1 001
71
607
53
E
Profit before tax
-61 218
-43 404
-60 779
-20 652
Income tax
-9 912
-4 676
-10 018
-1 859
F
Net profit (loss)
-51 306
-38 728
-50 761
-18 793
Net profit (loss) attributable to:
01.01.2025-
30.06.2025
01.01.2024-
30.06.2024
01.04.2025-
30.06.2025
01.04.2024-
30.06.2024
- shareholders of the parent entity
-51 306
-38 728
-50 761
-18 793
- non-controlling shareholders/shareholders
0
0
0
0
Statement of comprehensive income
01.01.2025-
30.06.2025
01.01.2024-
30.06.2024
01.04.2025-
30.06.2025
01.04.2024-
30.06.2024
Net profit (loss)
-51 306
-38 728
-50 761
-18 793
Other comprehensive income
173
47
199
-11
1. Items not transferred to the financial result
0
0
0
0
2. Items transferred to the financial result, including:
173
47
199
-11
Foreign exchange differences on the valuation of
entities operating abroad
173
47
199
-11
Total income
-51 134
-38 681
-50 562
-18 804
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Page | 7
Total total income attributable to:
01.01.2025-
30.06.2025
01.01.2024-
30.06.2024
01.04.2025-
30.06.2025
01.04.2024-
30.06.2024
- shareholders of the parent company
-51 134
-38 681
-50 562
-18 804
- non-controlling shareholders/shareholders
0
0
0
0
Net profit (loss) per share
01.01.2025-
30.06.2025
01.01.2024-
30.06.2024
01.04.2025-
30.06.2025
01.04.2024-
30.06.2024
From continuing operations
Number of shares (in pcs.)
5 823 596
5 179 691
5 823 596
5 226 395
Net profit (loss) per share (in PLN)
-8,81
-7,48
-8,72
-3,60
Diluted number of shares (in pcs.)
6 264 561
5 207 584
6 264 561
5 254 288
Diluted net profit (loss) per share (in PLN)
-8,19
-7,44
-8,10
-3,58
The net profit (loss) per share was calculated based on the weighted average number of shares of DataWalk S.A.
for the given period.
The weighted average diluted number of shares includes the estimated number of conditional rights to subscribe
for and/or acquire shares of the Company under the incentive program.
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Page | 8
Interim condensed consolidated statement of changes in equity of the DataWalk Capital Group
Summary of changes
in equity
Share capital
Share
premium
Other capital
reserves
Foreign
exchange
differences on
translation
Reserve
capital
Retained
earnings
Financial
result for the
current year
Equity
attributable
to
shareholders
of the parent
company
Non-
controlling
interests
Total equity
Balance as at the
beginning of the period
01.01.2025
563
199 351
9 965
471
46 915
-213 863
-48 961
-5 558
0
-5 558
Increase (decrease) in
equity
75
56 500
0
173
3 010
-48 961
-2 345
8 452
0
8 452
Total comprehensive
income for the reporting
period, including:
0
0
0
173
0
0
-51 306
-51 133
0
-51 133
- Result for the period
0
0
0
0
0
0
-51 306
-51 306
0
-51 306
- Translation of foreign
units
0
0
0
173
0
0
0
173
0
173
Share capital increase
75
56 500
0
0
0
0
0
56 575
0
56 575
Distribution of profit for
the previous year
allocation to capitals
0
0
0
0
0
-48 961
48 961
0
0
0
Changes in capital arising
under IFRS2
0
0
0
0
3 010
0
0
3 010
0
3 010
Balance at the end of the
period 30.06.2025
638
255 852
9 965
644
49 925
-262 824
-51 306
2 894
0
2 894
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Page | 9
Summary of changes
in equity
Share capital
Share
premium
Other capital
reserves
Foreign
exchange
differences
on
translation
Reserve
capital
Retained
earnings
Financial
result for the
current year
Equity
attributable
to
shareholders
of the parent
company
Non-
controlling
interests
Total equity
Balance at the beginning
of the period 01.01.2024
513
171 968
9 965
253
43 576
-185 714
-28 149
12 412
0
12 412
Increase (decrease) in
equity
50
27 450
0
47
1 392
-28 149
-10 579
-9 789
0
-9 789
Total comprehensive
income for the reporting
period, including:
0
0
0
47
0
0
-38 728
-38 681
0
-38 681
- Result for the period
0
0
0
0
0
0
-38 728
-38 728
0
-38 728
- Translation of foreign
units
0
0
0
47
0
0
0
47
0
47
Share capital increase
50
27 450
0
0
0
0
0
27 500
0
27 500
Distribution of profit for
the previous year
allocation to capitals
0
0
0
0
0
-28 149
28 149
0
0
0
Changes in capital arising
under IFRS2
0
0
0
0
1 392
0
0
1 392
0
1 392
Balance at the end of the
period 30.06.2024
563
199 418
9 965
300
44 968
-213 862
-38 728
2 623
0
2 623
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Interim condensed consolidated cash flow statement of the DataWalk Capital
Group
Cash flow statement
01.01.2025 -
30.06.2025
01.01.2024 -
30.06.2024
Cash flows from operating activities
Net profit (loss)
-51 306
-38 728
Adjustments for items:
- Depreciation
1 829
1 910
- Foreign exchange gains (losses)
-500
168
- Interest expenses
32
33
- Interest income and dividends
-272
-188
- Profit (loss) on investment activities
-37
-6
- Impairment of intangible assets
1 190
1 648
- Cost of share-based payments (equity-settled)
3 010
1 392
- Cost of share-based payments (cash-settled)
51 970
24 388
- Change in receivables
-4 652
6 120
- Change in provisions
1 245
-31
- Change in liabilities other than those related to the incentive program
-456
-560
- Change in accruals and deferred income
-10 203
-3 320
- Change in contract assets and liabilities
2 127
1 726
- Other adjustments
0
-345
Net cash flow from operating activities
-6 023
-5 794
Cash flows from investing activities
Expenditures on intangible assets
1 505
3 024
Expenditure on the acquisition of tangible fixed assets
0
12
Proceeds from the sale of tangible fixed assets
0
44
Proceeds from bank deposits over 3 months
90
90
Outflow from bank deposits over 3 months
18 090
90
Income from government grants received
0
345
Interest received
274
193
Net cash flows from investing activities
-19 231
-2 454
Cash flows from financing activities
Net proceeds from the issue of shares
56 575
27 500
Repayment of finance lease liabilities and bank loans
221
241
Interest paid (on finance leases and bank loans)
32
33
Net cash from financing activities
56 323
27 126
Net change in cash and cash equivalents
31 068
18 877
Cash and cash equivalents at the beginning of the period
16 499
12 210
Change due to exchange rate differences
598
-106
Net change in cash and cash equivalents
31 666
18 771
Cash and cash equivalents at the end of the period
48 165
30 981
Selected notes and explanations to the
interim condensed consolidated financial
statements of the DataWalk Capital Group
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Page | 12
Note 1.1 Tangible fixed assets
Information on estimates
As at each balance sheet date, the Group assesses whether there are objective indications that a given item of
property, plant and equipment may be impaired. The Company performs the above tests using the discounted cash
flow method. The Group last tested for impairment during the preparation of the financial statements for 2024,
ending on December 31, 2024.
In the six months ended June 30, 2025, property, plant and equipment were subject to an impairment loss of PLN
1 thousand. Details of the impairment loss are presented in Note 26 – “Impairment testing of assets” to these
financial statements.
The value of property, plant and equipment corresponds to their recoverable amount, which as at June 30, 2025,
amounted to PLN 39 thousand.
Tangible fixed assets
30.06.2025
31.12.2024
Fixed assets, including:
39
96
- buildings and structures
0
0
- technical equipment and machinery
39
96
- other fixed assets
0
0
Total
39
96
As at 30 June 2025
The Group had a bank loan secured by fixed assets. Information on the Group's loans and borrowings is presented
in Note 16 "Loans and borrowings (long-term and short-term)".
Page | 13
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Note 1.2 Changes in tangible fixed assets by type
Data for the period from January 1, 2025 to June 30, 2025
No
Description
Buildings and
structures
Technical equipment
and machinery
Other fixed assets
Total
1
Gross value at the beginning of the period
10
672
19
700
Increases, including:
0
0
0
0
– acquisition
0
0
0
0
Decreases, including:
0
5
0
5
– liquidation and sale
0
5
0
5
2
Gross value at the end of the period
10
666
19
695
3
Impairment at the beginning of the period
0
11
0
11
Increases
0
1
0
1
Decreases
0
0
0
0
4
Impairment at the end of the period
0
12
0
12
5
Depreciation at the beginning of the period
10
566
18
593
Increases
0
55
0
55
Decreases, including:
0
5
0
5
– liquidation and sale
0
5
0
5
6
Depreciation at the end of the period
10
616
19
644
7.
Net book value at the beginning of the period
0
95
0
96
8
Net book value at the end of the period
0
39
0
39
Consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Page | 14
Note 2.1 Intangible assets
Information on estimates
Data DataWalk S.A. conducts in-house development work on the DataWalk platform, aimed at expanding this
technology on various levels in order to create a complete IT product that is unique on a global scale.
The development work is based on:
• knowledge gained in the course of research work,
• information from potential customers obtained in the course of market research and marketing activities
conducted in Poland and abroad,
• demands reported by current customers during the testing or implementation of the software.
At least once a year and on each balance sheet date for which there is a relevant indication, assets with an indefinite
useful life in the form of development costs in progress and goodwill are tested for impairment, which requires an
estimate of the recoverable amount of cash-generating units. Intangible assets with a finite useful life are tested
for impairment when there is an indication of impairment. The Group last tested for impairment when preparing
its financial statements for the year ended December 31, 2024.
In the six months ended June 30, 2025, intangible assets were subject to an impairment loss of PLN 18,230
thousand. Details of the impairment loss are presented in Note 26 – "Impairment testing of assets" to these financial
statements.
The value of intangible assets corresponds to their recoverable amount, which as at June 30, 2025, amounted to
PLN 17,828 thousand.
Change in the estimate of the useful life of DataWalk software
In connection with the release of a new version of the DataWalk software (5.0.0, details described in note 2.3
below), the Company reassessed the useful life of the DataWalk platform. In accordance with IAS/IFRS, the
amortization period for intangible assets should reflect the best estimate of the period during which the entity will
derive economic benefits from the asset. Therefore, due to the dynamic nature of the industry and the rapid pace
of technological change, it was concluded that the original 5-year amortization period no longer accurately reflects
the economic useful life of the DataWalk system. In the opinion of management, the greatest economic value of
this asset will be achieved within the next 3 years.
Consequently, in accordance with the applicable accounting policy, it was decided to shorten the amortization
period for DataWalk software from 5 years to 3 years, which constitutes a change in estimates within the meaning
of IAS 8. This change has been applied from on April 19, 2025, i.e. from the date of release of for use of the
software in version 5.0.0, and thus from the moment when the DataWalk platform developed as part of the
development work to date was recognized as a commercialized and fully mature product.
Intangible assets
30.06.2025
31.12.2024
Development costs in progress
0
2 188
Impairment on development work in progress
0
-88
Costs of completed development work
36 058
33 897
Impairment on completed development work
-18 230
-16 963
Total
17 828
19 033
Page | 15
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Note 2.2 Changes in intangible assets by type
Data for the period from January 1, 2025 to June 30, 2025
No
Description
Development costs in
progress
Costs of completed
development work
Other intangible assets
Total
1
Gross value at the beginning of the period
2 188
45 924
332
48 444
Increases, including:
1 505
3 693
0
5 198
– acquisition
1 505
0
0
1 505
– internal transfer
0
3 693
0
3 693
Decreases, including:
3 693
0
0
3 693
– internal transfer
3 693
0
0
3 693
– impairment loss
0
0
0
0
2
Gross value at the end of the period
0
49 617
332
49 949
3
Impairment at the beginning of the period
88
16 963
0
17 052
Increases, including:
0
1 266
0
1 266
– impairment allowance
0
1 178
0
1 178
– internal transfer
0
88
0
88
Decreases, including:
88
0
0
88
– impairment allowance
0
0
0
0
– internal transfer
88
0
0
88
4
Impairment at the end of the period
0
18 230
0
18 230
5
Depreciation at the beginning of the period
0
12 027
332
12 359
Increases, including:
0
1 532
0
1 532
– depreciation
0
1 532
0
1 532
Decreases
0
0
0
0
6
Depreciation at the end of the period
0
13 559
332
13 892
7
Net book value at the beginning of the period
2 099
16 934
0
19 033
8
Net book value at the end of the period
0
17 828
0
17 828
As at June 30, 2025 and December 31, 2024, the Group did not have any loans or borrowings secured by intangible assets.
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Note 2.3 Development costs in progress
Intangible assets
30.06.2025
31.12.2024
Development costs in progress
0
2 188
Impairment of development work in progress from previous years
-88
-371
Impairment losses on development work in progress accrued in the
period
0
-414
Reclassification of impairment losses on development work in
progress
88
697
Total
0
2 099
On April 19, 2025, following the successful release of version 5.0.0, the Management Board decided to discontinue
capitalizing development costs for DataWalk software. This decision was made because the platform is considered
a mature product, fully commercialized and capable of generating future economic benefits in the foreseeable
future.
For a mature product, the application of the six criteria set out in IAS 38.57, which allow for the capitalization of
development work, shifts significantly towards proving the incremental value of the improvement. This means
that only those expenditures that demonstrably lead to new or significantly improved functionality, a significant
increase in efficiency, or a measurable extension of the useful life of the software beyond its original expectations
can be capitalized. Bug fixes, performance adjustments, or routine compliance updates, while necessary for the
survival of the product, generally do not meet this "novelty" threshold and should be recognized as period costs.
Given the specific nature of the software development process, based on agile methodologies and continuous
delivery of updates, the application of the traditional approach to cost capitalization, based on the separation of
individual phases (preliminary phase, development phase, post-implementation phase), encounters significant
practical difficulties. As a result, drawing clear boundaries between stages such as the "start" and "end" of the
development phase or the maintenance phase of a product becomes, at this stage of product development,
problematic in practice and subject to a significant degree of subjectivity.
In view of the above, the Group's Management Board decided that further expenditure on the development of the
platform, although necessary to maintain its competitiveness and quality, no longer meets the strict criteria of IAS
38, particularly in terms of new or significantly improved functionality, significant increases in efficiency or a
measurable extension of the useful life of the software beyond its original expectations. Therefore, as of April 19,
2025, all expenditures related to DataWalk software are recognized in the income statement as costs for the period
(and presented in the income statement as research and development costs) .
Note 2.4 Costs of completed development work
Intangible assets
30.06.2025
31.12.2024
Costs of completed development work
49 617
45 924
Impairment of completed development work from previous years
-16 963
-13 457
Impairment for completed development work in the current year
-1 178
-2 809
Accumulated depreciation
-13 559
-12 027
Reclassification of impairment loss on completed development work
-88
-697
Total
17 828
16 934
The costs of completed development work are a balance sheet item arising from the recognition as an intangible
asset of technology (DataWalk platform) developed in the course of the Company's development work.
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
On April 19, 2025, there was a significant increase in the item of costs of completed development work, which
resulted from the commissioning of the DataWalk software (5.0.0), as described in more detail in note 2.3 -
"Development costs in progress" above.
With the release of DataWalk version 5.0.0, the Company's Management Board reassessed the useful life of the
asset in the form of the DataWalk platform created as part of the development work carried out to date. As a result,
it was decided to shorten the amortization period for DataWalk software from 5 years to 3 years. Details on the
update of the amortization period are presented in note 2.1 - "Intangible assets" under "Information on estimates"
above.
In the six months ended June 30, 2025, the costs of completed development work were recognized as an
impairment loss in the amount of PLN 1,178 thousand. Details of the impairment loss are presented in note 26 -
"Impairment testing of assets" to these financial statements.
The value of completed development work corresponds to its recoverable amount, which as at June 30, 2025
amounted to PLN 17,828 thousand.
Note 3 Right-of-use assets
Information on estimates
As at each balance sheet date, the Company assesses whether there are objective indications that a right-of-use
asset may be impaired. The Company performs the above tests using the discounted cash flow method. The
Company performed the latest impairment tests during the preparation of the financial statements for 2024, ending
on December 31, 2024.
In the six months ended June 30, 2025, these assets were subject to an impairment loss of PLN 11 thousand. Details
of the impairment loss are presented in Note 26 – “Impairment testing of assets” to these financial statements.
The value of assets under the right of use corresponds to their recoverable amount, which as at June 30, 2025,
amounted to PLN 543 thousand.
Data for the period from January 1, 2025 to June 30, 2025
Right-of-use assets
Buildings and
structures
Transport
Total
Net value as of January 1, 2025
761
35
796
Increases due to:
0
0
0
- modification of current agreements (agreement extension,
interest rate change)
0
0
0
Decreases due to:
226
27
252
- depreciation write-offs for the reporting period
215
26
241
- impairment losses for the reporting period
11
0
11
Net value as at June 30, 2025
535
8
543
The amortization periods for assets arising from the right of use have been determined in accordance with the term
of the agreements .
Note 4 Deferred income tax assets and liabilities
Information on estimates
As at each balance sheet date, the Group assesses the extent to which it is possible to realize deferred income tax
assets.
