DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 1
DataWalk Capital Group
Quarterly report
For the 3-month period ended 31 March 2026
Wrocław, May 2026
Wrocław, ... May 2020.
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 2
LETTER FROM THE PRESIDENT OF THE MANAGEMENT BOARD
Dear Investors,
We entered 2026 with a clear view of how the first quarter would unfold. Q1 developments came in as expected,
even if reported revenue does not yet reflect the sales progress underway.
In Q1 2026, revenue was PLN 4.0 million (approx $1.1 million), compared to PLN 13.4 million (approx $2.6
million) a year ago. This difference is primarily due to a high comparison base, as Q1 2025 included significant
license revenue from the Rabobank contract. Given the nature of enterprise sales, individual large contracts can
materially impact quarterly results. On a trailing twelve-month basis, revenue was PLN 28.4 million. This
movement highlights the inherent cyclicality of our portfolio. As we move through the first half of the year, we
are navigating the natural gap between major implementation phases and the acquisition of new contracts. Given
that the software industry typically sees its "harvest season" in the second half of the year, we anticipate this
transitional phase to characterize our mid-term results as we build momentum toward the expected peak in the 2H
period.
The most important development is the continued improvement in our sales pipeline. The total value of
qualified opportunities increased from $90 million at the start of the year to $130 million, with over $70 million
already in advanced discussions with customers. We are also seeing a growing number of opportunities exceeding
$2 million, particularly in the U.S. This reflects both an increase in pipeline size and a clear improvement in
quality, with a stronger focus on large, high-value engagements. Consistent with enterprise procurement cycles,
we expect a meaningful portion of conversions in the second half of 2026.
We are executing from a position of financial strength following the PLN 116 million (approx. $32 million)
capital raise, supporting continued investment in sales, product development, and international expansion.
Our fundamentals remain solid. We maintain high customer retention, and our value is increasingly validated
by client outcomes. Ally Financial is an important example. DataWalk was deployed at Ally in 19 weeks - months,
not years - significantly faster than typical industry timelines. In a sector where comparable systems often take
years to implement, this is a meaningful proof point. It shows that our platform can deliver value quickly in large,
complex institutions, while reducing implementation risk and improving the scalability of our business model.
Ally has also publicly shown that DataWalk helps generate tens of millions of dollars in annual savings, which
reinforces the economic value of our platform for enterprise customers.
We also see increasing demand for solutions that enable secure and reliable use of AI in enterprise
environments. In Q1, we completed testing of functionality that allows AI models and agents to operate within
DataWalk using governed data and contextual relationships. This strengthens our positioning as organizations
move from AI experimentation to production deployments.
In summary, Q1 performance was in line with expectations. We are improving pipeline quality, investing in
growth, and building the foundation for stronger revenue contribution in the periods ahead. Our long-term ambition
remains unchanged: to achieve at least 70% CAGR and build a global leader in contextual intelligence and
enterprise AI.
Thank you for your continued support.
Sincerely,
Paweł Wieczyński
President of the Management Board, DataWalk S.A.
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 3
Sales funnel methodology used by DataWalk Group
Sales funnel analysis is a key tool in managing the sales process and in assessing the effectiveness of sales
activities. It provides an understanding of what stage potential sales projects are at, what chances they have of
succeeding, and also allows you to identify obstacles that may affect the effectiveness of the sales process.
Particularly in industries characterized by long sales cycles, such as the one in which DataWalk Group operates,
funnel analysis makes it possible to assess the potential for sales in the medium term as well as to adjust the action
strategy to increase conversions.
The sales process in the sector in which DataWalk Group operates is characterized by a relatively long cycle. The
average time from qualifying a sales project to signing a contract is 12 to 18 months for medium-sized commercial
clients. For government or large commercial clients, the sales cycle can take as long as 24 to 36 months.
In analyzing the funnel as well as in the broader analysis of the potential of the market in which DataWalk Group
operates, it is important to refer to the Gartner Hype Cycle. According to this methodology, the knowledge graphs
that underpin DataWalk's technology have reached the Slope of Enlightenment phase. This means that the
technology is moving from early adoption to increasingly widespread use in enterprises. In this phase, technology
users are beginning to increasingly appreciate the value of knowledge graphs to support data management,
decision-making and AI applications. Pilot projects are being scaled up, which may indicate a potential shortening
of sales cycles in the future and an increase in the number of projects in the sales funnel.
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 4
The chart below shows the key steps in the sales process, leading from prospect acquisition to contract conclusion.
Source: Issuer.
The process of qualifying a sales project, i.e., moving from MQL to SQL, requires meeting key criteria, such as
customer readiness to buy which means, among other things, determining the initial scope of the project,
particularly the budget, and designating a project team on the customer side.
Sales Qualified Leads
(SQL)
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 5
Sales funnel analysis:
The chart below shows historical data on the evolution of SQL value with the value of contracts won (TCV) on a
cumulative basis for the last 12 months (TTM), ending in the quarter, which allows us to assess trends and the
potential for converting projects into actual contracts in the coming periods.
Source: Issuer.
As part of the sales funnel efficiency analysis, a key factor is the strategic modification of the commercial offering
introduced by the DataWalk Group at the beginning of 2025. The core changes include:
• Transition of the licensing model: The Group shifted away from offering perpetual licenses in favor of a
subscription-based model (term licenses).
• Minimum commitment period: Under the new model, term licenses for new customers are contracted for
a minimum duration of 3 years.
• Pricing policy update: A significant increase was introduced to the base software pricing. The historical
average price of a perpetual license, which previously stood at approximately USD 300,000, has been
replaced by an annual license fee starting at a minimum of USD 560,000.
Risks and limitations:
Due to the early stage of adaptation of the technology underpinning the DataWalk platform and the Group's market
position, it is important to note that only a portion of sales projects will turn into signed contracts. The data
presented under this methodology, despite their analytical value, cannot be regarded as a forecast of the Group's
future financial performance. They are not a guarantee or assurance that the values indicated will actually be
contracted in the future.
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 6
Table of Contents
SELECTED CONSOLIDATED FINANCIAL DATA OF THE DATAWALK CAPITAL GROUP ................................................. 9
SELECTED STANDALONE FINANCIAL DATA OF DATAWALK S.A. ............................................................................ 10
Interim condensed consolidated statement of financial position of the DataWalk Capital Group ..................... 13
Interim condensed consolidated statement of profit or loss and other comprehensive income of the DataWalk
Group ................................................................................................................................................................. 15
Interim condensed consolidated statement of changes in equity of the DataWalk Group ................................. 17
Interim condensed consolidated statement of cash flows of the DataWalk Group ............................................ 19
SELECTED NOTES AND EXPLANATIONS TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF
THE DATAWALK GROUP ......................................................................................................................................... 20
Note 1.1 Property, plant and equipment ............................................................................................................. 21
Note 1.2 Changes in property, plant and equipment by category ....................................................................... 22
Note 2.1 Intangible assets .................................................................................................................................. 23
Note 2.2 Changes in intangible assets by category ............................................................................................ 24
Note 2.3 Costs of completed development work ............................................................................................... 25
Note 3 Right-of-use assets ................................................................................................................................. 25
Note 4 Deferred tax assets and liabilities ........................................................................................................... 26
Note 5 Contract assets and contract liabilities .................................................................................................... 27
Note 6.1 Trade receivables (current) and non-current receivables ..................................................................... 28
Note 6.2 Expected credit loss allowances for trade receivables ......................................................................... 29
Note 7 Other receivables (current) ..................................................................................................................... 29
Note 8 Financial assets (current) ........................................................................................................................ 30
Note 9 Prepayments and accruals (non-current and current) ............................................................................. 30
Note 10.1 Cash and cash equivalents ................................................................................................................. 30
Note 11 Share capital ......................................................................................................................................... 31
Note 12.1 Share premium (excess over nominal value) ..................................................................................... 32
Note 12.2 Changes in share premium ................................................................................................................ 32
Note 13 Other equity reserves ............................................................................................................................ 32
Note 14 Reserve capital ..................................................................................................................................... 33
Note 15 Lease liabilities (non-current and current) ............................................................................................ 41
Note 16 Loans and borrowings (non-current and current) ................................................................................. 42
Note 17 Liabilities related to the incentive program .......................................................................................... 43
Note 18 Trade payables ...................................................................................................................................... 50
Note 19.1 Other provisions (current) ................................................................................................................. 50
Note 19.2 Changes in other provisions (current) ............................................................................................... 51
Note 20.1 Sales revenue – by type ..................................................................................................................... 51
Note 20.2 Sales revenue – by geography ........................................................................................................... 52
Note 20.3 Sales revenue – by customer groups .................................................................................................. 52
Note 20.4 Sales revenue by recognition in the income statement ...................................................................... 52
Note 21 Costs by nature ..................................................................................................................................... 53
Note 22 Other operating income ........................................................................................................................ 53
Nota 23 Other operating expenses ..................................................................................................................... 54
Note 24 Financial income .................................................................................................................................. 54
Note 25 Financial costs ...................................................................................................................................... 54
Note 26 Impairment tests of assets ..................................................................................................................... 54
Note 27 Off-balance sheet liabilities .................................................................................................................. 55
Note 28 Operating segment information ............................................................................................................ 55
Note 29 Related party transactions..................................................................................................................... 59
ADDITIONAL INFORMATION TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF THE
DATAWALK CAPITAL GROUP ................................................................................................................................. 60
Basic information ............................................................................................................................................... 61
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 7
General information on the Group ..................................................................................................................... 61
Basis of preparation of the financial statements ................................................................................................. 63
Statement of compliance .................................................................................................................................... 63
Impact of the geopolitical and macroeconomic situation (the war in Ukraine and the situation in the Middle
East) ................................................................................................................................................................... 64
Functional and presentation currency ................................................................................................................ 64
Estimates and professional judgement ............................................................................................................... 65
Accounting policies adopted .............................................................................................................................. 65
Changes in applied accounting principles .......................................................................................................... 65
New standards, interpretations, and amendments to published standards .......................................................... 65
Information on the correction of prior period errors .......................................................................................... 65
During the reporting period, no events occurred that would require the correction of prior period errors. ....... 65
Approval of the consolidated financial statements ............................................................................................. 66
Operating segments ............................................................................................................................................ 66
Explanatory note on the seasonality or cyclicality of operations ....................................................................... 66
Type and amounts of items affecting assets, liabilities, equity, net income or cash flows that are unusual due to
their nature, size or frequency ............................................................................................................................ 66
Information on write-downs of inventories to net realizable value and reversal of such write-downs .............. 67
Information on recognition of impairment loss on financial assets, property, plant and equipment, intangible
assets or other assets and reversal of such loss .................................................................................................. 67
Information on creation, increase, use and reversal of provisions ..................................................................... 67
Information on deferred tax liabilities and assets ............................................................................................... 67
Issuance, redemption and repayment of non-equity and equity securities ......................................................... 67
Information on events subsequent to the end of the interim period that have not been included in the financial
statements for the interim period ........................................................................................................................ 68
Information on dividends paid (in total or per share), broken down by common shares and other shares ........ 68
In the case of financial instruments measured at fair value - information on change in the manner (method) of
its determination ................................................................................................................................................. 68
Information on transfers between levels of the fair value hierarchy, which is used for the purpose of measuring
the fair value of financial instruments ................................................................................................................ 68
Changes in the classification of financial instruments as a result of changes in the purpose or use of these
assets .................................................................................................................................................................. 68
Information on changes in business conditions and economic circumstances 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 ........................................................................................................................ 69
Information on significant acquisitions and sales of property, plant and equipment ......................................... 69
Information on commitments made for the purchase of property, plant and equipment .................................... 69
Information on litigation settlements ................................................................................................................. 69
Information on outstanding loans or breaches of loan agreements for which no corrective action had been
taken by the end of the reporting period ............................................................................................................ 69
Information on changes in contingent liabilities and contingent assets that have occurred since the end of the
last fiscal year .................................................................................................................................................... 70
COMMENTARY AND OTHER ADDITIONAL INFORMATION TO THE QUARTERLY REPORT OF THE DATAWALK CAPITAL
GROUP .................................................................................................................................................................... 72
Summary and analysis of the DataWalk Capital Group's results for the period from 1 January to 31 March
2026. .................................................................................................................................................................. 72
Description of the Issuer's significant achievements or failures during the period covered by the report,
together with a list of the most important events concerning the Issuer and events and factors, including
unusual ones, which have a significant impact on the financial results in the period from 1 January to 31
March 2026. ....................................................................................................................................................... 84
Personal authorities at DataWalk S.A. ............................................................................................................... 85
Description of changes in the organization of the Issuer's capital group, including as a result of business
combinations, gaining or loss of control over subsidiaries and long-term investments, as well as demergers,
restructurings or discontinued operations, as well as identification of entities subject to consolidation, and in
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 8
the case of an issuer that is a parent company which is not required to or may not prepare consolidated
financial statements under the regulations applicable to it - additionally an indication of the reason and legal
basis for the lack of consolidation ...................................................................................................................... 87
Shareholding structure of DataWalk S.A. .......................................................................................................... 88
Information on significant court proceedings .................................................................................................... 91
Information on transactions concluded by the Issuer or its subsidiary with related parties on terms other than
market terms, together with their amounts and information specifying the nature of such transactions ............ 91
Information on granting by the Issuer or its subsidiary of sureties for credit or loan or granting of guarantees 91
Assessment of the possibility of realization of the financial forecasts for 2026 published by the Management
Board .................................................................................................................................................................. 91
Factors that, in the opinion of the Management Board, will affect the achieved results in the perspective of at
least the next quarter .......................................................................................................................................... 91
Other information which, in the Issuer's opinion, is important for assessing the personnel, property, financial
situation, financial result of the Group and their changes, as well as information which is important for
assessing the Issuer's Group's ability to fulfill its obligations ............................................................................ 92
INTERIM CONDENSED FINANCIAL STATEMENTS OF DATAWALK S.A. ..................................................................... 93
Interim condensed standalone statement of financial position of DataWalk S.A. ............................................ 94
Interim condensed standalone income statement with statement of comprehensive income DataWalk S.A. .... 95
Interim condensed standalone statement of changes in equity of the DataWalk S.A......................................... 97
Interim condensed standalone statement of cash flows of the DataWalk S.A. .................................................. 99
Accounting principles adopted ......................................................................................................................... 100
Changes in applied accounting principles ........................................................................................................ 100
Estimates and professional judgment ............................................................................................................... 100
Note Investments in subsidiaries (long-term) .................................................................................................. 100
Note Cost by nature .......................................................................................................................................... 101
APPROVAL FOR PUBLICATION BY THE MANAGEMENT BOARD .............................................................................. 103
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 9
Selected consolidated financial data of the DataWalk Capital Group
The following table presents selected data on the consolidated financial statements of the DataWalk Group.
SELECTED FINANCIAL DATA
as of 01.01.2026
from 01.01.2025
as of 01.01.2026
from 01.01.2025
till 31.03.2026
until 31.03.2025
till 31.03.2026
until 31.03.2025
in PLN thousand
in PLN thousand
in EUR thousand
in EUR thousand
Revenue
4,025
13,453
949
3,215
Gross profit (loss) on sales
2,664
10,318
628
2,466
Profit (loss) from operating activities
-49,111
-73
-11,578
-17
Gross profit (loss)
-47,935
-439
-11,300
-105
Net profit (loss)
-41,151
-545
-9,701
-130
Total comprehensive income
-41,198
-571
-9,712
-136
Number of shares (in units)
6,491,321
5,632,988
6,491,321
5,632,988
Net profit (loss) per share (in PLN/EUR)
-6.34
-0.10
-1.49
-0.02
Net cash flow from operations
-14,136
-2,850
-3,332
-681
Net cash flows from investing activities
18,309
-1,507
4,316
-360
Net cash flows from financing activities
115,201
-134
27,158
-32
Total net cash flow
119,375
-4,491
28,142
-1,073
SELECTED FINANCIAL DATA
31.03.2026
31.12.2025
31.03.2026
31.12.2025
in PLN thousand
in PLN thousand
in EUR thousand
in EUR thousand
Total assets/liabilities
215,622
107,773
50,269
25,498
Fixed assets
45,721
40,021
10,659
9,469
Current assets
169,901
67,752
39,610
16,030
Equity
69,042
-5,683
16,096
-1,345
Liabilities and provisions for liabilities
146,580
113,456
34,173
26,843
Long-term liabilities
537
520
125
123
Short-term liabilities
146,043
112,936
34,047
26,720
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 10
Selected standalone financial data of DataWalk S.A.
The following table presents selected data on the standalone financial statements of DataWalk S.A.
SELECTED FINANCIAL DATA
as of 01.01.2026
from 01.01.2025
as of 01.01.2026
from 01.01.2025
till 31.03.2026
until 31.03.2025
till 31.03.2026
until 31.03.2025
in PLN thousand
in PLN thousan
in EUR thousand
in EUR thousand
Revenue
3,552
16,282
837
3,891
Gross profit (loss) on sales
2,449
13,929
577
3,328
Profit (loss) from operating activities
-12,437
5,261
-2,932
1,257
Gross profit (loss)
-11,311
4,832
-2,666
1,155
Net profit (loss)
-11,311
4,832
-2,666
1,155
Total comprehensive income
-11,311
4,832
-2,666
1,155
Number of shares (in units)
6,491,321
5,632,988
6,491,321
5,632,988
Net profit (loss) per share (in PLN/EUR)
-1.74
0.86
-0.41
0.20
Net cash flow from operations
-11,085
-2,323
-2,613
-555
Net cash flows from investing activities
18,309
-1,507
4,316
-360
Net cash flows from financing activities
115,204
-131
27,158
-31
Total net cash flow
122,429
-3,961
28,862
-947
SELECTED FINANCIAL DATA
31.03.2026
31.12.2025
31.03.2026
31.12.2025
in PLN thousand
in PLN thousand
in EUR thousand
in EUR thousand
Total assets/liabilities
191,013
86,080
44,531
20,366
Fixed assets
21,062
22,147
4,910
5,240
Current assets
169,951
63,933
39,621
15,126
Equity
163,656
59,045
38,154
13,970
Liabilities and provisions for liabilities
27,357
27,035
6,378
6,396
Long-term liabilities
0
0
0
0
Short-term liabilities
27,357
27,035
6,378
6,396
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
EUR/PLN exchange rates used:
• Items in the statement of financial position were translated at the average euro exchange rate announced by
the National Bank of Poland as of the end of the reporting period.
Exchange rate as of the last day of
the period
31.03.2026
31.12.2025
1 EUR
4.2894
4.2267
• Items in the statement of profit or loss and other comprehensive income and the statement of cash flows
were translated at the average euro exchange rate, which is the arithmetic mean of the average euro
exchange rates announced by the National Bank of Poland and in effect on the last day of each completed
month of the reporting period.
Average exchange rate for the period
01.01.2026 - 31.03.2026
01.01.2025 - 31.03.2025
1 EUR
4.2419
4.1848
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Interim condensed
Consolidated financial statements
DataWalk Capital Group
Interim condensed consolidated financial statements of the DataWalk Group for the 3-month period ended
31 March 2026, prepared in accordance with International Accounting Standard No. 34 "Interim Financial
Reporting" as endorsed by the EU
May 2026
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 13
Interim condensed consolidated statement of financial position of the
DataWalk Capital Group
Assets
Note
no.
31.03.2026
31.12.2025
A
Fixed assets
45,721
40,021
I
Property plant & equipment
1
83
97
II
Intangible assets
2
14,630
15,696
III
Right-of-use assets
3
208
320
IV
Long-term receivables
6
6,044
5,889
V
Long-term accruals
9
97
145
VI
Deferred tax assets
4
24,659
17,874
B
Current assets
169,901
67,752
I
Contract assets
5
889
625
II
Trade receivables
6
7,241
7,748
III
Income tax receivables
13
13
IV
Other receivables
7
2,012
494
V
Financial assets
8
0
18,117
VI
Prepayments
9
1,209
1,132
VII
Cash and cash equivalents
10
158,538
39,623
Total assets
215,622
107,773
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 14
Liabilities and equity
Note
no.
31.03.2026
31.12.2025
A
Equity
69,042
-5,683
Equity attributable to shareholders of the
parent company
69,042
-5,683
I
Share capital
11
713
638
II
Share premium (excess over nominal value)
12
371,092
255,849
III
Other equity reserves
13
9,965
9,965
IV
Retained earnings
-327,220
-262,824
V
Reserve capital
14
55,169
54,565
VI
Profit (loss) for the current year
-41,151
-64,397
VII
Exchange differences on translation
474
521
Non-controlling interests
0
0
B
Long-term liabilities
537
520
I
Loans and borrowings
16
537
520
C
Short-term liabilities
146,043
112,936
I
Trade payables
18
2,732
2,312
II
Lease liabilities
15
320
427
III
Loans and borrowings
16
33
32
IV
Incentive program liabilities
17
129,227
93,645
V
Other liabilities
552
832
VI
Other provisions
19
2,382
3,188
VII
Contract liabilities
5
10,798
12,500
Equity and liabilities
215,622
107,773
Net asset value per share
31.03.2026
31.12.2025
Net asset value
69,042
-5,683
Number of shares (units)
7,132,988
6,382,988
Net asset value per share (PLN)
9.68
-0.89
Diluted number of shares (units)
7,665,435
6,877,290
Diluted net asset value per share (PLN)
9.01
-0.83
The net asset value per share was calculated with reference to the number of shares of Data Walk S.A. as at the
reporting date.
The diluted number of shares reflects the estimated number of conditional rights to subscribe for and/or acquire
the Company’s shares under the incentive program.
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 15
Interim condensed consolidated statement of profit or loss and other
comprehensive income of the DataWalk Group
Income statement
Note
no.
