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 9-month period ended 30 September 2026
Wrocław, November 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 Shareholders,
Reported revenue for the first nine months of 2026 (PLN 14.56M / $3.7M under IFRS, compared to PLN
31.10M in the prior-year period) does not reflect the operational scale or underlying commercial trajectory of
DataWalk. In this letter, I want to provide the operational context that presents the complete picture of our business.
As communicated in prior quarters, 2026 represents a foundational transformation in how we run our operations
and scale our commercial business. We have deliberately moved away from one-off perpetual license deliveries
in favor of a recurring subscription model designed to support our target of sustaining 70%+ CAGR. Our Go-to-
Market (GTM) organization is laser-focused on building a predictable ARR engine anchored in enterprise contracts
starting at $1M ARR, and our previously secured multi-year contract exceeding $10M in Total Contract Value
(TCV) proves that we can win against legacy competition in this tier.
At the same time, the market urgently requires what DataWalk delivers out of the box: deterministic, secure
context for Enterprise AI and digital sovereignty for public institutions. We have validated this with concrete
evidence: we just secured another new patent for our engine architecture, demonstrated unmatched scalability in
stress tests spanning hundreds of billions of records, and reinforced our market standing with references from tier-
one global financial institutions and government agencies.
While we would prefer that the scale of this operational transformation was already visible in our recognized
revenue, multi-million-dollar enterprise procurement cycles naturally span 18 to 24 months. Financial statements
reflect past accounting recognition, but we are confident that we will soon deliver further tangible proof of this
commercial transition to the market.
1. Commercial Team Realignment, Cost Discipline, and AI-Driven Engineering
We restructured our commercial organization: we brought in seasoned enterprise talent from Quantexa and SAS,
appointed a new sales leadership for Europe, and fundamentally reorganized our commercial team in the United
States. Rather than expanding headcount indiscriminately, we prioritized talent density and strict operational
discipline: we hire strictly against proven commercial traction and signed contracts, and we enforce a mandate to
achieve Time-to-Value (TTV) in under 6 months. Furthermore, we deploy exclusively at client sites that provide
dedicated internal customer teams.
In parallel, we streamlined product engineering - today, 80% of new code is generated with AI augmentation,
enabling us to deliver new platform capabilities substantially faster.
2. $48.55M ARR Pipeline and Public Sector Traction
Our market positioning is validated both by global institutions and by the Polish National Police (KGP), which
formally extended its contract, issued an official public reference, and relies on DataWalk for complex anti-money
laundering and child protection investigations. This operational validation translates directly into commercial
pipeline expansion:
• Qualified Pipeline Growth: Our Sales Qualified Pipeline (SQL) expanded by nearly 75% since the
beginning of the year to $48.55M in ARR potential, representing approximately $132M in Total
Contract Value (TCV) across multi-year engagements spanning 12 to 60 months and associated
services. Advanced discussions with major commercial institutions and security agencies - including a
substantial contract expected to close in Q4 2026 - will drive meaningful revenue growth in subsequent
reporting periods.
• European Digital Sovereignty: Initial evaluations across selected European markets show that while
government procurement moves deliberately, the shift toward technological autonomy is irreversible.
Nations are increasingly rejecting vendor lock-in and foreign architectures that risk operational cut-offs
and loss of data control. This geopolitical shift is in its early stages, and DataWalk stands as a proven,
production-ready European platform.
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
3. AI Grounding and Architectural Superiority
The phase of uncritical hype around pure chat interfaces and standalone Large Language Models has ended.
Enterprise buyers now realize that models operating without governed, structured data suffer from hallucinations,
while infrastructure overhead and token consumption spiral out of control. As Rita Sallam of Gartner pointedly
noted: "Context with semantic coherence is a trust and cost-control strategy, not a nice to have." In the AI context
platform market - projected by Gartner to reach $78B by 2030 - our Knowledge Graph engine provides the
deterministic facts and relational context required for AI models to operate reliably at enterprise scale.
In empirical performance benchmarks, DataWalk traversed 15-step deep link paths across hundreds of billions of
records in mere seconds. Legacy architectures experience join explosion and choke after 2 to 4 hops, yet high-
stakes financial crimes and complex networks are deliberately concealed at the 5th, 8th, 10th, and deeper
relationship layers.
4. Strong Balance Sheet Position: $38M cash and liquid assets
Backed by the PLN 116M (approx. $33M) capital round secured earlier this year, our cash and liquid assets stand
at 145M PLN (approx. $38M). This capital foundation provides two decisive strategic advantages:
• Pricing Power and Negotiating Discipline: We can navigate multi-month enterprise procurement cycles
without compromising contract value or accepting unfavorable terms simply to hit an arbitrary quarterly
reporting cutoff.
• Enterprise Balance-Sheet Credibility: Tier-1 financial institutions and national security agencies
require absolute certainty that their core infrastructure provider is well-capitalized for years to come.
With our treasury secured, sales reorganized, engineering velocity accelerated by AI, and a rapidly expanding
qualified pipeline, our operational focus is centered squarely on converting advanced discussions into signed
contracts.
Thank you for your continued trust and partnership.
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 | 4
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 18 to 24 months for medium-sized commercial
clients. For government or large commercial clients, the sales cycle can take as long as 24 to 36 months.
The Gartner Hype Cycle methodology remains a key benchmark in assessing the DataWalk Group's market
potential and the dynamics of its sales funnel. According to its criteria, Knowledge Graphs - the foundation of the
DataWalk platform - and graph analytics have entered the "Slope of Enlightenment" phase. In these areas, Gartner
analysts recognize DataWalk as one of the leading global vendors.
The transition to this phase signifies the technology's evolution from early adoption to mature, production-grade
deployments in corporate and institutional environments. Customers are increasingly recognizing the strategic
value of knowledge graphs in data management, advanced decision support, and the implementation of artificial
intelligence (AI). Consequently, we are observing the scaling of pilot projects into full deployments, which, in the
medium to long term, provides grounds for shortening sales cycles and systematically increasing the value of the
prospect 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 | 5
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 | 6
Sales funnel analysis:
The charts below present the historical evolution of the value of sales opportunities at the SQL (Sales Qualified
Leads) stage, broken down into TCV and ARR. This breakdown enables an assessment of funnel development
dynamics and its monetization potential in upcoming periods.
Source: Issuer.
TCV (Total Contract Value) – the total forecasted nominal value of contracts in the sales funnel, covering their entire duration.
At the SQL stage, this estimate does not account for potential early termination clauses or voluntary customer cancellation,
which may emerge during final contract negotiations. This metric includes license fees (term or perpetual) and technical
support, as well as the expected value of related implementation and integration services.
ARR (Annual Recurring Revenue) – the annualized value of recurring revenue generated by the software. This metric
exclusively includes recurring revenue from term (subscription) licenses and technical support (maintenance) fees for perpetual
licenses, excluding one-time license fees and implementation services.
SQL (Sales Qualified Leads) – qualified sales opportunities that have successfully passed the verification of customer needs,
budget, and decision-making processes on the client's side, and have entered the active quoting process.
Risks and limitations:
Due to the early stage of adaptation of the technology underlying the DataWalk platform and the Group's market
position, it should be noted that only a portion of sales projects will translate into signed contracts. Based on
historical data and market benchmarks, the Company estimates the ARR conversion rate at 25-40%. The spread
of this range is primarily driven by varying lengths of sales cycles, which are determined mainly by the scale of a
given project and the specifics of the target sector (commercial sector vs. B2G / public sector).