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Deferred income tax
30.06.2025
31.12.2024
Balance at the beginning of the period:
Deferred income tax assets
10 488
6 438
Deferred income tax provision
758
387
Deferred tax net at the beginning of the period
9 730
6 050
Change in the period affecting:
Profit or Loss impact (+/-)
9 912
3 679
Other comprehensive income (+/-)
0
0
Deferred tax net at the end of the period, including:
19 641
9 730
Deferred income tax assets
22 161
10 488
Deferred income tax liabilities
2 519
758
The value of deferred tax as at the balance sheet date was significantly affected by the recognition of temporary
differences resulting from the Group's incentive program based on RSUs. Furthermore, applying the principle of
prudent valuation, as at June 30, 2025, the Group recognized deferred income tax assets on other balance sheet
items only up to the amount of the deferred tax provision, i.e. PLN 2,519 thousand.
Data for the period from January 1, 2025 to June 30, 2025
Deferred income tax assets
01.01.2025
Change
affecting
affecting the
result
30.06.2025
Provision
758
723
1 482
Revaluation of fixed assets
0
1 038
1 038
Liability under the incentive program
9 730
9 912
19 641
Settlement of tax losses with DataWalk S.A.
8 591
0
8 591
Write-downs of deferred tax assets
-8 591
0
-8 591
Total
10 488
11 673
22 161
Deferred income tax liabilities
01.01.2025
Change
affecting
on the result
30.06.2025
Interest on deposits
47
-40
7
Difference between tax depreciation and balance sheet depreciation
11
-10
1
Contract assets and unbilled receivables
169
2 299
2 468
Contract liabilities
531
-488
43
Total
758
1 761
2 519
For the valuation of deferred income tax assets and liabilities, the Group has adopted tax rates determined on the
basis of applicable tax regulations in the countries where the Group companies are subject to income tax. For the
parent company, the tax rate is 19%, and for the subsidiary, it is 21%.
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Note 5 Contract assets and liabilities
Information on estimates
Assets under contracts mainly include goods delivered or services rendered, before invoicing to the customer and
before payment of remuneration, excluding any amounts presented as receivables.
The Group estimates the amount of impairment losses on assets arising from contracts with customers in
accordance with the requirements of IFRS 9 Financial Instruments. In the simplified approach, this requires a
statistical analysis, which involves making certain assumptions and exercising professional judgment.
Assets arising from the balance sheet measurement of contracts result from the excess of the stage of completion
of services or delivery of goods over the invoices issued. In the case of this type of assets, the Group has fulfilled
its obligation to perform the service, but the right to receive remuneration is conditional on the fulfillment of
conditions other than the passage of time, which distinguishes these assets from trade receivables.
Item
30.06.2025
31.12.2024
Contract assets
1 112
888
Contract liabilities
9 535
7 184
Contract assets
Assets under contracts presented in the consolidated statement of financial position relate to goods or services
transferred to the customer before the customer has paid the remuneration or before the due date.
Data for the period from January 1, 2025 to June 30, 2025
Item
Value as at
01.01.2025
Performance of
new obligations
without issuing an
invoice
Reclassification in
connection with the
acquisition of an
unconditional right
to payment
Impairment loss
Value as at
30.06.2025
Licenses delivered
0
0
0
0
0
Maintenance contracts
815
1 946
-1 919
-25
816
Implementation contracts
73
232
0
-9
296
Total
888
2 178
-1 919
-34
1 112
The increase in the value of assets arising from the balance sheet valuation of contracts is the result of the
recognition of revenue, in particular from:
a) licenses transferred to customers, in respect of which the Group has fulfilled its obligation to deliver them
and has the right to receive remuneration as at the balance sheet date, but this right is not unconditional
(i.e. it is not solely dependent on the passage of time).
b) the performance of maintenance services for which the Group settles accounts with customers on an
accrual basis.
In both cases, the value of revenue has been estimated according to the degree of fulfillment of contractual
obligations for which, as at June 30, 2025, the Group was not yet entitled to issue invoices.
As at June 30, 2025, the Group recognized impairment losses on assets under contracts for a total amount of PLN
34 thousand using a provision matrix, i.e. on the same basis as for trade receivables and other financial assets (in
accordance with IFRS 9).
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Contract liabilities
Under contract liabilities, the Group recognizes revenue from the granting of licenses, the provision of technical
assistance (maintenance) settled over time, as well as revenues from implementation services resulting from the
Group's obligation to transfer goods or services to the customer in exchange for which the Group has received
remuneration or the amount of remuneration is due.
Data for the period from January 1, 2025 to June 30, 2025
Liabilities under contracts
Value as at
01.01.2025
Increases
Decreases
Value as at
June 30, 2025
Revenue from maintenance
7 184
6 288
5 276
8 196
Revenue from implementation contracts
0
1 338
0
1 338
Total
7 184
7 627
5 276
9 535
Note 6.1 Trade receivables (short-term and long-term)
Information on estimates
The Group estimates the amount of impairment losses on trade receivables in accordance with the requirements of
IFRS 9 Financial Instruments. In the simplified approach, this requires statistical analysis, which involves making
certain assumptions and exercising professional judgment.
Trade receivables
30.06.2025
31.12.2024
From other entities, gross, including:
10 107
11 439
- invoiced receivables
3 774
11 439
- unbilled receivables
6 333
0
Write-down
-2 598
-2 567
Total
7 508
8 872
Long-term receivables
30.06.2025
31.12.2024
From other entities, gross, including:
5 957
172
- uninvoiced receivables
5 785
0
- deposits
172
172
Write-down
-174
0
Total
5 783
172
The increase in the value of short- and long-term unbilled receivables by a total gross amount of PLN 12,118
thousand is the result of recognizing revenue from the Group's fulfillment of its obligation to provide the customer
with a license for DataWalk software, resulting in the transfer of control over this asset. Therefore, as at the balance
sheet date, the Group has an unconditional right to remuneration, the receipt of which is solely dependent on the
passage of time. Due to the long-term nature of the agreement and the payment schedule, the Group has divided
the receivables into long-term and short-term portions. The amounts recognized in the balance sheet include both
the discount resulting from the existence of a significant financing component and impairment losses resulting
from IFRS 9. As in the case of invoiced receivables, these impairment losses were calculated based on the currently
applicable provision matrix.
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Note 6.2 Allowance for expected credit losses on trade receivables
Data for the period from January 1, 2025 to June 30, 2025
Allowances for trade
receivables
Value as at
01.01.2025
Increases
Decreases
Other
(translation
differences)
Value as at
30.06.2025
From other entities
2 567
377
-153
-19
2 772
Total
2 567
377
-153
-19
2 772
In the six months ended June 30, 2025, the Group recognized impairment losses on trade receivables in the total
amount of PLN 377 thousand, including long-term receivables in the amount of PLN 174 thousand, and reversed
previously recognized impairment losses for expected credit losses in the amount of PLN 153 thousand.
In accordance with the adopted accounting policy (principles), the Group uses the allowance account method to
calculate the allowance for trade receivables, under which impairment losses are determined for receivables
classified into different aging categories.
Data for the period from January 1, 2024 to June 30, 2024
Allowances for trade
receivables
Value as at
January 1,
2024
Increases
Decreases
Other
(translation
differences)
Value as at
30.06.2024
From other entities
388
2 154
0
2
2 544
Total
388
2 154
0
2
2 544
Note 7 Other receivables (short-term)
Information on estimates
The Group estimates the amount of impairment losses on other short-term receivables in accordance with the
requirements of IFRS 9 Financial Instruments. In the simplified approach, this requires a statistical analysis, which
involves making certain assumptions and exercising professional judgment.
Other receivables (short-term)
30.06.2025
31.12.2024
Advances for deliveries
22
75
Taxes and other public-law liabilities
1 320
920
Other receivables, including:
254
197
- deposits
3
166
- other
251
31
Total
1 597
1 192
The item “Taxes and other public-law liabilities” comprises the excess of input VAT over output VAT at DataWalk
S.A. This results from operating costs arising from business development and the sales structure, which is
dominated by sales to foreign entities. .
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Note 8 Financial assets (short-term)
Financial assets (short-term)
June 30, 2025
31.12.2024
In other entities:
18 127
93
- bank deposits over 3 months
18 127
93
Total
18 127
93
As at June 30, 2025 and December 31, 2024, the Group classified bank deposits (including interest accrued as at
the balance sheet date) with a maturity date exceeding three months as short-term financial assets.
Note 9 Accruals and deferrals (long-term and short-term)
Accruals (long-term)
30.06.2025
31.12.2024
Subscriptions and license fees
70
0
Total
70
0
Accruals (short-term)
30.06.2025
31.12.2024
Subscriptions and license fees
876
827
Policies and insurance
251
50
Rents
44
46
Other
149
176
Total
1 320
1 099
As at 30 June 2025 The value of the item "Subscriptions and license fees" in short-term accruals results in particular
from the conclusion by the Group in July 2024 of a new agreement for the purchase of specialized databases
necessary for the operation of the DataWalk software, which are an integral part of the DataWalk software. The
costs of this agreement are settled on a straight-line basis over its term.
Note 10 Cash and cash equivalents
Cash and cash equivalents
30.06.2025
31.12.2024
Cash in bank accounts, including:
48 165
16 499
a) cash
38 144
4 253
b) bank deposits under 3 months
10 021
12 246
Total
48 165
16 499
As at June 30, 2025, the Group had restricted cash (cash in the VAT account) in the amount of PLN 33 thousand,
while as at December 31, 2024 the amount of cash subject to restrictions on disposal (cash in the VAT account)
was PLN 448 thousand.
Furthermore, as at June 30, 2025, DataWalk S.A. held bank deposits for a total amount of PLN 18,127 thousand,
whose maturity date as at the balance sheet date was more than 3 months, and therefore they were classified as
short-term financial assets presented in note 8 - "Financial assets (short-term)". The Group invests its financial
surpluses in bank deposits with a fixed interest rate, which means that they are not exposed to interest rate risk.
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Note 11 Share capital
As at June 30, 2025
Item
Amount
Balance at the beginning of the period
563
Nominal value of shares increasing the share capital
75
Balance at the end of the period
638
On May 16, 2025, the District Court for Wrocław-Fabryczna in Wrocław, 6th Commercial Division of the National
Court Register, registered amendments to the Company's Articles of Association, adopted pursuant to the
resolution of the Issuer's Management Board of April 14, 2025. regarding the increase of the Company's share
capital within the limits of the target capital through the issue of new series S shares in a private subscription, the
exclusion of the pre-emptive rights of existing shareholders and the amendment of the Company's Articles of
Association, as announced by the Issuer in its current report ESPI No. 13/2025 of May 16, 2025.
In connection with the registration of the aforementioned amendments to the Articles of Association, the
Company's share capital amounts to PLN 638,298.80 and is divided into 6,382,988 shares with a nominal value of
PLN 0.10 per share.
Series of shares
Number of shares
(pcs.)
Number of votes
Shareholding
Share in the total
number of votes
A
725 000
1 450 000
11,36%
21,78%
B
525 000
525 000
8,23%
7,89%
C
150 000
150 000
2,35%
2,25%
D
70 000
70 000
1,10%
1,05%
E
150 000
150 000
2,35%
2,25%
F
167 000
167 000
2,62%
2,51%
G
220 000
220 000
3,45%
3,30%
H
321 500
321 500
5,04%
4,83%
I
207 000
207 000
3,24%
3,11%
J
470 000
470 000
7,36%
7,06%
K
320 000
320 000
5,01%
4,81%
L
355 000
355 000
5,56%
5,33%
M
457 548
457 548
7,17%
6,87%
N
327 000
327 000
5,12%
4,91%
O
421 000
421 000
6,60%
6,32%
P
246 940
246 940
3,87%
3,71%
R
500 000
50 000
7,83%
0,75%
S
750 000
750 000
11,75%
11,27%
Total
6 382 988
6 657 988
100,00%
100,00%
Nominal value of one share = PLN 0.10.
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Note 12.1 Share premium
Item
30.06.2025
31.12.2024
Premium from sale of shares above their nominal value
255 852
199 351
Total
255 852
199 351
Note 12.2 Changes in share premium from sale of shares above their nominal
value
Data for the period from January 1, 2025 to June 30, 2025
In the first half of 2025, there were changes in capital from the sale of shares above their nominal value.
Item
Capital from the sale of shares above
their nominal value
Balance at the beginning of the period
199 351
Valuation of financial instruments
0
Issue of shares above their nominal value
56 500
Balance at the end of the period
255 852
As a result of the above-mentioned increase in the Company's share capital through the issue of new series S
shares, the balance sheet item "Share premium" increased by PLN 56,500 thousand in net terms, i.e. after deducting
the issue costs.
The table below presents information on the above-mentioned issues and the method of determining the total
amount increasing the item "Share premium".
Item
Capital from the sale of shares above
their nominal value
Issuance of shares
58 320
Nominal value of shares increasing the share capital
75
Share issue costs
1 745
Issue of shares above their nominal value
56 500
Note 13 Other capital
Other capital
30.06.2025
31.12.2024
Reserve capital
9 965
9 965
Total
9 965
9 965
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Note 14 Reserve capital
Information on estimates
The Company operates an incentive program using share-based payment transactions settled in equity instruments.
The program is based on DataWalk shares and entitles participants to receive equity instruments in the amount
and on the terms specified in the Regulations and the Participation Agreement. The program is recognized in the
financial statements in accordance with IFRS 2.
In order to comply with IFRS 2, during the vesting period, the Company recognizes the amount for the services
received using the best available estimates of the number of equity instruments that will vest. The entity adjusts
these estimates, if necessary, if subsequent information indicates that the number of equity instruments for which
rights will be acquired differs from previous estimates. On the date of vesting, the entity adjusts the estimate to the
number of equity instruments for which rights were ultimately acquired.
The recognition of an incentive plan requires an analysis that involves making certain assumptions and exercising
professional judgment, in particular with regard to the number of equity instruments that will vest during the
reporting period and the measurement of share options at the date of grant. As at each balance sheet date, the
Company estimates the number of equity instruments for which rights will be acquired during the reporting period
in order to recognize in the financial statements the corresponding increases in equity and the costs of the Company
and the Group resulting from the implementation of the incentive program.
Reserve capital
30.06.2025
31.12.2024
Incentive program
49 925
46 914
Total
49 925
46 914
Nature and principles of operation of the long-term Incentive Program settled in equity instruments
On June 30, 2022, the General Meeting of DataWalk S.A. adopted a resolution to introduce an Incentive Program
(the "Program") addressed to key personnel who are Employees, Associates or members of the Management Board
(the "Eligible Persons") of the Company. The Program Rules were adopted by the Company's Management Board
by resolution of August 31, 2022, and subsequently approved by the Supervisory Board by resolution of September
9, 2022 ("Rules").
The provisions of the Program shall be effective from the date of adoption of the Regulations by the Supervisory
Board and shall remain in force until its termination by the Management Board with the effects specified in the
Regulations. The Management Board may, at any time, with the consent of the Supervisory Board, decide to
terminate the Program or amend it.
The purpose of the Program is to attract and retain key personnel of the Company in the long term by creating
additional, attractive market tools that allow key personnel to fully identify with the Company and its long-term
goals, motivating them to take special care to maintain its dynamic growth and align their interests with those of
the Company, and, consequently, the interests of its shareholders, thereby enabling them to participate in the
expected development of the Company and strengthening their relationship with the Company.
On December 30, 2024 the Extraordinary General Meeting of DataWalk S.A. adopted a resolution on determining
the maximum Pool of Entitlements under the Share Program, pursuant to which the previous Pool of Entitlements
in a total number not exceeding 430,000 shares of the Company was increased to a maximum of 570,000 shares
of the Company.
Subsequently, on June 25, 2025, the General Meeting of DataWalk S.A. adopted another resolution on determining
the maximum Pool of RSU Units under the RSU Program and the maximum Pool of Entitlements under the Share
Program, pursuant to which it was decided to create a new total pool of 485,000 entitlements for participants in
the incentive program, consisting of a total of RSU Units and Entitlements under the Share Program ("Total
Pool").000 entitlements for participants in the incentive scheme, consisting of RSUs and Entitlements under the
Share Program (the "Total Pool"). The Total Pool may be distributed, at the discretion of the Company's
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Management Board (or, if required by law, the Company's Supervisory Board), among the Participants of both of
the above-mentioned incentive programs implemented at the Company and the Subsidiary in the form of RSUs or
Entitlements under the Share Program, as applicable. However, the Total Pool of Entitlements or RSUs granted in
this manner in both programs (both in the Company and in the Subsidiary) may not exceed a total of 485,000.
As at June 30, 2025 and as at the date of publication of these financial statements, the Company's Management
Board has not yet adopted appropriate resolutions regarding the allocation of the additional pool to specific
incentive programs.
In view of the above, as at the balance sheet date of June 30, 2025, the maximum number of Entitlements giving
the right to subscribe for and/or acquire shares in the Company may not exceed a total of 570,000 shares in the
Company.
The Incentive Program is implemented by granting Participants who have been selected to participate in the
Incentive Program in accordance with the Regulations and who have subsequently concluded an agreement with
the Company on participation in the Incentive Program (the "Participation Agreement") conditional rights to
subscribe for and/or acquire shares in the Company (the "Rights").. The granting of Entitlements does not
constitute their acquisition or exercise.