01.01.2026-
31.03.2026
01.01.2025-
31.03.2025
A
Sales revenue
20
4,025
13,453
License revenue
0
9,560
Technical support services revenue
3,223
3,080
Professional services revenue
803
813
B
Cost of sales
21
1,362
3,135
Cost of sales - license
133
249
Cost of sales - technical support services
787
1,360
Cost of sales - professional services
442
1,526
C
Gross profit (loss)
2,664
10,318
Sales and marketing
5,377
3,053
Research and development
7,441
2,396
General and administrative expenses
2,787
2,640
Incentive program
36,186
973
Other operating income
22
70
111
Other operating expenses
23
85
1,191
Expected credit loss (expense/reversal)
5, 6.2
-32
249
D
Operating profit (loss)
-49,111
-73
Financial income
24
1,179
27
Financial costs
25
4
394
E
Profit before tax
-47,935
-439
Income tax
-6,785
106
F
Net profit (loss)
-41,151
-545
Net profit (loss) attributable to:
01.01.2026-
31.03.2026
01.01.2025-
31.03.2025
- shareholders of the parent company
-41,151
-545
- non-controlling interests
0
0
Statement of comprehensive income
01.01.2026-
31.03.2026
01.01.2025-
31.03.2025
Net profit (loss)
-41,151
-545
Other comprehensive income
-47
-26
1. Items that will not be reclassified to profit or loss
0
0
2. Items that may be reclassified to profit or loss, including:
-47
-26
Exchange differences on translation of foreign operations
-47
-26
Comprehensive income
-41,198
-571
Total comprehensive income attributable to:
01.01.2026-
31.03.2026
01.01.2025-
31.03.2025
- shareholders of the parent company
-41,198
-571
- non-controlling interests
0
0
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 16
Earnings (loss) per share
01.01.2026-
31.03.2026
01.01.2025-
31.03.2025
From continuing operations
Number of shares (units)
6,491,321
5,632,988
Earnings (loss) per share (PLN)
-6.34
-0.10
Diluted number of shares (units)
7,023,768
6,067,138
Diluted earnings (loss) per share (PLN)
-5.86
-0.09
Earnings (loss) per share were calculated with reference to the weighted average number of shares of DataWalk
S.A. for the period.
The weighted average number of diluted shares reflects the estimated number of conditional rights to subscribe
for and/or acquire the Company’s shares under the incentive program.
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 17
Interim condensed consolidated statement of changes in equity of the DataWalk Group
Statement of changes in
equity
Share capital
Share
premium
(excess over
nominal
value)
Other equity
reserves
Exchange
differences
on
translation
Reserve
capital
Retained
earnings
Profit or loss
Equity
attributable
to
shareholders
of the parent
company
Non-
controlling
interests
Total equity
Opening balance
(01.01.2026)
638
255,849
9,965
521
54,565
-262,824
-64,397
-5,682
0
-5,682
Increase (decrease) in
equity
75
115,244
0
-47
604
-64,397
23,246
74,725
0
74,725
Total comprehensive
income for the reporting
period, including:
0
0
0
-47
0
0
-41,151
-41,198
0
-41,198
- Profit (loss) for the
period
0
0
0
0
0
0
-41,151
-41,151
0
-41,151
- Translation of foreign
entities
0
0
0
-47
0
0
0
-47
0
-47
Increase in share capital
75
115,244
0
0
0
0
0
115,319
0
115,319
Allocation of prior year
profit to equity
0
0
0
0
0
-64,397
64,397
0
0
0
Changes in equity in
accordance with IFRS 2
0
0
0
0
604
0
0
604
0
604
Closing balance
(31.03.2026)
713
371,092
9,965
474
55,169
-327,220
-41,151
69,043
0
69,043
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 18
Statement of changes in
equity
Share capital
Share
premium
(excess over
nominal
value)
Other equity
reserves
Exchange
differences
on
translation
Reserve
capital
Retained
earnings
Profit or loss
Equity
attributable
to
shareholders
of the parent
company
Non-
controlling
interests
Total equity
Opening balance
(01.01.2025)
563
199,351
9,965
471
46,915
-213,863
-48,961
-5,558
0
-5,558
Increase (decrease) in
equity
0
0
0
-26
1,382
-48,961
48,416
811
0
811
Total comprehensive
income for the reporting
period, including:
0
0
0
-26
0
0
-545
-571
0
-571
- Profit (loss) for the
period
0
0
0
0
0
0
-545
-545
0
-545
- Translation of foreign
entities
0
0
0
-26
0
0
0
-26
0
-26
Increase in share capital
0
0
0
0
0
0
0
0
0
0
Allocation of prior year
profit to equity
0
0
0
0
0
-48,961
48,961
0
0
0
Changes in equity in
accordance with IFRS 2
0
0
0
0
1,382
0
0
1,382
0
1,382
Closing balance
(31.03.2025)
563
199,351
9,965
445
48,297
-262,824
-545
-4,747
0
-4,747
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 19
Interim condensed consolidated statement of cash flows of the DataWalk
Group
Statement of cash flows
01.01.2026 -
31.03.2026
01.01.2025 -
31.03.2025
Cash flows from operating activities
Net profit (loss)
-41,151
-545
Adjustments for:
,
,
- Depreciation and amortisation
1,192
801
- Foreign exchange gains (losses)
434
-73
- Interest expense
8
16
- Interest and dividend income
-192
-268
- Impairment loss on intangible assets
0
1,190
- Equity-settled share-based payment expense
604
1,382
- Cash-settled share-based payment expense
35,582
-409
- Increase (decrease) in receivables
-1,166
4,327
- Increase (decrease) in provisions
-805
-170
- Increase (decrease) in liabilities other than those related to the incentive
program
138
-573
- Increase (decrease) in prepayments and accruals
-6,814
417
- Increase (decrease) in assets and contract liabilities
-1,965
-8,945
Net cash flows from operating activities
-14,136
-2,850
Cash flows from investing activities
Expenditure on intangible assets
0
1,868
Proceeds from bank deposits with a maturity of over 3 months
18,090
90
Interest received
219
271
Net cash flows from investing activities
18,309
-1,507
Cash flows from financing activities
Net proceeds from issue of shares
115,319
0
Repayment of lease liabilities and bank loans
110
118
Interest paid on lease liabilities and bank loans
8
16
Net cash flows from financial activities
115,201
-134
Net change in cash and cash equivalents
119,375
-4,491
Cash and cash equivalents at the beginning of the period
39,623
16,499
Foreign exchange gains (losses)
-460
10
Net change in cash and cash equivalents
118,915
-4,480
Cash and cash equivalents at the end of the period
158,538
12,018
Selected notes and explanations to the
interim condensed consolidated financial
statements of the DataWalk Group
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 21
Note 1.1 Property, plant and equipment
Information on estimates
At each reporting date, the Group assesses whether there are any objective indications that an item of property,
plant and equipment may be impaired. The Company performs the above tests using the discounted cash flow
method. The most recent impairment tests were performed during the preparation of the financial statements for
2025, for the year ended 31 December 2025.
In 3-month period ended 31 March 2026, property, plant and equipment were not subject to an impairment loss.
As of March 31, 2026, the carrying amount of property, plant and equipment amounted to PLN 83 thousand. As
of the reporting date, the Management Board assessed whether there were any indications of impairment and
identified no events that would necessitate impairment losses. Consequently, the carrying amount of these assets
does not exceed their recoverable amount.
Property plant and equipment
31.03.2026
31.12.2025
Non-current assets, including:
83
97
- buildings and structures
0
0
- plant and machinery
83
97
- other property, plant and equipment
0
0
Total
83
97
As at 31 March 2026
The Group had a bank loan secured on non-current assets. Information on the loans and borrowings held by the
Group is presented in Note 17 No “Loans and borrowings (non-current and current)".
Page | 22
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Note 1.2 Changes in property, plant and equipment by category
Data for the period from 01.01.2026 to 31.03.2026
No.
Specification
Buildings and
structures
Plant and machinery
Other property, plant
and equipment
Total
1
Gross value at the beginning of the period
10
734
19
762
Increases, including:
0
0
0
0
– acquisition
0
0
0
0
Decreases, including:
0
0
0
0
– disposals and sales
0
0
0
0
2
Gross value at the end of the period
10
734
19
762
3
Accumulated depreciation at the beginning of the period
0
12
0
12
Increases
0
0
0
0
Decreases
0
0
0
0
4
Accumulated depreciation at the end of the period
0
12
0
12
5
Depreciation at the beginning of the period
10
626
18
654
Increases
0
14
0
14
Decreases, including:
0
0
0
0
– disposals and sales
0
0
0
0
6
Depreciation at the end of the period
10
640
19
668
7
Net value at the beginning of the period
0
97
0
97
8
Net value at the end of the period
0
83
0
83
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Note 2.1 Intangible assets
Information on estimates
DataWalk S.A. conducts in-house development work related to the development of the DataWalk platform, aimed
at expanding this technology across multiple areas in order to create a comprehensive, globally unique IT product.
Development work is carried out based on:
• knowledge developed in the course of research activities,
• information obtained from prospective customers through market research and marketing activities
conducted domestically and internationally,
• requirements reported by existing customers at the stage of software testing or implementation.
At least once a year and at each reporting date for which an indication exists, assets with indefinite useful lives,
including development work in progress and goodwill, are subject to impairment tests, the preparation of which
requires estimating the recoverable amount of cash-generating units. Intangible assets with finite useful lives are
tested for impairment whenever there is an indication of impairment.
The most recent impairment tests were performed by the Group during the preparation of the financial statements
for the year ended 31 December 2025.
In the 3-month period ended 31 March 2026, intangible assets were not subject to an impairment loss.
As of March 31, 2026, the carrying amount of intangible assets amounted to PLN 14,630 thousand. As of the
reporting date, the Management Board assessed whether there were any indications of impairment and identified
no events that would indicate an impairment of these assets beyond what has been previously recognized.
Consequently, the carrying amount of intangible assets (net of accumulated amortization) does not exceed their
recoverable amount.
Intangible assets
31.03.2026
31.12.2025
Costs of completed development work
32,859
33,926
Impairment losses on completed development development work
-18,230
-18,230
Total
14,630
15,696
Page | 24
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Note 2.2 Changes in intangible assets by category
Data for the period from 01.01.2026 to 31.03.2026
No.
Specification
Costs of completed
development work
Other intangible assets
Total
1
Gross value at the beginning of the period
49,617
332
49,949
Increases, including:
0
0
0
– acquisition
0
0
0
– internal transfers
0
0
0
Decreases, including:
0
0
0
– internal transfers
0
0
0
– impairment loss
0
0
0
2
Gross value at the end of the period
49,617
332
49,949
3
Impairment at the beginning of the period
18,230
0
18,230
Increases, including:
0
0
0
– impairment loss
0
0
0
– internal transfers
0
0
0
Decreases, including:
0
0
0
– impairment loss
0
0
0
– internal transfers
0
0
0
4
Impairment at the end of the period
18,230
0
18,230
5
Depreciation at the beginning of the period
15,692
332
16,024
Increases, including:
1,066
0
1,066
– depreciation and amortisation
1,066
0
1,066
Decreases
0
0
0
6
Depreciation at the end of the period
16,758
332
17,090
7
Net value at the beginning of the period
15,696
0
15,696
8
Net value at the end of the period
14,630
0
14,630
As at 31 Marca 2026 and as at 31 December 2025, the Group did not have any loans and borrowings secured on intangible assets.
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Note 2.3 Costs of completed development work
Intangible assets
31.03.2026
31.12.2025
Costs of completed development work
49,617
49,617
Impairment losses on completed development costs from prior years
-18,230
-16,963
Impairment losses on completed development costs recognised in the
current year
0
-1,178
Accumulated depreciation and amortisation
-16,758
-15,692
Reclassification of impairment losses on completed development work
0
-88
Total
14,630
15,696
Costs of completed development work represent a balance sheet item arising from the recognition, upon being
brought into use, of the technology (the DataWalk platform) as an intangible asset, developed in the course of the
Company’s development work,.
In the 3-month period ended 31 March 2026, costs of completed development work were not subject to an
impairment loss.
As of March 31, 2026, the carrying amount of intangible assets amounted to PLN 14,630 thousand. As of the
reporting date, the Management Board assessed whether there were any indications of impairment and identified
no events that would indicate an impairment of these assets beyond what has been previously recognized.
Consequently, the carrying amount of intangible assets (net of accumulated amortization) does not exceed their
recoverable amount.
Note 3 Right-of-use assets
Information on estimates
At each reporting 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 most recent
impairment tests were performed during the preparation of the financial statements for the year ended 31 December
2025.
In the 3-month period ended 31 March 2026, these assets were not subject to an impairment loss.
The carrying amount of right-of-use assets corresponds to their recoverable amount, which as at 31 March 2026
amounted to PLN 208 thousand.
Data for the period from 01.01.2026 to 31.03.2026
Right-of-use assets
Buildings and
structures
Transport
equipment
Total
Net carrying amount as at 01.01.2026
320
320
320
Increases, arising from:
0
0
0
- modifications of existing contracts (lease extensions, changes
in the interest rate)
0
0
0
Decreases, arising from:
112
112
112
- depreciation and amortisation for the reporting period
112
112
112
- impairment losses for the reporting period
0
0
0
Net carrying amount as at 31.03.2026
208
208
208
The amortisation periods adopted for right-of-use assets were determined in accordance with the term of the
respective contracts.
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 26
Note 4 Deferred tax assets and liabilities
Information on estimates
At each reporting date, the Group assesses the extent to which deferred tax assets are recoverable.
Deferred tax
31.03.2026
31.12.2025
Opening balance:
Deferred tax assets
20 697
10 488
Deferred tax liability
2 823
758
Net deferred tax at the beginning of the period
17 874
9 730
Change during the period affecting:
Profit or loss (+/−)
6 785
8 145
Other comprehensive income (+/−)
0
0
Net deferred tax at the end of the period, including:
24 659
17 874
Deferred tax assets
27 932
20 697
Deferred tax liability
3 273
2 823
The recognition of temporary differences arising from the Group’s share-based incentive program based on RSUs
had a significant impact on the deferred tax balance as at the reporting date. As a result of changes in the carrying
amount of liabilities related to the incentive program, a taxable temporary difference arose in the 3-month period
ended 31 March 2026, affecting profit or loss in the amount of PLN 6,785 thousand. Furthermore, the Group
recognised a deferred tax asset in respect of other balance sheet items only to the extent of the deferred tax liability,
i.e. in the amount of PLN 3,273 thousand, taking into account the principle of recognising deferred tax assets only
to the extent that it is probable that they will be utilised.
Data for the period from 01.01.2026 to 31.03.2026
Deferred tax assets
01.01.2026
Impact on
profit or loss
31.03.2026
Recognition of provisions
1,583
12
1,594
Impairment allowances on receivables
0
335
335
Difference between tax and accounting depreciation
1,240
103
1,344
Liability under the incentive program
17,874
6,785
24,659
Utilisation of tax losses of DataWalk S.A.
12,771
0
12,771
Decrease in deferred tax assets
-12,771
0
-12,771
Total
20,697
7,235
27,932
Deferred tax liabilities
01.01.2026
Impact on
profit or loss
31.03.2026
Interest on deposits
5
41
46
Contract assets
122
50
173
Contract liabilities
449
355
804
Uninvoiced receivables
2,246
4
2,250
Total
2,823
450
3,273
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 27
For the measurement of deferred tax assets and deferred tax liabilities, the Group applied tax rates enacted or
substantively enacted under applicable tax laws in the jurisdictions in which the Group entities are subject to
income tax. For the parent company, the applicable tax rate is 19%, and for the subsidiary it is 21%.
Note 5 Contract assets and contract liabilities
Information on estimates
Contract assets primarily comprise goods transferred or services performed prior to invoicing the customer and
prior to receipt of consideration, excluding any amounts presented as receivables.
The Group estimates impairment allowances for contract assets in accordance with the requirements of IFRS 9
Financial Instruments. Under the simplified approach, this requires the performance of a statistical analysis
involving certain assumptions and the application of professional judgement.
Contract 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 amounts invoiced. For such assets, the Group has satisfied its
performance obligation; however, the right to consideration is conditional on factors other than the passage of
time, which distinguishes these assets from trade receivables.
Item
31.03.2026
31.12.2025
Contract assets
889
625
Contract liabilities
10,798
12,500
Contract assets
Contract assets presented in the consolidated statement of financial position relate to goods transferred or services
provided to customers before the receipt of consideration or before the amount becomes due.
Data for the period from 01.01.2026 to 31.03.2026
Item
Carrying
amount as at
01.01.2026
Reclassification
upon obtaining an
unconditional right
to consideration
Performance of
new obligations
without
invoicing
Impairment loss
Carrying
amount as
at 31.03.2026
Technical support
services
625
-645
929
-21
889
Total
625
-645
908
0
889
Revenue has been estimated based on the stage of completion of performance obligations for which, as at 31 March
2026, the Group was not yet entitled to issue invoices.
As at 31 March 2026, the Group recognised impairment allowances for contract assets in the total amount of PLN
21 thousand using a provision matrix, on the same basis as for trade receivables and other financial assets (in
accordance with IFRS 9).
Contract liabilities
Within contract liabilities, the Group recognises revenue from the granting of licenses, the provision of technical
support (maintenance) services recognised over time, as well as revenue from implementation services, arising
from the Group’s obligation to transfer goods or services to the customer for which consideration has been received
or is due.
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 28
Data for the period from 01.01.2026 to 31.03.2026
Contract liabilities
Carrying amount
as at 01.01.2026
Increases
Decreases
Carrying amount
as at 31.03.2026
Revenue from technical support
(maintenance) services
11,964
1,126
2,828
10,263
Revenue from implementation contracts
535
0
0
535
Total
12,500
1,126
2,828
10,798
Note 6.1 Trade receivables (current) and non-current receivables
Information on estimates
The Group estimates impairment allowances for trade receivables in accordance with the requirements of IFRS 9
Financial Instruments. Under the simplified approach, this requires the performance of a statistical analysis
involving certain assumptions and the application of professional judgement.
Trade receivables
31.03.2026
31.12.2025
From other entities, including:
9,775
10,315
- invoiced receivables
3,182
3,882
- uinvoiced receivables
6,593
6,433
Loss allowance
-2,535
-2,567
Total
7,241
7,748
Long-term receivables
31.03.2026
31.12.2025
Gross amounts due from other entities, including:
6,221
5,889
- uninvoiced receivables
6,049
5,891
- deposit
172
172
Loss allowance
-177
-174
Total
6,044
5,889
The current and non-current uninvoiced receivables line item results from the recognition of revenue upon the
Group’s satisfaction of a performance obligation consisting of delivering a license to the DataWalk software to
the customer, resulting in the transfer of control over that asset. Accordingly, as at the reporting date, the Group
has an unconditional right to consideration, with receipt dependent solely on the passage of time. Due to the long-
term nature of the contract and the payment schedule, the Group has appropriately classified these receivables into
current and non-current portions. The amounts recognized in the statement of financial position reflect both
discounting arising from the existence of a significant financing component and loss allowances recognized in
accordance with IFRS 9. As with invoiced receivables, these allowances have been calculated based on the
currently applicable provision matrix.
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 29
Note 6.2 Expected credit loss allowances for trade receivables
Data for the period from 01.01.2026 to 31.03.2026
Loss allowances for trade
receivables
Carrying
amount as at
01.01.2026
Increases
Decreases
Other
(translation
differences)
Carrying
amount as
at 31.03.2026
From other entities
2,744
5
39
1
2,711
Total
2,744
5
39
1
2,711
In the 3-month period ended 31 March 2026, the Group recognized impairment allowances for trade receivables
in the total amount of PLN 5 thousand, including PLN 3 thousand for long-term receivables, and reversed
previously recognized allowances for expected credit losses in the amount of PLN 39 thousand.
In accordance with the adopted accounting policy, the Group uses a provision matrix to calculate the allowance
for trade receivables, under which impairment allowances are determined for receivables categorized into various
aging brackets.
Data for the period from 01.01.2025 to 31.03.2025
Loss allowances for trade
receivables
Carrying
amount as at
01.01.2025
Increases
Decreases
Other
(translation
differences)
Carrying
amount as
at 31.03.2025
From other entities
2,567
43
-114
-11
2,486
Total
2,567
43
-114
-11
2,486
Note 7 Other receivables (current)
Information on estimates
The Group estimates loss allowances for other current receivables in accordance with the requirements of IFRS 9
Financial Instruments. Under the simplified approach, this requires the performance of a statistical analysis
involving certain assumptions and the application of professional judgement.
Other receivables (current)
31.03.2026
31.12.2025
Advances to supplies
71
127
Related to taxes and other public law charges
1,626
0
Other receivables, including:
315
367
- deposits
78
71
- other
237
296
Total
2,012
494
Receivables related to taxes and other public law charges represent the excess of input VAT over output VAT in
DataWalk S.A. This results from operating costs incurred in connection with business development, as well as the
sales structure, in which sales to foreign entities predominate..
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 30
Note 8 Financial assets (current)
Financial assets (current)
31.03.2026
31.12.2025
In other entities:
0
18 117
- bank deposits with a maturity of over 3 months
0
18 117
Total
0
18 117
As at 31 March 2026 and as at 31 December 2025, the Group classified as current financial assets bank deposits
(including interest accrued as at the reporting date) with maturities exceeding 3 months as at the reporting date.
Note 9 Prepayments and accruals (non-current and current)
Prepayments (non-current)
31.03.2026
31.12.2025
Subscriptions and license fees
97
145
Total
97
145
Prepayments (current)
31.03.2026
31.12.2025
Subscriptions and license fees
613
959
Insurance policies and premiums
223
100
Rent
43
44
Other
330
29
Total
1,209
1,132
As at 31 March 2026, the balance of “Subscriptions and license fees” within current prepayments primarily arises
from the conclusion by the Group, in July 2024, of a new contract for the purchase of specialised databases
necessary for the operation of the DataWalk software, which constitute an integral part of the DataWalk software.
Settlements under the above contract are made on an annual basis, and the related costs are recognised in profit or
loss on a straight-line basis over the period to which they relate.