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
Table of Contents
SELECTED CONSOLIDATED FINANCIAL DATA OF THE DATAWALK CAPITAL GROUP ............................................... 10
SELECTED STANDALONE FINANCIAL DATA OF DATAWALK S.A. ............................................................................ 11
Interim condensed consolidated statement of financial position of the DataWalk Capital Group ..................... 14
Interim condensed consolidated statement of profit or loss and other comprehensive income of the DataWalk
Group ................................................................................................................................................................. 16
Interim condensed consolidated statement of changes in equity of the DataWalk Group ................................. 18
Interim condensed consolidated statement of cash flows of the DataWalk Group ............................................ 20
SELECTED NOTES AND EXPLANATIONS TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF
THE DATAWALK GROUP ......................................................................................................................................... 21
Note 1.1 Property, plant and equipment ............................................................................................................. 22
Note 1.2 Changes in property, plant and equipment by category ....................................................................... 23
Note 2.1 Intangible assets .................................................................................................................................. 24
Note 2.2 Changes in intangible assets by category ............................................................................................ 25
Note 2.3 Costs of completed development work ............................................................................................... 26
Note 3 Right-of-use assets ................................................................................................................................. 26
Note 4 Deferred tax assets and liabilities ........................................................................................................... 27
Note 5 Contract assets and contract liabilities .................................................................................................... 28
Note 6.1 Trade receivables (current) and non-current receivables ..................................................................... 29
Note 6.2 Expected credit loss allowances for trade receivables ......................................................................... 30
Note 7 Other receivables (current) ..................................................................................................................... 30
Note 8 Financial assets (current) ........................................................................................................................ 31
Note 9 Prepayments and accruals (non-current and current) ............................................................................. 31
Note 10 Cash and cash equivalents .................................................................................................................... 32
Note 11 Share capital ......................................................................................................................................... 33
Note 12.1 Share premium (excess over nominal value) ..................................................................................... 34
Note 12.2 Changes in share premium ................................................................................................................ 34
Note 13 Other equity reserves ............................................................................................................................ 34
Note 14 Share-based payment programs ............................................................................................................ 35
Note 15 Lease liabilities (non-current and current) ............................................................................................ 43
Note 16 Loans and borrowings (non-current and current) ................................................................................. 45
Note 17 Trade payables ...................................................................................................................................... 46
Note 18.1 Other provisions (current) ................................................................................................................. 46
Note 18.2 Changes in other provisions (current) ............................................................................................... 47
Note 19.1 Sales revenue – by type ..................................................................................................................... 47
Note 19.2 Sales revenue – by geography ........................................................................................................... 48
Note 19.3 Sales revenue – by customer groups .................................................................................................. 48
Note 19.4 Sales revenue by recognition in the income statement ...................................................................... 48
Note 20 Costs by nature ..................................................................................................................................... 49
Note 21 Other operating income ........................................................................................................................ 49
Note 22 Other operating expenses ..................................................................................................................... 50
Note 23 Financial income .................................................................................................................................. 50
Note 24 Financial costs ...................................................................................................................................... 50
Note 25 Impairment tests of assets ..................................................................................................................... 51
Note 26 Off-balance sheet liabilities .................................................................................................................. 51
Note 27 Operating segment information ............................................................................................................ 51
Note 28 Related party transactions..................................................................................................................... 55
ADDITIONAL INFORMATION TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF THE
DATAWALK CAPITAL GROUP ................................................................................................................................. 57
Basic information ............................................................................................................................................... 58
General information on the Group ..................................................................................................................... 58
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
Basis of preparation of the financial statements ................................................................................................. 60
Statement of compliance .................................................................................................................................... 60
Impact of the geopolitical and macroeconomic situation (the war in Ukraine and the situation in the Middle
East) ................................................................................................................................................................... 61
Functional and presentation currency ................................................................................................................ 61
Estimates and professional judgement ............................................................................................................... 62
Accounting policies adopted .............................................................................................................................. 62
Changes in applied accounting principles .......................................................................................................... 62
New standards, interpretations, and amendments to published standards .......................................................... 63
Information on the correction of prior period errors .......................................................................................... 63
During the reporting period, no events occurred that would require the correction of prior period errors. ....... 63
Approval of the consolidated financial statements ............................................................................................. 63
Operating segments ............................................................................................................................................ 64
Explanatory note on the seasonality or cyclicality of operations ....................................................................... 64
Type and amounts of items affecting assets, liabilities, equity, net income or cash flows that are unusual due to
their nature, size or frequency ............................................................................................................................ 64
Information on write-downs of inventories to net realizable value and reversal of such write-downs .............. 64
Information on recognition of impairment loss on financial assets, property, plant and equipment, intangible
assets or other assets and reversal of such loss .................................................................................................. 65
Information on creation, increase, use and reversal of provisions ..................................................................... 65
Information on deferred tax liabilities and assets ............................................................................................... 65
Issuance, redemption and repayment of non-equity and equity securities ......................................................... 65
Information on events subsequent to the end of the interim period that have not been included in the financial
statements for the interim period ........................................................................................................................ 66
Information on dividends paid (in total or per share), broken down by common shares and other shares ........ 66
In the case of financial instruments measured at fair value - information on change in the manner (method) of
its determination ................................................................................................................................................. 66
Information on transfers between levels of the fair value hierarchy, which is used for the purpose of measuring
the fair value of financial instruments ................................................................................................................ 66
Changes in the classification of financial instruments as a result of changes in the purpose or use of these
assets .................................................................................................................................................................. 66
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 ........................................................................................................................ 66
Information on significant acquisitions and sales of property, plant and equipment ......................................... 67
Information on commitments made for the purchase of property, plant and equipment .................................... 67
Information on litigation settlements ................................................................................................................. 67
Information on outstanding loans or breaches of loan agreements for which no corrective action had been
taken by the end of the reporting period............................................................................................................. 67
Information on changes in contingent liabilities and contingent assets that have occurred since the end of the
last fiscal year..................................................................................................................................................... 67
COMMENTARY AND OTHER ADDITIONAL INFORMATION TO THE QUARTERLY REPORT OF THE DATAWALK CAPITAL
GROUP .................................................................................................................................................................... 69
Summary and analysis of the DataWalk Capital Group's results for the period from 1 January to 30 September
2026. .................................................................................................................................................................. 69
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 30
September 2026.................................................................................................................................................. 81
Personal authorities at DataWalk S.A. ............................................................................................................... 83
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
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
financial statements under the regulations applicable to it - additionally an indication of the reason and legal
basis for the lack of consolidation ...................................................................................................................... 85
Shareholding structure of DataWalk S.A. .......................................................................................................... 86
Information on significant court proceedings .................................................................................................... 89
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 ............ 89
Information on granting by the Issuer or its subsidiary of sureties for credit or loan or granting of guarantees 89
Assessment of the possibility of realization of the financial forecasts for 2026 published by the Management
Board .................................................................................................................................................................. 89
Factors that, in the opinion of the Management Board, will affect the achieved results in the perspective of at
least the next quarter .......................................................................................................................................... 89
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 ............................................................................ 90
INTERIM CONDENSED FINANCIAL STATEMENTS OF DATAWALK S.A. ..................................................................... 91
Interim condensed standalone statement of financial position of DataWalk S.A. ............................................. 92
Interim condensed standalone income statement with statement of comprehensive income DataWalk S.A. .... 93
Interim condensed standalone statement of changes in equity of the DataWalk S.A. ....................................... 95
Interim condensed standalone statement of cash flows of the DataWalk S.A. .................................................. 97
Accounting principles adopted ........................................................................................................................... 98
Changes in applied accounting principles .......................................................................................................... 98
Estimates and professional judgment ................................................................................................................. 99
Note Investments in subsidiaries (long-term) .................................................................................................... 99
Note Cost by nature .......................................................................................................................................... 100
APPROVAL FOR PUBLICATION BY THE MANAGEMENT BOARD .............................................................................. 102
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 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
01.01.2026 -
01.01.2025 -
01.01.2026 -
01.01.2025 -
30.09.2026
30.09.2025
30.09.2026
30.09.2025
in PLN thousand
in PLN thousand
in EUR thousand
in EUR thousand
Revenue
14,561
31,102
3,402
7,341
Gross profit (loss) on sales
9,799
25,375
2,289
5,990
Profit (loss) from operating activities
-65,368
-58,405
-15,273
-13,786
Gross profit (loss)
-62,249
-58,481
-14,544
-13,804
Net profit (loss)
-58,785
-50,782
-13,735
-11,987
Total comprehensive income
-58,628
-50,709
-13,698
-11,970
Number of shares (in units)
6,921,450
6,012,109
6,921,450
6,012,109
Net profit (loss) per share (in PLN/EUR)
-8.49
-8.45
-1.98
-1.99
Net cash flow from operations
-37,331
-12,013
-8,722
-2,836
Net cash flows from investing activities
-111,015
-1,196
-25,938
-282
Net cash flows from financing activities
114,913
56,202
26,849
13,266
Net change in cash and cash equivalents
-33,434
42,993
-7,812
10,148
SELECTED FINANCIAL DATA
30.09.2026
31.12.2025
30.09.2026
31.12.2025
in PLN thousand
in PLN thousand
in EUR thousand
in EUR thousand
Total assets/liabilities
184,440
107,773
42,233
25,498
Fixed assets
34,759
40,021
7,959
9,469
Current assets
149,681
67,752
34,274
16,030
Equity
55,147
-5,683
12,628
-1,345
Liabilities and provisions for liabilities
129,293
113,456
29,605
26,843
Long-term liabilities
794
520
182
123
Short-term liabilities
128,499
112,936
29,424
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 | 11
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
01.01.2026 -
01.01.2025 -
01.01.2026 -
01.01.2025 -
30.09.2026
30.09.2025
30.09.2026
30.09.2025
in PLN thousand
in PLN thousand
in EUR thousand
in EUR thousand
Revenue
12,757
34,332
2,981
8,104
Gross profit (loss) on sales
8,796
29,743
2,055
7,021
Profit (loss) from operating activities
-34,315
-8,678
-8,018
-2,048
Gross profit (loss)
-46,088
-20,763
-10,768
-4,901
Net profit (loss)
-46,088
-20,763
-10,768
-4,901
Total comprehensive income
-46,088
-20,763
-10,768
-4,901
Number of shares (in units)
6,921,450
6,012,109
6,921,450
6,012,109
Net profit (loss) per share (in PLN/EUR)
-6.66
-3.45
-1.56
-0.82
Net cash flow from operations
-25,338
-9,405
-5,920
-2,220
Net cash flows from investing activities
-118,693
-5,376
-27,732
-1,269
Net cash flows from financing activities
114,922
56,211
26,851
13,268
Net change in cash and cash equivalents
-29,109
41,430
-6,801
9,779
SELECTED FINANCIAL DATA
30.09.2026
31.12.2025
30.09.2026
31.12.2025
in PLN thousand
in PLN thousand
in EUR thousand
in EUR thousand
Total assets/liabilities
162,194
86,080
37,139
20,366
Fixed assets
13,420
22,147
3,073
5,240
Current assets
148,773
63,933
34,066
15,126
Equity
132,413
59,045
30,320
13,970
Liabilities and provisions for liabilities
29,781
27,035
6,819
6,396
Long-term liabilities
249
0
57
0
Short-term liabilities
29,532
27,035
6,762
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
30.09.2026
31.12.2025
1 EUR
4.3672
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 - 30.09.2026
01.01.2025 - 30.09.2025
1 EUR
4.2800
4.2365
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 9-month period ended
30 September 2026, prepared in accordance with International Accounting Standard No. 34 "Interim
Financial Reporting" as endorsed by the EU
November 2026
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 14
Interim condensed consolidated statement of financial position of the
DataWalk Capital Group
Assets
Note
no.
30.09.2026
31.12.2025
A
Fixed assets
34,759
40,021
I
Property, plant and equipment
1
86
97
II
Intangible assets
2
12,497
15,696
III
Right-of-use assets
3
638
320
IV
Long-term receivables
6
172
5,889
V
Long-term accruals
9
27
145
VI
Deferred tax assets
4
21,338
17,874
B
Current assets
149,681
67,752
I
Contract assets
5
625
625
II
Trade receivables
6
7,198
7,748
III
Income tax receivables
0
13
IV
Other receivables
7
1,855
494
V
Financial assets
8
131,208
18,117
VI
Prepayments
9
2,211
1,132
VII
Cash and cash equivalents
10
6,585
39,623
Total assets
184,440
107,773
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 15
Liabilities and equity
Note
no.
30.09.2026
31.12.2025
A
Equity
55,147
-5,683
Equity attributable to shareholders of the
parent company
55,147
-5,683
I
Share capital
11
713
638
II
Share premium (excess over nominal value)
12
371,063
255,849
III
Other equity reserves
13
9,965
9,965
IV
Retained earnings
-327,220
-262,824
V
Reserve capital
14
58,732
54,565
VI
Profit (loss) for the current year
-58,785
-64,397
VII
Exchange differences on translation
679
521
Non-controlling interests
0
0
B
Long-term liabilities
794
520
I
Lease liabilities
15
249
0
II
Loans and borrowings
16
545
520
C
Short-term liabilities
128,499
112,936
I
Trade payables
17
3,227
2,312
II
Lease liabilities
15
510
427
III
Loans and borrowings
16
34
32
IV
Incentive program liabilities
14
111,921
93,645
V
Other liabilities
777
832
VI
Other provisions
18
3,201
3,188
VII
Contract liabilities
5
8,829
12,500
Equity and liabilities
184,440
107,773
Net asset value per share
30.09.2026
31.12.2025
Net asset value
55,147
-5,683
Number of shares (units)
7,132,988
6,382,988
Net asset value per share (PLN)
7.73
-0.89
Diluted number of shares (units)
7,698,843
6,877,290
Diluted net asset value per share (PLN)
7.16
-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 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 16
Interim condensed consolidated statement of profit or loss and other
comprehensive income of the DataWalk Group
Income statement
Note
no.