The Rights are not securities and do not include any claims under civil law (including commercial company law)
beyond the claim for the exercise of the Rights in accordance with the Program, and in particular do not create any
shareholder rights on the part of the Participant, including the right to vote, the right to participate in the Company's
profits (dividends), or any other shareholder rights until the acquisition or subscription of the Company's Shares.
The Rights are non-transferable to third parties and may not be encumbered with any rights in rem or obligations,
but are inheritable.
The Rights shall be acquired by the Participants upon fulfillment of the Acquisition Conditions, defined as the
fulfillment of financial or non-financial criteria, individual or relating to the Company, specified in the
Participation Agreement, taking into account:
(a) maintaining the Cooperation Relationship for the period specified in the Participation Agreement, and/or
(b) meeting additional criteria, if provided for in the Participation Agreement.
The acquisition of the Rights shall be free of charge.
The conditions related to the achievement of individual objectives (performance vesting conditions) are not
dependent on the market price of the Company's equity instruments and are therefore classified as non-market
conditions.
In accordance with IFRS 2, vesting conditions other than market conditions should not be taken into account when
estimating the fair value of shares or share options at the measurement date. Instead, vesting conditions should be
taken into account by adjusting the number of equity instruments used in the measurement of the total transaction
value so that the value of the services recognized in exchange for the equity instruments granted reflects the number
of instruments that will ultimately vest.
The condition for the exercise of rights is the simultaneous fulfillment of the vesting conditions and the non-vesting
condition.
The rights will be exercised if all of the following conditions are met:
a. the Vesting Conditions specified in each individual Participation Agreement (e.g. length of cooperation) are
met;
b. occurrence of a "Sale Transaction," i.e., a situation in which all of the following conditions are met:
(i) an entity or group of entities acting in concert, as referred to in Article 87(1)(5) of the Act on Public Offering,
exceeds 50% of the total number of votes in the Company as a result of a call for tenders for the sale of all shares
in the Company, in accordance with the Act on Public Offering (hereinafter: "Call"), whereby for the purposes of
calculating the total number of votes in the Company, the sum of the number of votes held shall be taken into
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
account, regardless of the legal title - by all entities belonging to the same capital group and the number of votes
attached to shares, even if the exercise of voting rights attached to them is restricted or excluded by the Company's
Articles of Association or an agreement or provisions of law, or if the Company is transformed, merged or divided,
which, in accordance with applicable regulations, will not require the announcement of a Tender Offer; and
(ii) FGP Venture disposes of at least 587,500 (in words: five hundred and eighty-seven thousand five hundred) of
the Company's shares held or their equivalent received as a result of the transformation, merger or division of the
Company (in response to the Call or independently of the Call) or an entity (acting independently, through a capital
group or in concert with other entities), other than the shareholders of FGP Venture as at June 30, 2022, will
acquire more than 50% of the shares in FGP Venture,
(iii) regardless of the above, a given transaction will not constitute a Sale Transaction if it does not result in a
change of control, i.e.: a) an entity or a group of entities acting in concert exceeding 50% of the total number of
votes in the Company or ownership of 50% of the Company's assets, or b) achieving actual control over the
Company, understood as achieving at least 30% of the total number of votes, or c) acquiring the Company's assets
representing at least 40% of the gross market value of all the Company's assets.
In accordance with IFRS 2, the Sale Transaction is understood as a condition other than vesting conditions (a so-
called non-vesting condition).
In accordance with the Regulations, the Rights shall be exercised within 6 months of the occurrence of the Sale
Transaction.
Due to the fact that the occurrence of the Sale Transaction is a probable future event, but depends on factors beyond
the Company's control and does not depend on the market price of the Company's shares, it has not been included
in the estimates of the value of the Entitlement.
The exercise of the Rights acquired by the Participant consists in taking up or acquiring shares at their nominal
price. One Right shall entitle the holder to take up or acquire one share, provided that if the nominal price of the
shares changes, i.e. is not PLN 0.10 (in words: ten groszy) per share, the Participant shall have the right to subscribe
for or acquire the number of shares according to the formula set out in Resolution No. 20 of the Ordinary General
Meeting of the Company of June 30, 2022 on the establishment of a share-based incentive program for key
personnel of DataWalk S.A. (hereinafter referred to as the "Resolution of the Ordinary General Meeting")..
The rights shall be exercised either:
(i) directly through an increase in the share capital, authorizing the Management Board to increase the Company's
share capital within the authorized capital or through the acquisition by the Company of its own shares for the
purpose of offering them to the Participants;
(ii) indirectly through a conditional share capital increase linked to the issue of registered subscription warrants to
Participants;
(iii) or in another appropriate manner, including through indirect acquisition by a third party, depending on the
decision of the Management Board in this regard, approved by the Supervisory Board.
If the Sale Transaction does not take place within the period specified in the Regulations, due to the inability to
fulfill the Conditions for Execution, the Participation Agreement shall be automatically and immediately
terminated with respect to the relevant Rights, without any obligation on the part of the Company to make any
payment. The Participant shall not be entitled to any claims for payment, including any claims for damages against
the Company, its shareholders or Members of its Bodies.
If the Sale Transaction takes place before the specified Acquisition Conditions are fulfilled, the Participation
Agreement shall be terminated to the extent covering the relevant Rights, and the Participant shall lose the
possibility of further participation in the Program to the above extent, including the right to acquire and exercise
the relevant Rights. The Participant shall not be entitled to any claims against the Company, its shareholders or
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Members of its Governing Bodies, including any claims for payment, surrender of Shares or claims for damages.
However, if the Acquisition Conditions for a given Participant only included maintaining the Cooperation
Relationship on the terms specified in the Regulations for the period specified in the Participation Agreement,
excluding the additional criteria referred to in the Regulations, and in the absence of a Cause, it shall be deemed
that on the date of the Sale Transaction, the Acquisition Conditions have been fulfilled and the Participant is
entitled to exercise the acquired Rights. The Participation Agreement may regulate differently the effects of the
occurrence of a Sale Transaction prior to the fulfillment of the Acquisition Conditions.
Assumptions adopted for the valuation of the Program
Services received in the form of share-settled payments are measured indirectly at fair value on the date of grant.
The initial measurement of the program is based on the fair value of the underlying instruments. The measurement
of the value of the goods or services received and the corresponding increase in equity takes into account the extent
to which the services have been rendered.
The entity determines the fair value of a liability settled in equity instruments by taking into account only market
conditions and conditions other than the acquisition conditions (non-vesting condition), which means that the
conditions for the provision of services (vesting condition) and non-market conditions affect the measurement of
the increase in equity by adjusting the number of rights to subscribe for and/or acquire the Company's shares based
on estimates of the results to be achieved.
The value of one right to subscribe for and/or acquire the Company's shares is measured only once, as at the grant
date. As at each reporting date, and ultimately as at the settlement date, the fair value of the increase in equity
recognized may be remeasured as a result of an adjustment to the number of rights to subscribe for and/or acquire
the Company's shares. The remeasurement applies to the recognized portion of the increase in equity until the date
of vesting. The full value of the increase in equity is subject to remeasurement from the date of vesting until the
settlement date. The cumulative net cost and amounts recognized in the income statement that will ultimately be
recognized in connection with the transaction will be equal to the product of the number of rights to subscribe for
and/or acquire the Company's shares and the value of one right to subscribe for and/or acquire the Company's
shares as at the date of grant.
The effects of the revaluation of the increase in equity during the vesting period are recognized immediately in the
income statement (in the appropriate expense item) to the extent that they relate to past services, and to the extent
that they relate to future services, the revaluation effect is spread over the remaining vesting period.
This means that during the revaluation period, a supplementary adjustment may be made to the number of rights
to subscribe for and/or acquire the Company's shares for previous periods, so that the increase in equity recognized
as at each reporting date is equal to the total fair value of the increase in equity.
As at the balance sheet date of June 30, 2025, the Company adjusted the number of rights to subscribe for and/or
acquire the Company's shares for which, based on the Company's internal estimates, the rights were acquired, and
thus remeasured the corresponding increase in equity. The decision on the final number of rights acquired by the
participants in the program will be made when the events specified in the Regulations occur, giving the eligible
persons the right to subscribe for and/or acquire the Company's shares.
The fair value of the rights to subscribe for and/or acquire the Company's shares as at the date of grant is determined
based on the Black-Scholes-Merton model, where the underlying instrument is the market price of DataWalk S.A.
shares. The rights will be acquired free of charge. The exercise of the rights acquired by the participant will consist
in the subscription or acquisition of shares at the nominal price, which as at the date of grant was PLN 0.10 per
share. The rights to subscribe for and/or acquire shares in the company do not entitle the holder to dividends, and
therefore the expected dividend yield is 0. There are no other market conditions for the valuation of the rights to
subscribe for and/or acquire shares in the Program. However, the total cost of the program and the corresponding
increase in equity should be determined as at each balance sheet date, taking into account other non-market factors.
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
The expected volatility was determined based on the standard deviation of the annual rate of return on shares using
daily observations. The rate of return was expressed as an annual percentage rate with continuous capitalization
(annual continuous rate of return). In accordance with IFRS 2, when estimating the expected volatility, the
Company considered:
a) the volatility used for options on the Company's shares traded on the stock exchange due to their availability;
b) the historical volatility of the share price over the most recent period of time, the length of which is generally
commensurate with the expected life of the option;
c) the period during which the entity's shares have been publicly traded, i.e. since July 20, 2012, which is why the
Company does not consider itself a newly listed entity, and historical volatility has been considered relatively
stable over a longer period of time;
d) appropriate and regular time intervals for price observation, which in the Company's opinion are consistent with
the period-to-period basis - the entity uses the closing price of each day of the week. The observed prices are
expressed in the currency in which the exercise price is set, i.e. PLN.
The average annual forfeiture rate for rights to subscribe for and/or acquire the Company's shares, based on
expectations regarding, for example, the number of employees and associates leaving the Company before the date
of vesting, has been assumed to be 0%. The Company periodically reviews these estimates and updates them if
there are significant deviations.
The Rights were granted to the Company's employees and associates who joined the Incentive Program from its
inception until the balance sheet date of June 30, 2025, in six tranches.
The table below presents the parameters adopted in the valuation model for the Entitlements for each tranche of
the Program.
Parameters adopted in
the valuation model
Tranche
I
Tranche
II
Tranche
III
Tranche
IV
Tranche
V
Tranche
VI
Transaction page
DataWalk
S.A.
DataWalk
S.A.
DataWalk
S.A.
DataWalk
S.A.
DataWalk
S.A.
DataWalk
S.A.
Program valuation date
(Grant Date)
01.10.2022
01.01.2023
01.07.2023
01.02.2024
01.07.2024
15.01.2025
Valuation model
Blacka-
Scholes'a-
Mertona
Blacka-
Scholes'a-
Mertona
Blacka-
Scholes'a-
Mertona
Blacka-
Scholes'a-
Mertona
Blacka-
Scholes'a-
Mertona
Blacka-
Scholes'a-
Mertona
Number of Rights granted
under Participation
Agreements (units)
275 518
118 710
12 450
42 300
3 900
124 350
Number of rights lost as
at the balance sheet date
(units)
9 217
24 875
0
3 400
0
600
Share price (PLN)
136,26
91,35
60,00
33,90
63,30
61,00
Execution price (PLN)
0,10
0,10
0,10
0,10
0,10
0,10
Expected exchange rate
volatility
4,16%
4,13%
3,56%
4,64%
4,91%
4,71%
Average duration of the
right to subscribe for
shares
5 years
5 years
5
5 years
5 years
5 years
Risk-free rate
7,14%
6,05%
5,45%
5,44%
5,04%
5,45%
Fair value (PLN)
136,19
91,28
59,92
33,82
63,22
60,92
The total number of Entitlements forfeited from the start of the program until June 30, 2025, was 38,092, which
corresponds to 7% of the maximum number of Entitlements in the Program.
At a later stage of the Incentive Program, the authorized bodies may designate additional Participants in the
Incentive Program and offer them a specified number of Entitlements within the limit specified in the Resolution
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
of the General Meeting, i.e. in a total number not exceeding 1,055,000 shares of the Company. The Company will
announce such events in separate announcements.
Recognition of the Program in the period from January 1, 2025 to June 30, 2025.
The table below presents the number of Rights to acquire the Company's shares as at June 30, 2025, broken down
by the conditions for acquiring the rights and the degree of their exercise.
Conditions for acquiring rights
Granted
rights
(in units)
Degree of
fulfillment
of
acquisition
conditions
Number of
rights
acquired
(in units)
Estimated
number of
acquired
rights as at
the balance
sheet date
(in units)
Remaining
to be
acquired
(in units)
Acquired rights (vested)
412 636
100%
412 636
0
0
Provision of services until
31.12.2025
74 600
48%
0
36 034
38 566
Provision of services until
30.06.2026
750
50%
0
375
375
Provision of services until
31.12.2026
51 150
23%
0
11 923
39 227
Total
539 136
86%
412 636
48 332
78 168
The table below presents the number of Entitlements for which it is estimated that the conditions for acquisition
have been met and, therefore, the services are deemed to have been rendered and recognized in the costs at their
weighted average fair value.
Specification
Quantity
Weighted
average fair
value
(in PLN)
Cost at
weighted
average fair
value
(in PLN
thousand)
Estimated number of acquired Entitlements as at
01.01.2025
411 374
114,04
46 915
Estimated number of acquired Entitlements during the
period resulting from Participation Agreements
49 594
60,70
3 010
Number of rights lost during the period
0
0
0
Estimated number of acquired Entitlements as at 30
June 2025
460 968
108,30
49 925
The table below presents the Program costs in individual items of the financial statements.
Financial statement item
Item
Weighted average fair value
(in PLN thousand)
Profit and loss account / Operating
costs
Incentive program
3 010
Equity
Net profit for the current year
-3 010
Retained earnings
-46 915
Reserve capital
49 925
No expiry of Rights occurred during the reporting period. No Rights were exercised during the reporting period,
and as at the balance sheet date of June 30, 2025, there were no exercisable Rights.
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
As at the balance sheet date and as at the date of approval of these financial statements for publication, the Rights
arising from the implementation of the Program were not exercisable due to the fact that no Sale transactions took
place. In addition, the Group's management did not take any actions, nor was it in possession of any information
indicating a high probability of events occurring which could result in the conclusion of a Sale Transaction within
the next 12 months and, consequently, the commencement of the Program (share issue).
The table below presents the settlement of Entitlements under the Program according to their exercise status and
fair value as at June 30, 2025.
Specification
Number
of units
% of the
Program
Fair value
(in PLN)
Cost
according
to
fair value
(in PLN
thousand)
Maximum number of Entitlements in the Program,
including:
570 000
- Entitlements granted under Participation Agreements,
comprising:
539 136
95%
101,42
54 680
- Tranche of 01.10.2022, taking into account the
agreements concluded on 01.10.2022
266 301
47%
136,19
36 268
- Tranche dated January 1, 2023
93 835
16%
91,28
8 565
- Tranche dated July 1, 2023
12 450
2%
59,92
746
- Tranche dated February 1, 2024
38 900
7%
33,82
1 316
- Tranche dated July 1, 2024
3 900
1%
63,22
247
- Tranche dated January 15, 2025
123 750
22%
60,92
7 539
- Maximum number of Entitlements to be granted in future
periods
30 864
5%
Allowances allocated under Participation Agreements,
including:
539 136
95%
101,42
54 680
- There has been vesting (vested)
412 636
72%
113,89
46 997
- Remains in the process of vesting, including:
126 500
22%
60,73
7 683
a) for which it is estimated that the vesting conditions
have been met
48 332
8%
60,58
2 928
As at the balance sheet date of June 30, 2025, the incentive program remains in progress.
Note 15 Lease liabilities (long-term and short-term)
Information on estimates
Lease payments are discounted by the Group using the incremental borrowing rate, which is estimated based on
the risk-free interest rate and the Group's credit risk premium. Some of the lease agreements contain options to
extend or terminate the lease. Management makes a judgment to determine the period for which it can be
reasonably assumed that such agreements will continue.
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
As at June 30, 2025, the Group was a party to an office space lease agreement and a car lease agreement in which
it is the lessee.
Lease liabilities
30.06.2025
31.12.2024
Long-term
216
427
Short-term
418
422
Total
634
849
Specification
30.06.2025
31.12.2024
Liabilities under office space leases
620
810
- up to 12 months
404
388
- over 12 months
216
422
Liabilities under car leases
14
39
- up to 12 months
14
34
- over 12 months
0
5
Total
634
849
Office space lease
As at June 30, 2025, future minimum lease payments for office space are as follows:
Description
30.06.2025
31.12.2024
Future minimum lease payments, including:
659
878
- within 1 year
439
439
- within 1-2 years
220
439
Future interest costs
-39
-68
Present value of lease liabilities, including:
620
810
- within 1 year
404
388
- within 1-2 years
216
422
The effective interest rate on office space leases as at June 30, 2025 was 8.98%, the same as as at December 31,
2024.
Car leases
As at June 30, 2025, future minimum lease payments for car leases were as follows:
Description
30.06.2025
31.12.2024
Future minimum lease payments, including:
15
41
- within 1 year
15
36
- within 1-2 years
0
5
Future interest costs
-1
-2
Present value of lease liabilities, including:
14
39
- within 1 year
14
34
- within 1-2 years
0
5
The effective interest rate on the above car lease as at June 30, 2025 was: 5.69% or 7.85% or 10.03%, depending
on the agreement signed.