Note 10.1 Cash and cash equivalents
Cash and cash equivalents
31.03.2026
31.12.2025
Cash in bank accounts, including:
158,538
39,623
a) cash
140,300
31,611
b) bank deposits with maturities of less than 3 months
18,238
8,012
Total
158,538
39,623
As at 31 March 2026, the Group held restricted cash (cash in the VAT account) amounting to PLN 0 thousand,
whereas as at 31.12.2025 the balance of restricted cash (cash in the VAT account) amounted to PLN 1,418
thousand.
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 31
Note 11 Share capital
As at 31.03.2026
Item
Amount
Opening balance
638
Nominal value of shares increasing share capital
75
Closing balance
713
On 18 Marca 2026, 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 a
resolution of the Management Board of the Issuer dated 12 February 2026 regarding the increase of the Company’s
share capital within the limits of the authorized capital through the issuance of new Series T shares by way of a
private placement, the exclusion of pre-emptive rights of the existing shareholders, and the amendment of the
Company’s Articles of Association, as disclosed by the Issuer in current report ESPI No. 9/2026 dated 18 Marca
2026.
Following the registration of the aforementioned amendments to the Articles of Association, the Company’s share
capital amounts to PLN 713.298,80 and is divided into 7,132,988 shares with a par value of PLN 0.10 per share.
Series of shares
Number of shares
(units)
Number of votes
Share in the share
capital
Share of total
voting rights
A
725,000
1,450,000
10.16%
18.45%
B
525,000
525,000
7.36%
6.68%
C
150,000
150,000
2.10%
1.91%
D
70,000
70,000
0.98%
0.89%
E
150,000
150,000
2.10%
1.91%
F
167,000
167,000
2.34%
2.13%
G
220,000
220,000
3.08%
2.80%
H
321,500
321,500
4.51%
4.09%
I
207,000
207,000
2.90%
2.63%
J
470,000
470,000
6.59%
5.98%
K
320,000
320,000
4.49%
4.07%
L
355,000
355,000
4.98%
4.52%
M
457,548
457,548
6.41%
5.82%
N
327,000
327,000
4.58%
4.16%
O
421,000
421,000
5.90%
5.36%
P
246,940
246,940
3.46%
3.14%
R
500,000
500,000
7.01%
6.36%
S
750,000
750,000
10.51%
9.54%
T
750,000
750,000
10.51%
9.54%
Total
7,132,988
7,857,988
100.00%
100.00%
Nominal value per share: PLN 0.10
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 32
Note 12.1 Share premium (excess over nominal value)
Item
31.03.2026
31.12.2025
Share premium (excess over nominal value)
371,092
255,849
Total
371,092
255,849
Note 12.2 Changes in share premium
Data for the period from 01.01.2026 to 31.03.2026
During the reporting period, there were changes in share premium (excess over nominal value).
Item
Share premium (excess over nominal value)
Opening balance
255,849
Valuation of financial instruments
0
Issue of shares above nominal value
115,244
Closing balance
371,092
As a result of the above-mentioned increase in the Company’s share capital through the issuance of new Series T,
the balance sheet item “Share premium (excess over nominal value)”, increased by PLN 115,244 thousand on a
net basis, i.e. after deduction of issuance costs..
The table below presents information on the above-mentioned issuance and how the total amount increasing “Share
premium (excess over nominal value)” was determined.
Item
Share premium (excess over nominal
value)
Issuance of shares
116,250
Nominal value of shares increasing share capital
75
Share issuance costs
931
Issue of shares above nominal value
115,244
Note 13 Other equity reserves
Other equity reserves
31.03.2026
31.12.2025
Share premium
9,965
9,965
Total
9,965
9,965
The share premium in the amount of PLN 9,965 thousand was recognized upon the settlement of the share-based
payment plan previously effective in the Company (i.e., in the years 2017-2019), in accordance with IFRS 2 'Share-
based Payment'. Once the specific vesting conditions for the shares under the former incentive program were met,
the reserve capital was settled by increasing the share capital and transferring the resulting share premium to other
equity at the time of the share capital increase related to the share issuance directed to the program participants.
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 33
Note 14 Reserve capital
Information on estimates
The Company operates an incentive program based on share-based payment transactions settled in equity
instruments. The program is based on shares of DataWalk and entitles participants to receive equity instruments
in the number and on the terms specified in the Rules and in the Participation Agreement. This 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 an amount for the services
received, based on the best available estimates of the number of equity instruments expected to vest. The entity
revises these estimates, if necessary, if subsequent information indicates that the number of equity instruments
expected to vest differs from previous estimates. At the vesting date, the entity adjusts the estimate to reflect the
number of equity instruments that ultimately vested.
The recognition of the incentive program requires an analysis that involves making certain assumptions and the
use of professional judgment, in particular with respect to the number of equity instruments expected to vest during
the reporting period and the valuation of share options at the grant date. At each reporting date, the Company
estimates the number of equity instruments expected to vest during the reporting period in order to recognize the
corresponding increases in equity and the costs of the Company and the Group resulting from the implementation
of the incentive program.
Reserve capital
31.03.2026
31.12.2025
Incentive program
55,169
54,565
Total
55,169
54,565
Nature and operating principles of the long-term Incentive Program settled in equity instruments
On 30 June 2022, the General Meeting of DataWalk S.A. adopted a resolution on the introduction of an Incentive
Program (the “Program”) addressed to members of key personnel who are Employees, Contractors or members of
the Management Board (the “Eligible Persons”) of the Company. The Rules of the Program were adopted by the
Management Board of the Company by resolution dated 31 August 2022 and subsequently approved by the
Supervisory Board by resolution dated 9 September 2022 (the “Rules”).
The provisions of the Program apply from the date of adoption of the Rules by the Supervisory Board and remain
in force until its termination by the Management Board with the effects specified in the Rules. The Management
Board may at any time, with the consent of the Supervisory Board, decide to terminate or amend the Program.
The purpose of the Program is to attract and retain members of the Company’s key personnel over the long term
by creating additional, market-competitive instruments enabling full alignment and identification of key personnel
with the Company and its long-term objectives, motivating them to ensure the Company’s dynamic growth and
aligning their interests with the interests of the Company and, consequently, its shareholders, thereby enabling
participation in the expected development of the Company and strengthening their relationship with the Company.
On 30 December 2024, the Extraordinary General Meeting of DataWalk S.A. adopted a resolution on determining
the maximum pool of Rights under the share-based Program, pursuant to which the previous pool of Rights not
exceeding 430,000 shares of the Company was increased to a maximum of 570,000 shares of the Company.
Subsequently, on 25 June 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 Rights under the share-based
Program, pursuant to which a new combined pool of 485,000 rights for participants of the incentive programs was
established, consisting of RSU units and Rights under the share-based Program (the “Combined Pool”). The
Combined Pool may be allocated, in accordance with the decision of the Management Board (or, where required
by law, the Supervisory Board), among participants of both incentive programs implemented in the Company and
its Subsidiary in the form of RSU Units or Rights under the share-based Program. However, the total Combined
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 34
Pool of Rights or RSU Units granted in both programs (in the Company and in the Subsidiary) may not exceed
485,000.
As at 31 March 2026 and as at the date of publication of these financial statements, the Management Board has
not yet adopted resolutions regarding the allocation of the additional pool to specific incentive programs.
In view of the above, as at the reporting date of 31 March 2026, the maximum number of Rights entitling holders
to subscribe for and/or acquire shares of the Company may not exceed 570,000 shares of the Company in total.
The Incentive Program is implemented through the granting to participants, indicated for participation in the
Program in accordance with the Rules and who have entered into a participation agreement with the Company (the
“Participation Agreement”), of conditional rights to subscribe for and/or acquire shares of the Company (the
“Rights”). The granting of Rights does not constitute their vesting or exercise.
The Rights are not securities and do not confer any civil law claims (including under company law) other than the
right to exercise the Rights in accordance with the Program, and in particular do not grant any shareholder rights,
including voting rights, dividend rights or any other shareholder rights, until the shares of the Company are
acquired or subscribed for. The Rights are non-transferable to third parties and may not be encumbered with any
rights in rem or contractual rights but are subject to inheritance.
The vesting of Rights by participants occurs upon the fulfilment of vesting conditions defined as the achievement
of financial or non-financial criteria, either individual or relating to the Company, specified in the Participation
Agreement, including:
(a) maintaining the Cooperation Relationship for the period specified in the Participation Agreement, and/or
(b) fulfilment of additional criteria, if provided for in the Participation Agreement.
The Rights vest free of charge.
The 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 included in the measurement of the transaction
so that the amount recognized for services received reflects the number of instruments that ultimately vest.
The condition for the exercise of the Rights is the simultaneous fulfilment of Vesting Conditions and the
occurrence of a Sale Transaction (a non-vesting condition).
The exercise of the Rights will occur upon the simultaneous fulfilment of the following conditions:
(a) fulfilment of the vesting conditions specified in the individual Participation Agreement (e.g. length of
cooperation);
(b) occurrence of a “Sale Transaction”, i.e. a situation in which all of the following conditions are met:
(i) an entity or a group of entities acting in concert within the meaning of Article 87(1)(5) of the Public Offering
Act exceeds 50% of the total voting rights in the Company as a result of announcing a tender offer for the sale of
all shares in the Company, in accordance with the Public Offering Act (hereinafter referred to as: the “Tender
Offer”), provided that, for the purposes of calculating the total voting rights in the Company, account shall be
taken of the aggregate number of votes held — irrespective of the legal basis — by all entities forming part of the
same capital group, as well as the number of votes attached to shares, even if the exercise of the voting rights
attached thereto is restricted or excluded pursuant to the Company’s Articles of Association, an agreement or
provisions of law, or a transformation, merger or demerger of the Company occurs which, under the applicable
regulations, does not require the announcement of a tender offer; and
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 35
(ii) FGP Venture disposes of at least 587,500 (in words: five hundred and eighty-seven thousand five hundred)
shares in the Company held by it or their equivalent received as a result of a transformation, merger or demerger
of the Company (in response to the Tender Offer or independently of such Tender Offer), or an entity (acting
individually, through a capital group or in concert with other entities), other than the shareholders of FGP Venture
as at 30 June 2022, acquires more than 50% of the interests in FGP Venture,
(iii) irrespective of the above, a given transaction shall not constitute a Sale Transaction if it does not result in a
change of control, i.e.: an entity or a group of entities acting in concert exceeding 50% of the total voting rights in
the Company or ownership of 50% of the Company’s assets, or b) obtaining actual control over the Company,
understood as obtaining at least 30% of the total voting rights, or c) the acquisition of the Company’s assets
representing at least 40% of the gross market value of all of the Company’s assets.
In accordance with IFRS 2, a Sale Transaction is understood as a condition other than a vesting condition (a non-
vesting condition).
In accordance with the Rules, the Rights shall be exercised within 6 months from the occurrence of the Sale
Transaction.
As the occurrence of a Sale Transaction is a probable future event, but one dependent on factors not controlled by
the Company and not dependent on the market price of the Company’s shares, it has not been included in the
estimates used for the valuation of the Right.
The exercise of Rights vested in a Participant consists in subscribing for or acquiring shares at nominal value. One
Right shall entitle the holder to subscribe for or acquire one share, provided that if the nominal value of a share
changes, i.e. is no longer PLN 0.10 (in words: ten groszy) per share, the Participant shall be entitled to subscribe
for or acquire the number of shares determined in accordance with the formula set out in Resolution No. 20 of the
Ordinary General Meeting of the Company dated 30 June 2022 on the establishment of a share-based incentive
program for members of key personnel of DataWalk S.A. (hereinafter referred to as the "ZWZ Resolution"). /the
Ordinary General Meeting (OGM) Resolution/
The Rights shall be exercised either:
(i) directly through an increase in the share capital, the authorization of the Management Board to increase the
Company’s share capital within the limits of the authorized capital, or the acquisition by the Company of treasury
shares for the purpose of offering them to Participants;
(ii) indirectly through a conditional increase in the share capital combined with an issue of registered subscription
warrants addressed 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 respect, approved by the Supervisory Board.
If a Sale Transaction does not occur within the period specified in the Rules, then, due to the impossibility of
fulfilling the Exercise Conditions, 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 render any performance.
The Participant shall have no claims for payment, including any claims for damages, against the Company, its
shareholders or members of its governing bodies.
If a Sale Transaction occurs before the specified Vesting Conditions are satisfied, the Participation Agreement
shall be terminated with respect to the relevant Rights, and the Participant shall lose the possibility of further
participation in the Program in this respect, including the right to vest and exercise the relevant Rights. The
Participant shall have no claims whatsoever against the Company, its shareholders or members of its governing
bodies, including any claims for payment, delivery of Shares or damages. However, if the Vesting Conditions
applicable to a given Participant included only the maintenance of the Cooperation Relationship on the terms set
out in the Rules for the period specified in the Participation Agreement, excluding the additional criteria referred
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 36
to in the Rules, and provided that no Cause has occurred, the Vesting Conditions shall be deemed to have been
satisfied on the date of the Sale Transaction, and the Participant shall be entitled to exercise the vested Rights. The
Participation Agreement may regulate differently the effects of the occurrence of a Sale Transaction prior to the
fulfilment of the Vesting Conditions.
Assumptions adopted for the valuation of the Program
Services received in a share-based payment transaction settled in equity instruments are measured indirectly at fair
value at the grant date. The initial valuation of the Program is based on the fair value of the underlying instruments.
The measurement of the value of goods or services received and the corresponding increase in equity reflects the
extent to which the services have been rendered.
The entity determines the fair value of an equity-settled award taking into account only market conditions and
conditions other than vesting conditions (non-vesting conditions), which means that service conditions (vesting
conditions) and non-market conditions affect the measurement of the increase in equity by adjusting the number
of rights to subscribe for and/or acquire shares of the Company on the basis of estimated performance outcomes
to be achieved.
The value of one right to subscribe for and/or acquire shares of the Company is measured only once, at the grant
date. At each reporting date, and ultimately at the settlement date, the fair value of the recognized increase in
equity may be remeasured as a result of an adjustment to the number of rights to subscribe for and/or acquire
shares of the Company. Such remeasurement applies to the recognized portion of the increase in equity up to the
vesting date. The full amount of the increase in equity is subject to remeasurement from the vesting date until the
settlement date. The cumulative net cost and the amounts recognized in profit or loss that will ultimately be
recognized in connection with the transaction shall be equal to the product of the vested rights to subscribe for
and/or acquire shares of the Company and the value of one right to subscribe for and/or acquire shares of the
Company at the grant date.
The effects of adjustments to the measurement of the increase in equity during the vesting period are recognized
immediately in profit or loss (in the appropriate cost line item) to the extent that they relate to past services, whereas
to the extent that they relate to future services, the effect of the measurement adjustment is spread over the
remaining vesting period.
This means that, during the remeasurement period, a catch-up adjustment may arise with respect to the number of
rights to subscribe for and/or acquire shares of the Company for previous periods, so that the increase in equity
recognized at each reporting date equals the total fair value of the increase in equity.
As at the reporting date of 31 March 2026, the Company adjusted the number of rights to subscribe for and/or
acquire shares of the Company for which, based on the Company’s internal estimates, vesting had occurred, and
accordingly remeasured the corresponding increase in equity. The decision regarding the final number of rights
vested in participants of the Program will be made upon the occurrence of the events specified in the Rules entitling
Eligible Persons to subscribe for and/or acquire shares of the Company.
The fair value of the right to subscribe for and/or acquire shares of the Company at the grant date is determined
using the Black-Scholes-Merton model, where the underlying instrument is the market price of DataWalk S.A.
shares. The Rights shall vest free of charge. The exercise of Rights vested in a Participant shall consist in
subscribing for or acquiring shares at nominal value, which at the grant date amounted to PLN 0.10 per share.
Rights to subscribe for and/or acquire shares of the Company do not carry dividend rights, and therefore the
expected dividend yield is 0. There are no other market conditions in the valuation of rights to subscribe for and/or
acquire shares under the Program. However, the total cost of the Program and the corresponding increase in equity
should be determined at each reporting date taking into account the remaining non-market factors.
Expected share price volatility was determined on the basis of the annualized standard deviation of share returns
using daily observations. The rate of return was expressed as an annual interest rate with continuous compounding
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 37
(annual continuously compounded interest rate). In accordance with IFRS 2, when estimating expected volatility,
the Company considered:
a) the volatility used for exchange-traded options on the Company’s shares, due to their availability;
b) historical volatility of share prices over the most recent possible period, the length of which is generally
commensurate with the expected term of the option;
c) the length of time for which the entity’s shares have been publicly traded, i.e. since 20 July 2012, and therefore
the Company is not treated as a newly listed entity and historical volatility was regarded as relatively stable over
a longer period of time;
d) appropriate and regular time intervals for price observations which, in the Company’s opinion, are consistent
from period to period — the entity uses the closing price from each day of the week. The observed prices are
expressed in the currency in which the exercise price is denominated, i.e. PLN.
The average annual forfeiture rate for rights to subscribe for and/or acquire shares of the Company, based on
expectations regarding, for example, the number of employees and contractors leaving the Company before the
vesting date, was assumed at 0%. The Company periodically reviews these estimates and updates them in the event
of material deviations.
The grant of Rights to the Company’s employees and contractors who joined the Incentive Program from the
beginning of its term until the reporting date of 31 March 2026 took place in eight tranches.
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 38
The table below presents the parameters adopted in the valuation model for the Rights for the individual tranches of the Program.
Parameters used in the
valuation model
Tranche I
Tranche II
Tranche III
Tranche IV
Tranche V
Tranche VI
Tranche VII
Tranche VIII
Counterparty
DataWalk S.A.
DataWalk S.A.
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
01.07.2025
01.01.2026
Valuation model
Black-Scholes-
Merton
Black-Scholes-
Merton
Black-Scholes-
Merton
Black-Scholes-
Merton
Black-Scholes-
Merton
Black-Scholes-
Merton
Black-Scholes-
Merton
Black-Scholes-
Merton
Number of Rights granted
under Participation
Agreements (units)
275,518
118,710
12,450
42,300
3,900
124,350
23,400
1 100
Number of Rights
forfeited as at the
reporting date (units)
9,217
24,875
1,000
3,400
0
4,000
0
0
Share price (PLN)
136.26
91.35
60.00
33.90
63.30
61.00
114.50
103.10
Exercise price (PLN)
0.10
0.10
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%
4.36%
3.67%
Expected life of the option
5 years
5 years
5 years
5 years
5 years
5 years
5 years
5 lat
Risk-free rate
7.14%
6.05%
5.45%
5.44%
5.04%
5.45%
4.85%
5.40%
The total number of Rights forfeited from the inception of the Program to 31 March 2026 amounted to 42,492, representing 7% of the maximum number of Rights under the
Program.
At a later stage of the Incentive Program, the authorized bodies may designate additional participants and grant them a specified number of Rights within the limit set out in the
General Meeting resolution, i,e, not exceeding a total of 570,000 shares of the Company, The Company will disclose such events in separate announcements.
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 39
Recognition of the Program in the period from 1 January 2026 to 31 March 2026
The table below presents the number of Rights granted to subscribe for shares of the Company as at 31 March
2026, broken down by vesting conditions and the degree of their fulfilment.
Vesting conditions
Rights
granted
(units)
Degree of
fulfilment of
vesting
conditions
Number of
Rights
vested
(units)
Estimated
number of
rights vested
as at the
reporting
date (units)
Rights in the
vesting
period
(units)
Vested Rights
491,836
100%
491,836
0
0
Service through 30 June 2026
7,350
76%
0
5,607
1,743
Service through 31 December
2026
56,300
60%
0
33,661
22,639
Service through 30 September
2027
3,500
37%
0
1,312
2,188
Service through 31 December
2027
250
12%
0
31
219
Total
559,236
95%
491,836
40,611
26,789
The table below presents the number of Rights for which the vesting conditions are estimated to have been satisfied
and, accordingly, the services are deemed to have been rendered, with the related expense recognized based on the
weighted average fair value.
Specification
Number
Weighted
average fair
value (PLN)
Cost based on
weighted
average fair
value (PLN
thousand)
Estimated number of Rights vested as at 01.01.2026
525,380
103.86
54,565
Estimated number of Rights vested during the period
under Participation Agreements
7,067
85.43
604
Number of Rights forfeited during the period
0
0.00
0
Estimated number of Rights vested as at 31.03.2026
532,447
103.61
55,169
The table below presents the recognition of Program costs in individual line items of the financial statements.
Financial statement element
Item
Weighted average fair value
(PLN thousand)
Income statement / Operating
expenses
Incentive program
604
Equity
Profit (loss) for the current year
-604
Retained earnings from prior years
-55,169
Reserve capital
55,169
There were no Rights that expired during the reporting period. There were no Rights exercised during the reporting
period, and as at 31 March 2026 no Rights were exercisable.
As at the reporting date and as at the date the financial statements were authorized for issue, the Rights under the
Program were not exercisable, as no Sale Transaction had occurred. Furthermore, the Group’s management has
not taken any actions and has no information indicating a high probability of events that would result, within the
next 12 months, in the occurrence of a Sale Transaction and, consequently, the commencement of the Program
(share issuance).
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 40
The table below presents the reconciliation of Rights under the Program by exercise status and their fair value as
at 31 March 2026.
Specification
Number
of units
% of the
Program
Fair value
(PLN)
Cost at
fair value
(PLN
thousand)
Maximum number of Rights under the Program,
including:
570,000
- Rights granted under Participation Agreements,
comprising:
559,236
98%
102.29
57,204
- Tranche dated 01.10.2022, reflecting agreements entered
into on that date
266,301
47%
136.19
36,268
- Tranche dated 01.01.2023
93,835
16%
91.28
8,565
- Tranche dated 01.07.2023
11,450
2%
59.92
686
- Tranche dated 01.02.2024
38,900
7%
33.82
1,316
- Tranche dated 01.07.2024
3,900
1%
63.22
247
- Tranche dated 15.01.2025
120,350
21%
60.92
7,332
- Tranche dated 01.07.2025
23,400
4%
114.42
2,677
- Tranche dated 01.01.2026
1,100
0%
103.02
113
- Maximum number of Rights to be granted in future
periods
10,764
2%
Rights granted under Participation Agreements,
including:
559,236
98%
102.29
57,204
- Rights vested
491,836
86%
106.11
52,188
- Rights in the vesting period, including:
67,400
12%
74.41
5,015
a) for which the vesting conditions are estimated to have
been satisfied
40,611
7%
73.39
2,981
As at 31 March 2026, the Incentive Program remains in progress.