01.01.2026-
30.09.2026
01.01.2025-
30.09.2025
01.07.2026-
30.09.2026
01.07.2025-
30.09.2025
A
Sales revenue
19
14,561
31,102
3,519
7,337
License revenue
3,063
19,016
32
2,863
Technical support services revenue
9,824
9,797
3,328
3,457
Professional services revenue
1,673
2,289
159
1,017
B
Cost of sales
20
4,762
5,728
1,833
1,798
Cost of sales - license
507
423
238
133
Cost of sales - technical support
services
2,323
2,989
780
997
Cost of sales - professional
services
1,932
2,315
815
669
C
Gross profit (loss)
9,799
25,375
1,686
5,539
Sales and marketing
19,295
11,248
7,726
3,155
Research and development
23,454
15,907
8,524
6,513
General and administrative
expenses
10,345
9,425
3,607
2,927
Incentive program
22,443
46,061
7,636
-8,919
Other operating income
21
222
263
79
88
Other operating expenses
22
85
1,213
0
18
Expected credit loss
(expense/reversal)
5, 6.2
-234
188
-134
-70
D
Operating profit (loss)
-65,368
-58,405
-25,595
2,003
Financial income
23
3,151
580
598
390
Financial costs
24
32
656
8
-345
E
Profit before tax
-62,249
-58,481
-25,004
2,737
Income tax
-3,464
-7,699
-1,016
2,213
F
Net profit (loss)
-58,785
-50,782
-23,988
525
Net profit (loss) attributable to:
01.01.2026-
30.09.2026
01.01.2025-
30.09.2025
01.07.2026-
30.09.2026
01.07.2025-
30.09.2025
- shareholders of the parent company
-58,785
-50,782
-23,988
525
- non-controlling interests
0
0
0
0
Statement of comprehensive income
01.01.2026-
30.09.2026
01.01.2025-
30.09.2025
01.07.2026-
30.09.2026
01.07.2025-
30.09.2025
Net profit (loss)
-58,785
-50,782
-23,988
525
Other comprehensive income
157
73
-3
-100
1. Items that will not be reclassified to profit or
loss
0
0
0
0
2. Items that may be reclassified to profit or loss,
including:
157
73
-3
-100
Exchange differences on translation of foreign
operations
157
73
-3
-100
Comprehensive income
-58,628
-50,709
-23,992
424
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 17
Total comprehensive income attributable to:
01.01.2026-
30.09.2026
01.01.2025-
30.09.2025
01.07.2026-
30.09.2026
01.07.2025-
30.09.2025
- shareholders of the parent company
-58,628
-50,709
-23,992
424
- non-controlling interests
0
0
0
0
Earnings (loss) per share
01.01.2026-
30.09.2026
01.01.2025-
30.09.2025
01.07.2026-
30.09.2026
01.07.2025-
30.09.2025
From continuing operations
Number of shares (units)
6,921,450
6,012,109
7,132,988
6,012,109
Earnings (loss) per share (PLN)
-8.49
-8.45
-3.36
0.09
Diluted number of shares (units)
7,477,882
6,476,665
7,698,843
6,476,665
Diluted earnings (loss) per share (PLN)
-7,86
-7,84
-3,12
0,08
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 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 18
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
115,215
0
157
4,167
-64,397
5,612
60,829
0
60,829
Total comprehensive
income for the reporting
period, including:
0
0
0
157
0
0
-58,785
-58,628
0
-58,628
- Profit (loss) for the
period
0
0
0
0
0
0
-58,785
-58,785
0
-58,785
- Translation of foreign
entities
0
0
0
157
0
0
0
157
0
157
Increase in share capital
75
115,215
0
0
0
0
0
115,290
0
115,290
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
4,167
0
0
4,167
0
4,167
Closing balance
(30.09.2026)
713
371,063
9,965
679
58,732
-327,220
-58,785
55,147
0
55,147
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 19
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
75
56,500
0
73
5,431
-48,961
-1,821
11,297
0
11,297
Total comprehensive
income for the reporting
period, including:
0
0
0
73
0
0
-50,782
-50,709
0
-50,709
- Profit (loss) for the
period
0
0
0
0
0
0
-50,782
-50,782
0
-50,782
- Translation of foreign
entities
0
0
0
73
0
0
0
73
0
73
Increase in share capital
75
56,500
0
0
0
0
0
56,575
0
56,575
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
5,431
0
0
5,431
0
5,431
Closing balance
(30.09.2025)
638
255,851
9,965
544
52,346
-262,824
-50,782
5,737
0
5,737
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 20
Interim condensed consolidated statement of cash flows of the DataWalk
Group
Statement of cash flows
01.01.2026-
30.09.2026
01.01.2025-
30.09.2025
Cash flows from operating activities
Net profit (loss)
-58,785
-50,782
Adjustments for:
- Depreciation and amortisation
3,590
3,026
- Gain (loss) on financial assets (liabilities) measured at fair value through
profit or loss
-1,105
0
- Foreign exchange gains (losses)
-221
-361
- Interest expense
26
44
- Interest and dividend income
-982
-370
- Gain (loss) from investing activities
-13
-1
- Impairment loss on intangible assets
0
1,190
- Equity-settled share-based payment expense
4,167
5,431
- Cash-settled share-based payment expense
18,276
40,630
- Increase (decrease) in receivables
4,920
-3,879
- Increase (decrease) in provisions
14
1,318
- Increase (decrease) in liabilities other than those related to the incentive
program
879
289
- Increase (decrease) in prepayments and accruals
-4,426
-8,392
- Increase (decrease) in assets and contract liabilities
-3,671
-157
Net cash flows from operating activities
-37,331
-12,013
Cash flows from investing activities
Expenditure on intangible assets
0
1,505
Acquisition of property, plant and equipment
25
63
Proceeds from sale of property, plant and equipment
1
0
Proceeds from financial assets
18,090
90
Purchase of financial assets
130,090
90
Interest received
1,008
373
Net cash flows from investing activities
-111,015
-1,196
Cash flows from financing activities
Net proceeds from issue of shares
115,290
56,572
Repayment of lease liabilities and bank loans
351
326
Interest paid on lease liabilities and bank loans
26
44
Net cash flows from financial activities
114,913
56,202
Net change in cash and cash equivalents
-33,434
42,993
Cash and cash equivalents at the beginning of the period
39,623
16,499
Foreign exchange gains (losses)
396
361
Net change in cash and cash equivalents
-33,038
43,353
Cash and cash equivalents at the end of the period
6,585
59,852
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 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 22
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 9-month period ended 30 September 2026, property, plant and equipment were not subject to an impairment
loss.
As of September 30, 2026, the carrying amount of property, plant and equipment amounted to PLN 86 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
30.09.2026
31.12.2025
Non-current assets, including:
86
97
- buildings and structures
0
0
- plant and machinery
86
97
- other property, plant and equipment
0
0
Total
86
97
As at 30 September 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 16 No “Loans and borrowings (non-current and current)".
Page | 23
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 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 30.09.2026
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
25
0
25
– acquisition
0
25
0
25
Decreases, including:
0
18
0
18
– disposals and sales
0
18
0
18
2
Gross value at the end of the period
10
741
19
769
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
19
654
Increases
0
35
0
35
Decreases, including:
0
18
0
18
– disposals and sales
0
18
0
18
6
Depreciation at the end of the period
10
644
19
679
7
Net value at the beginning of the period
0
97
0
97
8
Net value at the end of the period
0
86
0
86
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 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 9-month period ended 30 September 2026, intangible assets were not subject to an impairment loss.
As of September 30, 2026, the carrying amount of intangible assets amounted to PLN 12,497 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
30.09.2026
31.12.2025
Costs of completed development work
30,727
33,926
Impairment losses on completed development development work
-18,230
-18,230
Total
12,497
15,696
Page | 25
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 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 30.09.2026
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:
3,199
0
3,199
– depreciation and amortisation
3,199
0
3,199
Decreases
0
0
0
6
Depreciation at the end of the period
18,890
332
19,222
7
Net value at the beginning of the period
15,696
0
15,696
8
Net value at the end of the period
12,497
0
12,497
As at 30 September 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 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Note 2.3 Costs of completed development work
Intangible assets
30.09.2026
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
-18,890
-15,692
Reclassification of impairment losses on completed development work
0
-88
Total
12,497
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 9-month period ended 30 September 2026, costs of completed development work were not subject to an
impairment loss.
As of September 30, 2026, the carrying amount of intangible assets amounted to PLN 12,497 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 9-month period ended 30 September 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 30 September
2026 amounted to PLN 638 thousand.
Data for the period from 01.01.2026 to 30.09.2026
Right-of-use assets
Buildings and
structures
Transport
equipment
Total
Net carrying amount as at 01.01.2026
320
0
320
Increases, arising from:
441
233
674
- modifications of existing contracts (lease extensions, changes
in the interest rate)
441
0
441
Decreases, arising from:
327
30
356
- depreciation and amortisation for the reporting period
327
30
356
- impairment losses for the reporting period
0
0
0
Net carrying amount as at 30.09.2026
435
204
638
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 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 27
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
30.09.2026
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 (+/−)
3,464
8 145
Other comprehensive income (+/−)
0
0
Net deferred tax at the end of the period, including:
21,338
17 874
Deferred tax assets
23,312
20 697
Deferred tax liability
1,974
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 9-month period
ended 30 September 2026, affecting profit or loss in the amount of PLN 3,464 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 1,974 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 30.09.2026
Deferred tax assets
01.01.2026
Impact on
profit or loss
30.09.2026
Recognition of provisions
1,583
261
1,844
Impairment allowances on receivables
0
0
0
Difference between tax and accounting depreciation
1,240
-1,111
130
Liability under the incentive program
17,874
3,464
21,338
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
2,615
23,312
Deferred tax liabilities
01.01.2026
Impact on
profit or loss
30.09.2026
Interest on deposits
5
1
6
Contract assets
122
0
122
Contract liabilities
449
203
652
Uninvoiced receivables
2,246
-1,271
976
Bonds and investment sub-funds
0
218
218
Total
2,823
-849
1,974
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 28
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
30.09.2026
31.12.2025
Contract assets
625
625
Contract liabilities
8,829
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 30.09.2026
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 30.09.2026
Technical support
services
625
-2,339
2,358
-19
625
Total
625
-2,339
2,358
-19
625
Revenue has been estimated based on the stage of completion of performance obligations for which, as at 30
September 2026, the Group was not yet entitled to issue invoices.