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Leasing costs recognized in the reporting period
In the period from January 1, 2025 to June 30, 2025, the amounts of lease costs recognized in the income statement
together with the statement of comprehensive income amounted to:
Specification
01.01.2025 –
30.06.2025
01.01.2024 -
30.06.2024
Depreciation cost of assets under right of use
241
343
Interest expense on lease liabilities
32
22
Short-term lease costs
4
6
Leasing costs of low-value assets
0
0
Total
277
370
Total cash outflow from leases in the period from January 1, 2025 to June 30, 2025 amounted to PLN 257 thousand,
compared to PLN 374 thousand in the same period of the previous year. PLN.
Note 16 Loans and borrowings (long-term and short-term)
The value of liabilities due to loans and borrowings was recognized at amortized cost determined using the
effective interest rate. The fair value of liabilities under loans and borrowings does not differ significantly from
their carrying amount. The Group's debt as at June 30, 2025 and December 31, 2024 is presented in the table
below.
Borrower:
DataWalk Inc.
Purpose of financing:
Mitigation of economic damage caused by a natural
disaster that occurred on January 31, 2020, and
continued thereafter
Financing institution:
U.S. Small Business Administration (SBA)
Loan amount according to the agreement [in thousands of
USD]:
150
Liability value as at 30.06.2025 [in thousands of USD]:
155
Liability value as at 31.12.2024 [in thousands of USD]:
156
Liability value as at 30.06.2025 [in thousands of PLN]:
559
Liability value as at 31.12.2024 [in thousands of PLN]:
641
Effective interest rate:
fixed interest rate
Maturity date:
July 1, 2050
Security:
Fixed assets
As at June 30, 2025, the Group's total debt amounted to PLN 559 thousand and was secured by fixed assets with
a gross value of PLN 121 thousand. As at December 31, 2024, the Group's total debt amounted to PLN 641
thousand and was secured by fixed assets with a gross value of PLN 121 thousand. The fixed assets constituting
the above security were fully depreciated in the balance sheet.
Fair value of financial liabilities
During the reporting period, there were no transfers between fair value hierarchy levels in debt items.
As at June 30, 2025, the fair value of loans and borrowings did not differ significantly from their carrying amount
and was determined using models for which input data are not observable directly or indirectly on active markets
(level 3).
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Note 17 Incentive program liabilities
Information on estimates
The Group operates an incentive program using share-based payment transactions settled in cash. The program is
based on derivative financial instruments entitling the holder to receive a cash payment in the amount and on the
terms specified in the Regulations and in the Participation Agreement (so-called Restricted Stock Units, hereinafter
“RSUs”). This program is recognized in the consolidated financial statements in accordance with IFRS 2.
In order to comply with IFRS 2, during the vesting period the Group recognizes the amount for the services
received using the best available estimates of the number of equity instruments that will vest. The entity adjusts
these estimates, if necessary, if subsequent information indicates that the number of equity instruments for which
vesting will occur differs from previous estimates. On the vesting date, the entity adjusts the estimate to the number
of equity instruments for which vesting has ultimately occurred.
The recognition of an incentive plan requires an analysis that involves making certain assumptions and exercising
professional judgment, in particular with regard to the number of equity instruments for which rights will be
acquired during the reporting period and the measurement of RSUs. At each balance sheet date, the Group
estimates the number of financial instruments for which rights will be acquired and their fair value in the reporting
period in order to recognize in the financial statements the relevant liabilities and costs of the Group arising from
the implementation of the incentive program.
Nature and principles of operation of the long-term Incentive Program of the DataWalk Capital Group
settled in cash
On June 30, 2020, the General Meeting of DataWalk S.A. adopted a resolution to introduce an Incentive Program
(the "Program") addressed to key personnel who are Employees, Associates or members of the Management Board
(the "Eligible Persons") of the Group. The Program Rules were adopted by the Management Board and then
approved by the Supervisory Board by resolution of March 18, 2022.
The provisions of the Program shall be effective from the date of adoption of the Regulations by the Supervisory
Board and shall remain in force until its termination by the Management Board with the effects specified in the
Regulations. The Management Board may, at any time, with the consent of the Supervisory Board, decide to
terminate the Program or amend it.
The purpose of the Program is to attract and retain key personnel for both the Company and/or its Subsidiaries by
creating additional, attractive tools on the market that allow key personnel to fully identify with the Group and its
long-term goals, motivating them to take special care of the Group's long-term results, maintain the dynamic
growth of its value, and align the interests of these persons with the interests of the Group, and, consequently, the
interests of its shareholders, thereby linking the long-term value of the Group with the long-term goals of key
personnel.
In the case of the Program, the entity responsible for settling the program is the company that is the recipient of
the services settled under the Program and has concluded an appropriate participation agreement with the program
participant. Each of the companies, i.e. DataWalk S.A. and DataWalk Inc., is a party to agreements with Program
participants providing work or services for DataWalk S.A. ("Company") or DataWalk Inc. ("Subsidiary"),
respectively.
On December 30, 2024 the Extraordinary General Meeting of DataWalk S.A. adopted a resolution on determining
the maximum pool of RSUs under the Program, pursuant to which the previous pool of up to 1,120,000 RSUs was
reduced to a maximum of 980,000 RSUs.
Subsequently, on June 25, 2025, the General Meeting of DataWalk S.A. adopted another resolution on determining
the maximum pool of RSU Units under the RSU Program and the maximum pool of Entitlements under the Share
Program, pursuant to which it was decided to create a new total pool of 485,000 Entitlements for Participants in
the incentive program, consisting of a total of RSU Units and Entitlements under the Share Program ("Total
Pool").000 entitlements for participants in the incentive scheme, consisting of RSUs and Entitlements under the
Share Program (the "Total Pool"). The Total Pool may be distributed, at the discretion of the Company's
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Management Board (or, if required by law, the Company's Supervisory Board), among the Participants of both of
the above-mentioned incentive programs implemented at the Company and the Subsidiary in the form of RSUs or
Entitlements under the Share Program, as applicable. However, the Total Pool of Entitlements or RSUs granted in
this manner in both programs (both in the Company and in the Subsidiary) may not exceed a total of 485,000.
As at June 30, 2025 and as at the date of publication of these financial statements, the Company's Management
Board has not yet adopted appropriate resolutions regarding the allocation of the additional pool to specific
incentive programs.
In view of the above, as at the balance sheet date of June 30, 2025, the number of RSUs that may be granted in
total under the Program to all Eligible Persons may not exceed 980,000.
The maximum duration of the right to exercise RSUs by Eligible Persons is 10 years from the date of signing the
Program Participation Agreement, under which the Eligible Person becomes entitled to receive cash upon
fulfillment of certain vesting conditions.
In share-based payment transactions, the Group receives services from Eligible Persons and incurs an obligation
to deliver cash based on the price (or value) of the Company's shares as consideration.
Eligible Persons have been offered to enter into agreements on participation in the Program ("Participation
Agreement") specifying the conditions for the acquisition of rights to receive by Eligible Persons derivative
financial instruments within the meaning of the Act of July 29, 2005 on Trading in Financial Instruments (Journal
of Laws No. 183, item 1538, as amended) entitling them to receive a cash payment in the amount and on the terms
specified in the Regulations and in the Participation Agreement (so-called Restricted Stock Units, hereinafter
"RSUs").
The conditions for acquiring RSU Units mean the achievement of individual targets, if provided for in the
Participation Agreement, and/or maintaining the status of Employee and/or Associate and/or Member of the
Management Board of the Group for the period specified in the Participation Agreement and on the terms specified
in the Regulations.
The conditions related to the achievement of the individual targets (performance vesting conditions) are not
dependent on the market price of the Group's equity instruments and are therefore classified as non-market
conditions.
Conditions related to maintaining the status of an Employee and/or Associate and/or Member of the Management
Board in the Group (service period vesting condition) are agreed for a period of up to 4 years, taking into account
the period of service to the Group prior to the approval of the Regulations. Entitlements are acquired on an annual
basis.
In accordance with IFRS 2, vesting conditions other than market conditions should not be taken into account when
estimating the fair value of shares or share options at the measurement date. Instead, vesting conditions should be
taken into account by adjusting the number of equity instruments used in the measurement of the total transaction,
so that the value of the services recognized in exchange for the equity instruments granted reflects the number of
instruments to which the rights will ultimately vest.
The condition for the payment of amounts due under the Program is the simultaneous fulfillment of the Vesting
Conditions and the Sale Transaction (non-vesting condition).
A Sale Transaction means a situation in which all of the following conditions are met:
(i) an entity or group of entities acting in concert, as referred to in Article 87 of the Act on Public Offering, exceeds
50% of the total number of votes in the Company as a result of a call for subscription for the sale of all shares in
the Company, referred to in Article 74(1) or (2) or Article 91( 5 of the Act on Public Offering, whereby for the
purposes of calculating the total number of votes in the Company, the sum of the number of votes held shall be
taken into account, regardless of the legal title - by all entities belonging to the same capital group, and the number
of votes attached to shares, even if the exercise of voting rights attached to them is restricted or excluded by the
Company's Articles of Association or an agreement or provisions of law, or if the Company is transformed, merged
or divided, which does not require the announcement of a tender offer pursuant to Article 92 of the Takeover Act;
and
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
(ii) FGP Venture will sell at least [587,500] (in words: [five hundred and eighty-seven thousand five hundred]) of
its shares in the Company or their equivalent received as a result of the transformation, merger or division of the
Company (in response to the tender offer referred to in point (i) or independently of such tender offer) or an entity
(acting independently, through a capital group or in concert with other entities), other than the shareholders of FGP
Venture as at June 30, 2020, will acquire more than 50% of the shares in FGP Venture,
(iii) notwithstanding the above, the transaction will not constitute a Sale Transaction if it does not result in a change
of control within the meaning of Article 409A, i.e. a) an entity or group of entities acting in concert exceeding
50% of the total number of votes in the Company or ownership of 50% of the Company's assets, or b) achieving
actual control over the Company, understood as achieving at least 30% of the total number of votes, or c) acquiring
assets of the Company representing at least 40% of the gross market value of all assets of the Company;
In accordance with the Program Rules, a one-time payment resulting from the exercise of RSUs will be settled
within 90 days of the Sale Transaction, but no later than March 14 of the year following the year in which the Sale
Transaction occurred.
In accordance with IFRS 2, a Sale Transaction is understood as a condition other than vesting conditions (a so-
called non-vesting condition).
Due to the fact that the occurrence of the Sale Transaction is a probable future event, but depends on factors beyond
the Group's control and does not depend on the market price of the Group's shares, it has not been included in the
estimates of the value of the RSU Units.
The exercise of RSUs consists in a one-time payment by the Group of a cash amount equal to the product of the
number of RSUs granted and the value of an RSU specified in the Regulations, which will depend on the
value/price of the shares from the Sale Transaction, less mandatory deductions for income tax advances, social
security contributions, health insurance contributions or any other public law liabilities in the part charged to the
Participant, which the Group, as the payer, is required to deduct under applicable regulations. Upon exercise of
the RSU Units, i.e. those for which the due cash amount has been paid, the Participant shall not be entitled to any
additional cash or non-cash benefits from the Group under the Program.
If the Sale Transaction does not take place within the period specified in the Participation Agreement concluded
with a given Participant entitled to receive RSU Units, in the absence of the possibility of fulfilling the Conditions
for Execution, the Participation Agreement shall be automatically and immediately terminated with respect to the
RSU Units concerned, without any obligation on the part of the Company or the Subsidiary to make any payment.
The Participant shall not be entitled to any claims for payment, including any claims for damages against the
Company, the Subsidiary, their shareholders or members of their governing bodies.
If the Sale Transaction takes place before the specified Conditions for Granting are met, the Participation
Agreement shall be terminated to the extent covering the RSU Units, and the Participant shall lose the possibility
of further participation in the Program to the above extent, including the right to grant and exercise the RSU Units.
The Participant shall not be entitled to any claims for payment, including any claims for damages against the
Company, the Subsidiary, their shareholders or members of their governing bodies. However, if the Conditions of
Grant for a given Participant only included maintaining the status of Employee and/or Associate and/or Member
of the Management Board in the Company and/or Subsidiary on the terms specified in the Regulations for the
period specified in the Participation Agreement, excluding additional individual objectives referred to in the
Regulations, and in the absence of a Cause, the Participant shall be granted RSU Units on the Sale Transaction
Date in the same amount as if the Sale Transaction had occurred after the expiry of the above-mentioned minimum
period of maintaining the status of an Employee and/or Associate and/or Member of the Management Board in the
Company and/or Subsidiary. The Participation Agreement may regulate differently the effects of a Sale
Transaction occurring before the Grant Conditions are met.
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Assumptions adopted for the valuation of the Program
Employee services received in the form of cash-settled share-based payments are measured indirectly at the fair
value of the liability on the grant date. The initial measurement of the liability is based on the fair value of the
underlying instruments. The measurement of the liability takes into account the extent to which the services have
been rendered.
The entity determines the fair value of a liability settled in cash by taking into account only market conditions and
conditions other than the acquisition conditions (non-vesting condition), which means that the conditions for the
provision of the service (vesting condition) and non-market conditions affect the measurement of the liability by
adjusting the number of rights to receive cash based on estimates of the performance to be achieved.
On each reporting date, and ultimately on the settlement date, the fair value of the recognized liability is
remeasured. The remeasurement applies to the recognized portion of the liability as of the vesting date. The full
amount is remeasured from the vesting date to the settlement date. The cumulative net cost and amounts recognized
in the income statement that will ultimately be recognized in connection with the transaction will be equal to the
amount paid to settle the liability.
The effects of remeasurement during the vesting period are recognized immediately in the income statement (in
the appropriate expense item) to the extent that they relate to past services, and to the extent that they relate to
future services, the effect of remeasurement is spread over the remaining vesting period.
This means that in the revaluation period, a supplementary adjustment is made for previous periods so that the
liability recognized at each reporting date is equal to the total fair value of the liability.
As at the balance sheet date of June 30, 2025, the Group measured the RSUs for which, based on the Group's
internal estimates, vesting had occurred. The decision on the final number of RSU Units granted and their value
had not been made as at the date of preparation of the financial statements, as no events specified in the Regulations
entitling Eligible Persons to be granted and to benefit from the RSU Units granted had occurred.
The fair value of RSU Units as at the balance sheet date of June 30, 2025 was determined based on the market
price of DataWalk S.A. shares. In accordance with the assumptions of the Regulations, the value of an RSU Unit
will be determined based on the share price from the Sale Transaction. RSUs will be granted without any additional
costs to the Eligible Persons. RSUs do not entitle their holders to dividends, therefore the expected dividend yield
is 0. There are no other market conditions affecting the valuation of RSUs in the Program. In such a situation, the
valuation of an RSU on a given balance sheet date should be equal to the fair value of the Company's shares on
that date. However, the total cost of the program should be determined as at each balance sheet date, taking into
account other non-market factors. The Company performed a sample simulation of the valuation of RSU units
using the Black-Scholes model to confirm the validity of this approach, and the valuation result confirms that,
under the above assumptions, it is reasonable to value RSU units at the fair value of the shares.
The average annual forfeiture rate for RSUs, based on expectations regarding, for example, the number of
employees and associates leaving the Group before the vesting date, was assumed to be 0%. The Group
periodically reviews these estimates and updates them if there are significant deviations.
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Recognition of the Program in the period from January 1, 2025 to June 30, 2025.
The table below presents the number of RSU Units granted as at June 30, 2025, broken down by vesting conditions
and stage of vesting.
Conditions for vesting
Granted
rights
(in units)
Degree of
fulfillment
of vesting
conditions
Number of
vested rights
(in units)
Estimated
number of
acquired
entitlements
as at the
balance
sheet date
(in units)
Remaining
to be
acquired
(in units)
Acquired entitlements (vested)
870 765
100%
870 765
0
0
Provision of services until
31.12.2025
16 700
73%
0
12 235
4 465
Provision of services until
30.06.2026
7 250
60%
0
4 380
2 870
Provision of services until
31.12.2026
13 875
46%
0
6 380
7 495
Provision of services until
30.06.2027
1 625
50%
0
815
810
Total
910 215
96%
870 765
23 810
15 640
In accordance with IFRS 2, the Group has updated the fair value of RSUs as at the balance sheet date of June 30,
2025.
In connection with the above, the Group determined the following events affecting the estimates:
• the fair value as at June 30, 2025 differed from the value obtained as at the previous balance sheet date (the
difference resulting from a change in the Company's share price),
• additional RSUs for which the vesting conditions are estimated to have been met had to be measured and
recognized,
• events occurred as a result of which the cost of the Program had to be adjusted by the RSU units lost due to
failure to meet the vesting conditions.
The table below presents the items affecting the change in the value of the liability and the cost of the Program
recognized in the consolidated financial statements.
Description
Quantity
Weighted average
fair value
(in PLN)
Cost at weighted
average fair value
(in PLN
thousand)
Estimated number of acquired rights as at
01.01.2025
891 500
56,60
50 459
Estimated number of acquired entitlements as at
31 December 2024
883 510
57,90*
51 155
Estimated number of rights acquired during the
period
11 065
114,50
1 267
Number of rights lost during the period
-7 990
56,60
-452
Estimated number of entitlements acquired as
at 30 June 2025
894 575
114,50
102 429
* Difference between the weighted average fair values of RSUs as at June 30, 2025
and December 31, 2024
No RSU units expired during the reporting period. Furthermore, no RSU units were exercised, and as at the balance
sheet date of June 30, 2025, there were no RSU units that could be exercised.