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 41
Note 15 Lease liabilities (non-current and current)
Information on estimates
Lease payments are discounted by the Group using the incremental borrowing rate, the value of which is estimated
based on the risk-free rate and the Group’s credit risk premium. Certain lease agreements include options to extend
or terminate the lease. Management applies judgment in determining the period for which it is reasonably certain
that such agreements will continue.
As at 31 March 2026, the Group was a party to lease agreements for office space and vehicles, in which it acts as
the lessee.
Lease liabilities
31.03.2026
31.12.2025
Non-current
0
0
Current
320
427
Total
320
427
Specification
31.03.2026
31.12.2025
Lease liabilities for office space
320
422
- up to 12 months
320
422
- over 12 months
0
0
Lease liabilities for vehicles
0
5
- up to 12 months
0
5
- over 12 months
0
0
Total
320
427
Office space lease
As at 31 March 2026, future minimum payments for office space leases are as follows:
Specification
31.03.2026
31.12.2025
Future minimum lease payments, including:
329
439
- within less than 1 year
329
439
- within 1-2 years
0
0
Future interest expense
-9
-17
Present value of lease liabilities, including:
320
422
- within less than 1 year
320
422
- within 1-2 years
0
0
The effective interest rate for office space leases as at 31 March 2026 was 8.98%, and as at 31 December 2025 it
was 8.98%.
Lease costs recognized during the reporting period
In the period from 1 January 2026 to 31 March 2026, the amounts of lease-related costs recognized in the income
statement and the statement of comprehensive income were as follows:
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 42
Specification
01.01.2026 –
31.03.2026
01.01.2025 -
31.03.2025
Depreciation of right-of-use assets
112
127
Interest expense on lease liabilities
8
16
Short-term lease costs
3
3
Low-value lease costs
13
0
Total
134
146
Total cash outflows related to leases amounted to PLN 133 thousand for the 3-month period ended 31 March 2026,
compared to PLN 136 thousand for the 3-month period ended 31 March 2025.
Note 16 Loans and borrowings (non-current and current)
Loan and borrowing liabilities are measured at amortized cost using the effective interest rate method. The fair
value of loan and borrowing liabilities does not differ materially from their carrying amount.
The Group’s indebtedness as at 31 March 2026 and 31 December 2025 is presented in the table below.
Borrower:
DataWalk Inc.
Purpose of financing:
Mitigation of economic damage caused by a natural
disaster that occurred on 31 January 2020 and
continued thereafter
Financing institution:
U.S. Small Business Administration (SBA)
Loan amount under the agreement [USD thousand]:
150
Carrying amount as at the reporting date [USD thousand]:
152
Carrying amount as at 31.12.2025 [USD thousand]:
153
Carrying amount as at the reporting date [PLN thousand]:
569
Carrying amount as at 31.12.2025 [PLN thousand]:
551
Effective interest rate:
Fixed interest rate
Maturity date:
01.07.2050
Collateral:
Selected non-current and current assets up to the
amount of the liability
The SBA loan is secured by a lien on the present and future tangible and intangible assets of DataWalk Inc., which
means that, in accordance with the agreement, the Company’s current assets and intangible assets are pledged to
the extent necessary to satisfy the lender’s claims. As at 31 March 2026, the Group’s total indebtedness amounted
to PLN 569 thousand, compared to PLN 551 thousand as at 31 December 2025.
During the reporting period, there were no instances of delayed repayment of principal or interest on loans and
borrowings, nor were any other loan agreement terms breached that would entitle the lender to demand early
repayment.
Due to the fixed interest rate, the above financial liability is not exposed to interest rate risk.
Fair value of financial liabilities
During the 3-month period ended 31 March 2026, there were no transfers between levels of the fair value hierarchy
within the Group’s debt positions. As at 31 March 2026, the fair value of loans and borrowings did not differ
materially from their carrying amount and was determined using valuation models with inputs that are not directly
or indirectly observable in active markets (Level 3).
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 43
Note 17 Liabilities related to the incentive program
Information on estimates
The Group operates an incentive program based on share-based payment transactions settled in cash. The Program
is based on derivative financial instruments that entitle participants to receive a cash payment in the amount and
on the terms specified in the Rules and in the Participation Agreement (so-called Restricted Stock Units, hereinafter
referred to as the “RSU Units”). 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 an amount for the services
received, based on the best available estimates of the number of equity instruments expected to vest. The entity
revises these estimates, if necessary, if subsequent information indicates that the number of equity instruments
expected to vest differs from previous estimates. At the vesting date, the entity adjusts the estimate to reflect the
number of equity instruments that ultimately vested.
The accounting for the incentive program requires analysis involving the use of certain assumptions and the
application of professional judgment, in particular with respect to the number of equity instruments expected to
vest during the reporting period and the valuation of RSU Units. At each reporting date, the Group estimates the
number of financial instruments expected to vest and their fair value during the reporting period in order to
recognize the appropriate liabilities and costs of the Group resulting from the implementation of the incentive
program.
Nature and operating principles of the long-term Incentive Program of the DataWalk Group settled in cash
On 30 June 2020, the General Meeting of DataWalk S.A. adopted a resolution on the introduction of an Incentive
Program (the “Program”) addressed to members of key personnel who are Employees, Contractors or members of
the Management Board (the “Eligible Persons”) of the Group. The Rules of the Program were adopted by the
Management Board of the Company and subsequently approved by the Supervisory Board by resolution dated 18
March 2022.
The provisions of the Program apply from the date of adoption of the Rules by the Supervisory Board and remain
in force until its termination by the Management Board with the effects specified in the Rules. The Management
Board may at any time, with the consent of the Supervisory Board, decide to terminate or amend the Program.
The purpose of the Program is to attract and retain members of key personnel of the Company and/or its
Subsidiaries over the long term by creating additional, market-competitive instruments enabling full alignment
and identification of key personnel with the Group and its long-term objectives, motivating them to focus on the
Group’s long-term performance, maintaining dynamic growth in its value, and aligning their interests with those
of the Group and, consequently, its shareholders, thereby linking the long-term value of the Group with the long-
term objectives of its key personnel.
Under the Program, the entity responsible for settlement is the company that receives the services provided under
the Program and has entered into the relevant Participation Agreement with the participant. Each of the companies,
i.e. DataWalk S.A. and DataWalk Inc., is a party to agreements with Program participants who provide work or
services to DataWalk S.A. or DataWalk Inc., respectively.
On 30 December 2024, the Extraordinary General Meeting of DataWalk S.A. adopted a resolution to determine
the maximum RSU pool under the Program, pursuant to which the previous pool of up to 1,120,000 RSU Units
was reduced to a maximum of 980,000 RSU Units.
Subsequently, on 25 June 2025, the General Meeting of DataWalk S.A. adopted another resolution to determine
the maximum RSU pool under the RSU Program and the maximum pool of Rights under the share-based Program,
pursuant to which it was resolved to establish a new combined pool of 485,000 entitlements for participants in the
incentive programs, consisting of RSUs and Rights under the share-based Program (the “Combined Pool”). The
Combined Pool may be allocated, in accordance with the decision of the Management Board (or, where required
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 44
by law, the Supervisory Board), among participants of both incentive programs implemented in the Company and
its Subsidiary in the form of RSU Units or Rights under the share-based Program. However, the total Combined
Pool of Rights or RSU Units granted in both programs (in the Company and in the Subsidiary) may not exceed
485,000.
As at 31 March 2026 and as at the date of publication of these financial statements, the Management Board has
not yet adopted resolutions regarding the allocation of the additional pool to specific incentive programs.
In light of the above, as at the reporting date of 31 March 2026, the total number of RSU Units that may be granted
under the Program to all Eligible Persons may not exceed 980,000.
The maximum term for the exercise of RSU Units by Eligible Persons is 10 years from the date of entering into
the Participation Agreement, under which the Eligible Person becomes entitled to receive cash upon satisfaction
of specified vesting conditions.
In share-based payment transactions, the Group receives services from Eligible Persons and incurs a liability to
deliver cash, the amount of which is based on the price (or value) of the Company’s shares as remuneration.
Eligible Persons have been offered the opportunity to enter into agreements governing participation in the Program
(the “Participation Agreement”), which set out the vesting conditions for the acquisition by Eligible Persons of
derivative financial instruments, within the meaning of the Act of 29 July 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 Rules and the Participation Agreement (so-called Restricted Stock Units, hereinafter
referred to as the “RSU Units”).
The vesting conditions for RSU Units require the achievement of specified individual performance targets, if
provided for in the Participation Agreement, and/or maintaining the status of an Employee and/or Contractor
and/or Management Board member within the Group for the period specified in the Participation Agreement and
under the terms set out in the Rules.
Conditions related to the achievement of individual performance 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 Contractor and/or Management Board member
within the Group (service period vesting conditions) are set for a period of up to 4 years, taking into account the
period of service provided to the Group prior to the approval of the Rules. Vesting occurs 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 included in the measurement of the transaction
so that the amount recognized for services received reflects the number of instruments that ultimately vest.
The condition for the settlement of payments under the Program is the simultaneous fulfilment of vesting
conditions and the occurrence of a Sale Transaction (a non-vesting condition).
A Sale Transaction means a situation in which all of the following conditions are met:
(i) an entity or a group of entities acting in concert, as referred to in Article 87 of the Public Offering Act, exceeds
50% of the total voting rights in the Company as a result of announcing a tender offer to subscribe for the sale of
all shares of the Company, as referred to in Article 74(1) or (2) or Article 91(5) of the Public Offering Act, whereby
for the purposes of calculating the total number of voting rights in the Company, the aggregate number of votes
held—regardless of the legal basis—by all entities within the same capital group is taken into account, as well as
voting rights attached to shares even if the exercise of such voting rights is limited or excluded under the
Company’s Articles of Association, agreements or applicable laws, or in the event of a transformation, merger or
demerger of the Company that does not require a tender offer pursuant to Article 92 of the Public Offering Act;
and
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 45
(ii) FGP Venture disposes of at least [587,500] (in words: five hundred eighty-seven thousand five hundred) shares
in the Company held by it, or their equivalent received as a result of a transformation, merger or demerger of the
Company (either in response to the tender offer referred to in point (i) or independently thereof), or an entity
(acting individually, through a capital group or in concert with other entities), other than the shareholders of FGP
Venture as at 30 June 2020, acquires more than 50% of the shares in FGP Venture,
(iii) notwithstanding the above, a given transaction shall not constitute a Sale Transaction if it does not result in a
change of control within the meaning of Section 409A, i.e.: (a) an entity or a group of entities acting in concert
exceeding 50% of the total voting rights in the Company or ownership of 50% of the Company’s assets, or (b)
obtaining effective control over the Company, understood as acquiring at least 30% of the total voting rights, or
(c) acquiring assets of the Company representing at least 40% of the gross fair market value of all of the Company’s
assets;
In accordance with the Program Rules, a one-off payment resulting from the exercise of RSU Units will be settled
within 90 days of the occurrence of a Sale Transaction, but no later than 14 March 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 a vesting condition (a non-
vesting condition).
Due to the fact that the occurrence of a Sale Transaction is a probable future event, but dependent on factors beyond
the Group’s control and not linked to the market price of the Group’s shares, it has not been included in the
estimates used to determine the value of RSUs.
The settlement of RSUs consists of a one-off cash payment made by the Group in an amount equal to the product
of the number of RSUs granted and the value of an RSU as specified in the Rules, which will depend on the share
price/value resulting from the Sale Transaction, reduced by mandatory deductions for advance income tax, social
security contributions, health insurance contributions or any other public law liabilities borne by the Participant,
which the Group, as a withholding agent, is required to deduct under applicable regulations. Upon settlement of
RSUs, i.e. once the due cash amount has been paid, the Participant shall not be entitled to any additional monetary
or non-monetary benefits from the Group under the Program.
If a Sale Transaction does not occur within the period specified in the Participation Agreement concluded with a
given Participant, the right to receive RSUs shall lapse and, due to the inability to satisfy the settlement conditions,
the Participation Agreement shall be automatically and immediately terminated with respect to the relevant RSUs,
without any obligation for the Company or its Subsidiary to provide any consideration. The Participant shall not
be entitled to any claims for payment, including any claims for damages, against the Company, its Subsidiary,
their shareholders or members of their governing bodies.
If a Sale Transaction occurs before the specified vesting conditions are satisfied, the Participation Agreement shall
be terminated with respect to the relevant RSUs, and the Participant shall lose the right to further participate in the
Program in this respect, including the right to be granted and to realize such RSUs. The Participant shall not be
entitled to any claims for payment, including any claims for damages, against the Company, its Subsidiary, their
shareholders or members of their governing bodies. However, if the vesting conditions for a given Participant
required only maintaining the status of an Employee and/or Contractor and/or Management Board member in the
Company and/or its Subsidiary for the period specified in the Participation Agreement and under the terms set out
in the Rules, excluding additional individual performance targets referred to in the Rules, and provided that no
Cause occurred, then as at the date of the Sale Transaction the Participant shall be granted such number of RSUs
as if the Sale Transaction had occurred after the expiry of the required minimum period of maintaining the status
of an Employee and/or Contractor and/or Management Board member in the Company and/or its Subsidiary. The
Participation Agreement may provide for different consequences of the occurrence of a Sale Transaction prior to
the fulfilment of the vesting conditions.
Assumptions adopted for the valuation of the Program
Employee services received in the form of share-based payments settled in cash are measured indirectly at the fair
value of the liability at the grant date. The initial measurement of the liability is based on the fair value of the
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 46
underlying instruments. The measurement of the liability reflects the extent to which the services have been
rendered.
The entity determines the fair value of a cash-settled liability taking into account only market conditions and non-
vesting conditions, which means that service conditions (vesting conditions) and non-market conditions affect the
measurement of the liability through adjustments to the number of rights to receive cash based on estimates of the
performance outcomes to be achieved.
At each reporting date, and ultimately at the settlement date, the fair value of the recognized liability is remeasured.
The remeasurement applies to the recognized portion of the liability up to the vesting date. The full amount is
remeasured from the vesting date until settlement. The cumulative net cost and the amounts recognized in profit
or loss 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 profit or loss (in the
appropriate cost line) 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 during the remeasurement period, a catch-up adjustment is recognized for prior periods so that the
liability recognized at each reporting date equals the total fair value of the liability.
As at 31 March 2026, the Group measured the RSU Units for which, based on the Group’s internal estimates,
vesting had occurred. The decision regarding 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 the events specified in the Rules giving Eligible
Persons the right to be granted and benefit from RSUs had not occurred.
The fair value of RSU Units as at the reporting date of 31 March 2026 was determined based on the market price
of DataWalk S.A. shares. In accordance with the assumptions set out in the Rules, the value of an RSU will be
determined based on the share price resulting from the Sale Transaction. RSU Units are granted without any
additional cost to Eligible Persons. RSU Units do not carry dividend rights; therefore, the expected dividend yield
is 0. There are no other market conditions in the valuation of RSU Units under the Program. In such circumstances,
the value of an RSU unit at a given reporting date should be equal to the fair value of the Company’s shares at that
date. However, the total cost of the Program should be determined at each reporting date taking into account other
non-market factors. The Company performed a sample valuation of RSU Units using the Black-Scholes model to
confirm the appropriateness of this approach, and the results of the valuation confirm that, under the above
assumptions, it is appropriate to measure RSU Units at the fair value of the shares.
The average annual forfeiture rate for RSU Units, based on expectations regarding, for example, the number of
employees and contractors leaving the Group before the vesting date, was assumed to be 0%. The Group
periodically reviews these estimates and updates them if significant deviations occur.
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 47
Recognition of the Program in the period from 1 January 2026 to 31 March 2026
The table below presents the number of RSU Units granted as at 31 March 2026, broken down by vesting
conditions and the degree of their fulfilment.
Vesting conditions
Rights
granted
(units)
Degree of
fulfilment
of vesting
conditions
Number of
rights
vested
(units)
Estimated
number of
rights
vested as at
the
reporting
date (units)
Rights in
the vesting
period
(units)
Vested rights
887,465
100%
887,465
0
0
Service through 30 June 2026
13,550
83%
0
11,265
2,285
Service through 31 December 2026
25,475
48%
0
12,235
13,240
Service through 30 June 2027
7,925
44%
0
3,490
4,435
Service through 31 December 2027
13,100
12%
0
1610
11,490
Service through 30 June 2028
1,000
25%
0
250
750
Service through 30 June 2029
1,000
19%
0
190
810
Total
949,515
97%
887,465
29,040
33,010
In accordance with IFRS 2, the Group updated the fair value of RSU Units as at the reporting date of 31 March
2026.
As a result, the Group identified the following events affecting the estimates:
• the fair value as at 31 March 2026 differed from the value determined as at the previous reporting date (the
difference resulting from changes in the Company’s share price),
• additional RSU Units were required to be measured and recognized for which the vesting conditions are
estimated to have been satisfied,
• events occurred that required the Program cost to be adjusted for RSU Units forfeited as a result of failure to
meet the vesting conditions.
The table below presents the items affecting the change in the liability and the Program cost recognized in the
consolidated financial statements.
Specification
Number
Weighted average
fair value (PLN)
Cost based on
weighted average
fair value (PLN
thousand)
Estimated number of rights vested as at
01.01.2026
908,295
103.10
93,645
Estimated number of rights vested as at
31.12.2025
908,295
37.90*
34,424
Estimated number of rights vested during the
period
8,210
141.00
1,158
Number of rights forfeited during the period
0
0.00
0
Estimated number of rights vested as at
31.03.2026
916,505
141.00
129,227
* Difference between the weighted average fair values of RSU Units as at 31 March 2026 and 31 December 2025.
There were no RSU Units that expired during the reporting period. Furthermore, there were no RSU Units
exercised, and as at 31 March 2026 there were no RSU Units exercisable.
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 48
The total cost of the Program recognized in the financial statements for the 3-month period ended 31 March 2026,
estimated based on vested rights, amounted to PLN 35,582 thousand.
The table below presents the recognition of Program costs in individual line items of the consolidated financial
statements, together with information on the involvement of individual companies of the Issuer’s Group in the
implementation of the Program.
Specification
Item
DataWalk
S.A.
DataWalk
Inc.
DataWalk
Group
Estimated number of rights
vested as at 31.03.2026 (units)
-
83,720
832,785
916,505
Income statement / Operating
expenses (PLN thousand)
Incentive program
3,274
32,308
35,582
Income statement (PLN
thousand)
Income tax
0
-6,785
-6,785
Fixed assets (PLN thousand)
Deferred tax assets
0
24,659
24,659
Equity (PLN thousand)
Impact on profit (loss) for the
current year, including:
-3,878
-25,523
-29,401
- Profit (loss) before income
taxes
-3,878
-32,308
-36,186
- Income tax
0
-6,785
-6,785
Equity (PLN thousand)
Impact on retained earnings,
including:
-8,530
-67,241
-75,771
- Profit (loss) before income
taxes
-8,530
-85,115
-93,645
- Income tax
0
-17,874
-17,874
Current liabilities (PLN
thousand)
Liabilities related to the
incentive program
11,805
117,423
129,227
The total carrying amount of the Group’s consolidated liabilities related to the Program as at 31 March 2026
amounted to PLN 129,227 PLN thousand.
As at the reporting date and as at the date the financial statements were authorized for issue, the Rights under the
Program were not exercisable, as no Sale Transaction had occurred. Furthermore, the Group’s Management had
not undertaken any actions and was not in possession of any information indicating a high probability of events
occurring that could result, within the next 12 months, in the conclusion of a Sale Transaction and thus the
commencement of the Program settlement process (cash settlement).
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 49
The table below presents the settlement of RSUs under the Program by their vesting status and their fair value as
at 31 March 2026.
Specification
Number of
units
% of the
Program
Fair value
(PLN)
Cost at fair
value (PLN
thousand)
Maximum number of units under the
Program, including:
980,000
100%
141.00
138,180
- RSU Units granted under the Participation
Agreements, comprising:
949,515
97%
141.00
133,882
- Tranche dated 01.04.2022
781,650
80%
141.00
110,213
- Tranche dated 01.07.2022
5,500
1%
141.00
776
- Tranche dated 01.01.2023
10,250
1%
141.00
1,445
- Tranche dated 01.05.2023
45,000
5%
141.00
6,345
- Tranche dated 01.07.2023
7,650
1%
141.00
1,079
- Tranche dated 01.01.2024
1,625
0%
141.00
229
- Tranche dated 01.02.2024
47,840
5%
141.00
6,745
- Tranche dated 01.07.2024
8,000
1%
141.00
1,128
- Tranche dated 15.01.2025
1,200
0%
141.00
169
- Tranche dated 01.07.2025
14,600
1%
141.00
2,059
- Tranche dated 01.01.2026
26,200
3%
141.00
3,694
- Maximum number of RSU Units to be
granted in future periods
30,485
3%
141.00
4,298
RSU Units granted under the
Participation Agreements, including:
949,515
97%
141.00
133,882
- Rights vested
887,465
91%
141.00
125,133
- Rights in the vesting period, including:
62,050
6%
141.00
8,749
a) for which the vesting conditions are
estimated to have been satisfied
29,040
3%
141.00
4,095
The number of forfeited rights from the inception of the Program to 31 March 2026 amounted to a total of 63,725
units, representing 7% of the maximum number of units under the Program.
As at the reporting date of 31 March 2026, the Incentive Program remains in progress.
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 50
Note 18 Trade payables
Trade payables
31.03.2026
31.12.2025
To other entities, including:
2 732
2 312
- invoiced liabilities
2 732
2 312
Total
2 732
2 312
Note 19.1 Other provisions (current)
Information on estimates
The Group estimates the value of its liabilities based on adopted assumptions and methodology, assessing the
probability of an outflow of financial resources embodying economic benefits from the Group. Liabilities are
recognized for amounts for which the probability and timing of settlement as at the reporting date are high.