As at 30 September 2026, the Group recognised impairment allowances for contract assets in the total amount of
PLN 19 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 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 29
Data for the period from 01.01.2026 to 30.09.2026
Contract liabilities
Carrying amount
as at 01.01.2026
Increases
Decreases
Carrying amount
as at 30.09.2026
Revenue from technical support
(maintenance) services
11,964
4,630
8,172
8,422
Revenue from implementation contracts
535
0
535
0
Revenue from other services
0
543
136
407
Total
12,500
5,173
8,843
8,829
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
30.09.2026
31.12.2025
From other entities, including:
7,380
10,315
- invoiced receivables
75
3,882
- uninvoiced receivables
7,306
6,433
Loss allowance
-183
-2,567
Total
7,198
7,748
Long-term receivables
30.09.2026
31.12.2025
Gross amounts due from other entities, including:
172
5,889
- uninvoiced receivables
0
5,891
- deposit
172
172
Loss allowance
0
-174
Total
172
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 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 30
Note 6.2 Expected credit loss allowances for trade receivables
Data for the period from 01.01.2026 to 30.09.2026
Loss allowances for trade
receivables
Carrying
amount as at
01.01.2026
Increases
Decreases
Other
(translation
differences)
Carrying
amount as
at 30.09.2026
From other entities
2,744
2
2,564
1
183
Total
2,744
2
2,564
1
183
In the 9-month period ended 30 September 2026, the Group recognized impairment allowances for trade
receivables in the total amount of PLN 2 thousand, reversed previously recognized expected credit loss allowances
of PLN 236 thousand, and utilized previously recognized allowances amounting to PLN 2,328 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 30.09.2025
Loss allowances for trade
receivables
Carrying
amount as at
01.01.2025
Increases
Decreases
Other
(translation
differences)
Carrying
amount as
at 30.09.2025
From other entities
2,567
380
233
-18
2,706
Total
2,567
380
233
-18
2,706
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)
30.09.2026
31.12.2025
Advances to supplies
52
127
Related to taxes and other public law charges
1,276
0
Other receivables, including:
527
367
- deposits
71
71
- other
456
296
Total
1,855
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 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 31
Note 8 Financial assets (current)
Financial assets (current)
30.09.2026
31.12.2025
In other entities:
131,208
18,117
- bank deposits with a maturity of over 3 months
90
18,117
- corporate bonds
20,012
0
- participation units in sub-funds
111,105
0
Total
131,208
18,117
As at 30 September 2026 and 31 December 2025, the Group classified bank deposits (including interest accrued
as at the reporting date) with maturities exceeding 3 months as at the reporting date as short-term financial assets.
As at 30 September 2026, the Group also held participation units in open-ended money market and debt investment
funds. In accordance with IFRS 9, these assets were classified as financial assets measured at fair value through
profit or loss (FVTPL). The valuation of these instruments was determined based on publicly available fund
quotations as at the reporting date, corresponding to Level 1 of the fair value hierarchy under IFRS 13.
As at 30 September 2026, the Group held debt securities (short-term corporate bonds with a nominal value of PLN
20,000 thousand). In accordance with the adopted liquidity management model, these assets are held to collect
contractual cash flows, consisting solely of payments of principal and interest based on the variable 1M WIBOR
rate (SPPI test met). Pursuant to IFRS 9, these instruments were classified as measured at amortised cost. Due to
the high credit rating of the guarantor (Santander Bank Polska S.A., currently Erste Bank Polska S.A.) and the
short maturity date (October 2026), the expected credit loss (ECL) was deemed immaterial.
Note 9 Prepayments and accruals (non-current and current)
Prepayments (non-current)
30.09.2026
31.12.2025
Subscriptions and license fees
27
145
Total
27
145
Prepayments (current)
30.09.2026
31.12.2025
Subscriptions and license fees
1,846
959
Insurance policies and premiums
151
100
Rent
38
44
Other
176
29
Total
2,211
1,132
As at 30 September 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.
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 32
Note 10 Cash and cash equivalents
Cash and cash equivalents
30.09.2026
31.12.2025
Cash in bank accounts, including:
6,585
39,623
a) cash
6,585
31,611
b) bank deposits with maturities of less than 3 months
0
8,012
Total
6,585
39,623
As at 30 September 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 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 33
Note 11 Share capital
As at 30.09.2026
Item
Amount
Opening balance
638
Nominal value of shares increasing share capital
75
Closing balance
713
On 18 March 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 March
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 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 34
Note 12.1 Share premium (excess over nominal value)
Item
30.09.2026
31.12.2025
Share premium (excess over nominal value)
371,063
255,849
Total
371,063
255,849
Note 12.2 Changes in share premium
Data for the period from 01.01.2026 to 30.09.2026
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
115,215
Closing balance
371,063
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 115,215 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
960
Issue of shares above nominal value
115,215
Note 13 Other equity reserves
Other equity reserves
30.09.2026
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 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 35
Note 14 Share-based payment programs
Description and operating principles of the incentive programs
The DataWalk Group operates long-term incentive programs addressed to key personnel (Management Board
Members, Employees, and Contractors of DataWalk S.A. and its subsidiary DataWalk Inc. based in Delaware,
USA). The purpose of the programs is to attract, retain long-term, and align the interests of key personnel with
those of the shareholders by building the Group's long-term value.
Settlements under the incentive programs are carried out through two primary components:
• conditional Rights to subscribe for and/or acquire shares of the Company, settled in equity instruments
("Share-based program"), and
• RSUs (Restricted Stock Units), settled in cash ("RSU Program").
Both instruments are recognized in accordance with IFRS 2 Share-based Payment and are based on the same
Vesting Conditions and the same definition of a Sale Transaction (Non-vesting Condition), described in the
"Origin and pool of instruments" section below. They differ solely in the method of settling the benefit due to the
Participant upon fulfilling the Exercise Conditions:
• Share-based program - through the subscription/acquisition of the Company's shares at nominal value;
• RSU Program - through a one-off cash payment, the amount of which depends on the price/value of the
Company's shares resulting from a Sale Transaction.
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 instruments (Rights/RSU Units) expected to vest.
The Group revises these estimates, if necessary, if subsequent information indicates that the number of instruments
expected to vest differs from previous estimates. At the vesting date, the Group adjusts the estimate to reflect the
number of instruments that ultimately vested.
The recognition of both program components requires making assumptions and applying professional judgment,
particularly regarding:
• the number of instruments expected to vest during the reporting period in exchange for services received,
• the estimated vesting period for tranches with a variable time horizon (Tranches with a change of control
condition (Single trigger) – see "Origin and pool of instruments" section),
• for the RSU Program – the fair value measurement of the liability at each reporting date until the
settlement date.
At each reporting date, the Group estimates the number of instruments expected to vest in exchange for services
received, and in the case of tranches with a variable time horizon, it updates the expected period until the Sale
Transaction at least annually and whenever relevant indications occur.
Origin and pool of instruments
Share-based program (Equity-Settled)
This program operates pursuant to Resolution No. 20 of the Ordinary General Meeting dated 30 June 2022, as
amended. It entitles participants to acquire conditional rights (Rights) free of charge, which, upon fulfillment of
the Vesting Conditions and Exercise Conditions, grant the right to subscribe for or acquire shares of the Company
at a nominal value of PLN 0.10 per share.
Maximum Pool of Rights:
Taking into account the resolutions of the General Meeting dated 30 December 2024 and 25 June 2025, as well as
the Management Board's decision of 12 May 2026, the total pool of share options was set at a maximum of 785,000
shares of the Company.
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 36
Vesting Conditions:
Maintaining an employment, cooperation, or corporate body membership relationship for the period specified in
the individual Participation Agreement (subject to an allowable limit of service interruptions of up to 30 or 60
working days per year) and optionally meeting individual qualitative or business performance targets.
Maximum term of the right to exercise:
Not specified.
Exercise Conditions (Non-vesting / Performance Condition):
The exercise of options (subscription of shares at nominal value) requires the joint fulfillment of the Vesting
Conditions and the occurrence of an event defined as a Sale Transaction. A Sale Transaction occurs in the event
of a Tender Offer being announced and a third party exceeding 50% of the total voting rights in the Company,
combined with the disposal by FGP Venture sp. z o.o. of at least 587,500 shares in the Company. The exercise of
Rights occurs within 6 months from the occurrence of the Sale Transaction.
Tranches with a change of control condition (Single trigger):
On 1 June 2026, the Management Board granted a new Tranche IX of share options. Unlike Tranches I-VIII
(tranches with an individual vesting schedule (Dual trigger) where costs were recognized on a straight-line basis
over a contractually specified service period), in Tranche IX the fulfillment of the Vesting Conditions was directly
linked to the finalization of a Sale Transaction. In accordance with IFRS 2, a Sale Transaction in Tranche IX
constitutes a non-market performance condition determining a variable vesting period, estimated by the
Management Board as at 4 years from the June 1, 2026 (grant date).
Obligated entities:
The entity obligated to issue shares is DataWalk S.A., which is a party to the Participation Agreement and the
direct recipient of the participant's services.
Alternative settlement methods:
In accordance with Section 4.16 of the Rules, in the event of circumstances preventing or impeding the issuance
of shares, the Management Board, with the consent of the Supervisory Board, may adopt a resolution to pay an
equivalent in cash (Settlement Amount). Since the Company has neither a customary practice nor the intention to
settle the program in cash, the program is classified entirely as equity-settled in accordance with IFRS 2.41.2.
RSU Program (Cash-Settled)
The RSU Program operates pursuant to Resolution No. 19 of the Ordinary General Meeting dated 30 June 2020,
as amended. The program is based on derivative financial instruments that entitle participants to receive a one-off
cash payment equal to the product of the number of RSU Units granted and the market price of the Company's
shares determined in a Sale Transaction.
Maximum Pool of RSU Units:
In accordance with the resolutions of the Company's governing bodies dated 25 June 2025 and 12 May 2026, the
maximum pool of RSU units is 1,050,000 units.