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
The total cost of the Program recognized in the financial statements for the six months ended June 30, 2025,
estimated based on vested rights, amounted to PLN 51,970 thousand.
The table below presents the recognition of the Program costs in individual items of the consolidated financial
statements, together with information on the involvement of individual companies from the Issuer's Group in the
implementation of the Program.
Specification
Item
DataWalk
S.A.
DataWalk
Inc.
DataWalk
Group
Estimated number of rights
acquired as at 30 June 2025
(units)
-
77 720
816 855
894 575
Profit and loss account /
Operating costs (PLN
thousand)
Incentive program
4 771
47 199
51 970
Profit and loss account
(PLN thousand)
Income tax
0
-9 911
-9 911
Fixed assets (PLN thousand)
Deferred income tax assets
0
19 641
19 641
Equity (PLN thousand)
Financial result for the current
year, including:
-4 771
-37 288
-42 059
- Profit before tax
-4 771
-47 199
-51 970
- Income tax
-
-9 911
-9 911
Equity (PLN thousand)
Retained earnings, including:
-4 126
-36 420
-40 729
- Profit before tax
-4 126
-46 331
-50 459
- Income tax
-
-9 911
-9 730
Short-term liabilities
(PLN thousand)
Incentive program liabilities
8 899
93 530
102 429
The total carrying amount of consolidated liabilities under the Program as at June 30, 2025 amounted to PLN
102,429 thousand.
As at the balance sheet date and as at the date of approval of these financial statements for publication, liabilities
under the Program were not due, as no Sale transactions had taken place. In addition, the Group's management did
not take any actions, nor was it in possession of any information indicating a high probability of events occurring
which could result in the conclusion of a Sale Transaction within the next 12 months and, consequently, the
commencement of the Program implementation process (cash settlement).
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
The table below presents the settlement of RSUs under the Program according to their status and fair value as at
June 30, 2025.
Specification
Number of
units
% of the
Program
Fair value
(in PLN)
Cost
according to
fair value
(in PLN
thousand)
Maximum number of units in the
Program, including:
980 000
100%
114,50
167 743
- RSU units allocated under Participation
Agreements, consisting of:
910 215
93%
114,50
104 220
- Tranche dated 01.04.2022
781 650
80%
114,50
89 499
- Tranche dated 01.07.2022
5 500
1%
114,50
630
- Tranche dated 01.01.2023
10 250
1%
114,50
1 174
- Tranche dated 01.05.2023
45 000
5%
114,50
5 153
- Tranche dated 01.07.2023
7 650
1%
114,50
876
- Tranche dated 01.01.2024
1 625
0%
114,50
186
- Tranche dated 01.02.2024
49 340
5%
114,50
5 649
- Tranche dated 01.07.2024
8 000
1%
114,50
916
- Tranche dated 15.01.2025
1 200
0%
114,50
137
- Maximum number of RSUs to be granted in
future periods
69 785
7%
114,50
63 523
RSUs granted under Participation
Agreements, including:
910 215
93%
114,50
104 220
- Rights vested
870 765
89%
114,50
99 703
- Remaining to vest, including:
39 450
4%
114,50
4 517
a) for which it is estimated that the vesting
conditions have been met
23 810
2%
114,50
2 726
The total number of Forfeited Entitlements from the inception of the program to June 30, 2025 was 54,225, which
corresponds to 6% of the maximum number of units in the Program.
As at the balance sheet date of June 30, 2025, the incentive program remains in progress.
Note 18 Trade payables
Trade payables
30.06.2025
31.12.2024
To other entities, including:
2 000
2 263
- invoiced liabilities
2 000
2 263
Total
2 000
2 263
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Note 19.1 Other provisions (short-term)
Information on estimates
The Group estimates the value of liabilities based on accepted assumptions and methodology, assessing the
probability of an outflow from the Group of financial resources embodying economic benefits. It recognizes as
liabilities those amounts for which the probability and timing of expenditure at the balance sheet date are high.
Provisions for sales commissions are mostly dependent on estimates of the value of sales revenue achieved by the
Group.
Other provisions (short-term)
30.06.2025
31.12.2024
Provisions for retirement and similar benefits, including:
347
171
a) for unused vacation leave
347
171
Other provisions, including:
2 614
1 545
a) provision for audit of financial statements
247
380
b) provision for financial statements and accounting services
50
104
c) provision for sales commissions
1 505
587
d) provision for bonuses
548
123
e) legal and advisory services
18
146
f) cloud services
103
185
g) other provisions
143
20
Total
2 961
1 716
Provision for sales commissions
This item includes the Group's expected liabilities related to commissions due to sales and implementation service
providers in connection with commercial processes carried out for the Group.
Note 19.2 Change in other provisions (short-term)
Data for the period from January 1, 2025 to June 30, 2025
Specification
Value as at
01.01.2025
Increases
Utilization
Reversal
Value as at
30.06.2025
Provisions for retirement and
similar benefits, including:
171
234
58
0
347
a) unused vacation days
171
234
58
0
347
Other reserves, including:
1 544
4 076
2 874
134
2 614
a) provision for audit of
financial statements
380
19
134
19
247
b) provision for financial
statements and accounting
services
104
204
242
15
50
c) provision for sales
commissions
587
2 056
1 062
77
1 505
d) provision for bonuses
123
440
14
0
548
e) legal and consulting
services
146
121
230
19
18
f) cloud services
185
764
846
0
103
g) other provisions
20
472
346
3
143
Total
1 716
4 310
2 932
134
2 961
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Note 20.1 Sales revenue – by type
Information on estimates
The Company fulfills its obligations to perform services, some of which, in particular those related to the
performance of contracts in the area of DataWalk software implementation, are measured according to the stage
of completion of the service. Preparing this type of valuation requires estimating the remaining costs and revenues
in order to measure the stage of completion of work under a given contract. The stage of completion of a contract
may be determined in two ways: a) according to the documented stage of completion of work on the contract
(possible documents: acceptance reports for subsequent stages of work, settlement of working time on the
contract), b) if it is not possible to assess the stage of completion of the work, it is possible to assume that the
stage of completion of the contract is proportional to the costs incurred in a given period. The preparation of a
valuation and the resulting recognition of revenue requires professional judgment and appropriate estimates in
each case. The Company is not a party to any agreements under which it would be a lessor.
Revenue from sales
01.01.2025 - 30.06.2025
01.01.2024 - 30.06.2024
License
16 153
3 586
Maintenance
6 340
4 907
Professional services
1 273
2 425
Total
23 765
10 918
Note 20.2 Sales revenue – territorial breakdown
Sales revenue
01.01.2025 - 30.06.2025
01.01.2024 - 30.06.2024
Sales Poland
2 947
3 642
Sales North and South America
3 036
2 467
Other regions
17 783
4 810
Total
23 765
10 918
Note 20.3 Sales revenue – customer groups
Sales revenue
01.01.2025 - 30.06.2025
01.01.2024 - 30.06.2024
Government sector, including:
3 535
3 541
- Law enforcement agencies (LEA)
2 654
1 689
- Intelligence agencies
469
1 205
- Other government organizations
412
647
Private sector, including:
20 230
7 377
- Banking
18 276
5 237
- Insurance
256
328
- Other
1 698
1 812
Total
23 765
10 918
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Note 20.4 Sales revenue – by method of recognition in the income statement
Sales revenue
01.01.2025 - 30.06.2025
01.01.2024 - 30.06.2024
For goods and services provided at a specific point in
time, including:
16 153
3 586
- license
16 153
3 586
For goods and services provided over time, including:
7 612
7 332
- maintenance
6 340
4 907
- professional services
1 273
2 425
Total
23 765
10 918
Other performance obligations
As at June 30, 2025 the Group analyzed the total transaction price attributable to performance obligations that
remained wholly or partially unfulfilled as at the balance sheet date and decided to apply the practical exception
for performance obligations that are part of a contract with an original performance period of up to 12 months. As
a result of the analysis, it was determined that as at June 30, 2025, all performance obligations measured at the
stage of completion arise from contracts expiring before June 30, 2026. In the case of contracts for the maintenance
of the DataWalk system, the vast majority are indefinite-term contracts with a notice period of less than 12 months,
therefore the Group recognizes the resulting performance obligations as short-term and has decided to apply the
practical exception referred to above.
Note 21 Cost by nature
Costs by type
01.01.2025 - 30.06.2025
01.01.2024 - 30.06.2024
Depreciation
1 829
1 910
Consumption of materials and energy
54
63
External services
15 685
13 558
Taxes and fees
58
59
Salaries, including:
62 799
32 778
- salaries
7 819
6 999
- incentive program costs (settled in cash)
51 970
24 388
- incentive program costs (settled in equity instruments)
3 010
1 392
Social security and other benefits
1 626
1 711
Other costs by type
844
555
Total costs by type
82 895
50 634
Cost of revenue
7 167
8 536
Sales and marketing
6 763
6 821
Research and development
7 057
5 411
Administration and general expenses
6 927
4 087
Incentive program
54 980
25 779
Total functional costs
82 895
50 634
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Note 22 Other operating income
Other operating income
01.01.2025 - 30.06.2025
01.01.2024 - 30.06.2024
Profit on disposal of non-financial fixed assets
0
44
Other operating income, including:
175
158
- rental income
128
139
- other
47
19
Total
175
202
Note 23 Other operating expenses
Other operating expenses
01.01.2025 - 30.06.2025
01.01.2024 - 30.06.2024
Loss on disposal of non-financial fixed assets
0
38
Revaluation of non-financial fixed assets
1 190
1 648
Other operating expenses
5
2
- other
5
2
Total
1 194
1 687
During the six months ended June 30, 2025, there were no indications that a new impairment test for intangible
assets should be performed. However, based on the principle of prudent valuation, the Management Board decided
to make an impairment loss, taking into account the result of the test performed as at December 31, 2024. Thus,
as at the balance sheet date of June 30, 2025, an impairment loss was recognized in the total amount of PLN 1,190
thousand.
Detailed information on the impairment loss is presented in Note 26 – “Impairment testing” to these consolidated
financial statements.
Note 24 Financial income
Financial income
01.01.2025 - 30.06.2025
01.01.2024 - 30.06.2024
Interest from other entities, including:
189
20
- interest on deposits and bank accounts
189
20
Exchange rate differences
1
0
Total
190
20
Note 25 Financial expenses
Financial expenses
01.01.2025 - 30.06.2025
01.01.2024 - 30.06.2024
Interest of other entities, including:
42
33
- interest on leases
32
22
- other interest
11
11
Other, including:
958
38
- exchange rate differences
930
38
Total
1 001
71
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Note 26 Asset impairment tests
Impairment of non-financial assets related to the cash-generating unit responsible for the creation and
development of the DataWalk platform and the sale of DataWalk software licenses
As a result of the impairment test performed as at the balance sheet date of December 31, 2024, the recoverable
amount of the CGU as at that date was estimated at PLN 19,273 thousand. Due to the fact that the growth rate of
revenues and costs achieved in the first half of 2025 did not differ significantly from the assumptions made in the
2024 impairment test, the Management Board decided that there were no grounds for repeating the test as at the
balance sheet date of June 30, 2025.
Based on the principle of prudent valuation, the Management Board decided to make an impairment loss on the
value of the assets of allocated to the cash-generating unit responsible for the creation and development of the
DataWalk platform and the sale of licenses for the DataWalk software, which is part of the operating segment of
DataWalk S.A. As a result of the write-down, the net carrying amount of the above assets as at the balance sheet
date of June 30, 2025 reflects the value obtained in last year's impairment test, reduced in particular by depreciation
and amortization and changes in the value of development work in progress made during the reporting period.
The Group revalues write-downs on a quarterly basis. Accordingly, in the first quarter of 2025, write-downs were
made in the amount of PLN 1,190 thousand, which were recognized in full in the income statement under other
operating expenses. In the second quarter of 2025, the Group did not make any impairment losses because the net
value of the CGU was lower than its recoverable amount due to the amortization write-offs made. The recoverable
amount of the CGU corresponds to its value in use.
The table below presents the amounts of the impairment loss recognized in the first half of 2025, broken down by
asset groups.
Asset
Carrying amount of the
CGU as at the balance
sheet date before
recognition of the
impairment loss in the
period
Value of impairment
loss recognized during
the period
Carrying amount of the
CGU as at the balance
sheet date after
recognition of the
impairment loss in the
period
Development work in
progress
231
-231
0
Costs of completed
development work
18 776
-947
17 828
Tangible fixed assets
12
-1
11
Right-of-use assets
161
-11
151
Total
19 179
-1 190
17 990
The write-down was applied in full to the operating segment, which is DataWalk S.A.
The write-down is non-cash in nature and has no impact on the Issuer's current financial position.
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Note 27 Off-balance sheet liabilities
Contingent liabilities include guarantees and sureties granted by the Group, including promissory notes
The Company includes in off-balance sheet items low-value asset lease agreements and security for the proper
performance of agreements for co-financing of a project under sub-measure 2.3.4. Protection of industrial property
of the Intelligent Development Operational Program, 2014-2020 co-financed by the European Regional
Development Fund, concluded with the Polish Agency for Enterprise.
As at the balance sheet date of June 30, 2025, DataWalk S.A. had four co-financing agreements under which the
funds obtained by the Company were allocated to cover the costs related to the process of obtaining international
industrial property rights (patents) for the Issuer's inventions. The implementation period for individual projects
ended on December 31, 2023. In the event of termination of a given agreement, the Company is obliged to return
all co-financing received under that agreement, together with interest at the rate specified for tax arrears. In
connection with the conclusion of each agreement, the Company is required to provide security in the form of a
blank promissory note for a period of 3 years from the date of completion of the project. The total value of the
subsidy received as at June 30, 2025, and as at December 31, 2024, amounted to PLN 603 thousand.
As at the date of approval of this report for publication, no threats have been identified that could result in the need
to return the received co-financing.
Note 28 Information on operating segments
INFORMATION ON SEGMENTS FOR REPORTING PURPOSES
The DataWalk Group operates on the global IT market in the field of data analysis (so-called Big Data), offering
companies and institutions unique technology, confirmed by European and American patents, in the form of the
DataWalk analytical platform, which it creates, develops, sells, and implements. The Group provides licenses for
its own product in the enterprise IT sector, introducing agile methodologies to highly complex and advanced
analytical environments.
In accordance with IFRS 8, an operating segment is a distinguishable component of the Group's activities for which
separate financial information is available and is regularly reviewed by the chief operating decision maker for the
allocation of resources and assessment of performance.
The DataWalk Group has the following operating segments:
• The segment comprising DataWalk S.A., which generates revenue from the sale and implementation of
the platform, in particular in the EMEA region (Europe, Middle East, Africa) and Asia, whose results are
regularly analyzed by the Issuer's Management Board as the main decision-making body.
• The segment comprising DataWalk Inc., which generates revenue from sales and implementation
activities related to the DataWalk platform, primarily in the United States and other countries in North
and South America, whose results are regularly analyzed by the Management Board of the entity as the
main decision-making body. The results of the subsidiary included in this segment are subject to periodic
review by the subsidiary's Management Board and are also subject to regular review by the Management
Board of DataWalk S.A.
During the period covered by the financial statements, the Group did not make any changes to its organizational
structure that would require a change in the division of reporting segments.
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Data for the period from January 1, 2025 to June 30, 2025
Specification
DataWalk S.A.
DataWalk Inc.
Eliminations
Total
Revenue from sales to external customers
20 730
3 036
0
23 765
Transactions between segments
6 027
0
-6 027
0
Total operating revenue of segments
26 757
3 036
-6 027
23 765
Operating result of the segment
-6 227
-54 180
0
-60 407
Interest income*
189
0
0
189
Other financial income
1
0
0
1
Interest expense**
32
11
0
42
Other financial expenses
958
0
0
958
Significant non-cash items
11 212
47 046
0
58 257
- depreciation
1 829
0
0
1 829
- costs related to the incentive program
7 782
47 199
0
54 980
- write-down on intangible assets
1 190
0
0
1 190
- loss (gain) on expected credit losses
411
-153
0
258
Income tax
0
-9 912
0
-9 912
Net profit (loss), including:
-6 526
-44 780
0
-51 306
- result attributable to shareholders of the
parent company
-6 526
-44 780
0
-51 306
- result attributable to non-controlling interests
0
0
0
0
Capital expenditure
1 505
0
0
1 505
* Income from interest on bank deposits.
** Interest expense on loans, borrowings and leases.
Data as at 30 June 2025
Specification
DataWalk S.A.
DataWalk Inc.
Eliminations
Total
Fixed assets, including:
24 264
19 641
0
43 905
- intangible assets
17 828
0
0
17 828
Current assets, including:
82 618
6 696
-11 471
77 842
- trade receivables
14 154
1 201
-7 847
7 508
- accruals
766
4 179
-3 625
1 320
- cash
46 865
1 300
0
48 165
Long-term liabilities, including:
216
527
0
743
- liabilities from loans and borrowings
0
527
0
527
- lease liabilities
216
0
0
216
Current liabilities, including:
23 879
105 703
-11 471
118 110
- liabilities from loans and borrowings
0
32
0
32
- lease liabilities
418
0
0
418
- liabilities under the incentive program
8 899
93 530
0
102 429
- liabilities under trade and other payables
2 390
7 457
-7 847
2 000
- liabilities under contracts
8 848
4 312
-3 625
9 535
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Data for the period from January 1, 2024 to June 30, 2024
Specification
DataWalk S.A.