Provisions for sales commissions are largely dependent on estimates of the sales revenues achieved by the Group.
Other provisions (current)
31.03.2026
31.12.2025
Provisions for retirement and similar benefits, including:
292
278
a) for unused vacation leave
292
278
Other provisions, including:
2,090
2,909
a) provision for the audit of the financial statements
157
151
b) provision for financial statements and accounting services
59
24
c) provision for sales commissions
1,227
1,462
d )provision for license fees
0
205
e) provision for bonuses
305
727
f) legal and advisory services
20
17
g) cloud services
110
52
h) other provisions
213
271
Total
2,382
3,188
Provision for sales commissions
Under this provision line item, the Group recognizes expected liabilities for commissions due to sales and
implementation service providers in connection with commercial processes carried out on behalf of the Group.
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 51
Note 19.2 Changes in other provisions (current)
Data for the period from 01.01.2026 to 31.03.2026
Specification
Carrying
amount as at
01.01.2026
Increases
Used
Reversal
Carrying
amount as
at 31.03.2026
Provisions for retirement and
similar benefits, including:
278
14
0
0
292
a) for unused vacation leave
278
14
0
0
292
Other provisions, including:
2,908
1,015
1,814
20
2,090
a) provision for the audit of the
financial statements
147
16
7
0
157
b) provision for financial
statements and accounting
services
24
61
26
0
59
c) provision for sales
commissions
1,462
197
422
10
1,227
d )provision for license fees
205
0
205
0
0
e) provision for bonuses
730
295
717
4
305
f) legal and advisory services
17
40
34
4
20
g) cloud services
52
132
74
0
110
h) other provisions
271
273
328
2
213
Total
3,188
1,028
1,814
20
2,382
Note 20.1 Sales revenue – by type
Information on estimates
The Company performs contracts under which certain performance obligations—particularly those related to
DataWalk software implementation—are measured based on the stage of completion. The measurement of such
contracts requires estimating the costs and revenues remaining to be incurred in order to determine the stage of
completion of work under a given contract. The stage of completion of a contract may be determined in two ways:
(a) based on documented progress of work under the contract (including acceptance protocols for successive
stages of work and records of time spent on the contract),
(b) where the stage of completion cannot be reliably measured, it may be assumed to be proportional to the costs
incurred during the period. The measurement and the resulting revenue recognition require, in each case, the
exercise of professional judgment and the use of appropriate estimates. The Company is not a party to agreements
under which it would act as a lessor.
Sales revenue
01.01.2026 - 31.03.2026
01.01.2025 - 31.03.2025
License sales
0
9,560
Technical support services sales
3,223
3,080
Professional services sales
803
813
Total
4,025
13,453
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 52
Note 20.2 Sales revenue – by geography
Sales revenue
01.01.2026 - 31.03.2026
01.01.2025 - 31.03.2025
Sales - Poland
1,473
1,616
Sales - North and South America
1,473
1,570
Other regions
1,080
10,266
Total
4,025
13,453
Note 20.3 Sales revenue – by customer groups
Sales revenue
01.01.2026 - 31.03.2026
01.01.2025 - 31.03.2025
Government sector, including:
1,717
1,839
- Law enforcement agencies (LEAs)
1,476
1,325
- Intelligence agencies
169
237
- Other government entities
72
277
Private sector, including:
2,309
11,614
- Banking
1,509
10,660
- Insurance
120
136
- Other
679
817
Total
4,025
13,453
Note 20.4 Sales revenue by recognition in the income statement
Sales revenue
01.01.2026 - 31.03.2026
01.01.2025 - 31.03.2025
Goods and services transferred at a point in time,
including:
0
9,560
- license sales
0
9,560
Goods and services transferred over time, including:
4,025
3,893
- technical support services sales
3,223
3,080
- professional services sales
803
813
Total
4,025
13,453
Remaining performance obligations
In line with the adopted growth strategy, the Group's contracts increasingly span multi-year periods. The aggregate
amount of the transaction price allocated to remaining performance obligations (RPO) reflects the scale of the
contracted, irrevocable backlog that has not yet been recognized in the statement of profit or loss. Accordingly,
the RPO value comprises both future revenues recognized in the statement of financial position as contract
liabilities and amounts awaiting invoicing in subsequent periods in accordance with contract schedules.
In accordance with the adopted accounting policy and taking into account the practical expedient provided in IFRS
15, the Group does not disclose information on the transaction price allocated to RPO for contracts with an original
expected duration of 12 months or less. The disclosure also excludes system maintenance agreements concluded
for an indefinite period which, due to the termination notice period being shorter than 12 months, do not constitute
an irrevocable long-term obligation.
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 53
As at 31 March 2026, the aggregate amount of the transaction price allocated to RPO amounted to PLN 13,973
thousand, compared to PLN 23,764 thousand as at 31 March 2025.
Value of remaining performance obligations from
which revenue will be recognized in subsequent years
31.03.2026
31.03.2025
Within 12 months from the reporting date
7,544
14,397
13 - 24 months from the reporting date
4,831
5,761
Over 24 months from the reporting date
1,598
3,606
Total
13,973
23,764
Note 21 Costs by nature
Costs by nature
01.01.2026 - 31.03.2026
01.01.2025 - 31.03.2025
Depreciation and amortisation
1,192
801
Costs of materials and energy
104
27
External services
9,301
5,943
Taxes and charges
65
30
Employee compensation, including:
40,643
4,244
- salaries and wages
4,457
3,271
- costs of the incentive program (cash-settled)
35,582
-409
- costs of the incentive program (equity-settled)
604
1,382
Social security and other benefits
1,173
862
Other costs by nature
675
291
Total costs by nature
53,153
12,197
Cost of sales
1,362
3,135
Sales and marketing
5,377
3,053
Research and development
7,441
2,396
General and administrative expenses
2,787
2,640
Incentive program
36,186
973
Total costs by function
53,153
12,197
Note 22 Other operating income
Other operating income
01.01.2026 - 31.03.2026
01.01.2025 - 31.03.2025
Gain on disposal of non-financial fixed assets
0
0
Other operating income, including:
70
111
- rental income
70
64
- compensation received
0
0
- other
0
46
Total
70
111
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 54
Nota 23 Other operating expenses
Other operating expenses
01.01.2026 - 31.03.2026
01.01.2025 - 31.03.2025
Loss on disposal of non-financial fixed assets
0
0
Impairment of non-financial fixed assets
0
1,190
Other operating expenses
85
1
- other
85
1
Total
85
1,191
During the 3-month period ended 31 March 2026, no indications were identified to conduct a new impairment test
for intangible assets, and consequently, no impairment losses were recognized, whereas in the comparative period,
the value of these losses amounted to PLN 1,190 thousand.
Note 24 Financial income
Financial income
01.01.2026 - 31.03.2026
01.01.2025 - 31.03.2025
Interest from other entities, including:
328
27
- interest on bank deposits and bank accounts
328
27
Discount on receivables
129
0
Foreign exchange differences
722
27
Total
1,179
27
In 2025, the Group completed a license sale for which the settlement schedule includes a deferred payment period
spanning several years. Consequently, in accordance with IFRS 15, a discount on receivables was determined
arising from a significant financing component. In this respect, during the 3-month period ended 31 March 2026,
the Group recognized finance income in the statement of profit or loss in the total amount of PLN 129 thousand.
Note 25 Financial costs
Financial costs
01.01.2026 - 31.03.2026
01.01.2025 - 31.03.2025
Interest from other entities, including:
4
51
- interest on lease liabilities
4
16
- other interest
0
35
Other, including:
0
343
- foreign exchange differences
0
343
Total
4
394
Note 26 Impairment tests of assets
Impairment of non-financial assets with respect to the cash-generating unit responsible for the development
of the DataWalk platform and the sale of DataWalk software licenses
The recoverable amount of the CGU determined as a result of the impairment test performed as at the reporting
date of 31 December 2025 confirmed the adequacy of historically recognized impairment losses and indicated that
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 55
the net carrying amount of these assets as at that date (PLN 15,784 thousand) did not exceed their recoverable
amount. Due to the fact that the revenue and cost growth dynamics achieved during the 3-month period ended 31
March 2026 did not deviate significantly from the assumptions adopted in the 2025 impairment test, the
Management Board concluded that there were no indications to perform a new test as at the reporting date of 31
March 2026.
In view of the above, during the 3-month period ended 31 March 2026, the Group recognized no new impairment
losses. The net carrying amount of the CGU as at 31 March 2026 further decreased to PLN 14,332 thousand, which
results from the cessation of capitalization of development costs as of 19 April 2025 and the recognition of current
amortization.
The recoverable amount of the CGU corresponds to its value in use.
Note 27 Off-balance sheet liabilities
Contingent liabilities, including guarantees and sureties (including promissory note guarantees) granted
by the Group
Off-balance sheet items include leases of low-value assets and security for the proper performance of project co-
financing agreements under Sub-measure 2.3.4. Protection of industrial property under the Smart Growth
Operational Program 2014–2020, co-financed by the European Regional Development Fund, concluded with the
Polish Agency for Enterprise Development.
As at the reporting date of 31 March 2026, DataWalk S.A. had four co-financing agreements, under which the
funds obtained were used to cover costs related to obtaining international protection of industrial property rights
(patents) for the Issuer’s inventions. The implementation period of the individual projects ended on 31 December
2023. In the event of termination of a given agreement, the Company is obliged to repay the full amount of the
funding received under that agreement, together with interest calculated at the rate applicable to tax arrears. In
connection with 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 completion date of the project. The total amount of funding received as at 31
March 2026 and 31 December 2025 amounted to PLN 603 thousand.
As at the date of approval of these financial statements for publication, no risks have been identified that could
result in the obligation to repay the funding received.
Note 28 Operating segment information
SEGMENT INFORMATION FOR REPORTING PURPOSES
The DataWalk Group operates in the global IT market in the area of data analytics (so-called Big Data), offering
companies and institutions a unique technology, confirmed by European and U.S. patents, in the form of the
DataWalk analytical platform, which it develops, enhances, sells and implements. The Group provides licenses
for its proprietary product in the enterprise IT sector, introducing agile methodologies into highly complex and
advanced analytical environments.
In accordance with IFRS 8, an operating segment is a distinguishable component of the Group for which separate
financial information is available and is regularly reviewed by the chief operating decision maker for the purposes
of resource allocation and performance assessment.
The DataWalk Group identifies the following operating segments:
• A segment comprising DataWalk S.A., generating revenue from the sale and implementation of the
platform, particularly in the EMEA region (Europe, the Middle East and Africa) and Asia, the results of
which are regularly reviewed by the Management Board of the Issuer as the chief operating decision
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 56
maker.
• A segment comprising DataWalk Inc., generating revenue from sales and implementation activities
related to the DataWalk platform, primarily in the United States and other countries of North and South
America, the results of which are regularly reviewed by the management of the entity as the chief
operating decision maker. The results of the subsidiary included in this segment are subject to periodic
review by the management of the subsidiary, as well as regular review by the Management Board of
DataWalk S.A.
During the reporting period, the Group did not make any changes to its organizational structure that would require
a change in the reporting segments.
Data for the period from 01.01.2026 to 31.03.2026
Specification
DataWalk S.A.
DataWalk Inc.
Eliminations
Total
Revenue from external customers
2,553
1,473
0
4,025
Intersegment transactions
999
0
-999
0
Total segment operating revenue
3,552
1,473
-999
4,025
Segment operating result
-13,863
-35,248
0
-49,111
Interest income*
457
0
0
457
Other finance income
722
0
0
722
Interest expenses**
4
0
0
4
Other finance costs
0
0
0
0
Significant non-cash items
5,069
32,276
0
37,345
- depreciation and amortisation
1,192
0
0
1,192
- costs of the incentive program
3,878
32,308
0
36,186
- impairment loss on assets
0
0
0
0
- expected credit loss (expense/reversal)
0
-32
0
-32
Income tax
0
-6,785
0
-6,785
Net profit (loss), including:
-12,687
-28,463
0
-41,151
- profit attributable to owners of the parent
company
-12,687
-28,463
0
-41,151
- profit attributable to non-controlling interests
0
0
0
0
Capital expenditures
0
0
0
0
* Interest income on bank deposits
** Interest expenses on loans, borrowings and leases
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 57
Data as at 31.03.2026
Specification
DataWalk S.A.
DataWalk Inc.
Eliminations
Total
Fixed assets, including:
21,062
24,659
0
45,721
- intangible assets
14,630
0
0
14,630
Current assets, including:
169,951
5,770
-5,820
169,901
- trade receivables
9,749
1,417
-3,925
7,241
- prepayments
776
2,327
-1,894
1,209
- cash
156,603
1,934
0
158,538
Long-term liabilities, including:
0
537
0
537
- loans and borrowings
0
537
0
537
- lease liabilities
0
0
0
0
Short-term liabilities, including:
27,357
124,506
-5,820
146,043
- loans and borrowings
0
33
0
33
- lease liabilities
320
0
0
320
- liabilities under the incentive program
11,805
117,423
0
129,227
- trade payables
3,251
3,401
-3,925
2,726
- contract liabilities
9,612
3,080
-1,894
10,798
Data for the period from 01.01.2025 to 31.03.2025
Specification
DataWalk S.A.
DataWalk Inc.
Eliminations
Total
Revenue from external customers
11,883
1,570
0
13,453
Intersegment transactions
4,399
0
-4,399
0
Total segment operating revenue
16,282
1,570
-4,399
13,453
Segment operating result
338
-411
0
-73
Interest income*
26
0
0
26
Other finance income
1
0
0
1
Interest expenses**
16
35
0
51
Other finance costs
343
0
0
343
Significant non-cash items
3,831
-505
0
3,326
- depreciation and amortisation
801
0
0
801
- costs of the incentive program
1,478
-505
0
973
- impairment loss on assets
1,190
0
0
1,190
- expected credit loss (expense/reversal)
362
-114
0
249
Income tax
0
106
0
106
Net profit (loss), including:
7
-551
0
-545
- profit attributable to owners of the parent
company
7
-551
0
-545
- profit attributable to non-controlling interests
0
0
0
0
Capital expenditures
1,868
0
0
1,868
* Interest income on bank deposits
** Interest expenses on loans, borrowings and leases
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 58
Data as at 31.03.2025
Specification
DataWalk S.A.
DataWalk Inc.
Eliminations
Total
Fixed assets, including:
20,010
9,623
0
29,634
- intangible assets
19,082
0
0
19,082
Current assets, including:
29,741
9,075
-9,987
28,829
- trade receivables
6,579
4,457
-6,763
4,273
- prepayments
423
3,553
-3,225
751
- cash
10,970
1,048
0
12,018
Long-term liabilities, including:
320
567
0
887
- loans and borrowings
0
567
0
567
- lease liabilities
320
0
0
320
Short-term liabilities, including:
15,372
56,938
-9,987
62,322
- loans and borrowings
0
34
0
34
- lease liabilities
415
0
0
415
- liabilities under the incentive program
4,224
45,826
0
50,050
- trade payables
2,820
6,077
-6,763
2,134
- contract liabilities
6,157
4,726
-3,225
7,658
GEOGRAPHICAL INFORMATION
The geographical breakdown of revenue from sales is presented based on the country of the customer making the
purchase:
GEOGRAPHICAL INFORMATION
01.01.2026 -
31.03.2026
01.01.2025 -
31.03.2025
Sales in Poland, including:
License sales
0
0
Technical support
1,473
1,616
Professional services
0
0
Total sales in Poland
1,473
1,616
Sales in North and South America, including:
License sales
0
0
Technical support
758
1,071
Professional services
715
499
Total sales in North and South America
1,473
1,570
Sales in other countries, including:
License sales
0
9,560
Technical support
993
706
Professional services
88
0
Total sales in other countries
1,080
10,266
Total revenue from sales
4,025
13,453
Condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 59
INFORMATION ON MAJOR CUSTOMERS
Data for the period from 01.01.2026 to 31.03.2026
For the 3-month period ended 31 March 2026, revenue from sales to four customers individually exceeded 10%
of the Group’s total sales, amounting to PLN 1,932 thousand in total. Revenue from sales to one customer was
allocated to the DataWalk Inc. segment, while revenue from the remaining three customers was allocated to the
DataWalk S.A. segment. No other formal relationships exist between the Group companies and these Customers,
other than those arising from commercial transactions.
Data for the period from 01.01.2025 to 31.03.2025
For the 3-month period ended 31 March 2025, revenue from sales to a single customer exceeded 10% of the
Group’s total sales individually, amounting to PLN 9,560 thousand, and was allocated to the DataWalk S.A.
segment. No other formal relationships exist between the Group companies and this Customer, other than those
arising from commercial transactions.
Note 29 Related party transactions
Data for the period from 01.01.2026 to 31.03.2026
• During the 3-month period ended 31 March 2026, DataWalk S.A. recognized revenue from sales to
DataWalk Inc. amounting to USD 315 thousand, which, when translated at the average exchange rate of
the National Bank of Poland announced on the day preceding the transaction date, amounted to PLN
1,197 thousand. The balance of mutual settlements in respect of the above as at the reporting date of
31 March 2026 amounted to USD 865 thousand, which, when translated at the exchange rate as at the
reporting date, amounted to PLN 3,237 thousand.
• During the 3-month period ended 31 March 2026, DataWalk S.A. purchased services from DataWalk Inc.
in the total amount of USD 118 thousand, which, when translated at the average exchange rate of the
National Bank of Poland announced on the day preceding the transaction date, amounted to PLN 440
thousand. The balance of mutual settlements in respect of the above as at the reporting date of 31 March
2026 amounted to USD 184 thousand, which, when translated at the exchange rate as at the reporting
date, amounted to PLN 688 thousand.
Transactions entered into by the Issuer with its subsidiary, DataWalk Inc., were conducted on arm’s length terms.
Data for the period from 01.01.2025 to 31.03.2025
• During the 3-month period ended 31 March 2025, DataWalk S.A. recognized revenue from sales to
DataWalk Inc. amounting to USD 1,149 thousand, which, when translated at the average exchange rate
of the National Bank of Poland announced on the day preceding the transaction date, amounted to PLN
4,655 thousand. The balance of mutual settlements in respect of the above as at the reporting date of
31 March 2025 amounted to USD 1,558 thousand, which, when translated at the exchange rate as at the
reporting date, amounted to PLN 6,021 thousand.
• During the 3-month period ended 31 March 2025, DataWalk S.A. purchased services from DataWalk Inc.
in the total amount of USD 92 thousand, which, when translated at the average exchange rate of the
National Bank of Poland announced on the day preceding the transaction date, amounted to PLN 366
thousand. The balance of mutual settlements in respect of the above as at the reporting date of 31 March
2025 amounted to USD 192 thousand, which, when translated at the exchange rate as at the reporting
date, amounted to PLN 742 thousand.
Transactions entered into by the Issuer with its subsidiary, DataWalk Inc., were conducted on arm’s length terms.
Additional information to the interim
condensed consolidated financial
statements of the DataWalk Capital
Group
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 61
Basic information
DataWalk Capital Group (“Group”, “DataWalk Group”), managed by DataWalk S.A. (“Company”, “Issuer”),
specializes in the development and delivery of the DataWalk analytical platform enabling the analysis of complex
relationships and patterns in large data sets. DataWalk Inc. also operates within the Group, focusing on sales and
implementations in North America.
The platform enables the transformation of distributed and silo data into a coherent analytical context that allows
users and AI systems to identify hidden dependencies and make decisions based on a better understanding of the
data. The platform uses a data ontology-based approach, which allows modelling of real relations between objects
and their analysis within the knowledge graph.
DataWalk is used by public and private institutions around the world, including crime detection, risk management,
operational optimization and strategic decision support.
The group focuses on serving large organizations, the so-called Enterprise Customers, in key markets: North
America, Western Europe, Central Europe and the Nordic countries. DataWalk actively participates in the rapidly
growing market for 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 platform enables
integration with language models (LLM), allowing the use of data context and knowledge graphs in analytical
processes.
General information on the Group
Description of the Issuer’s Group structure
As at 31 March 2026, the Group comprised DataWalk S.A. as the parent company and the following subsidiaries:
Entity
Registered
office address
Nature of operations
Percentage interest
held by the
Company
31.03.2026
Percentage interest
held by the Company
31.12.2025
DataWalk Inc.
Delaware
(USA)
Information technology
consulting activities
100%
100%
During the 3-month period ended 31 March 2026, there were no changes in the structure of the Group or in the name of
the parent entity or other identifying information.
Details of the Parent Entity
Name: DataWalk Spółka Akcyjna
Headquarters: ul. Rzeźnicza 32-33, Wrocław (Poland)
Registered office: ul. Rzeźnicza 32-33, Wrocław (Poland)
Principal place of business: ul. Rzeźnicza 32-33, Wrocław (Poland)
Principal activity:
Software development activities
Information technology consulting activities
Data processing activities
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 62
Registering authority: The Company is registered in the National Court Register maintained by the District Court
for Wrocław-Fabryczna in Wrocław, 6th Commercial Division of the National Court Register, under KRS number
0000405409.
REGON (statistical identification number): 021737247
NIP (Tax Identification Number) 894-303-43-18
Duration of the Company: Indefinite
DataWalk S.A. is incorporated for an indefinite period. The financial year of DataWalk S.A. is the calendar year.
The Company has no branches.
DataWalk Inc.
Basic information on the entity related by capital to the Issuer as at 31 March 2026.
Name: DataWalk Inc.
Registered office: 1209 Orange Street, Wilmington, Delaware 19801
Correspondence address: 2000 Broadway Street, STE 232 Redwood City, CA 94063
Principal activity: Information technology consulting activities
Duration of the Company: Indefinite
Method of consolidation: Full consolidation
DataWalk Inc. is a company incorporated under U.S. law with its registered office in Wilmington, Delaware, in
which the Issuer holds 100,00% of the share capital and voting rights at the stockholders’ meeting. In accordance
with the Articles of Association of DataWalk Inc., the board of directors manages the affairs of the company and
represents the company.