Tranches with a change of control condition (Single trigger):
On 1 June 2026, the Management Board granted a new Tranche of RSU units. Unlike previous tranches (tranches
with an individual vesting schedule (Dual trigger) where costs were recognized on a straight-line basis over a
contractually specified service period), in this tranche the fulfillment of the Exercise Conditions was directly linked
to the finalization of a Sale Transaction. In accordance with IFRS 2, a Sale Transaction in tranches with a change
of control condition constitutes a non-market performance condition determining a variable vesting period for
RSU units, estimated by the Management Board as at 4 years from the June 1, 2026 (grant date).
Obligated entities:
The entity obligated to pay the funds is the Group company that is a party to the Participation Agreement and the
direct recipient of the participant's services (DataWalk S.A. for personnel in Poland; DataWalk Inc. for personnel
in the USA).
Maximum term of the right to exercise:
10 years from the date of concluding the Participation Agreement.
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 37
Exercise Conditions:
Analogous to the Share-based program. The payment for granted RSU units is settled within 90 days, but no later
than 14 March of the year following the occurrence of the Sale Transaction.
The table below presents the key comparative features of both programs:
Feature for Comparison
Share Option Program
(Equity-Settled)
RSU Program
(Cash-Settled)
Legal basis / GM Resolution
Resolution of OGM No. 20 of
30.06.2022
Resolution of OGM No. 19 of
30.06.2020
Maximum instrument limit
785,000 shares
1,050,000 RSU units
Form of benefit settlement
Issuance / delivery of shares at
nominal value
One-off cash payment
Balance sheet measurement of
the instrument
Fair value at Grant Date (fixed)
Fair value at each reporting date
Recognition in financial
statements
Reserve capital
Short-term liability
Primary obligated entity
DataWalk S.A. (parent company)
Each Group company (DataWalk
S.A. and DataWalk Inc.) is a party
to Participation Agreements with
Eligible Persons providing
work/services to them,
respectively; the entity obligated
to settle RSUs is the company
receiving the services.
As at 30 September 2026, the remaining, unallocated portion of the combined pool granted to the Management
Board pursuant to §1 and §2 of Resolution No. 22 of the Ordinary General Meeting dated 25 June 2025 amounts
to 200,000 rights. This remaining pool will be allocated in accordance with future decisions of the Management
Board (or the Supervisory Board where required by law).
Fair value measurement and model assumptions, including information on estimates
Share-based program (Equity-Settled)
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 fair value of share options is determined at the grant date using the Black-Scholes-Merton (BSM) valuation
model. In accordance with IFRS 2.11, this valuation is not subject to adjustments in subsequent reporting periods
due to changes in the market share price. Rights to subscribe for and/or acquire shares of the Company do not
carry dividend rights, and therefore the expected dividend yield is 0. Expected volatility was determined based on
the annualized standard deviation of share returns using daily observations. The rate of return was expressed as an
annual interest rate with continuous compounding (annual continuously compounded interest rate).
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 38
The table below presents the model parameters adopted for the valuation of the individual tranches of the option program with an adjusted annualized expected share price
volatility. In previous reporting periods, standard deviation was presented on a daily basis.
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
Counterparty
Program
valuation
date (Grant
Date)
Valuation
model
Number of
Rights
granted
under
Participation
Agreements
(units)
Share price
(PLN)
Exercise
price (PLN)
Annualized
expected
share price
volatility
Expected life
of the right
to subscribe
for shares
(years)
Risk-free
rate
Fair value of
the option
(PLN)
Tranche I
DataWalk S.A.
01.10.2022
BSM
275,518
136.26
0.10
65.92%
5
7.14%
136.19
Tranche II
DataWalk S.A.
01.01.2023
BSM
118,710
91.35
0.10
65.39%
5
6.05%
91.28
Tranche III
DataWalk S.A.
01.07.2023
BSM
12,450
60
0.10
56.46%
5
5.45%
59.92
Tranche IV
DataWalk S.A.
01.02.2024
BSM
42,300
33.9
0.10
73.48%
5
5.44%
33.82
Tranche V
DataWalk S.A.
01.07.2024
BSM
3,900
63.3
0.10
77.83%
5
5.04%
63.22
Tranche VI
DataWalk S.A.
15.01.2025
BSM
124,350
61
0.10
74.64%
5
5.45%
60.92
Tranche VII
DataWalk S.A.
01.07.2025
BSM
23,400
114.5
0.10
69.06%
5
4.85%
114.42
Tranche VIII
DataWalk S.A.
01.01.2026
BSM
1,100
103.1
0.10
58.16%
5
5.40%
103.02
Tranche IX
DataWalk S.A.
01.06.2026
BSM
206,075
130
0.10
55.38%
4
4.71%
129.92
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 39
RSU Program (Cash-Settled)
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
underlying instruments. The measurement of the liability reflects the extent to which the services have been
rendered.
In accordance with IFRS 2.30, the liability for RSU units is remeasured to fair value at each reporting date and at
the date of final settlement. Given that the exercise price is PLN 0 and the units do not carry dividend rights, the
fair value of one RSU unit corresponds to the market closing price of DataWalk S.A. shares on the Warsaw Stock
Exchange on the reporting date.
The measurement of an RSU unit at the respective reporting dates was as follows:
• As at 31 December 2025: PLN 103.10 per RSU.
• As at 31 March 2026: PLN 141.00 per RSU.
• As at 30 June 2026: PLN 115.00 per RSU.
• As at 30 September 2026: PLN 119.60 per RSU.
The effects of remeasurement 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, 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.
Reconciliation of the number and changes in equity and derivative instruments
The tables below present a reconciliation of changes in the number of share options for the period from 1 January
2026 to 30 September 2026.
Specification
Quantity
(units)
Average fair
value (PLN)
Cost based on
weighted
average fair
value (PLN
thousand)
Unexercised at the beginning of the period (01.01.2026)
561,036
102.08
57,271
Granted during the period
207,175
129.77
26,886
Forfeited during the period
-9,900
88.80
-879
Exercised during the period
0
Expired during the period
0
Unexercised at the end of the period (30.09.2026)
758,311
109.82
83,278
Exercisable at the end of the period
0
0
Estimated number of vested rights at the beginning of the period
525,380
103.86
54,565
Estimated number of rights vested during the period
44,232
102.08
4,396
Forfeited during the period
-3,757
61.00
-229
Estimated number of vested rights at the end of the period
565,855
103.79
58,732
Maximum number of options in the program
785,000
100%
Granted, unexercised at the end of the period (30.09.2026)
758,311
97%
Estimated number of vested rights at the end of the period, including:
565,855
72%
- vested
498,686
64%
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 40
The tables below present a reconciliation of changes in the number of RSU units for the period from 1 January
2026 to 30 September 2026.
Specification
Quantity (units)
Average fair
value (PLN)
Cost based on
weighted
average fair
value (PLN
thousand)
Unexercised at the beginning of the period (01.01.2026)
923,065
119.60
110,399
Granted during the period
60,750
119.60
7,266
Forfeited during the period
0
Exercised during the period
0
Expired during the period
0
Unexercised at the end of the period (30.09.2026)
983,815
119.60
117,664
Exercisable at the end of the period
0
119.60
0
Estimated number of vested rights at the beginning of
the period
908,295
103.10
93,645
Estimated number of rights vested as at 31.12.2025 –
remeasurement to fair value
908,295
16.50*
14,987
Estimated number of rights vested during the period
27,705
119.60
3,314
Forfeited during the period
-205
119.60
-25
Estimated number of vested rights at the end of the
period
935,795
119.60
111,921
Maximum number of RSU units in the program
1,050,000
100%
Granted, unexercised at the end of the period (30.09.2026)
983,815
94%
Estimated number of vested rights at the end of the period,
including:
935,795
89%
- vested
901,015
86%
* Difference between the weighted average fair values of RSU Units as at 30 September 2026 and 31 December
2025.
Impact on financial performance, financial position, and taxes
Total costs recognized in the consolidated statement of profit or loss
The incentive program costs recognized in the consolidated statement of profit or loss include the service period
cost for the Share-based and RSU Programs measured at the fair value of the respective instruments, as well as the
current remeasurement of the liability under the RSU Program.
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 41
The table below presents the program costs broken down by Group entities and cost line items.
Cost line item (PLN thousand)
9 months of 2026
(Option
Program)
9 months of 2026
(RSU Program)
9 months of 2026
Total
9 months of 2025
Total
Costs by Group entities:
- DataWalk S.A. (Poland)
4,167
1,779
5,946
5,431
- DataWalk Inc. (USA)
0
16,497
16,497
40,630
Total Group operating expenses
(salaries and wages)
4,167
18,276
22,443
46,061
Functional cost breakdown:
Incentive program
4,167
18,276
22,443
46,061
Income tax
0
-3,464
-3,464
-7,699
- DataWalk S.A. (Poland)
0
0
0
0
- DataWalk Inc. (USA)
0
-3,464
-3,464
-7,699
Impact on consolidated net profit
(loss)
4,167
14,812
18,979
38,362
Balance sheet items and deferred income tax
The balance sheet effects of recognizing the incentive programs as at 30 September 2026 and 31 December 2025
are presented in the table below.
Balance Sheet Item (PLN thousand)
As at 30.09.2026
As at 31.12.2025
Reserve capital (Share-based program - Equity Settled)
58,732
54,565
including:
- DataWalk S.A. (Poland)
58,732
54,565
- DataWalk Inc. (USA)
0
0
Short-term liabilities under the incentive program (RSU Program
- Cash Settled)
111,921
93,645
including:
- DataWalk S.A. (Poland)
10,310
8,530
- DataWalk Inc. (USA)
101,612
85,115
Deferred tax assets
21,338
17,874
including:
- DataWalk S.A. (Poland)
0
0
- DataWalk Inc. (USA)
21,338
17,874
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 42
In the subsidiary DataWalk Inc., the RSU liability constitutes a tax-deductible expense at the time of actual cash
payment. Therefore, in accordance with IAS 12, the Group recognizes a deferred tax asset on the deductible
temporary difference, applying a tax rate of 21%.
Sensitivity analysis and potential shareholder dilution
Sensitivity analysis of the RSU liability to changes in share price
Given that the measurement of the RSU liability depends directly on the market share price of DataWalk S.A., the
consolidated financial result is exposed to significant market risk. The table below presents the sensitivity of the
carrying amount of the RSU liability and the Group's gross financial result to potential changes in the share price
as at 30 September 2026.