DataWalk Inc.
Eliminations
Total
Revenue from sales to external
customers
8 452
2 466
0
10 918
Transactions between segments
4 266
0
-4 266
0
Total operating revenue of segments
12 718
2 466
-4 266
10 918
Operating result of the segment
-16 416
-26 938
0
-43 354
Interest income*
20
0
0
20
Other financial income
0
0
0
0
Interest expenses**
22
11
0
33
Other financial expenses
0
38
0
38
Significant non-cash items
9 214
22 276
0
31 490
- depreciation
1 900
9
0
1 910
- costs related to the incentive program
3 513
22 267
0
25 779
- write-down on assets
1 648
0
0
1 648
- loss (gain) on expected credit losses
2 153
0
0
2 153
Income
0
-4 676
0
-4 676
Net profit (loss), including:
-16 417
-22 311
0
-38 728
- result attributable to shareholders of the
parent company
-16 417
-22 311
0
-38 728
- result attributable to non-controlling
interests
0
0
0
0
Capital expenditure
3 035
0
0
3 035
* Income from interest on bank deposits.
** Interest expense on loans, borrowings and leases
Due to a change in the Management Board's approach to operating segments, which was first recognized in the
annual consolidated financial statements for 2024, in order to maintain comparability of data for the first half of
2024, revenue in the amount of PLN 3,955 thousand was transferred from the DataWalk Inc. segment to DataWalk
S.A. As a result, the items "Operating result of the segment" and "Net profit (loss)" of the DataWalk Inc. segment
decreased by PLN 3,955 thousand, and the above-mentioned items in the DataWalk S.A. segment increased by
this amount.
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
Data as at June 30, 2024
Specification
DataWalk S.A.
DataWalk Inc.
Eliminations
Total
Fixed assets, including:
20 454
10 726
0
31 180
- intangible assets
19 029
0
0
19 029
Current assets, including:
38 338
12 117
-12 069
38 385
- trade receivables
8 372
3 827
-7 483
4 716
- accruals
302
4 769
-4 587
484
- cash
28 607
2 375
0
30 981
Long-term liabilities, including:
634
601
0
1 235
- liabilities from loans and borrowings
0
601
0
601
- lease liabilities
634
0
634
Short-term liabilities, including:
13 271
64 506
-12 069
65 707
- liabilities from loans and borrowings
0
35
0
35
- lease liabilities
526
0
526
- liabilities under the incentive program
2 870
51 077
0
53 947
- liabilities under trade and other payables
2 490
7 261
-7 483
2 269
- liabilities under contracts
5 832
5 646
-4 587
6 891
INFORMATION ON GEOGRAPHICAL AREAS
The geographical breakdown of sales revenue is presented according to the country of residence of the counterparty
making the purchase:
Information on geographical areas
01.01.2025 -
30.06.2025
01.01.2024 -
30.06.2024
Sales in Poland, including:
License
0
786
Maintenance
2 715
1 926
Professional services
232
929
Total sales in Poland
2 947
3 642
Sales in North and South America, including:
License
0
359
Maintenance
2 115
1 861
Professional services
920
296
Total sales in North and South America
3 036
2 467
Sales in other countries, including:
License
16 153
2 491
Maintenance
1 510
1 120
Professional services
120
1 199
Total sales in other countries
17 783
4 810
Total sales revenue
23 765
10 918
Condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025
(all amounts are given in PLN thousand, unless otherwise stated)
INFORMATION ON MAIN CUSTOMERS
Data for the period from January 1, 2025 to June 30, 2025
For the period from January 1 to June 30, 2025, sales revenue from a single customer exceeded 10% of the Group's
sales revenue and amounted to PLN 16,436 thousand in total. These revenues were allocated to the DataWalk S.A.
segment. There are no formal links between the Group companies and this customer other than those resulting
from commercial relations.
Data for the period from January 1, 2024 to June 30, 2024
For the period from January 1, 2024 to June 30, 2024, sales revenue from a single customer exceeded 10% of the
Group's sales revenue and amounted to PLN 2,774 thousand and was allocated to the DataWalk Inc. segment.
There are no formal links between the Group companies and these customers other than those resulting from
commercial relations.
Note 29 Transactions with related entities
Data for the period from January 1, 2025 to June 30, 2025
• In the six months of 2025, DataWalk S.A. recognized revenue from sales to DataWalk Inc. in the total
amount of USD 1,640 thousand, which, converted at the average exchange rate of the National Bank of
Poland announced on the day preceding the transaction date, amounted to PLN 6,528 thousand. The
balance of mutual settlements in this respect as at the balance sheet date of June 30, 2025 amounted to
USD 2,054 thousand, which, when converted at the exchange rate as at the balance sheet date, is
equivalent to PLN 7,427 thousand.
• During the six months of 2025, DataWalk S.A. recognized the cost of external services provided to
DataWalk Inc. for a total amount of USD 188,000, which, converted at the average exchange rate of the
National Bank of Poland announced on the day preceding the transaction date, amounted to PLN 704,000.
The balance of mutual settlements in this respect as at the balance sheet date of June 30, 2025 amounted
to USD 116,000, which, converted at the exchange rate as at the balance sheet date, is equivalent to PLN
420,000.
Data for the period from January 1, 2024 to June 30, 2024
• In the six months of 2024, DataWalk S.A. recognized:
- revenue from sales to DataWalk Inc. for a total amount of USD ,106 thousand, which, converted at the
average exchange rate of the National Bank of Poland announced on the day preceding the transaction
date, amounted to PLN 4,266 thousand.
- cost of external services from DataWalk Inc. for a total amount of USD 227 thousand, which, converted
at the average exchange rate of the National Bank of Poland announced on the day preceding the
transaction date, amounted to PLN 820 thousand.
- the balance of mutual settlements as at the balance sheet date of June 30, 2024 amounted to USD 1,856
thousand, which, converted at the exchange rate as at the balance sheet date, is equivalent to PLN 7,483
thousand
• The transactions concluded by the Issuer with its subsidiary DataWalk Inc. were concluded on market
terms.
Additional information to the interim
condensed consolidated financial
statements
of the DataWalk Capital Group
DataWalk Joint Stock
Company
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Registered court: District Court for Wrocław-Fabryczna in Wrocław
VI Commercial Division of the National Court Register Share capital: PLN
638,298.80, paid in full
Basic information
The DataWalk Capital Group ("Group," "DataWalk Group"), managed by DataWalk S.A. ("Company," “Issuer”),
specializes in the development and delivery of the advanced DataWalk analytics platform, an innovative graph
analytics tool powered by artificial intelligence that enables organizations to efficiently process and analyze large
data sets. DataWalk Inc., which focuses on sales and implementation in North America, also operates within the
Group.
The DataWalk platform integrates graph analytics, artificial intelligence, knowledge graphs, OLAP operations,
and advanced data search technologies into a single monolithic solution. This enables effective information
management in dynamic environments and informed, data-driven decision-making. The DataWalk solution is used
by public and private institutions around the world for crime detection, risk management, operational optimization,
and strategic decision support, among other things.
The Group focuses on serving large organizations, known as Enterprise Customers, in key markets: North
America, Western Europe, Central Europe, and the Nordic countries. DataWalk actively participates in the rapidly
growing market of advanced data analytics, including graph analytics and knowledge graphs, which play a key
role in modern information management and the development of artificial intelligence. The integration of
DataWalk technology with language models (LLM) minimizes errors and provides fact-based analysis.
General information about the Group
Description of the Issuer's capital group
As of June 30, 2025, the Group consists of DataWalk S.A. as the parent company and the following subsidiaries:
Entity
Registered
address
Scope of activity
Percentage share of
the Company in the
capital
June 30, 2025
Percentage share of
the Company in the
capital
31.12.2024
DataWalk Inc.
Delaware
(USA)
IT consulting activities
100
100
During the six months ended June 30, 2025, there were no changes in the Group's structure, the name of the parent
company or other identifying information.
Parent company details
Name: DataWalk Spółka Akcyjna
Registered office: ul. Rzeźnicza 32-33, Wrocław ( Poland)
Registered address: ul. Rzeźnicza 32-33, Wrocław (Poland)
Principal place of business: ul. Rzeźnicza 32-33, Wrocław (Poland)
Main area of activity:
Software-related activities,
IT consulting activities,
Data processing.
DataWalk Joint Stock
Company
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Registered court: District Court for Wrocław-Fabryczna in Wrocław
VI Commercial Division of the National Court Register Share capital: PLN
638,298.80, paid in full
Registering authority: The company is registered in the National Court Register kept by the District Court for
Wrocław-Fabryczna, 6th Commercial Division of the National Court Register, under KRS number 0000405409
REGON: 021737247
NIP: 894-303-43-18
Duration of the Company: Unlimited
The Company operates as a "global vendor of products," focusing on the development and sale of enterprise IT
products, i.e., specialized software with specific applications that is competitive on a global scale. The business
model adopted by the Company is characterized by high scalability, which translates into potentially high margins.
This is possible thanks to the low share of services provided individually to specific customers, both at the pre-
implementation consultation stage and after implementation (service).
DataWalk S.A. is a company established for an indefinite period of time .
The financial year of DataWalk S.A. is the calendar year.
The company has no branches.
DataWalk Inc.
Basic information on the Issuer's related entity as at 30 June 2025.
Name: DataWalk Inc.
Registered address: 1209 Orange Street, Wilmington, Delaware 19801
Correspondence address: 2000 Broadway Street, STE 232 Redwood City, CA 94063
Principal activity: IT consulting services
Duration of the Company: Unlimited
Consolidation method: Full consolidation
DataWalk Inc. is a company incorporated under US law with its registered office in Wilmington, Delaware, in
which the Issuer holds 100.00% of the share capital and votes at the shareholders' meeting. Pursuant to the articles
of association of DataWalk Inc., the management board manages the company's affairs and represents the
company.
DataWalk Inc. is a company established for an indefinite period.
The financial year of DataWalk Inc. is the calendar year.
The financial data of DataWalk Inc. is consolidated using the full consolidation method and is presented in the
consolidated financial statements of the DataWalk Capital Group.
As at the date of approval for publication of these financial statements, the structure of the DataWalk Capital
Group has not changed.
DataWalk Joint Stock
Company
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Registered court: District Court for Wrocław-Fabryczna in Wrocław
VI Commercial Division of the National Court Register Share capital: PLN
638,298.80, paid in full
Basis for preparation of the financial statements – including a description of
circumstances indicating a threat to the continuity of operations
These consolidated financial statements have been prepared on the assumption that the DataWalk Capital Group
will continue as a going concern for a period of not less than 12 months from June 30, 2025. As at the date of
approval of these consolidated financial statements, there are no circumstances indicating a threat to the Group's
ability to continue as a going concern.
To the best of the Management Board's knowledge and based on a comprehensive cash flow forecast, market
analysis and historical conversion rates of qualified sales prospectuses, the Company is able to continue its
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) and
inquiries from potential customers addressed to the Company in recent months. The implementation of these
assumptions does not require the Company to make significant capital expenditures or acquire additional operating
or capital resources. Additionally, it does not involve the need to meet any additional formal and legal requirements
that the Company would not already meet as at the balance sheet date.
At the same time, the Company's Management Board emphasizes that further dynamic growth, especially in the
go-to-market area, will require additional spending. These funds may be obtained through external financing,
including in particular through further share issues. Raising capital will be crucial for the implementation of
development plans, including the intensification of sales and marketing activities and expansion into foreign
markets, especially in Western Europe and the United States.
The Company's Management Board emphasizes that business activity involves inherent uncertainty and risk, and
despite the measures taken by the Company's Management Board to support the Company's financial stability, in
particular by securing additional sources of financing and optimizing investment and operating expenses, 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 further development of its operations.
As at the date of approval of these consolidated financial statements for publication, the Issuer's Management
Board considered the impact of the armed conflict in Ukraine on the Group's ability to continue as a going concern
and did not identify any significant circumstances indicating a threat to the continuation of operations.
Statement of compliance
These consolidated financial statements have been prepared in accordance with International Financial Reporting
Standards ("IFRS") as adopted by the EU ("EU IFRS").
IFRS comprise standards and interpretations accepted by the International Accounting Standards Board and the
International Financial Reporting Interpretations Committee ("IFRIC").
As at the date of approval of these financial statements for publication, taking into account the ongoing process of
implementation of IFRS standards in the EU and the Group's activities, there are no differences between the IFRS
standards that have come into force and the IFRS standards approved by the EU in terms of the accounting
principles applied by the Group.
The scope of these interim condensed consolidated financial statements, which are part of the quarterly report, is
consistent with the Regulation of the Minister of Finance of March 29, 2018, on current and periodic information
disclosed by issuers of securities and conditions for recognizing information required by the laws of a non-member
state as equivalent (consolidated text: Journal of Laws of 2018, item 757) (the "Regulation") and covers the
reporting period from January 1, 2025 to June 30, 2025 and the comparative period from January 1, 2024 to June
DataWalk Joint Stock
Company
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Registered court: District Court for Wrocław-Fabryczna in Wrocław
VI Commercial Division of the National Court Register Share capital: PLN
638,298.80, paid in full
30, 2024 respectively for the profit and loss account together with the statement of comprehensive income and the
cash flow statement, as well as balance sheet data as at June 30, 2025, and comparative data as at December 31,
2024.
The subsidiary keeps its accounting books in accordance with the accounting policies (principles) specified by
local regulations. The consolidated financial statements include adjustments not recognized in the accounting
books of the subsidiary, which were made in order to bring the financial statements of that entity into compliance
with IFRS.
The Management Board of the Company declares that, to the best of its knowledge, these interim condensed
consolidated financial statements and comparative data have been prepared in accordance with the accounting
principles applicable to the DataWalk Capital Group and that they give a true, fairly, reliably and clearly the
financial position and financial performance of the DataWalk Capital Group.
Impact of the political and economic situation in Ukraine
Since February 24, 2022, a war has been ongoing in Ukraine, creating a new, constantly changing and
economically unpredictable situation in the world. Representatives of the European Union, the United States, the
United Kingdom, and many other countries have imposed severe sanctions on Russia, mainly targeting strategic
sectors of the Russian economy by blocking access to technology and markets, and have announced further
sanctions.
Currently, the Group has not identified any significant negative impact on its operations. In the first half of 2025,
as in previous years, the Group did not sell DataWalk software to customers and partners in Russia, Belarus or
Ukraine. The Group does not have a supply chain that could potentially be exposed to risks of supply disruptions
that could adversely affect the Group's operating capabilities. The Group also has no investments or subsidiaries
in the regions involved in the conflict. There are no employees of Group companies who are from Ukraine or , for
whom there is a risk of losing employees due to military mobilization in a country affected by war.
However, due to the dynamic situation in Ukraine, it cannot be ruled out that the ongoing conflict, depending on
its further development and actions taken at the national and international level, may have a significant negative
impact on the economic situation in Poland and worldwide, which may affect the Group's ability to implement its
plans and its future financial results. Therefore, the Group's Management Board monitors and analyzes available
information and takes measures to minimize the impact of the situation on its operations as much as possible as
events unfold.
Functional and reporting currency
The consolidated financial statements are presented in Polish zlotys (PLN), which is the functional currency of the
parent company and the presentation currency in the consolidated financial statements of the DataWalk Group,
and all amounts, unless otherwise indicated, are presented in thousands of zlotys. Any differences of PLN 1,000
in the totals result from rounding.
The functional currency of foreign subsidiaries is the currency of the country in which they are based. As at the
balance sheet date, the assets and liabilities of these foreign subsidiaries are translated into the presentation
currency of the Group at the exchange rate prevailing on the balance sheet date, and their statements of
comprehensive income are translated at the average exchange rate for the financial period, calculated as the
arithmetic mean of the exchange rates announced by the National Bank of Poland on the last day of the month of
the given year. The effects of such translations are recognized in equity under "Foreign exchange differences on
translation."
DataWalk Joint Stock
Company
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Registered court: District Court for Wrocław-Fabryczna in Wrocław
VI Commercial Division of the National Court Register Share capital: PLN
638,298.80, paid in full
The following average exchange rates of the National Bank of Poland were used to measure balance sheet items
denominated in foreign currencies:
Statement of financial position
30.06.2025
31.12.2024
1 EUR
4,2419
4,2730
1 USD
3,6164
4,1012
1 GBP
4,9546
5,1488
Consolidated income statement together with consolidated
statement of comprehensive income
01.01-30.06.2025
01.01-30.06.2024
1 EUR
4,2208
4,3109
1 USD
3,8422
3,9979
1 GBP
5,0196
5,0527
Transactions recognized in the income statement together with the statement of comprehensive income were
valued using the average exchange rate of the National Bank of Poland announced for the given currency on the
day preceding the transaction date.
Estimates and professional judgment
The preparation of consolidated financial statements in accordance with IFRS requires estimates and assumptions
to be made that affect the amounts reported in the financial statements. Although the assumptions and estimates
are based on the best knowledge of the Group's management about current activities and events, actual results may
differ from those anticipated.