DataWalk Inc. is incorporated for an indefinite period. The financial year of DataWalk Inc. is the calendar year.
The financial data of DataWalk Inc. are consolidated using the full consolidation method and are included in the
consolidated financial statements of the DataWalk Group.
As at the date of authorisation for issue of these financial statements, there have been no changes in the structure
of the DataWalk Group.
As of the date this report was approved for publication, the structure of the DataWalk Group had not changed.
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 63
Basis of preparation of the financial statements
This consolidated financial statements have been prepared on the assumption that the DataWalk Group will
continue as a going concern for a period of not less than 12 months from 31 March 2026. As at the date of
authorisation for issue of these consolidated financial statements, no circumstances have been identified that would
indicate a threat to the Group’s ability to continue as a going concern. Cash resources at the Group’s disposal, as
well as the expected level of inflows and outflows included in the cash flow forecast, ensure the continued
implementation of the Group’s adopted strategy. The absence of material uncertainty in this regard results, in
particular, from the successful recapitalization of the Company in the amount of PLN 116 million under the series
T share issue conducted in the first quarter of 2026. At the same time, in order to meet capital requirements for the
continued dynamic development of the Group in the future, the Issuer may seek to raise additional funds through
further stock issues.
As at the date of authorisation for issue of these consolidated financial statements, the Management Board of the
Issuer has considered the impact of the armed conflict in Ukraine and the situation in the Middle East region on
the Group’s ability to continue as a going concern and has not identified any material 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 European Union (“EU IFRS”).
IFRS comprise standards and interpretations issued by the International Accounting Standards Board and the IFRS
Interpretations Committee (“IFRIC”).
As at the date of authorisation for issue of these financial statements, taking into account the ongoing process of
IFRS endorsement in the European Union and the nature of the Group’s operations, there are no differences
between the IFRS that have come into effect and the IFRS as adopted by the European Union in terms of the
accounting policies applied by the Group.
The scope of these interim condensed consolidated financial statements is consistent with the Regulation of the
Minister of Finance of 6 June 2025 on current and periodic information provided by issuers of securities and on
conditions for recognising as equivalent information required by the laws of a non-member state (Journal of Laws
of 2025, item 755) (the “Regulation”) and covers the annual reporting period from 1 January to 31 March 2026
and the comparative period from 1 January to 31 March 2025 for the statement of profit or loss and other
comprehensive income and the statement of cash flows, as well as the statement of financial position as at 31
March 2026 and comparative data as at 31 December 2025.
The subsidiary maintains its accounting records in accordance with accounting policies prescribed by local
regulations. The consolidated financial statements include adjustments not recorded in the accounting records of
the subsidiary, which have been made in order to bring its financial statements into conformity with IFRS.
The Management Board of the Company represents that, to the best of its knowledge, these consolidated financial
statements and the comparative data have been prepared in accordance with the accounting policies applicable to
the DataWalk Group and present a true and fair view of the financial position of the DataWalk Group as at 31
March 2026, as well as its financial performance and cash flows for the 3-month period ended 31 March 2026.
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 64
Impact of the geopolitical and macroeconomic situation (the war in Ukraine
and the situation in the Middle East)
At present, the Group has not identified any material adverse impact of the ongoing armed conflicts in Ukraine
and the Middle East region on its operations, financial results, or adopted assumptions. In the first quarter of 2026,
as in previous years, the Group did not sell DataWalk software to customers or partners in Russia, Belarus, or
Ukraine, nor to countries in the Middle East region involved in the conflict. The Group does not have a supply
chain that could potentially be exposed to the risk of disruption in connection with these events. Furthermore, the
Group does not have any investments or subsidiaries in the aforementioned regions. There are no employees within
the Group’s personnel for whom there would be a risk related to potential military mobilization.
Due to the dynamic geopolitical situation, however, it cannot be ruled out that the ongoing conflicts may have
a material indirect impact on the global economic situation. Therefore, the Management Board continuously
monitors available information and assesses the potential impact of macroeconomic factors on the Group’s ability
to implement its plans and its future cash flows, in order to mitigate potential risks as events unfold.
Functional and presentation currency
These consolidated financial statements are presented in Polish zloty (PLN), which is the functional currency of
the parent entity and the presentation currency of the DataWalk Group’s consolidated financial statements, and all
amounts, unless otherwise indicated, are expressed in thousands of PLN. Any differences of PLN 1 thousand in
totals result from rounding.
The functional currency of foreign subsidiaries is the currency of the country in which they operate. As at the
reporting date, the assets and liabilities of these foreign subsidiaries are translated into the Group’s presentation
currency at the exchange rate prevailing at the reporting date, and their statements of comprehensive income are
translated at the average exchange rate for the reporting period, calculated as the arithmetic mean of exchange
rates announced by the National Bank of Poland on the last day of each month of the given year. Exchange
differences arising from such translations are recognised in equity under “Exchange differences on translation”.
The following average NBP exchange rates were used for the measurement of balance sheet items denominated
in foreign currencies:
Statement of financial position
31.03.2026
31.12.2025
1 EUR
4,2894
4,2267
1 USD
3,7408
3,6016
1 GBP
4,9426
4,8399
Consolidated income statement with consolidated statement of
comprehensive income
01.01-31.03.2026
01.01-31.03.2025
1 EUR
4,2419
4,3042
1 USD
3,6197
3,9737
1 GBP
4,8764
5,0266
Transactions recognised in the statement of profit or loss and other comprehensive income are translated at the
exchange rate of the National Bank of Poland for the relevant currency prevailing on the day preceding the
transaction date.
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 65
Estimates and professional judgement
The preparation of consolidated financial statements in accordance with IFRS requires the use of estimates and
assumptions that affect the amounts presented in the consolidated financial statements. Although these
assumptions and estimates are based on the Group management’s best knowledge of current events and actions,
actual results may differ from those estimates.
During the 3-month period ended 31 March 2026, there were no other significant changes in the estimation
methods compared to those described in the Group’s consolidated financial statements for the year ended 31
December 2025.
Accounting policies adopted
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 as
approved by the European Union, under the IFRS Regulation (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.
The interim condensed consolidated financial statements do not include all information and disclosures required
in the annual financial statements and should be read in conjunction with the Group's consolidated financial
statements for the year ended 31 December 2025.
Changes in applied accounting principles
A description of the significant accounting policies applied by the Issuer is included in the financial statements for
the year ended 31 December 2025, which were published on 31 March 2026.
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 31 December 2025.
New standards, interpretations, and amendments to published standards
The Group has not opted for early adoption of any standard, interpretation or amendment that has been published
but has not yet become effective. The Group is analyzing how the introduction of these standards and
interpretations may affect the financial statements and the Group's accounting policies.
Information on the correction of prior period errors
During the reporting period, no events occurred that would require the correction of prior period errors.
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 66
Approval of the consolidated financial statements
These condensed interim consolidated financial statements of the DataWalk Group
for the 3-month period ended 31 March 2026 were approved for publication by the Company's Management Board
on 21 May 2026.
Operating segments
Information on operating segments is presented in Note 28 "Operating segment information" under "Selected notes
and explanatory notes to the interim condensed consolidated financial statements of the DataWalk Group" for the
3-month period ended 31 March 2026.
Explanatory note on the seasonality or cyclicality of operations
The Group does not observe any seasonality in its revenue. Variations in revenue between individual quarters of
reporting periods result from incidental factors affecting the timing of entering into contracts with customers and
the invoicing of revenue arising from those contracts. In the future, due to the nature of the industry, it cannot be
ruled out that the Group may generate higher revenue in the fourth quarter of the calendar year than in other
quarters.
Type and amounts of items affecting assets, liabilities, equity, net income or
cash flows that are unusual due to their nature, size or frequency
In the first quarter of 2026, the Company's Management Board, with the approval of the Supervisory Board,
conducted an investor capital raising process through the issuance of new series T shares with the exclusion of
pre-emptive rights for existing shareholders . As a result of the issuance, the Company raised capital to implement
its adopted development strategy in the total amount of PLN 116,250,000, which also significantly affected the
value of equity. Details regarding the aforementioned share issuance are presented in the section "Issuance,
redemption and repayment of non-equity and equity securities" below.
Furthermore, a significant factor affecting the Group's equity is the accounting for 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, the accounting treatment of which remains neutral
to equity, the valuation of the RSU-based portion of the program results in a reduction of equity, which amounted
to PLN 104,568 thousand as of 31 March 2026, compared to PLN 75,770 thousand as of 31 December 2025. These
amounts include the program's operating cost and the value of income tax (the effect of the incentive program
liability on the value of deferred tax assets).
Due to both the significance of this item in the Group's equity (in profit or loss items) and the total balance sheet
total, as well as the future and contingent nature of the liability resulting from the implementation of the incentive
program, the Management Board notes that the recognized costs are currently non-cash in nature and have no
impact on the current financial position of the Group and the Company.
Details concerning the RSU-based incentive program are presented in the Group's consolidated financial
statements in Note 17 "Incentive program liabilities".
During the period under review, there were no other significant items affecting assets, liabilities, equity, net income
or cash flows that were unusual due to their nature, value or frequency. In the opinion of the Management Board,
the geopolitical and macroeconomic situation (the war in Ukraine and the situation in the Middle East) did not
have a significant impact on the Group's financial result generated during the period. A broader description is
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 67
presented in the section "Impact of the geopolitical and macroeconomic situation (the war in Ukraine and the
situation in the Middle East)" above.
Information on write-downs of inventories to net realizable value and
reversal of such write-downs
As of the balance sheet date, the Group does not hold any inventories.
Information on recognition of impairment loss on financial assets, property,
plant and equipment, intangible assets or other assets and reversal of such
loss
Details of the write-downs are presented in Note 26 " Impairment tests of assets", Note 6.2 " Expected credit loss
allowances for trade receivables", and Note 5 " Contract assets and contract liabilities " under "Selected notes and
explanations to the interim condensed consolidated financial statements of the DataWalk Group" for the 3-month
period ended 31 March 2026.
Information on creation, increase, use and reversal of provisions
Information on provisions is presented in Note 19 "Other provisions (current)" under "Selected notes and
explanations to the interim condensed consolidated financial statements of the DataWalk Group" for the 3-month
period ended 31 March 2026.
Information on deferred tax liabilities and assets
Information regarding deferred tax assets and liabilities is presented in Note 4 "Deferred tax assets and liabilities"
under "Selected notes and explanatory notes to the interim condensed consolidated financial statements of the
DataWalk Group" for the 3-month period ended 31 March 2026.
Issuance, redemption and repayment of non-equity and equity securities
In February 2026, the Company's Management Board, with the approval of the Supervisory Board, carried out a
process of raising investor capital through the issuance of new series T shares with the exclusion of pre-emptive
rights for existing shareholders, which the Issuer announced within the framework of ESPI current reports.
Key parameters and status of the issuance:
• Issue size: 750,000 series T shares with a nominal value of PLN 0.10 each.
• Issue price: PLN 155.00 per share.
• Gross proceeds: The Company raised capital in the total amount of PLN 116,250,000.00.
• Legal status: On 18 March 2026, the District Court for Wrocław-Fabryczna in Wrocław registered the
increase of the Company’s share capital in the National Court Register (KRS).
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 68
• Admission to trading: The Issuer has taken the legally required actions aimed at registering the series T
shares with the National Securities Depository (KDPW) and introducing them to trading on the regulated
market of the Warsaw Stock Exchange (WSE).
In the Management Board's assessment, raising funds in the amount of PLN 116 million, combined with available
working capital and a systematic improvement in operational efficiency, provides the Company and the Capital
Group with a stable financial foundation for the implementation of the Group's adopted development strategy.
During the first 3 months of 2026, there were no issues, redemptions or repayments of non-equity and equity
securities other than those mentioned above.
Information on events subsequent to the end of the interim period that have
not been included in the financial statements for the interim period
There were no significant events after the end of the interim period that were not included in the financial
statements for the period.
Information on dividends paid (in total or per share), broken down by
common shares and other shares
During the 3-month period ended 31 March 2026 and until the date of approval for publication of these financial
statements, no dividends or dividend advances were paid or declared.
In the case of financial instruments measured at fair value - information on
change in the manner (method) of its determination
Changes did not occur.
Information on transfers between levels of the fair value hierarchy, which is
used for the purpose of measuring the fair value of financial instruments
Did not occur.
Changes in the classification of financial instruments as a result of changes
in the purpose or use of these assets
There was no change in the purpose or use of financial assets during the 3-month period ended 31 March 2026,
and therefore no changes in their classification.
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 69
Information on changes in business conditions and economic circumstances
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 would like to inform you that the business conditions and the economic situation of the Group and its
environment, as well as the growth rate of revenues and costs achieved in the first quarter of 2026 did not differ
materially from the assumptions made in the Group's strategy and in the 2025 impairment test. Accordingly, the
Management Board concluded that there was no reason to perform the impairment test again as of the balance
sheet date of 31 March 2026.
In 2026, the armed conflicts in Ukraine and the Middle East did not have a direct, negative impact on the Group's
operations, financial results, or adopted assumptions. The Management Board continuously monitors various
indirect risks. The war in Ukraine escalates the global risk of cyberattacks and drives shifts in state budgets
(reallocating funds to defense at the expense of other areas), which may impact sales opportunities in the public
sector. The situation in the Middle East, in turn, remains a source of general, global macroeconomic uncertainty.
To date, however, neither of these events has disrupted the execution of the Group's financial plans.
Information on significant acquisitions and sales of property, plant and
equipment
There were no significant acquisitions and sales of property, plant and equipment during the 3-month period ended
31 March 2026.
Information on commitments made for the purchase of property, plant and
equipment
During the 3-month period ended 31 March 2026, there were no material events relating to the purchase of
property, plant and equipment having the nature of a material commitment.
Information on litigation settlements
During the 3-month period ended 31 March 2026 there were no material settlements for litigation.
Information on outstanding loans or breaches of loan agreements for which
no corrective action had been taken by the end of the reporting period
During the reporting period, there were no defaults in the repayment of principal or interest on loans and
borrowings, nor were there any violations of other terms and conditions of loan agreements entitling the lender or
borrower to demand early repayment of the loan or borrowings.
Detailed information on borrowings is presented in Note 16 "Loans and borrowings (non-current and current)"
under "Selected notes and explanations to the interim condensed consolidated financial statements of the DataWalk
Group" for the 3-month period ended 31 March 2026.
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 70
Information on changes in contingent liabilities and contingent assets that
have occurred since the end of the last fiscal year
For a description of contingent liabilities, see Note 27, "Off-balance sheet liabilities," under "Selected notes and
explanations to the interim condensed consolidated financial statements of the DataWalk Group" for the 3-month
period ended 31 March 2026.
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 71
Commentary and other information
additional to the quarterly report
DataWalk Capital Group
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 72
Commentary and other additional information to the quarterly report of the DataWalk Capital Group
Summary and analysis of the DataWalk Capital Group's results for the
period from 1 January to 31 March 2026.
In the case of the data presented, any differences of PLN 1 thousand or 1% when adding up are due to the rounding
adopted.
Overview of operating results
In addition to the metrics presented in the consolidated financial statements, we use several key Non-IFRS business
metrics. They assist us in evaluating our operations, identifying trends affecting our business, developing business
plans, and making strategic decisions.
Table 1a. Selected consolidated financial data for the first quarter of 2026 and the comparative period (in PLN
thousand).
Item
01.01.2026 -
31.03.2026
01.01.2025 -
31.03.2025
Change
Change
%
Sales revenue
4,025
13,453
-9,427
-70%
Cost of sales
1,362
3,135
-1,773
-57%
Gross profit (loss)
2,664
10,318
-7,654
-74%
Operating expenses
51,775
10,391
41,384
398%
Adjusted operating expenses*
15,621
7,980
7,642
96%
Operating profit (loss)
-49,111
-73
-49,038
67175%
Adjusted operating profit (loss)**
-12,957
2,338
-15,296
-654%
Adjusted EBITDA***
-11,766
3,139
-14,905
-475%
CFO
-14,136
-2,850
-11,286
396%
CAPEX
0
-1,868
1,868
-100%
FCF
-14,136
-4,718
-9,418
200%
Cash and cash equivalents
158,538
12,018
146,520
1219%
Trade receivables (current)
7,241
4,273
2,968
69%
Liquid financial assets
0
0
0
-%
Total - Liquid capital resources
165,778
16,291
149,487
918%
Adjusted Runway (in months)****
35
10
25
240%
Source: Issuer.
Reconciliation of Non-IFRS business metrics
The Group uses alternative performance measures (Non-IFRS metrics), such as:
* Adjusted operating expenses = operating expenses adjusted for the estimated costs related to the incentive program payable in the
Company's own shares (cash-settled and equity-settled transactions) as well as costs resulting from asset impairment charges and the
estimated expected credit losses,
** Adjusted operating profit (loss) = Sales revenue - Cost of sales - Adjusted operating expenses,
*** Adjusted EBITDA = Adjusted operating profit (loss) plus depreciation and amortisation,
CFO = Net cash flows from operating activities,
CAPEX = expenditures on the acquisition of property, plant and equipment + expenditures on the acquisition of intangible assets +
expenditures on ongoing development work,
FCF = CFO - |CAPEX|,
**** Adjusted Runway = Liquid capital resources / average monthly FCF.
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 73
Share-based payment expenses - as a non-cash item - are excluded from the calculation of these metrics because,
in the Management Board's assessment, this provides significant, supplementary information on operating
efficiency. It also allows investors and other stakeholders to understand and evaluate operating results in the same
manner as analyzed by the Group's management.
Additionally, asset impairment charges and estimated expected credit losses are excluded from the metrics - also
due to their non-cash nature - along with operating costs capitalized during the period.
The definitions used by the Group may differ from concepts used by other entities, which may limit their
comparability. Other companies may also not publish such metrics. Furthermore, these measures have certain
limitations as they do not reflect the impact of certain costs recognized in the consolidated statement of profit or
loss.
Therefore, the Non-IFRS metrics presented by us should be treated as supplementary information, and not as a
substitute or alternative to measures calculated in accordance with IFRS. The Group compensates for these
limitations by presenting a reconciliation of the said Non-IFRS metrics with the most comparable reporting
measures compliant with IFRS. We encourage investors and other recipients of this report to comprehensively
analyze the Group's business position, operating results, and financial data, including not relying on individual
financial metrics and interpreting Non-IFRS measures in conjunction with directly comparable financial
information prepared in accordance with IFRS.
Table 1b. Selected consolidated financial data for the first quarter of 2026 and the comparative period (in PLN
thousand).
Pozycja
01.01.2026 -
31.03.2026
01.01.2025 -
31.03.2025
Zmiana
Zmiana %
Operating expenses
51,775
10,391
41,384
398%
(-) incentive program costs
36,186
973
35,213
3619%
(-) impairment losses on assets
-32
1,438
-1,470
-102%
Adjusted operating expenses*
15,621
7,980
7,642
96%
Operating profit (loss)
-49,111
-73
-49,038
67175%
(+) incentive program costs
36,186
973
35,213
3619%
(+) impairment losses on assets
-32
1,438
-1,470
-102%
Adjusted operating profit (loss)**
-12,957
2,338
-15,296
-654%
(+) depreciation and amortisation
1,192
801
391
49%
Adjusted EBITDA***
-11,766
3,139
-14,905
-475%
Source: Issuer.
Consolidated adjusted EBITDA for the first quarter of 2026 amounted to PLN -11,766 thousand, compared to PLN
3,139 thousand in the comparative period . This change was primarily driven by:
• a decrease in sales revenue by PLN 9,427 thousand,
• an increase in adjusted operating expenses by PLN 7,642 thousand, including a PLN 1,868 thousand
increase in costs due to the completion of development work (cessation of capitalization).
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 74
Gross margin on sales
In the first quarter of 2026, the gross margin on sales stood at 66%. A key factor that contributed to the decrease
in profitability during the reporting period was the lack of license sales during the reporting period, which led to a
shift in the product mix and caused the revenue structure by product to deviate from the optimal distribution in the
COTS (Commercial Off-The-Shelf) model, i.e., where license sales account for approximately 70% of total
revenue.
Table 2. Total gross margin on sales in the first quarter of 2026 and in the comparable period (in PLN thousand).
01.01.2026 - 31.03.2026
Licenses
Maintenance
Professional
services
Total
Sales revenue
0
3,223
803
4,025
Cost of sales
133
787
442
1,362
Gross profit (loss)
-133
2,436
361
2,664
Gross margin on sales
-
76%
45%
66%
01.01.2025 - 31.03.2025
Licenses
Maintenance
Professional
services
Total
Sales revenue
9,560
3,080
813
13,453
Cost of sales
249
1,360
1,526
3,135
Gross profit (loss)
9,311
1,720
-713
10,318
Gross margin on sales
97%
56%
-88%
77%
Source: Issuer.
Source: Issuer.
Gross margin by revenue stream
➢ Gross margin on license sales
Sales of DataWalk licenses do not involve significant unit costs of production or delivery to the customer, as they
are the result of completed research and development. The unit cost of sales is marginal, as the intellectual property
rights to the DataWalk software belong to the Group, and the number of licenses that can be granted is virtually
unlimited. Consequently, the main items of the cost of sales for licenses include exclusively the costs of purchasing
external licenses used as components of the DataWalk system.
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 75
Table 3. Gross margin on license sales in the reporting and comparable period (in PLN thousand).
Item
01.01.2026 -
31.03.2026
01.01.2025 -
31.03.2025
Change
License revenue
0
9,560
-9,560
Cost of sales - license
133
249
-116
Gross profit (loss)
-133
9,311
-9,444
Gross margin on license sales
-
97%
Source: Issuer.
In the first quarter of 2026, the Group did not recognize revenue from license sales, as no contracts from the
ongoing commercial processes were finalized during the reporting period . On the other hand, the high margin in
the comparative period was the result of license sales to Rabobank and to a federal security agency in an EU
member state.