Simulated change in share
price
Hypothetical share price
(PLN)
Estimated RSU liability
value (PLN thousand)
Impact on consolidated
gross profit (PLN
thousand)
-30%
83,72
78,345
33,576
-20%
95,68
89,537
22,384
-10%
107,64
100,729
11,192
Base price
119,60
111,921
0
10%
131,56
123,113
-11,192
20%
143,52
134,305
-22,384
30%
155,48
145,497
-33,576
Sensitivity analysis - tranches with a variable vesting period
The transaction cost for tranches with a change of control condition (Single trigger), which are characterized by a
variable vesting period, is allocated over the estimated, rather than contractual, vesting period. The current estimate
assumes the occurrence of a sale transaction by 30.09.2030, i.e., 4 years from the balance sheet date. A change in
this estimate directly impacts the current period cost and the balance sheet measurement of both components
cumulatively.
The table below presents the sensitivity of the carrying amount of the RSU liability, the reserve capital for share
options, and the gross financial result to a 1-year change in the estimated period until the Sale Transaction (from
4 to 3 or 5 years), assuming all other variables remain constant.
Simulated change in
sale transaction date
Estimated date of
Sale Transaction
Estimated reserve
capital value (
PLN thousand)
Estimated liability
value
(PLN thousand)
Impact on
consolidated gross
profit
(PLN thousand)
- 1 year
2029-06-30
59,447
112,012
-806
no change
(base scenario)
2030-06-30
58,732
111,921
0
+1 year
2031-06-30
58,303
111,847
504
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 43
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 30 September 2026, the Group was a party to lease agreements for office space and vehicles, in which it acts
as the lessee.
Lease liabilities
30.09.2026
31.12.2025
Non-current
249
0
Current
510
427
Total
759
427
Specification
30.09.2026
31.12.2025
Lease liabilities for office space
548
422
- up to 12 months
436
422
- over 12 months
113
0
Lease liabilities for vehicles
211
5
- up to 12 months
75
5
- over 12 months
136
0
Total
759
427
Office space lease
As at 30 September 2026, future minimum payments for office space leases are as follows:
Specification
30.09.2026
31.12.2025
Future minimum lease payments, including:
567
439
- within less than 1 year
453
439
- within 1-2 years
113
0
Future interest expense
-18
-17
Present value of lease liabilities, including:
548
422
- within less than 1 year
436
422
- within 1-2 years
112
0
The effective interest rate for office space leases as at 30 September 2026 was 5.85%.
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 44
Vehicle leases
As at 30 September 2026, future minimum lease payments for vehicles are as follows:
Specification
30.09.2026
31.12.2025
Future minimum lease payments, including:
228
5
- within less than 1 year
85
5
- within 1-2 years
143
0
Future interest expense
-17
0
Present value of lease liabilities, including:
211
5
- within less than 1 year
75
5
- within 1-2 years
136
0
The effective interest rate for the above vehicle lease as at 30 September 2026 was 5.84%.
Lease costs recognized during the reporting period
In the period from 1 January 2026 to 30 September 2026, the amounts of lease-related costs recognized in the
income statement and the statement of comprehensive income were as follows:
Specification
01.01.2026 -
30.09.2026
01.01.2025 -
30.09.2025
Depreciation of right-of-use assets
356
353
Interest expense on lease liabilities
26
44
Short-term lease costs
8
8
Low-value lease costs
18
0
Total
408
405
Total cash outflows related to leases amounted to PLN 403 thousand for the 9-month period ended 30 September
2026, compared to PLN 378 thousand for the 9-month period ended 30 September 2025.
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 45
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 30 September 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]:
151
Carrying amount as at 31.12.2025 [USD thousand]:
153
Carrying amount as at the reporting date [PLN thousand]:
579
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 30 September 2026, the Group’s total indebtedness
amounted to PLN 579 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 9-month period ended 30 September 2026, there were no transfers between levels of the fair value
hierarchy within the Group’s debt positions. As at 30 September 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 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 46
Note 17 Trade payables
Trade payables
30.09.2026
31.12.2025
To other entities, including:
3,227
2,312
- invoiced liabilities
3,227
2,312
Total
3,227
2,312
Note 18.1 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)
30.09.2026
31.12.2025
Provisions for retirement and similar benefits, including:
235
278
a) for unused vacation leave
235
278
Other provisions, including:
2,967
2,909
a) provision for the audit of the financial statements
0
151
b) provision for financial statements and accounting services
53
24
c) provision for sales commissions
707
1,462
d) provision for license fees
0
205
e) provision for variable remuneration
889
727
f) legal and advisory services
20
17
g) cloud services
272
52
h) contract fulfillment costs
597
0
i) other provisions
429
271
Total
3,201
3,188
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 47
Note 18.2 Changes in other provisions (current)
Data for the period from 01.01.2026 to 30.09.2026
Specification
Carrying
amount as at
01.01.2026
Increases
Used
Reversal
Carrying
amount as
at 30.09.2026
Provisions for retirement and
similar benefits, including:
278
29
73
0
235
a) for unused vacation leave
278
29
73
0
235
Other provisions, including:
2,908
3,779
3,131
591
2,967
a) provision for the audit of the
financial statements
151
0
148
0
0
b) provision for financial
statements and accounting
services
24
63
27
6
53
c) provision for sales
commissions
1,462
572
1,175
152
707
d) provision for license fees
205
0
205
0
0
e) provision for variable
remuneration
727
892
700
34
889
f) legal and advisory services
17
40
34
4
20
g) cloud services
52
452
184
48
272
h) contract fulfillment costs
0
597
0
0
597
i) other provisions
271
817
658
35
429
Total
3,188
3,808
3,204
591
3,201
Note 19.1 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 - 30.09.2026
01.01.2025 - 30.09.2025
License sales
3,063
19,016
Technical support services sales
9,824
9,797
Professional services sales
1,673
2,289
Total
14,561
31,102
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 48
Note 19.2 Sales revenue – by geography
Sales revenue
01.01.2026 - 30.09.2026
01.01.2025 - 30.09.2025
Sales - Poland
4,230
4,353
Sales - North and South America
3,514
4,348
Other regions
6,817
22,401
Total
14,561
31,102
Note 19.3 Sales revenue – by customer groups
Sales revenue
01.01.2026 - 30.09.2026
01.01.2025 - 30.09.2025
Government sector, including:
5,137
8,373
- Law enforcement agencies (LEAs)
4,406
7,166
- Intelligence agencies
508
670
- Other government entities
223
537
Private sector, including:
9,423
22,720
- Banking
7,093
19,722
- Insurance
326
399
- Other
2,004
2,608
Total
14,561
31,102
Note 19.4 Sales revenue by recognition in the income statement
Sales revenue
01.01.2026 - 30.09.2026
01.01.2025 - 30.09.2025
Goods and services transferred at a point in time,
including:
3,063
19,016
- license sales
3,063
19,016
Goods and services transferred over time, including:
11,497
12,086
- technical support services sales
9,824
9,797
- professional services sales
1,673
2,289
Total
14,561
31,102
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 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 49
As at 30 September 2026, the aggregate amount of the transaction price allocated to RPO amounted to PLN 11,923
thousand, compared to PLN 13,142 thousand as at 30 September 2025.
Value of remaining performance obligations from
which revenue will be recognized in subsequent years
30.09.2026
31.12.2025
30.09.2025
Within 12 months from the reporting date
7,661
7,807
10,045
13 - 24 months from the reporting date
3,715
5,861
2,082
Over 24 months from the reporting date
547
2,747
1,015
Total
11,923
16,415
13,142
Note 20 Costs by nature
Costs by nature
01.01.2026 - 30.09.2026
01.01.2025 - 30.09.2025
Depreciation and amortisation
3,590
3,026
Costs of materials and energy
283
100
External services
32,720
23,748
Taxes and charges
129
82
Employee compensation, including:
37,458
57,693
- salaries and wages
15,015
11,632
- costs of the incentive program (cash-settled)
18,276
40,630
- costs of the incentive program (equity-settled)
4,167
5,431
Social security and other benefits
3,706
2,457
Other costs by nature
2,414
1,263
Total costs by nature
80,299
88,369
Cost of sales
4,762
5,728
Sales and marketing
19,295
11,248
Research and development
23,454
15,907
General and administrative expenses
10,345
9,425
Incentive program
22,443
46,061
Total costs by function
80,299
88,369
Note 21 Other operating income
Other operating income
01.01.2026 - 30.09.2026
01.01.2025 - 30.09.2025
Gain on disposal of non-financial fixed assets
1
0
Other operating income, including:
221
263
- rental income
221
192
- compensation received
0
21
- other
0
50
Total
222
263
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 50
Note 22 Other operating expenses
Other operating expenses
01.01.2026 - 30.09.2026
01.01.2025 - 30.09.2025
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 9-month period ended 30 September 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 23 Financial income
Financial income
01.01.2026 - 30.09.2026
01.01.2025 - 30.09.2025
Interest from other entities, including:
982
339
- interest on bonds
329
0
- interest on bank deposits and bank accounts
654
339
Valuation of participation units in sub-funds
1,105
0
Discount on receivables
282
238
Foreign exchange differences
781
1
Total
3,151
580
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 9-month period ended 30 September
2026, the Group recognized finance income in the statement of profit or loss in the total amount of PLN 282
thousand.
Note 24 Financial costs
Financial costs
01.01.2026 - 30.09.2026
01.01.2025 - 30.09.2025
Interest from other entities, including:
32
88
- interest on lease liabilities
26
44
- other interest
7
44
Other, including:
0
568
- foreign exchange differences
0
568
Total
32
656
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 51
Note 25 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
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 9-month period ended 30
September 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 30
September 2026.
In view of the above, during the 9-month period ended 30 September 2026, the Group recognized no new
impairment losses. The net carrying amount of the CGU as at 30 September 2026 further decreased to PLN 12,655
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 26 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 30 September 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 30
September 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 27 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.
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 52
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
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 30.09.2026
Specification
DataWalk S.A.
DataWalk Inc.