In accordance with IFRS, the amortization period for intangible assets should reflect the best estimate of the period
over which the entity will derive economic benefits from the asset. Therefore, in connection with the release of a
new version of DataWalk software (5.0.0) during the reporting period, the economic useful life of this intangible
asset was reassessed. Consequently, in accordance with the applicable accounting policy, the amortization period
for DataWalk software was shortened from 5 years to 3 years, which constitutes a change in estimates within the
meaning of IAS 8.
Details of the above change are described in more detail in note 2.1 Intangible assets in the "Selected notes and
explanations to the interim condensed consolidated financial statements of the DataWalk Capital Group" for the
6-month period ended June 30, 2025.
In the six months ended June 30, 2025, there were no other significant changes in the method of making estimates
compared to the principles described in the Group's annual consolidated financial statements for the year ended
December 31, 2024.
Accounting principles
These interim condensed consolidated financial statements have been prepared in accordance with International
Financial Reporting Standards and interpretations issued by the International Accounting Standards Board
approved by the European Union, pursuant to the Regulation on IFRS (European Commission 1606/2002),
hereinafter referred to as "EU IFRS".
EU IFRS include standards and interpretations accepted by the International Accounting Standards Board (IASB)
and the International Financial Reporting Interpretations Committee (IFRIC), approved for use in the EU.
DataWalk Joint Stock
Company
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Registered court: District Court for Wrocław-Fabryczna in Wrocław
VI Commercial Division of the National Court Register Share capital: PLN
638,298.80, paid in full
The interim condensed consolidated financial statements do not include all the information and disclosures
required in the annual financial statements and should be read in conjunction with the consolidated financial
statements of the Group for the year ended December 31, 2024.
Changes in accounting principles
A description of the significant accounting policies applied by the Issuer is included in the financial statements for
the year ended December 31, 2024, which were published on April 3, 2025.
The accounting principles (policies) applied in the preparation of these interim condensed consolidated financial
statements are consistent with those applied in the preparation of the Group's annual consolidated financial
statements for the year ended December 31, 2024, except for the change described below.
During the reporting period, changes were made to the existing accounting principles (policies) of the DataWalk
Group with regard to the method of accounting, presentation of operating costs and the form of the Profit and Loss
Account in the financial statements in the following areas:
• The current method of recording operating costs for presentation in the Profit and Loss Account by Nature
of Expense is supplemented by a method of recording costs that allows them to be presented in the Profit
and Loss Account by Function of Expense.
• The primary form of presentation of the Income Statement has been changed from the Profit and Loss
Account by Nature of Expense to the Profit and Loss Account by Function of Expense.
The new policies for the accounting and presentation of operating costs, and the format of the Profit and Loss
Account, apply to the DataWalk Group’s consolidated financial statements starting from January 1, 2025.
The change in the Group's accounting policies to introduce the function of expense classification for the recording
and presentation of operating costs is driven by the strategic objectives of the Management Board, the
informational needs of the Group’s key stakeholders, and the necessity to align the presentation of financial data
with standards commonly used by technology companies and the expectations of the capital market.
The main objectives and benefits of the change are as follows:
• Better assessment of business profitability by the market and investors, which is crucial in understanding
the value created by the DataWalk Group.
• Facilitating the assessment and valuation of the business for transaction purposes.
• Increased transparency of financial reporting and comparability with other entities operating in the industry.
• Support for internal management and operational decision-making.
The change in accounting policy in this respect is in line with the applicable provisions of the Polish Accounting
Act and International Financial Reporting Standards (IFRS).
Cost allocation as a result of the change
Function of Expense Classification
In the calculation layout, costs are grouped according to the functions they perform in the Group's operations.
The main items include:
Cost of revenue: Includes costs directly related to the acquisition or production of products or services sold,
including:
• Cost of license revenue: The DataWalk license is the result of prior research and development work and its
production does not generate costs when sold and delivered to the customer. Due to the marginal unit costs
associated with the sale of licenses, the Group recognizes only the costs directly related to the purchase of
external licenses that are components of the DataWalk system and the cost of commissions directly related
to the sale of DataWalk licenses in the cost of revenue.
DataWalk Joint Stock
Company
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Registered court: District Court for Wrocław-Fabryczna in Wrocław
VI Commercial Division of the National Court Register Share capital: PLN
638,298.80, paid in full
• Cost of maintenance revenue: Direct costs related to the provision of technical support services, which the
Group includes in full the costs of operating the Support department, the relevant portion of the costs of
departments responsible for the provision of professional services directly related to their involvement in
the provision of support services, as well as the cost of sales commissions resulting from the sale of
maintenance services.
• Costs of professional services revenue: Direct costs related to the implementation of the DataWalk system
and other professional services (not including technical support/maintenance), which the Company includes
as the relevant portion of the costs of the departments responsible for the provision of professional services,
as well as the cost of sales commissions resulting from the sale of professional services.
Other operating costs of the Company:
Sales and marketing: These include direct costs of the sales department (excluding commissions, which are
recognized at the level of cost of sales), direct costs of the marketing department, as well as the relevant portion
of the costs of departments responsible for the provision of professional services directly related to sales and
marketing activities.
Research and development: These include all direct costs of the Research & Development department, as well as
the relevant portion of the costs of departments responsible for the provision of professional services directly
related to tasks in the area of software development (R&D). The main cost groups for research and development
are, in particular:
a) depreciation, including that relating to intangible assets in the form of DataWalk software, arising from
the capitalization of completed development costs,
b) programmer salaries and the purchase of programming services from external entities,
c) cloud services,
d) other costs directly attributable to this function (e.g., costs of purchasing software development licenses).
Administration and general costs: These include costs related to the management of the Company and
administrative costs.
Incentive program: These include costs related to both the Company's share-based program and the RSU-based
program.
The costs of incentive programs are presented as a separate item in the Profit and Loss Account. This separation
is justified due to:
a) variability and materiality: The amount and variability of incentive program costs are material to the
financial statements, especially in the case of RSUs, where liabilities are remeasured to fair value at each
balance sheet date in accordance with IFRS 2.
b) widespread nature: The programs cover a wide range of employees from different departments. Due to
the fact that the terms and conditions of incentive programs are not directly linked to the operational
objectives of individual functions, their precise allocation to specific functions is impractical or
impossible without arbitrary assumptions.
Thus, separating the costs of incentive programs as a separate item in the Income Statement ensures greater
transparency, prevents distortions in gross margin and other ratios, and is consistent with the overriding principles
of IAS/IFRS, in particular the principle of materiality and the requirement for fair presentation of results, as
indicated in IAS 1.
Nature of Expense Classification
The nature of expense classification includes the basic types of costs incurred by the Group, regardless of where
they arise. Costs in the nature of expenses include, among others: depreciation, consumption of materials and
energy, external services, taxes and charges, salaries (including incentive program costs), social security and other
benefits, and other costs by nature.
In accordance with the requirements of IAS 1, the Group disclosed additional information on costs by nature in
note 21 "Classification of costs" to the consolidated financial statements of the Group, which ensures compliance
with applicable financial reporting standards.
DataWalk Joint Stock
Company
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Registered court: District Court for Wrocław-Fabryczna in Wrocław
VI Commercial Division of the National Court Register Share capital: PLN
638,298.80, paid in full
New standards, interpretations
The Group has not decided to early adopt any standard, interpretation or amendment that has been published but
is not yet effective. The Group is analyzing how the adoption of the above standards and interpretations may affect
the financial statements and the accounting principles (policies) applied by the Group.
Information on corrections of prior period errors
In the six months ended June 30, 2025, there were no events that resulted in the need to correct a fundamental
error.
Approval of the financial statements
These condensed interim consolidated financial statements of the DataWalk Capital Group
for the period of 6 months ended June 30, 2025, were approved for publication by the Company's Management
Board on August 27, 2025.
Operating segments
Information on operating segments is presented in Note 28 "Information on operating segments" in the section
"Selected notes and explanations to the interim condensed consolidated financial statements of the DataWalk
Capital Group" for the period of 6 months ended June 30, 2025.
Explanatory comment on seasonality or cyclicality of operations in the
interim period
The Group does not record any seasonality of revenues. The variation in revenues between individual quarters of
the financial periods results from random factors affecting the dates of conclusion of contracts with customers and
the invoicing of revenues from these contracts. In the future, it cannot be ruled out that, due to the nature of the
industry, the Group will generate higher revenues in the fourth quarter of the calendar year than in other quarters.
Type and amounts of items affecting assets, liabilities, equity, net profit or
cash flows that are unusual due to their type, size or frequency
In the second quarter of 2025, the Management Board, with the consent of the Supervisory Board, carried out a
process of raising investor capital through the issue of new series S shares, excluding the pre-emptive rights of
existing shareholders. As a result of the issue, the Company raised capital enabling it to implement its development
strategy in the total amount of PLN 58,320,000, which also had a significant impact on the value of equity. Details
of the above share issue are presented in the section "Issue, redemption and repayment of non-equity and equity
securities" below.
In addition, a significant factor affecting the Group's equity level is the settlement of the incentive program based
on Restricted Stock Units (RSUs), recognized in accordance with the requirements of IFRS 2 "Share-based
payment."
Unlike the incentive program settled in the Company's shares, whose accounting treatment is neutral for equity,
the measurement of the part of the program based on RSUs results in a decrease in equity, which as at June 30,
DataWalk Joint Stock
Company
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Registered court: District Court for Wrocław-Fabryczna in Wrocław
VI Commercial Division of the National Court Register Share capital: PLN
638,298.80, paid in full
2025 amounted to PLN 82,788 thousand, while as at December 31, 2024, it amounted to PLN 40,728 thousand.
These amounts include the operating cost of the program and the value of income tax (the impact of the liability
under the incentive program on the value of deferred income tax assets).
Due to the significance of this item in the Group's equity (in the result items), the total balance sheet, as well as
due to the future and contingent nature of the liability arising from the implementation of the incentive program,
the Management Board notes that the recognized costs are currently non-monetary and have no impact on the
current financial position of the Group or the Company.
Details of the incentive program based on RSUs are presented in the Group's consolidated financial statements in
note 17 "Liabilities under the incentive program."
During the reporting period, there were no other significant items affecting assets, liabilities, equity, net profit or
cash flows that were unusual due to their nature, value or frequency.
In the opinion of the Management Board, the political and economic situation in Ukraine did not have a significant
impact on the Group's financial results for the period. The impact of the situation in Ukraine is described in the
section "Impact of the political and economic situation in Ukraine."
Information on write-downs of inventories to net realizable value and
reversal of such write-downs
As at the balance sheet date, the Group does not hold any inventories.
Information on the recognition of impairment losses on financial assets,
property, plant and equipment, intangible assets or other assets and reversal
of such impairment losses
In the six months ended June 30, 2025, the Group recognized impairment losses on:
• financial assets,
• tangible fixed assets,
• intangible assets,
• right-of-use assets.
Detailed information on the recognized impairment losses is presented in note 26 "Impairment testing," note 6.2
"Provisions for expected credit losses on trade receivables," and note 5 “Assets and liabilities under contracts” in
the section “Selected notes and explanations to the interim condensed consolidated financial statements of the
DataWalk Capital Group” for the period of 6 months ended June 30, 2025.
Information on the creation, increase, use and release of provisions
Information on provisions is presented in Note 19 "Other provisions (short-term)" in the section "Selected notes
and explanations to the interim condensed consolidated financial statements of the DataWalk Capital Group" for
the period of 6 months ended June 30, 2025.
DataWalk Joint Stock
Company
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Registered court: District Court for Wrocław-Fabryczna in Wrocław
VI Commercial Division of the National Court Register Share capital: PLN
638,298.80, paid in full
Information on deferred income tax provisions and assets
Information on deferred income tax assets and liabilities is presented in Note 4 "Deferred income tax assets and
liabilities" in the "Selected notes and explanations to the interim condensed consolidated financial statements of
the DataWalk Capital Group" for the period of 6 months ended June 30, 2025.
Issue, redemption and repayment of non-equity and equity securities
In the second quarter of 2025, the Management Board, with the consent of the Supervisory Board, carried out a
process of raising investor capital through the issue of new series S shares, excluding the pre-emptive rights of
existing shareholders, as announced by the Issuer in current reports on the ESPI.
The agreements for the acquisition of series S shares were concluded on April 15, 2025. The shares were acquired
through a private subscription based on share subscription agreements, and therefore no allocation of shares within
the meaning of Article 434 of the Commercial Companies Code was made. The private subscription covered
750,000 series S ordinary bearer shares with a nominal value of PLN 0.10, and all shares were taken up. The series
S shares were taken up at an issue price of PLN 77.76 per share. As a result of the issue, the Company obtained
capital enabling it to implement its development strategy in the total amount of PLN 58,320,000.
On May 16, 2025, the District Court for Wrocław-Fabryczna in Wrocław, VI Commercial Division of the National
Court Register, registered amendments to the Company's Articles of Association, adopted on the basis of the
resolution of the Issuer's Management Board of April 14, 2025, on increasing the Company's share capital within
the limits of the target capital by issuing new series S shares.
On May 23, 2025, series S shares were registered with the National Depository for Securities, and pursuant to
Resolution No. 914/2025 of the Management Board of the Warsaw Stock Exchange, these shares were admitted
to trading on the main market on July 14, 2025.
During the first six months of 2025, there were no issues, redemptions or repayments of non-equity and other
capital securities other than those mentioned above.
Information on events occurring after the end of the interim period that have
not been included in the financial statements for the interim period
No significant events occurred after the end of the interim period that were not included in the financial statements
for that period.
Information on dividends paid (in total or per share), broken down into
ordinary shares and other shares
During the six months ended June 30, 2025, and until the date of approval of these financial statements for
publication, no dividends or interim dividends were paid or declared.
For financial instruments measured at fair value – information on changes
in the method of its determination
No changes occurred.
DataWalk Joint Stock
Company
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Registered court: District Court for Wrocław-Fabryczna in Wrocław
VI Commercial Division of the National Court Register Share capital: PLN
638,298.80, paid in full
Information on transfers between different levels of the fair value hierarchy
used for the measurement of the fair value of financial instruments
None.
Changes in the classification of financial instruments as a result of a change
in the purpose or use of these assets
In the period of 6 months ended June 30, 2025, there were no changes in the purpose or use of financial assets,
and therefore no changes were made to their classification.
Information on changes in the conditions of business and economic situation
that affect the fair value of the entity's financial assets and financial
liabilities, regardless of whether these assets and liabilities are recognized at
fair value or at amortized cost
We hereby inform that the conditions for conducting business and the economic situation of the Group and its
environment, as well as the dynamics of revenue and cost growth achieved in the first half of 2025 did not differ
significantly from the assumptions adopted in the Group's strategy and in the impairment test of 2024. Therefore,
the Management Board decided that there were no grounds for repeating the impairment test as at the balance sheet
date of June 30, 2025.
The Group monitors on an ongoing basis the impact of the political and economic situation in Ukraine on the
Group's operations, including its future financial position and financial results. The impact of the situation in
Ukraine is described in the section "Impact of the political and economic situation in Ukraine."
Information on significant transactions involving the acquisition and sale of
property, plant and equipment
In the six months ended June 30, 2025, there were no significant transactions involving the acquisition or sale of
property, plant and equipment.
Information on commitments made to purchase tangible fixed assets
In the period of 6 months ended June 30, 2025, there were no significant events related to the purchase of tangible
fixed assets constituting a significant liability.
Information on settlements related to court cases
In the period of 6 months ended June 30, 2025, no significant settlements were made in respect of court cases.
DataWalk Joint Stock
Company
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Registered court: District Court for Wrocław-Fabryczna in Wrocław
VI Commercial Division of the National Court Register Share capital: PLN
638,298.80, paid in full
Information on outstanding loans or breaches of loan agreements for which
no remedial measures were taken by the end of the reporting period
During the reporting period, there were no cases of late repayment of principal or interest on loans and borrowings,
nor were any other terms of loan and borrowing agreements breached that would entitle the lender or borrower to
demand early repayment of the loan or borrowing.
Detailed information on loans and borrowings is presented in note 16 "Loans and borrowings (long-term and short-
term)" in the section "Selected notes and explanations to the interim condensed consolidated financial statements
of the DataWalk Capital Group" for the period of 6 months ended June 30, 2025.
Information on changes in contingent liabilities and contingent assets that
have occurred since the end of the last financial year
A description of contingent liabilities is presented in note 27 "Off-balance sheet liabilities" in the section "Selected
notes and explanations to the interim condensed consolidated financial statements of the DataWalk Capital Group"
for the period of 6 months ended June 30, 2025.
Other information that may significantly affect the assessment of the Group's
financial position and financial performance
In the opinion of the Management Board, the most important external and internal factors that may affect the
operations of the DataWalk Capital Group and its results include:
External factors and trends that may affect the Group's prospects
• The growing importance of data processing, analysis, and utilization (Big Data)
• Dynamic growth of threats arising from activities in cyberspace,
• Increase in the scale and quality of activities aimed at combating money laundering and tax evasion,
• Automation of data set analysis processes,
• Growing user-friendliness of data analysis tools,
• Increase in the number of required certifications, such as ISO 27001 (information security).
Internal factors and trends that may affect the Group's prospects
• Outlook for total revenues and costs,
• Level of planned marketing and sales expenditure,
• DataWalk's increasing ability to better value its know-how
• Level of planned costs related to personnel employment and the purchase of IT services,
• Level of planned investments,
• Registration of new innovative patents in the US.