➢ Gross margin on technical support services (maintenance) sales
In the period under review, the gross margin on the sale of technical support services stood at 76%, representing a
noticeable improvement compared to the comparative period. The increase in margin by PLN 716 thousand is
mainly due to a decrease in the costs of providing these services by PLN 573 thousand, i.e., by 42% compared to
the first quarter of 2025.
Table 4. Gross margin from sales of technical support services in the reporting and comparable period (in PLN
thousand).
Item
01.01.2026 -
31.03.2026
01.01.2025 -
31.03.2025
Change
Change %
Technical support services revenue
3,223
3,080
143
5%
Cost of sales - technical support services
787
1,360
-573
-42%
Gross profit (loss)
2,436
1,720
716
42%
Gross margin on technical support services
sales
76%
56%
Source: the Issuer.
The change in technical support services revenue in the first quarter of 2026 by PLN 143 thousand compared to
the comparative period results from:
• a PLN 425 thousand increase from newly acquired customers, which is a direct result of the shift in sales
strategy and the new pricing policy,
• a PLN 164 thousand net decrease in revenue from the existing customer portfolio (Net Retention), driven
by a loss of contracts valued at PLN 433 thousand, offset by a PLN 269 thousand increase in revenue
from continued agreements (primarily due to price indexation applied upon renewals),
• a negative foreign exchange impact of PLN 118 thousand resulting from the strengthening of the PLN
against the USD compared to the corresponding period of the previous year.
The decrease in technical support service costs by PLN 573 thousand compared to the first quarter of 2025 was
driven primarily by the allocation of lower Field Engineering team costs to this area, which supports the Support
department with specialized technical expertise when actions beyond the standard scope of such services are
required (PLN 263 thousand). The remaining change resulted from the optimization of the Support department's
operational costs (PLN 275 thousand).
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 76
Table 5. Comparison of the value of the Group's technical support services revenue, as well as the number of
customers in the first quarter of 2026 against the comparative period.
Item
01.01.2025 -
31.03.2025
Foreign
exchange
differences
Departures
***
Acquired**
Retained*
01.01.2026 -
31.03.2026
Technical support
services revenue (in
PLN thousand)
3,080
-118
-433
425
269
3,223
Number of
clients/projects
31
-
-8
1
23
24
Source: Issuer.
* Retained - difference in maintenance revenue including customers who generated revenue for the Group both in the period covered by the
report and in the comparative period.
** Acquired - customers who generated revenue in the period covered by the report, but did not affect the value of revenue in the comparative
period.
*** Departures - customers who generated revenue in the comparative period, but did not affect the value of revenue in the reporting period
due to non-renewal of maintenance services.
The number of customers using maintenance services in the first quarter of 2026 was 24, which represents a net
decrease of 7 customers, or 23%, compared to the comparative period. Nevertheless, despite the decline in the
number of customers, the Group recorded an increase in revenue from the sale of technical support services, driven
by a 59% growth in average technical support revenue per customer to PLN 552 thousand on a trailing twelve-
month (TTM) basis. This confirms the effectiveness of the Group's strategy, particularly its focus on a smaller
number of large customers.
Table 6. average TTM technical support services revenue per customer in the reporting and comparable periods.
(including exchange rate differences).
Item
01.04.2025-
31.03.2026
01.04.2024-
31.03.2025
Technical support services revenue in TTM (in PLN thousand)*
13,247
10,739
Number of customers/projects for which technical support services are
provided
24
31
Average revenue per customer (in PLN thousand)
552
346
Source: Issuer.
* Average revenue from maintenance services on a TTM basis = total revenue from maintenance for the last four quarters / number of
clients/projects for which this service is provided at the end of the reporting period.
➢ Gross margin on professional services sales
In the first quarter of 2026, gross profit on the sale of professional services amounted to PLN 361 thousand. As a
result, the Group reported a gross margin of 45% in this business area, which stems from disproportionate
dynamics between revenue and the costs of its generation. Professional services revenue was at a level comparable
to the comparative period. In turn, the key factors that affected the margin increase from the cost of sales side
were:
• the recognition in the period's expenses of PLN 684 thousand lower costs related to the execution of
projects generating relatively low revenue (e.g., POC), or related to the continuation of projects for which
revenue was recognized in prior periods,
• a reduction in the costs of implementation projects by PLN 405 thousand (i.e., by 49%), resulting from
the update of the salary level and structure of the Field Engineering team.
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 77
Table 7. shows the gross margin on sales of professional services in the reporting and comparable period.
Item
01.01.2026 -
31.03.2026
01.01.2025 -
31.03.2025
Change
Change %
Professional services revenue
803
813
-10
-1%
Cost of sales - professional services
442
1,526
-1,084
-71%
Gross profit (loss)
361
-713
1,074
-151%
Gross margin on professional services
45%
-88%
Source: Issuer.
In the COTS (Commercial Off-the-Shelf) business model, sales of services are complementary, generating a
relatively small portion of the Group's revenue. However, these services play an important role in ensuring the
proper implementation and operation of the product at the customer's site, which consequently supports the
strategic goal of maximizing revenues from the two key business areas. The Group's key business areas are based
on high-margin licenses and maintenance services, which are key sources of value and competitive advantage.
The Group's operating strategy is based on working with independent customers who do not require a significant
service component at both the implementation and maintenance stages. In cases where the need for services does
arise, the fulfillment of this need will be done primarily through the partner network rather than through the Group's
internal resources.
As customers become more independent and the network of partners specializing in implementation and post-
implementation services grows (including for customers who prefer to outsource specialists or hire employees),
the share of revenue from service sales and their importance in the Group's financial result will gradually decline.
The Group's goal is to gradually transfer responsibility for professional services to partners, which will allow it to
further focus resources and investments on development and license sales.
Operating costs
Table 8. Operating expenses in the first quarter of 2026 and the comparable period (in PLN thousand).
Item
01.01.2026 -
31.03.2026
01.01.2025 -
31.03.2025
Change
Change %
Sales and marketing
5,377
3,053
2,324
76%
Research and development
7,441
2,396
5,046
211%
Administration and general expenses
2,787
2,640
147
6%
Incentive program
36,186
973
35,213
3619%
Other operating expenses (income), net
-16
1,329
-1,345
-101%
Total
51,775
10,391
41,384
398%
Source: Issuer.
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 78
➢ Sales and marketing costs
Source: Issuer.
These costs include the direct expenses of the sales and marketing departments (including sales commissions), as
well as the cost of pre-sales activities performed by an internal team of implementation engineers (Field
Engineering). For this reason, their amount can fluctuate significantly from quarter to quarter, depending on the
number and scale of pre-sales activities (e.g., workshops and customer presentations) that require technical
support.
The increase in sales and marketing costs by PLN 2,324 thousand compared to the first quarter of 2025 was driven
primarily by:
• an increase in the size of the teams, as well as the adjustment of wages and service prices to market
conditions and investment plans related to the implementation of the go-to-market strategy (PLN 1,968
thousand),
• the allocation of higher Field Engineering team costs to this area, resulting from a deliberate increase in
the involvement of this department's resources in pre-sales activities, including, among others, the
execution of pilot projects (POC) or supporting commercial processes with specialized technical
knowledge (PLN 282 thousand).
In subsequent periods, the Group plans to significantly increase investments in the sales and marketing area. These
investments are key to sustaining stable and dynamic revenue growth in the future.
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 79
➢ Research and development
Source: Issuer.
The Group classifies as research and development costs the direct costs of the R&D department and a portion of
the professional services department's costs allocated to software development. An important category of R&D
costs is also depreciation and amortisation, including, in particular, the DataWalk software arising from completed
development work.
In the first quarter of 2026, the value of the Group's operating costs related to research and development (R&D)
increased by PLN 5,046 thousand compared to the comparative period.
A key factor influencing this increase was the changes in the accounting approach to the capitalization of
development work and changes to the amortisation period, which the Group implemented in April 2025 as a result
of launching the DataWalk software version 5.0.0. In accordance with the requirements of International
Accounting Standard No. 38 (IAS 38), the moment of commercialization of the new product version marked the
boundary for the capitalization of development work costs. Consequently, the Group adopted the policy that any
further expenditures related to the development of the DataWalk Platform, i.e., those subsequent to April 2025,
are recognized directly as expenses for the period. This change caused an increase in operating R&D costs by PLN
1,868 thousand compared to the comparative period.
Concurrently, in response to dynamic changes in the technological and market environment, the Management
Board made a strategic decision to align the economic useful life of the software with market realities. Shortening
the amortisation period of the DataWalk Platform from 5 to 3 years was reflected in an increase in depreciation
and amortisation expenses by PLN 422 thousand compared to the comparative period.
The dynamics of operating R&D costs were also significantly impacted by expenditures on human capital and the
optimization of internal processes. In the first quarter of 2026, the Group allocated Field Engineering team costs
at the level of PLN 2,069 thousand to this area, i.e., PLN 2,036 thousand higher than in the comparative period.
This increase resulted from the completed update of the salary level and structure, as well as from a deliberate
increase in the commitment of this department's resources to development-oriented tasks. These activities focused
on building added value for the organization by increasing the efficiency of implementation projects and providing
direct support for product development.
All the aforementioned events, although they affected the growth of operating costs in the reported period,
constitute the foundation for further business scaling and maintaining the Group's technological advantage in the
global market.
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 80
➢ Administration and general expenses
Source: Issuer.
The Group's general and administrative (G&A) expenses increased by PLN 147 thousand (i.e., by 6%) in the first
quarter of 2026 compared to the comparative period. This increase in G&A expenses is attributable to a growth in
current operating expenses, which was driven, among other things, by the inflation factor.
➢ Incentive program
The total cost of incentive programs recognized in operating expenses in the period under review amounted to
PLN 36,186 thousand, compared to PLN 973 thousand in the first quarter of 2025. This difference comprises:
• a decrease in the cost of the program based on the Company's shares: from PLN 1,382 thousand in the
first quarter of 2025 to PLN 604 thousand in the reporting period,
• an increase in the cost of the RSU-based program: from PLN -409 thousand in the first quarter of 2025
to PLN 35,582 thousand in the reporting period.
The greatest impact on the significant change in the cost of the RSU-based program was the revaluation of RSUs
carried out in accordance with IFRS 2 as of the reporting date of 31 March 2026 in the amount of PLN 34,424
thousand, while in the comparative period the value of the revaluation amounted to PLN -446 thousand. As a
result, the resulting difference in the cost of the RSU revaluation, amounting to PLN 34,870 thousand, accounts
for 99% of the change in the total cost of incentive programs and is the main factor explaining the change in
operating expenses.
Details concerning the incentive programs in operation within the Group are presented in Notes 14 and 17 to the
consolidated financial statements. The change in the value of incentive program costs in the amount of PLN 35,213
thousand was explained when discussing the Group's EBITDA result above.
The valuation of incentive program costs, based on IFRS 2, is characterized by high variability between quarters,
which is particularly evident in the case of the RSU-based program costs. Therefore, directly relating these costs
to the Group's total revenue on a quarterly basis may lead to inadequate conclusions.
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 81
Other operating expenses (income), net
Table 9. Operating expenses and operating income in the first quarter of 2026 and the comparable period (in
thousands of PLN).
Item
01.01.2026 -
31.03.2026
01.01.2025 -
31.03.2025
Change
Other operating income
70
111
-37%
Other operating expenses, including:
85
1,191
-93%
- impairment losses on intangible assets
0
1,190
-100%
Loss (gain) on expected credit losses
-32
249
-
Other operating expenses (income), net
-16
1,329
-
Source: Issuer.
* Other operating expenses (income), net = other operating expenses + loss (gain) on expected credit losses - other operating income.
The main factor influencing the change in the Group's net other operating expenses was a decrease in impairment
charges on intangible assets by PLN 1,190 thousand, due to the lower net carrying amount of these assets subjected
to impairment testing.
DataWalk Group's cash flow
Table 10. Selected items from the cash flow statement in the first quarter of 2026 and the comparable period (in
PLN thousand).
Item
01.01.2026 –
31.03.2026
01.01.2025 -
31.03.2025
Change
Change %
CFO
-14,136
-2,850
-11,286
396%
CFI, including:
18,309
-1,507
19,816
-1315%
- CAPEX
0
-1,868
1,868
-100%
CFF
115,201
-134
115,335
-86148%
Change in cash for the period of 3 months
period
119,375
-4,491
123,866
-2758%
FCF
-14,136
-4,718
-9,418
200%
Source: Issuer.
CFO = net cash flow from operating activities,
CFI = net cash flow from investing activities,
CAPEX = expenses for acquisition of property, plant and equipment + expenses for acquisition of intangible assets + expenses for ongoing
development work,
CFF = net cash from financing activities,
FCF = CFO - |CAPEX|.
Table 11. Reconciliation of Adjusted EBITDA to FCF in the first quarter of 2026 (in PLN thousand).
Adjusted EBITDA***
-11,766
Change in contract assets and liabilities
-1,965
Change in receivables
-1,166
Change in liabilities excluding loans and borrowings
138
Other
622
FCF
-14,136
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 82
Net cash flows from operating activities after taking into account CAPEX, the so-called Free Cash Flow (FCF), in
the first quarter of 2026 amounted to PLN -14,136 thousand or PLN -4,712 thousand on an average monthly basis
over the 3-month period from 1 January 2026 to 31 March 2026.
As of 31 March 2026, despite negative net cash flows from operating activities and negative FCF, the Group
maintained a satisfactory liquidity position, which enables the Management Board to continue the adopted growth
strategy and prepare for the phase of scaling up operating activities.
The total value of liquid capital resources at the end of the reporting period amounted to PLN 165,778 thousand.
Liquid capital resources include cash and cash equivalents, short-term trade receivables, and liquid financial assets
(up to 12 months).
Based on the above data, the liquidity horizon - which the Group refers to as the Adjusted Runway - stands at 35
months.
Net cash flows from investing activities (CFI) of the Group in the first quarter of 2026 stood at PLN 18,309
thousand, which was particularly impacted by:
i) the recognition of cash inflows in the amount of PLN 18,090 thousand resulting from the reclassification
of bank deposits to cash and cash equivalents, as their maturity as of the reporting date was less than 3
months,
ii) the recognition of interest income on bank deposits in the total amount of PLN 219 thousand.
Net cash flows from financing activities (CFF) of the Group in the first quarter of 2026 amounted to PLN 115,201
thousand, driven by:
i) net cash inflows in the total amount of PLN 115,319 thousand from the issuance of new series T shares,
and
ii) the repayment of lease liabilities incurred by the Issuer in the amount of PLN 115 thousand.
DataWalk Group balance sheet
Table 12. Selected asset items as of 31 March 2026 and the end of December 2025 (in thousands of PLN).
Assets
31.03.2026
31.12.2025
Change
Intangible assets
14,630
15,696
-7%
Right-of-use assets
208
320
-35%
Contract assets
889
625
42%
Long-term receivables
6,044
5,889
3%
Trade receivables
7,241
7,748
-7%
Other short-term receivables
2,025
507
299%
Short-term financial assets
0
18,117
-100%
Cash and cash equivalents
158,538
39,623
300%
Deferred income tax assets
24,659
17,874
38%
Other assets
1,389
1,373
1%
Total assets
215,622
107,773
100%
Source: the Issuer.
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 83
Table 13. Selected items of liabilities as of 31 March 2026 and the end of December 2025 (in thousands of PLN).
Liabilities
31.03.2026
31.12.2025
Change
Equity
69,042
-5,683
-1315%
Incentive program liabilities
129,227
93,645
38%
Trade payables
2,732
2,312
18%
Loans and borrowings
569
551
3%
Lease liabilities
320
427
-25%
Contract liabilities
10,798
12,500
-14%
Other liabilities
2,934
4,020
-27%
Total liabilities
215,622
107,773
100%
Source: Issuer.
Management notes that a significant factor affecting the Group's equity is the accounting for the incentive program
based on Restricted Stock Units (RSUs), recognized in accordance with the requirements of IFRS 2 "Share-based
Payment."
Unlike the Company's share-settled incentive program, whose accounting treatment remains neutral to equity, the
valuation of the RSU-based portion of the program results in a reduction of equity. Under IFRS 2, the value of
RSUs is subject to revaluation at each balance sheet date, and their valuation is directly correlated with the price
of DataWalk S.A. shares. As a result, the program's impact on equity and liabilities, both at the individual and
consolidated levels, will continue to change until the performance conditions of the granted units are met.
With the above in mind, the Management Board - in order to ensure comparability of data and presentation of
equity in terms cleared of the RSU valuation effect - also presents equity ratios adjusted for the impact of this
program.
Table 14 Equity adjusted for the impact of the RSU-based incentive program as of 31 March 2026 and the end of
December 2025 (in thousands).
Item
31.03.2026
31.12.2025
Change
Equity
69,042
-5,683
-1315%
Liabilities under the incentive program (+)
129,227
93,645
38%
Deferred income tax assets related to RSUs (-)
24,659
17,874
38%
Equity adjusted for impact of RSU-based incentive
program
173,611
70,089
148%
Source: Issuer.
Both due to the materiality of this item in the Group's equity (in profit and loss items), the total balance sheet, as
well as due to the future and contingent nature of the liability resulting from the implementation of the implemented
incentive program, the Management Board notes that the recognized costs are currently non-cash in nature and
have no impact on the current financial position of the Group, as well as the Company.
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 84
Table 15. shows selected financial ratios of the DataWalk Group as of 31 March 2026 and as of 31 December
2025.
Specification
31.03.2026
31.12.2025
Current financial liquidity ratio
28,0
9,8
Quick liquidity ratio
26,3
5,8
Total debt ratio
3%
8%
Equity debt ratio
4%
10%
Working capital (in PLN thousand)
162,674
59,829
Source: Issuer.
The Management Board decided to adjust the above ratios for the following items, which have no impact on the
Group's current liquidity position:
● costs of the RSU-based incentive program, both due to the materiality of this item in liabilities, assets (for
deferred income tax) and equity (in performance items), as well as due to the future and contingent nature
of the liability resulting from the implementation of the implemented incentive program and the fact that
the recognized costs are currently non-cash,
● prepayments and accrued expenses, as they include expenses that were incurred in advance, while they
relate in whole or in part to subsequent periods, thus the recognized asset is non-monetary in nature,
● contract liabilities representing deferred income, which due to their economic nature, i.e. the probability
that they represent an actual liability to be covered by cash in the future is very low, are treated as non-
cash liabilities.
Current liquidity ratio = [Current (current) assets - Prepaid expenses] / [Current (current) liabilities - non-cash cost of RSU-based incentive
program - contract liabilities],
Immediate liquidity ratio = Cash / [Current (short-term) liabilities - non-cash cost of RSU-based incentive program - contract liabilities],
Overall debt ratio = (Liabilities and provisions for liabilities excluding incentive program liabilities and contract liabilities / (Total assets
excluding the impact of the incentive program on the value of deferred tax assets)) × 100%,
Debt to equity ratio = (Liabilities and provisions for liabilities excluding incentive program liabilities and contract liabilities) / (Equity + non-
cash cost of RSU-based incentive program - impact of incentive program on value of deferred tax asset) × 100%,
Working capital = [current (short-term) assets excluding prepaid expenses]. - [current liabilities excluding non-cash cost of RSU-based
incentive program and contract liabilities].
Description of the Issuer's significant achievements or failures during the
period covered by the report, together with a list of the most important events
concerning the Issuer and events and factors, including unusual ones, which
have a significant impact on the financial results in the period from 1 January
to 31 March 2026.
• In February 2026, the Company's Management Board, with the approval of the Supervisory Board, carried
out an investor capital raising process through the issuance of new series T shares with the exclusion of pre-
emptive rights for existing shareholders, which the Issuer announced within the framework of ESPI current
reports.
Key parameters and status of the issuance:
• Issue size: 750,000 series T shares with a nominal value of PLN 0.10 each. ·
• Issue price: PLN 155.00 per share.
• Gross proceeds: The Company raised capital in the total amount of PLN 116,250,000.00.
• Legal status: On 18 March 2026, the District Court for Wrocław-Fabryczna in Wrocław registered the
increase of the Company’s share capital in the National Court Register (KRS).
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 85
• Admission to trading: The Issuer has taken the legally required actions aimed at registering the series T
shares with the National Securities Depository (KDPW) and introducing them to trading on the regulated
market of the Warsaw Stock Exchange (WSE). In the Management Board's assessment, raising funds in
the amount of PLN 116 million, combined with available working capital and a systematic improvement
in operational efficiency, provides the Company and the Capital Group with a stable financial foundation
for the implementation of the Group's adopted development strategy after 31 March 2026.
• During the 3-month period ended 31 March 2026 there were no material setbacks, in particular the loss of
key customer(s).
Personal authorities at DataWalk S.A.
Management Board
Paweł Wieczyński, President of the Management Board
Coordinates matters related to the Company’s operational activities, the development and implementation of sales
policy, HR (except for matters reserved to other members of the Management Board), and PR/IR.
Krystian Piećko, Member of the Management Board
Responsible for the development and advancement of the product strategy based on the latest technologies.
Łukasz Socha, Member of the Management Board
Coordinates the Company’s administrative functions, including accounting and finance, legal and tax matters, and
financial reporting.
During the 3-month period ended 31 March 2026, the composition of the Management Board of DataWalk S.A.
was as follows:
Management Board
Period of office during the reporting period
Paweł Wieczyński
01.01.2026 - 31.03.2026
Krystian Piećko
01.01.2026 - 31.03.2026
Łukasz Socha
01.01.2026 - 31.03.2026
Source: Issuer.
The current Management Board of the Issuer was appointed by resolutions of the Supervisory Board dated 19
December 2024 for a joint three-year term of office commencing on 1 January 2025 and ending on 31 December
2027.
As at the date of preparation of these financial statements, there have been no changes in the composition of the
Management Board of the Company.