Eliminations
Total
Revenue from external customers
11,047
3,514
0
14,561
Intersegment transactions
1,710
0
-1,710
0
Total segment operating revenue
12,757
3,514
-1,710
14,561
Segment operating result
-37,376
-27,991
0
-65,368
Interest income*
1,264
0
0
1,264
Other finance income
1,887
0
0
1,887
Interest expenses**
26
7
0
32
Other finance costs
0
0
0
0
Significant non-cash items
10,440
16,464
0
26,904
- depreciation and amortisation
3,590
0
0
3,590
- costs of the incentive program
5,946
16,497
0
22,443
- impairment loss on assets
0
0
0
0
- expected credit loss (expense/reversal)
-201
-33
0
-234
- gain (loss) on investment valuation
1,105
0
0
1,105
Income tax
0
-3,464
0
-3,464
Net profit (loss), including:
-34,251
-24,534
0
-58,785
- profit attributable to owners of the parent
company
-34,251
-24,534
0
-58,785
- profit attributable to non-controlling interests
0
0
0
0
Capital expenditures
25
0
0
25
* Interest income on bank deposits
** Interest expenses on loans, borrowings and leases
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 53
Data as at 30.09.2026
Specification
DataWalk S.A.
DataWalk Inc.
Eliminations
Total
Fixed assets, including:
13,420
21,338
0
34,759
- intangible assets
12,497
0
0
12,497
Current assets, including:
148,773
4,654
-3,746
149,681
- trade receivables
7,713
1,680
-2,196
7,198
- prepayments
1,592
2,169
-1,551
2,211
- financial assets
131,208
0
0
131,208
- cash
5,921
664
0
6,585
Long-term liabilities, including:
249
545
0
794
- loans and borrowings
0
545
0
545
- lease liabilities
249
0
0
249
Short-term liabilities, including:
29,532
106,366
-7,399
128,499
- loans and borrowings
0
34
0
34
- lease liabilities
510
0
0
510
- liabilities under the incentive program
10,310
101,612
0
111,921
- trade payables
3,544
1,879
-2,196
3,227
- contract liabilities
8,310
2,070
-1,551
8,829
Data for the period from 01.01.2025 to 30.09.2025
Specification
DataWalk S.A.
DataWalk Inc.
Eliminations
Total
Revenue from external customers
26,754
4,348
0
31,102
Intersegment transactions
7,578
0
-7,578
0
Total segment operating revenue
34,332
4,348
-7,578
31,102
Segment operating result
-17,028
-41,377
0
-58,405
Interest income*
578
0
0
578
Other finance income
1
0
0
1
Interest expenses**
44
44
0
88
Other finance costs
568
0
0
568
Significant non-cash items
14,024
36,442
0
50,465
- depreciation and amortisation
3,026
0,
0
3,026
- costs of the incentive program
9,399
36,663
0
46,061
- impairment loss on assets
1,190
0
0
1,190
- expected credit loss (expense/reversal)
409
-221
0
188
Income tax
0
-7,699
0
-7,699
Net profit (loss), including:
-17,060
-33,721
,
-50,782
- profit attributable to owners of the parent
company
-17,060
-33,721
0
-50,782
- profit attributable to non-controlling interests
0
,
0
0
Capital expenditures
1,569
0
0
1,569
* Interest income on bank deposits
** Interest expenses on loans, borrowings and leases
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 54
Data as at 30.09.2025
Specification
DataWalk S.A.
DataWalk Inc.
Eliminations
Total
Fixed assets, including:
23,352
17,429
0
40,781
- intangible assets
0
0
0
0
Current assets, including:
67,641
7,400
-4,326
70,715
- trade receivables
7,295
1,114
-1,706
6,702
- prepayments
1,155
3,064
-2,620
1,599
- cash
56,711
3,141
0
59,852
Long-term liabilities, including:
109
527
0
636
- loans and borrowings
0
527
0
527
- lease liabilities
109
0
0
109
Short-term liabilities, including:
21,797
87,652
-4,326
105,123
- loans and borrowings
0
32
0
32
- lease liabilities
423
0
0
423
- liabilities under the incentive program
8,095
82,994
0
91,089
- trade payables
3,424
1,278
-1,706
2,996
- contract liabilities
6,662
3,023
-2,620
7,065
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 -
30.09.2026
01.01.2025 -
30.09.2025
Sales in Poland, including:
License sales
0
0
Technical support
4,230
4,111
Professional services
0
242
Total sales in Poland
4,230
4,353
Sales in North and South America, including:
License sales
0
0
Technical support
2,498
3,132
Professional services
1,016
1,217
Total sales in North and South America
3,514
4,348
Sales in other countries, including:
License sales
3,063
19,016
Technical support
3,096
2,554
Professional services
658
831
Total sales in other countries
6,817
22,401
Total revenue from sales
14,561
31,102
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 55
INFORMATION ON MAJOR CUSTOMERS
Data for the period from 01.01.2026 to 30.09.2026
01.01.2026 - 30.09.2026
Operating segment
Sales revenue
Share in revenue
Klient A
DataWalk Inc.
3,555
24%
Klient B
DataWalk S.A.
1,934
13%
Klient C
DataWalk S.A.
1,809
12%
Total
7,298
50%
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 30.09.2025
01.01.2025 - 30.09.2025
Operating segment
Sales revenue
Share in revenue
Klient C
DataWalk S.A.
17,232
55%
Total
17,232
55%
No other formal relationships exist between the Group companies and this Customer, other than those arising from
commercial transactions.
Note 28 Related party transactions
Data for the period from 01.01.2026 to 30.09.2026
• During the 9-month period ended 30 September 2026, DataWalk S.A. recognized revenue from sales to
DataWalk Inc. amounting to USD 1,438 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
5,426 thousand. The balance of mutual settlements in respect of the above as at the reporting date of 30
September 2026 amounted to USD 457 thousand, which, when translated at the exchange rate as at the
reporting date, amounted to PLN 1,757 thousand.
• During the 9-month period ended 30 September 2026, DataWalk S.A. purchased services from DataWalk
Inc. in the total amount of USD 366 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 1,315
thousand. The balance of mutual settlements in respect of the above as at the reporting date of 30
September 2026 amounted to USD 114 thousand, which, when translated at the exchange rate as at the
reporting date, amounted to PLN 348 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 30.09.2025
• During the 9-month period ended 30 September 2025, DataWalk S.A. recognized revenue from sales to
DataWalk Inc. amounting to USD 2,111 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
8,320 thousand. The balance of mutual settlements in respect of the above as at the reporting date of 30
September 2025 amounted to USD 191 thousand, which, when translated at the exchange rate as at the
reporting date, amounted to PLN 693 thousand.
• During the 9-month period ended 30 September 2025, DataWalk S.A. purchased services from DataWalk
Inc. in the total amount of USD 279 thousand, which, when translated at the average exchange rate of the
Condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 56
National Bank of Poland announced on the day preceding the transaction date, amounted to PLN 1,099
thousand. The balance of mutual settlements in respect of the above as at the reporting date of 30
September 2025 amounted to USD 279 thousand, which, when translated at the exchange rate as at the
reporting date, amounted to PLN 1,013 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 | 58
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 30 September 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
30.09.2026
Percentage interest
held by the Company
31.12.2025
DataWalk Inc.
Delaware
(USA)
Information technology
consulting activities
100%
100%
During the 9-month period ended 30 September 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 | 59
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 30 September 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 | 60
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 30 September 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 30 September 2026
and the comparative period from 1 January to 30 September 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 30
September 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 30
September 2026, as well as its financial performance and cash flows for the 9-month period ended 30 September
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 | 61
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. During the three quarters
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
30.09.2026
31.12.2025
1 EUR
4,3672
4,2267
1 USD
3,8449
3,6016
1 GBP
5,1040
4,8399
Consolidated income statement with consolidated statement of
comprehensive income
01.01-30.09.2026
01.01-30.09.2025
1 EUR
4,2800
4,2365
1 USD
3,6927
3,7851
1 GBP
4,9567
4,9849
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 | 62
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 9-month period ended 30 September 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.
In the fourth quarter of 2025, the Group refined the classification and allocation of functional costs in the statement
of profit or loss (cost of sales method) to better reflect the operational nature of the expenses incurred. The
alignment of comparative data for three quarters of 2025 resulted in particular from:
• reclassification of sales commission costs from cost of sales to operating sales and marketing expenses,
• reclassification of operational expenditures of the Field Engineering team related to competence building
and internal development from general and administrative expenses to research and development (R&D),
• alignment of the labor cost valuation model for the Field Engineering team with the methodology applied
in the annual financial statements for 2025.
Therefore, in order to ensure full data comparability, comparative data for the first three quarters of 2025 in these
financial statements have been aligned with the presentation adopted in the annual financial statements for 2025,
as well as in the interim financial statements for the 9-month period ended 30 September 2026 (statement of profit
or loss by function).
The above change has no impact on the statement of financial position, the statement of cash flows, or the Group's
operating profit (loss).
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
The impact of the restatement of comparative data for the period from 01.01.2025 to 30.09.2025 on individual line
items of the Statement of Profit or Loss is presented in the table below:
Line item in the statement of profit or
loss (in PLN thousand)
01.01.2025 -
30.09.2025
(as published)
Reclassification
01.01.2025 -
30.09.2025
(as restated)
B. Cost of sales
11,843
-6,115
5,728
License cost of sales
1,676
-1,252
423
Technical support service cost of sales
4,846
-1,857
2,989
Professional services cost of sales
5,321
-3,006
2,315
C. Gross profit (loss)
19,259
6,115
25,375
Sales and marketing
10,930
318
11,248
Research and development
11,984
3,922
15,907
General and administrative expenses
7,551
1,874
9,425
D. Operating profit (loss) (EBIT)
-58,405
0
-58,405
The impact of the restatement of comparative data for the period from 01.07.2025 to 30.09.2025 on individual line
items of the Statement of Profit or Loss is presented in the table below:
Line item in the statement of profit or
loss (in PLN thousand)
01.07.2025 -
30.09.2025
(as published)
Reclassification
01.07.2025 -
30.09.2025
(as restated)
B. Cost of sales
4,676
-2,877
1,798
License cost of sales
398
-265
133
Technical support service cost of sales
1,823
-826
997
Professional services cost of sales
2,454
-1,786
669
C. Gross profit (loss)
2,661
2,877
5,539
Sales and marketing
4,165
-1,010
3,155
Research and development
4,927
1,585
6,513
General and administrative expenses
625
2,302
2,927
D. Operating profit (loss) (EBIT)
2,003
0
2,003
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.
Approval of the consolidated financial statements
These condensed interim consolidated financial statements of the DataWalk Group
for the 9-month period ended 30 September 2026 were approved for publication by the Company's Management
Board on 10 November 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
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
9-month period ended 30 September 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 90,583 thousand as of 30 September 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 14 „ Share-based payment programs”.
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
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.
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
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 25 " 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 9-month
period ended 30 September 2026.