Condensed interim financial statements of DataWalk S.A.
for the period of 6 months ended June 30, 2025
(all amounts are given in thousands of PLN, unless otherwise stated)
Page | 64
Interim condensed financial statements of DataWalk S.A.
Interim condensed
financial statements
DataWalk S.A.
Interim condensed financial statements of DataWalk S.A. for the period of 6 months ended on
June 30, 2025
Condensed interim financial statements of DataWalk S.A.
for the period of 6 months ended June 30, 2025
(all amounts are given in thousands of PLN, unless otherwise stated)
Page | 65
Interim condensed statement of financial position of DataWalk S.A.
Assets
30.06.2025
31.12.2024
A
Fixed assets
24 264
20 096
I.
Tangible fixed assets
39
96
II.
Intangible assets
17 828
19 033
III.
Right-of-use assets
543
796
IV.
Investments in subsidiaries
0
0
V.
Long-term receivables
5 783
172
VI.
Long-term accruals
70
0
B
Current assets
82 618
23 172
I.
Contract assets
1 112
888
II.
Trade receivables
14 154
5 515
IV.
Other receivables
1 594
1 188
V.
Financial assets
18 127
93
VI.
Prepayments
766
569
VII.
Cash and cash equivalents
46 865
14 920
Total assets
106 882
43 268
Liabilities
30.06.2025
31.12.2024
A
Equity
82 787
27 846
I.
Share capital
638
563
II.
Share premium
255 852
199 351
III.
Other capital reserves
9 965
9 965
IV.
Retained earnings
-228 948
-194 812
V.
Financial result for the current year
-4 644
-34 136
VI.
Reserve capital
49 925
46 915
B.
Long-term liabilities
216
427
I.
Lease liabilities
216
427
C.
Current liabilities
23 879
14 996
I.
Trade payables
2 390
2 869
II
Lease liabilities
418
422
III.
Short-term liabilities under the incentive program
8 899
4 128
IV.
Other liabilities
712
545
V.
Other provisions
2 612
1 320
VI.
Contract liabilities
8 848
5 711
Equity and liabilities
106 882
43 268
Net asset value per share
30.06.2025
31.12.2024
Net asset value
82 787
27 846
Number of shares (in units)
6 382 988
5 632 988
Net asset value per share (in PLN)
12,97
4,94
Diluted number of shares (in units)
6 843 956
6 044 362
Diluted net asset value per share (in PLN)
12,10
4,61
Condensed interim financial statements of DataWalk S.A.
for the period of 6 months ended June 30, 2025
(all amounts are given in thousands of PLN, unless otherwise stated)
Page | 66
Net asset value per share was calculated based on the number of DataWalk S.A. shares as at the balance sheet date.
The diluted number of shares includes the estimated number of contingent rights to subscribe for and/or acquire
shares of the Company under the incentive program.
Interim condensed income statement with statement of comprehensive
income DataWalk S.A.
Income statement
01.01.2025-
30.06.2025
01.01.2024-
30.06.2024
01.04.2025-
30.06.2025
01.04.2024-
30.06.2024
A
Revenue
26 757
8 763
10 475
3 599
License revenue
16 153
2 179
6 593
0
Maintenance revenue
6 082
4 116
3 140
2 240
Professional Services revenue
4 521
2 468
742
1 359
B
Cost of revenue
5 593
5 574
3 289
2 749
Cost of license revenue
1 087
177
936
42
Cost of maintenance revenue
2 330
1 917
1 317
934
Cost of professional services revenue
2 176
3 479
1 035
1 773
C
Gross profit on sales
21 163
3 190
7 186
850
Sales and marketing
4 526
3 989
2 568
1 588
Research and development
7 029
5 433
4 658
2 175
Administration and general expenses
4 020
1 919
2 554
995
Incentive program
7 782
3 513
6 303
2 186
Other operating income
175
202
64
66
Other operating expenses
1 194
1 687
4
1 134
Loss (gain) on expected credit losses
411
2 153
49
1 705
D
Operating result
-3 625
-15 303
-8 886
-8 867
Financial income
190
109
163
33
Financial expenses
1 208
22
752
10
E
Profit before tax
-4 644
-15 216
-9 475
-8 843
Income tax
0
0
0
0
F
Net profit (loss)
-4 644
-15 216
-9 475
-8 843
Statement of comprehensive income
01.01.2025-
30.06.2025
01.01.2024-
30.06.2024
01.04.2025-
30.06.2025
01.04.2024-
30.06.2024
Net profit (loss)
-4 644
-15 216
-9 475
-8 843
Other comprehensive income
0
0
0
0
1. Items not transferred to the financial result
0
0
0
0
2. Items transferred to the financial result
0
0
0
0
Total income
-4 644
-15 216
-9 475
-8 843
Condensed interim financial statements of DataWalk S.A.
for the period of 6 months ended June 30, 2025
(all amounts are given in thousands of PLN, unless otherwise stated)
Page | 67
Net profit (loss) per share
01.01.2025-
30.06.2025
01.01.2024-
30.06.2024
01.04.2025-
30.06.2025
01.04.2024-
30.06.2024
From continuing operations
Number of shares (in pcs)
5 823 596
5 179 691
5 823 596
5 226 395
Net profit (loss) per share (in PLN)
-0,80
-2,94
-1,63
-1,69
Diluted number of shares (in units)
6 264 561
5 207 584
6 264 561
5 254 288
Diluted net profit (loss) per share (in PLN)
-0,74
-2,92
-1,51
-1,68
The net profit (loss) per share was calculated based on the weighted average number of shares of DataWalk S.A.
for the given period. The weighted average diluted number of shares includes the estimated number of conditional
rights to subscribe for and/or acquire shares of the Company under the incentive program.
Condensed interim financial statements of DataWalk S.A.
for the period of 6 months ended June 30, 2025
(all amounts are given in thousands of PLN, unless otherwise stated)
Page | 68
Interim condensed statement of changes in equity DataWalk S.A.
Statement of changes in equity
Share capital
Share premium
Other equity
Other capital
reserves
Retained
earnings
Financial
result
Total equity
Balance at the beginning of the period
01.01.2025
563
199 351
9 965
46 915
-194 812
-34 136
27 846
Increase (decrease) in equity
75
56 500
0
3 010
-34 136
29 493
54 942
Total comprehensive income for the
reporting period, including:
0
0
0
0
0
-4 644
-4 644
- Result for the period
0
0
0
0
0
-4 644
-4 644
Share capital increase
75
56 500
0
0
0
0
56 575
Distribution of profit for the previous year
allocation to capitals
0
0
0
0
-34 136
34 136
0
Changes in capital arising under IFRS2
0
0
0
3 010
0
0
3 010
Balance at the end of the period
30.06.2025
638
255 852
9 965
49 925
-228 948
-4 644
82 787
Condensed interim financial statements of DataWalk S.A.
for the period of 6 months ended June 30, 2025
(all amounts are given in thousands of PLN, unless otherwise stated)
Page | 69
Statement of changes in equity
Share capital
Share premium
Other equity
Other capital
reserves
Retained
earnings
Financial
result
Total equity
Balance at the beginning of the period
01.01.2024
513
171 968
9 965
43 576
-138 616
-56 196
31 210
Increase (decrease) in equity
50
27 450
0
1 392
-56196
40 980
13 676
Total comprehensive income for the
reporting period, including:
0
0
0
0
0
-15 216
-15 216
- Result for the period
0
0
0
0
0
-15 216
-15 216
Increase in share capital
50
27 450
0
0
0
0
27 500
Distribution of profit for the previous year
allocation to capitals
0
0
0
0
-56 196
56 196
0
Changes in capital arising under IFRS2
0
0
0
1 392
0
0
1 392
Balance at the end of the period
30.06.2024
563
199 418
9 965
44 968
-194 812
-15 216
44 886
Condensed interim financial statements of DataWalk S.A.
for the period of 6 months ended June 30, 2025
(all amounts are given in thousands of PLN, unless otherwise stated)
Page | 70
Interim condensed cash flow statement DataWalk S.A.
Cash flow statement
01.01.2025 -
30.06.2025
01.01.2024 -
30.06.2024
Cash flows from operating activities
Net profit (loss)
-4 644
-15 216
Adjustments for items:
- Depreciation
1 829
1 900
- Foreign exchange gains (losses)
-598
106
- Interest expense
32
22
- Interest income and dividends
-272
-188
- Profit (loss) from investing activities
-37
-6
- Impairment loss on intangible assets
1 190
1 648
- Cost of share-based payments (equity-settled)
3 010
1 392
- Cost of share-based payments (cash-settled)
4 771
2 121
- Change in receivables
-14 656
668
- Change in provisions
1 291
-37
- Change in liabilities other than those related to the incentive program
-313
-2 047
- Change in accruals and deferred income
-268
446
- Change in contract assets and liabilities
2 913
3 114
- Other adjustments
0
-345
Net cash flows from operating activities
-5 751
-6 423
Cash flows from investing activities
Expenditure on intangible assets
1 505
3 024
Expenditure on the acquisition of tangible fixed assets
0
12
Proceeds from the sale of tangible fixed assets
0
44
Proceeds from bank deposits over 3 months
90
90
Outflow from bank deposits over 3 months
18 090
90
Revenue from government grants received
0
345
Interest received
274
193
Net cash flows from investing activities
-19 231
-2 454
Cash flows from financing activities
Net proceeds from the issue of shares
56 575
27 500
Repayment of finance lease liabilities
215
335
Interest paid
32
22
Net cash from financing activities
56 329
27 143
Net change in cash and cash equivalents
31 347
18 266
Cash and cash equivalents at the beginning of the period
14 920
10 446
Change due to exchange rate differences
598
-106
Net change in cash and cash equivalents
31 945
18 161
Cash and cash equivalents at the end of the period
46 865
28 607
Condensed interim financial statements of DataWalk S.A.
for the period of 6 months ended June 30, 2025
(all amounts are given in thousands of PLN, unless otherwise stated)
Page | 71
Accounting principles
The accounting principles (policies) applied in the preparation of the interim condensed financial statements are
consistent with those applied in the preparation of the Company's annual financial statements for the year ended
December 31, 2024, and are in accordance with the accounting principles presented in point "Additional
information to the interim condensed consolidated financial statements of the DataWalk Capital Group" for the 6-
month period ended June 30, 2025, sub-item "Accounting principles adopted," except for the change described
below, i.e., in the item "Changes in accounting principles ".
Changes in accounting principles
A description of the significant accounting principles applied by the Issuer is included in the financial statements
for the year ended December 31, 2024, which were published on April 3, 2025.
The accounting principles (policies) applied in the preparation of these interim condensed financial statements are
consistent with those applied in the preparation of the Group's annual financial statements for the year ended
December 31, 2024, except for the change described below.
During the reporting period, changes were made to the existing accounting principles (policies) of the DataWalk
S.A. with regard to the method of accounting, presentation of operating costs and the form of the Profit and Loss
Account in the financial statements in the following areas:
• The current method of recording operating costs for presentation in the Profit and Loss Account by Nature
of Expense is supplemented by a method of recording costs that allows them to be presented in the Profit
and Loss Account by Function of Expense.
• The primary form of presentation of the Income Statement has been changed from the Profit and Loss
Account by Nature of Expense to the Profit and Loss Account by Function of Expense.
The new policies for the accounting and presentation of operating costs, and the format of the Profit and Loss
Account, apply to the Company’s financial statements starting from January 1, 2025.
The change in the Company's accounting principles (policy) regarding the introduction of a calculation format for
the recording and presentation of operating costs is dictated by the strategic objectives of the Management Board,
the information needs of the Group's key stakeholders, as well as the need to adapt the presentation of financial
data to the standards commonly used by technology companies and the expectations of the capital market.
The main objectives and benefits of the change, as well as the principles of cost allocation in the calculation scheme
and by type, are consistent with those presented in point "Additional information to the interim condensed
consolidated financial statements of the DataWalk Capital Group" for the 6-month period ended June 30, 2025,
sub-item "Changes in accounting principles."
In accordance with the requirements of IAS 1, the Company disclosed additional information on costs by type in
note "Allocation of costs by type" to the financial statements, which ensures compliance with applicable financial
reporting standards.
Estimates and professional judgment
The preparation of financial statements in accordance with IFRS requires estimates and assumptions that affect
the amounts reported in the financial statements. Although the assumptions and estimates are based on the best
knowledge of the Company's management about current activities and events, actual results may differ from those
anticipated.
Condensed interim financial statements of DataWalk S.A.
for the period of 6 months ended June 30, 2025
(all amounts are given in thousands of PLN, unless otherwise stated)
Page | 72
Change in the estimate of the useful life of DataWalk software
In accordance with IFRS, the amortization period for intangible assets should reflect the best estimate of the period
during which the entity will derive economic benefits from the asset. Therefore, in connection with the release of
a new version of DataWalk software (5.0.0) during the reporting period, the economic useful life of this intangible
asset was reassessed. Consequently, in accordance with the applicable accounting policy, the amortization period
for DataWalk software was shortened from 5 years to 3 years, which constitutes a change in estimates within the
meaning of IAS 8.
Details of the above change are described in more detail in note 2.1 Intangible assets in the section "Selected notes
and explanations to the interim condensed consolidated financial statements of the DataWalk Capital Group" for
the 6-month period ended June 30, 2025.
In the six months ended June 30, 2025, there were no other significant changes in the method of making estimates
compared to the principles described in the Company's annual financial statements for the year ended December
31, 2024.
Note Investments in subsidiaries (long-term)
Information on estimates
In accordance with IAS 36, an entity is required to assess at each balance sheet date whether there are any
indications that any of its assets may be impaired. If there are indications that these assets may have been impaired,
an impairment test must be performed to estimate their recoverable amount.
The assessment of indications of impairment and the performance of impairment tests require extensive estimates
and professional judgment, in particular in relation to the estimation of future operating cash flows or the discount
rate.
The Company conducted the most recent impairment tests during the preparation of its financial statements for the
year ended December 31, 2024.
Financial assets (long-term)
30.06.2025
31.12.2024
In related entities, including:
65 081
65 081
a) shares and stocks
65 081
65 081
Write-downs on the value of shares and stocks in related entities
-65 081
-65 081
Total
0
0
The value of shares and stocks represents shares in DataWalk Inc. based in the USA. DataWalk is a subsidiary
included in the consolidated financial statements. On July 27, 2016, DataWalk S.A. acquired 100 shares in the
company for a total price of USD 5,000.00, becoming its sole shareholder. In addition, from 2016 to the balance
sheet date of December 31, 2024, the Company made additional contributions to the capital of DataWalk Inc. for
a total amount of USD 15,805 thousand. The total value of the investment in the subsidiary as at the balance sheet
date of March 31, 2025, is equivalent to PLN 65,081 thousand.
During the reporting period, the Company did not make any additional capital contributions to the subsidiary.
Considering the results of the impairment test performed as at December 31, 2024, the total value of impairment
losses recognized as at June 30, 2025 corresponds to the amount of additional contributions made.
Due to the fact that the growth rate of revenues and costs achieved in the first half of 2025 did not differ
significantly from the assumptions made in the impairment test of 2024, the Management Board decided that there
were no grounds for repeating the test as at the balance sheet date of June 30, 2025.
Condensed interim financial statements of DataWalk S.A.
for the period of 6 months ended June 30, 2025
(all amounts are given in thousands of PLN, unless otherwise stated)
Page | 73
Note Breakdown of costs by type
Costs by type
01.01.2025 - 30.06.2025
01.01.2024 - 30.06.2024
Depreciation
1 829
1 900
Consumption of materials and energy
54
63
External services
15 392
12 751
Taxes and fees
36
42
Salaries, including:
10 701
5 070
- salaries
2 919
1 557
- incentive program costs (settled in cash)
4 771
2 121
- incentive program costs (settled in equity instruments)
3 010
1 392
Social security and other benefits
426
357
Other costs by type
513
245
Total costs by type
28 951
20 428
Cost of sales
5 593
5 574
Sales and marketing
4 526
3 989
Research and development
7 029
5 433
Administration and general expenses
4 020
1 919
Incentive program
7 782
3 513
Total functional costs
28 951
20 428
Approved for publication by the
Management Board
DataWalk Joint Stock
Company
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Registered court: District Court for Wrocław-Fabryczna in Wrocław
VI Commercial Division of the National Court Register Share capital: PLN
638,298.80, paid in full
Page | 75
Approved for publication by the Management Board
This report for the period from January 1 to June 30, 2025, was approved for publication by the Management
Board of DataWalk S.A. on August 27, 2025.
Management Board:
……………………………………
……………………………………
……………………………………
Paweł Wieczyński
Krystian Piećko
Łukasz Socha
President of the Management
Board
Member of the Management
Board
Member of the Management
Board
Person responsible for preparing the interim condensed consolidated financial statements:
……………………………………
Milena Rejer
Person responsible for preparing the interim condensed separate financial statements:
………………………………………
Maja Gołaszewska
Condensed interim financial statements of DataWalk
for the three months ended March 31, 2021
(all amounts are in PLN thousand, unless otherwise stated)
Page | 76
DataWalk S.A.
ul. Rzeźnicza 32-33
50-130 Wrocław
phone: +48 71 707 21 74
fax: +48 71 707 22 73
e-mail: biuro@datawalk.com
Contact for investors:
inwestorzy@datawalk.com