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 86
Supervisory Board
As at 31 March 2026 and as at the date of authorisation for issue of these financial statements, the composition of
the Supervisory Board of the Issuer is as follows:
• Grzegorz Dymek - Chairman of the Supervisory Board,
• Wojciech Dyszy - Deputy Chairman of the Supervisory Board,
• Piotr Bindas - Member of the Supervisory Board,
• Rafał Wasilewski - Member of the Supervisory Board,
• Ireneusz Wąsowicz - Member of the Supervisory Board.
During the 3-month period ended 31 March 2026, the composition of theSupervisory Board of the Company was
as follows:
Supervisory Board
Period of office during the reporting period
Wojciech Dyszy
01.01.2026 - 31.03.2026
Grzegorz Dymek
01.01.2026 - 31.03.2026
Piotr Bindas
01.01.2026 - 31.03.2026
Rafał Wasilewski
01.01.2026 - 31.03.2026
Ireneusz Wąsowicz
01.01.2026 - 31.03.2026
Source: Issuer.
The current Supervisory Board of the Issuer was appointed for a joint three-year term of office commencing on
1 July 2024 and ending on 30 June 2027.
As at the date of preparation of these financial statements, there have been no changes in the composition of the
Supervisory Board of the Company.
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 87
Description of changes in the organization of the Issuer's capital group,
including as a result of business combinations, gaining or loss of control over
subsidiaries and long-term investments, as well as demergers, restructurings
or discontinued operations, as well as identification of entities subject to
consolidation, and in the case of an issuer that is a parent company which is
not required to or may not prepare consolidated financial statements under
the regulations applicable to it - additionally an indication of the reason and
legal basis for the lack of consolidation
Organizational structure of the Group
The organizational structure of the DataWalk Group as of 31 March 2026 and in the comparable period:
Subsidiaries of the Issuer.
Source: Issuer.
DataWalk Inc. is consolidated by DataWalk S.A. within the consolidated financial statements.
Description of changes in the Group's organizational structure
During the 3-month period ended 31 March 2026 and as of the date of approval for publication of this report, there
were no changes in the structure of the Group.
DataWalk S.A.
DataWalk Inc.
(100.00% share in the share capital and votes)
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 88
Shareholding structure of DataWalk S.A.
Shares and shareholding
Shareholding structure as at 21 May 2026 (share in the total number of votes)
Source: Issuer.
As at the date of publication, i.e. 21 May 2026, the shareholding structure of shareholders holding, directly or
indirectly through subsidiaries, at least 5.0% of the total voting rights is as follows:
Shareholder
Number of shares
Number of votes
Share in the share
capital
Share in the total
number of votes
FGP Venture sp. Z o.o.*
1
1,175,000
1,900,000
16.47%
24.18%
Funds managed by Nationale-
Nederlanden Powszechne
Towarzystwo Emerytalne S.A.
2
1,414,875
1,414,875
19.84%
18.01%
RAISE SAS
3
625,000
625,000
8.76%
7.95%
Others
3,918,113
3,918,113
54.93%
49.86%
Total
7,132,988
7,857,988
100%
100%
Source: Issuer.
* Mr Paweł Wieczyński holds 198,000 shares of FGP Venture Sp. z o.o., which constitutes a 33.33% share in the share capital and votes at the
shareholders meeting of FGP Venture Sp. z o.o.
Mr. Krystian Piećko holds 198,000 shares of FGP Venture Sp. z o.o., which constitutes a 33.33% share in the share capital and votes at the
shareholders meeting of FGP Venture Sp. z o.o.
Mr. Sergiusz Borysławski holds 198,000 shares of FGP Venture Sp. z o.o., which constitutes a 33.33% share in the share capital and votes
at the shareholders meeting of FGP Venture Sp. z o.o.
1
According to Current Report No. 10/2026 of 19 March 2026
2
According to Current Report No. 11/2026 of 23 March 2026
3
According to Current Report No. 15/2025 of 21 May 2025
FGP Venture sp. z o.o.
24,18%
Funds managed by Nationale-
Nederlanden Powszechne
Towarzystwo Emerytalne S.A.
18,01%
RAISE SAS
7,95%
Others
49,86%
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 89
Shareholding structure as at 31 March 2026 (share in the total number of votes)
Source: Issuer.
As at 31 March 2026, i.e. as at the date of publication of the previous periodic report, the shareholding structure is
as follows:
Shareholder
Number of shares
Number of votes
Share in the share
capital
Share in the total
number of votes
FGP Venture sp. Z o.o.*
4
1,175,000
1,900,000
16.47%
24.18%
Funds managed by Nationale-
Nederlanden Powszechne
Towarzystwo Emerytalne S.A.
5
1,414,875
1,414,875
19.84%
18.01%
RAISE SAS
6
625,000
625,000
8.76%
7.95%
Others
3,918,113
3,918,113
54.93%
49.86%
Total
7,132,988
7,857,988
100%
100%
Source: Issuer.
* Mr Paweł Wieczyński holds 198,000 shares of FGP Venture Sp. z o.o., which constitutes a 33.33% share in the share capital and votes at the
shareholders meeting of FGP Venture Sp. z o.o.
Mr. Krystian Piećko holds 198,000 shares of FGP Venture Sp. z o.o., which constitutes a 33.33% share in the share capital and votes at the
shareholders meeting of FGP Venture Sp. z o.o.
Mr. Sergiusz Borysławski holds 198,000 shares of FGP Venture Sp. z o.o., which constitutes a 33.33% share in the share capital and votes
at the shareholders meeting of FGP Venture Sp. z o.o.
4
According to Current Report No. 10/2026 of 19 March 2026
5
According to Current Report No. 11/2026 of 23 March 2026
6
According to Current Report No. 15/2025 of 21 May 2025
FGP Venture sp. z o.o.
24,18%
Funds managed by Nationale-
Nederlanden Powszechne
Towarzystwo Emerytalne S.A.
18,01%
RAISE SAS
7,95%
Others
49,86%
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 90
Shares held by managers and supervisors
Shareholdings in DataWalk S.A. held by members of the Management Board and Supervisory Board as at the date
of publication, i.e. 21 May 2026.
Name
Function
Number of shares
(pcs)
Total nominal value
(PLN)
Paweł Wieczyński*
President of the Management Board
58,161
5,816.10
Krystian Piećko*
Member of the Management Board
58,283
5,828.30
Łukasz Socha
Member of the Management Board
1,000
100.00
Grzegorz Dymek
Chairman of the Supervisory Board
0
0
Wojciech Dyszy
Vice-Chairman of the Supervisory Board
1,020
102.00
Piotr Bindas
Member of the Supervisory Board
4,090
409.00
Rafał Wasilewski
Member of the Supervisory Board
0
0
Ireneusz Wąsowicz
Member of the Supervisory Board
0
0
Source: Issuer.
* Two members of the Company’s Management Board are also shareholders and members of the Management Board of FGP Venture Sp. z
o.o. Their shareholding in the Issuer is presented in the sections “Shareholding Structure as at 21 May 2026” and “Shareholding Structure
as at 31 March 2026”.
The table below presents the status of conditional rights to acquire shares of DataWalk S.A. under the incentive
program held by members of the Management Board and Supervisory Board as at the date of publication, i.e.
21 May 2026.
Name
Function
Number of shares (pcs)
Łukasz Socha
Member of the Management Board
22,600
Source: Issuer.
As at 31 March 2026, the date of publication of the previous periodic report, the shareholdings of DataWalk S.A.
held by members of the Management Board and Supervisory Board were as follows:
Name
Function
Number of shares
(pcs)
Total nominal value
(PLN)
Paweł Wieczyński*
President of the Management Board
58,161
5,816.10
Krystian Piećko*
Member of the Management Board
58,283
5,828.30
Łukasz Socha
Member of the Management Board
1,000
100.00
Grzegorz Dymek
Chairman of the Supervisory Board
0
0
Wojciech Dyszy
Vice-Chairman of the Supervisory Board
1,020
102.00
Piotr Bindas
Member of the Supervisory Board
4,090
409.00
Rafał Wasilewski
Member of the Supervisory Board
0
0
Ireneusz Wąsowicz
Member of the Supervisory Board
0
0
Source: Issuer.
*Two members of the Company’s Management Board are also shareholders and members of the Management Board of FGP Venture Sp. z o.o.
Their shareholding in the Issuer is presented in the sections “Shareholding Structure as at 31 March 2026” and “Shareholding Structure as
at 21 May 2026”.
The table below presents the status of conditional rights to acquire shares of DataWalk S.A. under the incentive
program held by members of the Management Board and Supervisory Board as at the date of prior report
publication, i.e. 31 March 2026.
Name
Function
Number of shares (pcs)
Łukasz Socha
Member of the Management Board
22,600
Source: Issuer.
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 91
Information on significant court proceedings
As of the date of approval for publication of this report, no companies within the DataWalk Group were party to
any proceedings before courts, arbitration bodies or public administration authorities.
Information on transactions concluded by the Issuer or its subsidiary with
related parties on terms other than market terms, together with their
amounts and information specifying the nature of such transactions
Transactions concluded by the Issuer with its subsidiary DataWalk Inc. were concluded on arm's length terms.
For a description of related party transactions, see Note 29, "Related party transactions," under "Selected notes
and explanations to the interim condensed consolidated financial statements of the DataWalk Group" for the
3-month period ended 31 March 2026.
Information on granting by the Issuer or its subsidiary of sureties for credit
or loan or granting of guarantees
During the 3-month period ended 31 March 2026 neither the Issuer nor its subsidiary, granted any loan or credit
sureties or guarantees.
Assessment of the possibility of realization of the financial forecasts for 2026
published by the Management Board
The DataWalk Group did not publish forecasts of the profit or loss of the DataWalk Group or DataWalk S.A. for
2026.
Factors that, in the opinion of the Management Board, will affect the
achieved results in the perspective of at least the next quarter
In the Management Board's opinion, the most important external and internal factors that may affect the DataWalk
Group's operations and results include:
External elements and trends that may affect the Group's prospects
• The growing importance of data processing and analysis and its use (Big Data),
• Dynamic increase in threats resulting from activities in cyberspace,
• Increase in the scale and quality of anti-money laundering and anti-tax avoidance actions,
• Automation of dataset analysis processes,
• Continuous improvement in the user-friendliness of data analysis tools,
• Increase in the number of certifications required, such as ISO 27001 (information security),
• Consolidation of European defense capabilities and technological sovereignty.
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 92
Internal elements and trends that may affect the Group's prospects
• Prospects for generated revenues and total costs,
• The level of planned expenditures on marketing and sales activities,
• DataWalk’s growing ability to more accurately measure its know-how,
• Level of planned investments,
• Registration of new innovative patents in the US.
Other information which, in the Issuer's opinion, is important for assessing
the personnel, property, financial situation, financial result of the Group and
their changes, as well as information which is important for assessing the
Issuer's Group's ability to fulfill its obligations
The Issuer is not aware of any information other than those mentioned in this report, the disclosure of which could
materially affect the assessment of the Group's personnel, property and financial position.
Condensed interim financial statements of the DataWalk S.A.
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 93
Interim condensed financial statements of DataWalk S.A.
Interim condensed
standalone financial statements
DataWalk S.A.
Interim condensed financial statements of DataWalk S.A. for the 3-month period ended on
31 March 2026.
Condensed interim financial statements of the DataWalk S.A.
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 94
Interim condensed standalone statement of financial position of DataWalk
S.A.
Assets
31.03.2026
31.12.2025
A.
Fixed assets
21,062
22,147
I.
Tangible,fixed,assets
83
97
II.
Intangible,assets
14,630
15,696
III.
Right-of-use,assets
208
320
IV.
Investments,in,subsidiaries
0
0
V.
Long-term,receivables
6,044
5,889
VI.
Long-term,accruals
97
145
B.
Current assets
169,951
63,933
I.
Contract,assets
889
625
II.
Trade,receivables
9,749
9,299
IV.
Other,receivables
1,934
423
V.
Financial,assets
0
18,117
VI.
Prepayments
776
835
VII.
Cash,and,cash,equivalents
156,603
34,635
Total assets
191,013
86,080
Liabilities
31.03.2026
31.12.2025
A.
Equity
163,656
59,045
I.
Share,capital
713
638
II.
Share,premium
371,092
255,849
III.
Other,capital,reserves,
9,965
9,965
IV.
Retained,earnings
-261,972
-228,948
V.
Financial,result,for,the,current,year
-11,311
-33,024
VI.
Reserve,capital
55,169
54,565
B.
Long-term liabilities
0
0
I.
Lease,liabilities
0
0
C.
Short-term liabilities
27,357
27,035
I.
Trade,payables
3,251
3,469
II.
Lease,liabilities
320
427
III.
Short-term,liabilities,under,the,incentive,program
11,805
8,530
IV.
Other,liabilities
546
802
V.
Other,provisions
1,824
2,326
VI.
Contract,liabilities
9,612
11,481
Equity and liabilities
191,013
86,080
Net asset value per share
31.03.2026
31.12.2025
Net asset value
163,656
59,045
Number of shares (in pcs.)
7,132,988
6,382,988
Net asset value per share (in PLN)
22.94
9.25
Diluted number of shares (in pcs.)
7,665,435
6,877,290
Diluted net asset value per share (in PLN)
21.35
8.59
Condensed interim financial statements of the DataWalk S.A.
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 95
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 standalone income statement with statement of
comprehensive income DataWalk S.A.
Income statement
01.01.2026-31.03.2026
01.01.2025-31.03.2025
A
Revenue
3,552
16,282
License revenue
0
9,560
Maintenance revenue
3,158
2,942
Professional Services revenue
394
3,780
B
Cost of revenue
1,102
2,353
Cost of license revenue
61
150
Cost of maintenance revenue
626
1,023
Cost of professional services revenue
416
1,179
C
Gross profit on sales
2,449
13,929
Sales and marketing
2,312
1,975
Research and development
6,917
2,373
Administration and general expenses
1,764
1,401
Incentive program
3,878
1,478
Other operating income
70
111
Other operating expenses
85
1,191
Loss (gain) on expected credit losses
0
362
D
Operating result
-12,437
5,261
Financial income
1,133
27
Financial expenses
8
457
E
Profit before tax
-11,311
4,832
Income tax
0
0
F
Net profit (loss)
-11,311
4,832
Statement of comprehensive income
01.01.2026-31.03.2026
01.01.2025-31.03.2025
Net profit (loss)
-11,311
4,832
Other comprehensive income
0
0
1. Items not transferred to the financial result
0
0
2. Items transferred to the financial result
0
0
Total income
-11,311
4,832
Condensed interim financial statements of the DataWalk S.A.
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 96
Net profit (loss) per share
01.01.2026-31.03.2026
01.01.2025-31.03.2025
From continuing operations
Number of shares (in pcs.)
6,491,321
5,632,988
Net profit (loss) per share (in PLN)
-1.74
0.86
Diluted number of shares (in units)
7,023,768
6,067,138
Diluted net profit (loss) per share (in PLN)
-1.61
0.80
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 the DataWalk S.A.
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 97
Interim condensed standalone statement of changes in equity of the DataWalk S.A.
Statement of changes in equity
Share capital
Share
premium
Other capitals
Reserve capital
Retained
earnings
Financial
result of the
current year
Total equity
Balance as of the beginning of the period
01.01.2026
638
255,849
9,965
54,565
-228,948
-33,024
59,045
Increase (decrease) in equity
75
115,244
0
604
-33,024
21,713
104,612
Total comprehensive income for the
reporting period, including:
0
0
0
0
0
-11,311
-11,311
- Result of the period
0
0
0
0
0
-11,311
-11,311
Share capital increase
75
115,244
0
0
0
0
115,319
Distribution of profit for the previous year
allocation to capitals
0
0
0
0
-33,024
33,024
0
Changes in capital arising under IFRS2
0
0
0
604
0
0
604
Balance at end of period 31.03.2026
713
371,093
9,965
55,169
-261,972
-11,311
163,657
Condensed interim financial statements of the DataWalk S.A.
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 98
Statement of changes in equity
Share capital
Share
premium
Other capitals
Reserve capital
Retained
earnings
Financial
result of the
current year
Total equity
Balance as of 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
0
0
0
1,382
-34,136
38,968
6,214
Total comprehensive income for the
reporting period, including:
0
0
0
0
0
4,832
4,832
- Result of the period
0
0
0
0
0
4,832
4,832
Share capital increase
0
0
0
0
0
0
0
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
1,382
0
0
1,382
Balance at end of period 31.03.2025
563
199,351
9,965
48,297
-228,948
4,832
34,059
Condensed interim financial statements of the DataWalk S.A.
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 99
Interim condensed standalone statement of cash flows of the DataWalk S.A.
Statement of cash flows
01.01.2026 -
31.03.2026
01.01.2025 -
31.03.2025
Cash flow from operating activities
Net profit (loss)
-11,311
4,832
Adjustments for items:
- Depreciation
1,192
801
- Foreign exchange gains (losses)
460
-10
- Interest expense
8
16
- Interest and dividend income
-192
-268
- Impairment loss on intangible assets
0
1,190
- Cost of share-based payments (equity-settled)
604
1,382
- Cost of share-based payments (settled in cash)
3,274
96
- Change in accounts receivable
-2,116
-1,337
- Change in provisions
-502
-31
- Change in liabilities other than for the incentive program
-474
-127
- Change in prepayments and accruals
106
109
- Change in contract assets and liabilities
-2,132
-8,975
Net cash flow from operating activities
-11,085
-2,323
Cash flow from investing activities
Expenses for acquisition of intangible assets
0
1,868
Proceeds from bank deposits over 3 months
18,090
90
Interest received
219
271
Net cash flow from investing activities
18,309
-1,507
Cash flows from financing activities
Net proceeds from issuance of shares
115,319
0
Repayment of finance lease liabilities
107
114
Interest paid
8
16
Net cash from financing activities
115,204
-131
Net change in cash and cash equivalents
122,429
-3,961
Cash and cash equivalents at the beginning of the period
34,635
14,920
Change due to exchange rate differences
-460
10
Net change in cash and cash equivalents
121,969
-3,950
Cash and cash equivalents at the end of the period
156,603
10,970
Condensed interim financial statements of the DataWalk S.A.
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 100
Accounting principles adopted
The accounting policies used in the preparation of the interim condensed financial statements are consistent with
those used in the preparation of the Company's annual financial statements for the year ended 31 December 31
2025, and are consistent with the accounting policies presented in "Notes to the interim condensed consolidated
financial statements of the DataWalk Group" for the 3-month period ended 31 March 2026, section "Accounting
policies adopted".
Changes in applied accounting principles
A description of the significant accounting principles applied by the Issuer is included in the financial statements
for the year ended 31 December 2025, which were published on 31 March 2026.
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
31 December 2025.
Estimates and professional judgment
The preparation of financial statements in accordance with IFRS requires making estimates and assumptions that
affect the amounts reported in the financial statements. Although the assumptions and estimates made are based
on the Company's management's best knowledge of current activities and events, actual results may differ from
those anticipated.
During the 3-month period ended 31 March 2026, there were no other significant changes in the method of
estimation compared to the principles described in the Company's annual financial statements for the year ended
31 December 2025.
Note Investments in subsidiaries (long-term)
Information on estimates
Under IAS 36, an entity is required to assess at each balance sheet date whether there are indications that any of
its assets may be impaired. If there are indications that these assets may have been impaired, it is necessary to
perform an impairment test to estimate their recoverable amount.
Assessing indications of impairment, as well as testing, requires extensive estimates and professional judgment,
particularly related to estimating future cash flows from operations, or the value of the discount rate.
The Company conducted its most recent impairment tests during the preparation of its financial statements for
2025, ending 31 December 2025.
Financial assets (long-term)
31.03.2026
31.12.2025
In related entities, including:
79,655
79,655
a) shares and stocks
79,655
79,655
Write-downs on the value of shares and stocks in related entities
-79,655
-79,655
Total
0
0
The value of shares represents shares in DataWalk Inc. based in the US. 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
Condensed interim financial statements of the DataWalk S.A.
for the 3-month period ended 31 March 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 101
price of $5,000.00 becoming its sole shareholder. In addition, from 2016 to the balance sheet date of 31 March
2026, the Company made capital contributions to DataWalk Inc. totaling $19,805 thousand. The total value of the
investment in the subsidiary until the balance sheet date of 31 March 2026 is equivalent to PLN 79,655 thousand.
During the reporting period, the Company did not make any capital contributions to the subsidiary.
Taking into account the result of the asset impairment test carried out as of 31 December 2025, the total value of
impairment losses recognized until 31 March 2026 corresponds to the amount of contributed surcharges.
Due to the fact that the growth rate of revenues and costs achieved in the first quarter of 2026 did not differ
materially from the assumptions used in the 2025 impairment test, the Management Board concluded that there
were no reasons to repeat the test as of the balance sheet date of 31 March 2026.
Note Cost by nature
Costs by nature
01.01.2026 - 31.03.2026
01.01.2025 - 31.03.2025
Depreciation
1,192
801
Consumption of materials and energy
104
27
External services
9,250
5,926
Taxes and fees
65
17
Salaries, including:
4,787
2,405
- salaries
910
926
- incentive program costs (settled in cash)
3,274
96
- incentive program costs (settled in equity instruments)
604
1,382
Social security and other benefits
256
234
Other costs by nature
319
170
Total costs by nature
15,973
9,579
Cost of sales
1,102
2,353
Sales and marketing
2,312
1,975
Research and development
6,917
2,373
Administration and overhead
1,764
1,401
Incentive program
3,878
1,478
Total expenses by function
15,973
9,579
Approval for publication by the
Management Board
DataWalk Joint Stock
Company
32-33 Rzeźnicza St.
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247
Registry Court: District Court for Wrocław-Fabryczna in Wrocław
VI Economic Department of the National Court Register Share capital: PLN
713.298,80 fully paid up
Page | 103
Approval for publication by the Management Board
This report for the period from January 1 to March 31, 2026 was approved for publication by the Management
Board of DataWalk S.A. on 21 May 2026.
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 standalone financial statements:
.............................................
Maja Gołaszewska
Page | 104
DataWalk S.A.
32-33 Rzeźnicza St.
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
