Sygnis publishes financial results for 2022

Yesterday late in the evening, Sygnis S.A. – one of two Polish companies listed on the NewConnect stock exchange, published financial results for 2022. The company generated revenue of PLN 26.8 million, achieving a net operating profit of PLN 2.2 million. At the same time, as the entire Group, Sygnis suffered an annual loss of PLN -2.24 million as a result of accounting settlements under the acquired Wrocław-based manufacturer of 3D printers – Zmorph S.A. As a Group, the company generated a total of PLN 28.28 million in revenue last year.

Sygnis S.A. achieved an increase in revenues at the level of over +135% year-on-year as a company, and almost +150% as a group. The operating profit was +230% higher than in 2021. In turn, the accounting loss generated by the entire Group was mainly due to Zmorpha acquired last year… The annual report contains previously unpublished information about this transaction, which throws a completely new light on the activities of the Wrocław manufacturer – due to the broader context of this case, it was described in more detail later in the article.

Sales revenues amounted to PLN 26.8 million, but the profit was only PLN 717 thousand. Sygnis generated PLN 2.5m from other operating income, of which PLN 1.6m was subsidies. As for the revenue structure itself, 47% was generated in the first quarter of 2022 alone, when the company delivered a record number of 3D printers as part of the Laboratories of the Future program.

One of the flagship products of Sygnis are Syglass 3D printers that print from glass. The company made a strategic decision not to sell them, but to use it to provide services to external customers. It even managed to get the first one:

Po konsultacjach z globalnymi partnerami w obszarze deeptech w roku 2022 zrealizowaliśmy częściowe pivoty w naszym podejściu do komercjalizacji. Pierwotnie w przypadku technologii Syglass chcieliśmy opracować doskonałe maszyny, które następnie będziemy sprzedawać z dużą marżą. Okazało się, że zdecydowanie lepiej uzasadnionym biznesowo scenariuszem, zwiększającym bezpieczeństwo w kontekście kradzieży technologicznej, jest realizowanie produkcji aplikacyjnej w Sygnis, bez sprzedawania maszyn wraz z know-how. Ten pivot zaowocował już umową z Berger and Kraft na realizację aplikacji fotonicznej w branży Wellness.


Returning to the issue of the acquisition of Zmorpha… The transaction took place at the end of July 2022 for PLN 3.6 million, which consisted of PLN 0.54 million for the shares and PLN 3.1 million for the purchase of receivables from loans with interest , provided by the former owner of the company – Warsaw Equity Management. From Sygnis’ financial report, we can now learn that the total value of the debt amounted to PLN 17 million. Adding the acquisition amount to this, Zmorph now owes Sygnis a total of PLN 20m. The company’s management board claims that Zmorph will repay this liability within… 6-8 years. So the same Zmorph, which has generated PLN 17 million in debt to its VC since 2015, should now generate PLN 2.5 million in profit per year (or more, if we take into account the deferred effect of the restructuring measures taken).

The subsidiary Zmorph SA has significant debt towards the parent company Sygnis SA. This is due to the transaction concluded between Sygnis SA and the majority shareholder in Zmorph SA until July 29, 2022, i.e. WEG SA. As a result of this transaction, Sygnis SA for the value of PLN 3,102,835.12 (…) purchased Zmorph SA’s receivables from WEM worth PLN 17,017,000 (…). In this way, Zmorph SA became a debtor of Sygnis SA and the claim became an internal matter of the capital group.

Zmorph SA, after the restructuring carried out by specialists from Sygnis SA, will achieve high margins, which will allow liquidation of mutual debt in the long term (6-8 years). The Management Board sees no liquidity threats for this reason.


The company’s next periodic report, this time for the first quarter of 2023, will be available in mid-May this year.


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