Information on creation, increase, use and reversal of provisions
Information on provisions is presented in Note 18 "Other provisions (current)" under "Selected notes and
explanations to the interim condensed consolidated financial statements of the DataWalk Group" for the 9-month
period ended 30 September 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 9-month period ended 30 September 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).
• 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 9 months of 2026, there were no issues, redemptions or repayments of non-equity and equity
securities other than those mentioned above.
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
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 9-month period ended 30 September 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 9-month period ended 30 September 2026,
and therefore no changes in their classification.
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 three quarters 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 30 September 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
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
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 9-month period ended
30 September 2026.
Information on commitments made for the purchase of property, plant and
equipment
During the 9-month period ended 30 September 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 9-month period ended 30 September 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 9-month period ended 30 September 2026.
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 26, "Off-balance sheet liabilities," under "Selected notes and
explanations to the interim condensed consolidated financial statements of the DataWalk Group" for the 9-month
period ended 30 September 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 | 68
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 | 69
Commentary and other additional information to the quarterly re port of the DataW alk Capital Group
Summary and analysis of the DataWalk Capital Group's results for the
period from 1 January to 30 September 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 three quarters of 2026 and the comparative period (in
PLN thousand).
Item
01.01.2026 -
30.09.2026
01.01.2025 -
30.09.2025
Change
Change
%
Sales revenue
14,561
31,102
-16,541
-53%
Cost of sales
4,762
5,728
-966
-17%
Gross profit (loss)
9,799
25,375
-15,576
-61%
Operating expenses
75,166
83,779
-8,613
-10%
Adjusted operating expenses*
52,957
36,340
16,617
46%
Operating profit (loss)
-65,367
-58,405
-6,962
12%
Adjusted operating profit (loss)**
-43,158
-10,965
-32,193
294%
Adjusted EBITDA***
-39,568
-7,939
-31,629
398%
CFO
-37,331
-12,013
-25,318
211%
CAPEX
-25
-1,568
1,543
-98%
FCF
-37,356
-13,581
-23,775
175%
Cash and cash equivalents
6,585
59,852
-53,267
-89%
Trade receivables (current)
7,198
6,702
496
7%
Liquid financial assets
131,208
91
131,117
144085%
Total - Liquid capital resources
144,991
66,645
78,346
118%
Adjusted Runway (in months)****
35
44
-9
-21%
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 | 70
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 three quarters of 2026 and the comparative period (in
PLN thousand).
Item
01.01.2026 -
30.09.2026
01.01.2025 -
30.09.2025
Zmiana
Zmiana %
Operating expenses
75,166
83,779
-8,613
-10%
(-) incentive program costs
22,443
46,061
-23,618
-51%
(-) impairment losses on assets
-234
1,378
-1,612
-117%
Adjusted operating expenses*
52,957
36,340
16,617
46%
Operating profit (loss)
-65,367
-58,405
-6,962
12%
(+) incentive program costs
22,443
46,061
-23,618
-51%
(+) impairment losses on assets
-234
1,378
-1,612
-117%
Adjusted operating profit (loss)**
-43,158
-10,965
-32,193
294%
(+) depreciation and amortisation
3,590
3,026
564
19%
Adjusted EBITDA***
-39,568
-7,939
-31,629
398%
Source: Issuer.
Consolidated adjusted EBITDA for the first three quarters of 2026 stood at PLN -39,568 thousand, down by PLN
31,629 thousand year-on-year. The primary drivers of this performance were, in particular:
a) Revenue drivers:
• a decrease in license revenues (recognized point-in-time) by PLN 15 953 thousand, i.e., by 84% compared
to the prior-year period;
• a decrease in service revenues (recognized over time) by PLN 589 thousand, i.e., by 5% compared to the
prior-year period.
b) Business growth and scaling investments (OPEX):
• an increase in Sales & Marketing expenditures (Go-To-Market) by PLN 8 047 thousand, i.e., by 72%
compared to the prior-year period;
• an increase in R&D expenditures across product development and Field Engineering by PLN 4 513
thousand, i.e., by 22% compared to the prior-year period.
c) Accounting effects (Non-cash):
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
• a change in the accounting treatment of R&D expenditures, resulting in a negative impact on EBITDA in
the amount of PLN 1 505 thousand, caused by the cessation of capitalization of DataWalk 5.0.0 development
costs (IAS 38) and their full recognition as current period expenses following the release date.
Gross margin on sales
In the first three quarters of 2026, the gross margin on sales stood at 67%. The key factor contributing to the lower
gross margin was the lower recognition of upfront license revenues during the reporting period, which shifted the
product mix away from the optimal COTS (Commercial Off-The-Shelf) model breakdown, where license sales
typically account for approximately 70% of total revenues.
Table 2. Total gross margin on sales in the first three quarters of 2026 and in the comparable period (in PLN
thousand).
01.01.2026 - 30.09.2026
Licenses
Technical support
(maintenance)
services
Professional
services
Total
Sales revenue
3,063
9,824
1,673
14,561
Cost of sales
507
2,323
1,932
4,762
Gross profit (loss)
2,556
7,501
-259
9,799
Gross margin on sales
83%
76%
-15%
67%
01.01.2025 - 30.09.2025
Licenses
Technical support
(maintenance)
services
Professional
services
Total
Sales revenue
19,016
9,797
2,289
31,102
Cost of sales
423
2,989
2,315
5,728
Gross profit (loss)
18,593
6,808
-26
25,375
Gross margin on sales
98%
69%
-1%
82%
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 | 72
Table 3. Gross margin on license sales in the reporting and comparable period (in PLN thousand).
Item
01.01.2026 -
30.09.2026
01.01.2025 -
30.09.2025
Change
License revenue
3,063
19,016
-15,953
Cost of sales - license
507
423
84
Gross profit (loss)
2,556
18,593
-16,037
Gross margin on license sales
83%
98%
Source: Issuer.
The 84% YoY decline in license revenue (by PLN 15,953 thousand) in the first three quarters of 2026 reflects the
delivery schedule of enterprise license contracts where revenue is recognized point-in-time upon delivery. In the
current period, sales primarily comprised expansions of existing customer deployments without major initial
deployments. Despite this timing variance, the license revenue stream maintains high capital efficiency, delivering
a gross margin of over 83%.
➢ 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 693 thousand is
mainly due to a decrease in the costs of providing these services by PLN 666 thousand, i.e., by 22% compared to
the first three quarters 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 -
30.09.2026
01.01.2025 -
30.09.2025
Change
Change %
Technical support services revenue
9,824
9,797
27
0%
Cost of sales - technical support services
2,323
2,989
-666
-22%
Gross profit (loss)
7,501
6,808
693
10%
Gross margin on technical support services
sales
76%
69%
Source: the Issuer.
The change in technical support services revenue in the first three quarters of 2026 by PLN 27 thousand compared
to the comparative period results from:
• a PLN 122 thousand net increase in revenue from the existing customer portfolio (Net Retention), driven
by a loss of contracts valued at PLN 972 thousand, offset by a PLN 1,094 thousand increase in revenue
from continued agreements (primarily due to price indexation applied upon renewals),
• a negative foreign exchange impact of PLN 95 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 666 thousand compared to the first three quarters 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 553 thousand). The remaining change resulted from the optimization of the Support
department's operational costs (PLN 70 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 | 73
Table 5. Comparison of the value of the Group's technical support services revenue, as well as the number of
customers in the first three quarters of 2026 against the comparative period.
Item
01.01.2025 -
30.09.2025
Foreign
exchange
differences
Departures
***
Acquired**
Retained*
01.01.2026 -
30.09.2026
Technical support
services revenue (in
PLN thousand)
9,797
-95
-972
0
1,094
9,824
Number of
clients/projects
33
-7
0
26
26
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 three quarters of 2026 was 26, which represents
a net decrease of 7 customers, or 21%, 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 31% growth in average technical support revenue per customer to PLN 505 thousand on a trailing
twelve-month (TTM) basis.
Table 6. Average TTM technical support services revenue per customer in the reporting and comparable periods.
(including exchange rate differences).
Item
01.10.2025-
30.09.2026
01.10.2024-
30.09.2025
Technical support services revenue in TTM (in PLN thousand)*
13,131
12,733
Number of customers/projects for which technical support services are
provided
26
33
Average revenue per customer (in PLN thousand)
505
386
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 three quarters of 2026, gross profit on professional services sales stood at PLN -259 thousand (compared
to PLN -26 thousand in the prior-year period). The primary driver behind the margin contraction was a lower
volume of high-margin Time & Material engagements delivered in the period. Consequently, revenues and direct
delivery costs in this area decreased by PLN 514 thousand and PLN 379 thousand, respectively, accounting for
nearly 60% of the net variance. The remainder of the variance was driven by delivery costs on fixed-fee client
milestones.
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
Table 7. shows the gross margin on sales of professional services in the reporting and comparable period.
Item
01.01.2026 -
30.09.2026
01.01.2025 -
30.09.2025
Change
Change %
Professional services revenue
1,673
2,289
-616
-27%
Cost of sales - professional services
1,932
2,315
-383
-17%
Gross profit (loss)
-259
-26
-233
905%
Gross margin on professional services
-15%
-1%
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 three quarters of 2026 and the comparable period (in PLN thousand).
Item
01.01.2026 -
30.09.2026
01.01.2025 -
30.09.2025
Change
Change %
Sales and marketing
19,295
11,248
8,047
72%
Research and development
23,454
15,907
7,547
47%
Administration and general expenses
10,345
9,425
920
10%
Incentive program
22,443
46,061
-23,618
-51%
Other operating expenses (income), net
-371
1,138
-1,509
-133%
Total
75,166
83,779
-8,613
-10%
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 | 75
➢ 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 8,047 thousand compared to the first three quarters 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 6,028
thousand),
• increased expenditure on marketing campaigns and Public Relations activities (up PLN 1,827 thousand
YoY),
• lower sales commission expenses (down PLN 2,128 thousand YoY),
• the allocation of higher Field Engineering team costs to this area, supporting pre-sales activities with
specialized technical knowledge (PLN 2,363 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 | 76
➢ Research and development
Source: Issuer.
Research and development expenses comprise direct R&D personnel costs, a portion of the Field Engineering
department’s expenses related to software development, and technology expenditures, including scalable cloud
computing resources and artificial intelligence (AI) solutions. R&D costs also include depreciation and
amortisation, primarily relating to completed development work on DataWalk software.
In the first three quarters of 2026, the value of operating expenses related to research and development (R&D)
increased by PLN 7,547 thousand compared to the comparative period.
A key factor driving this increase was changes in the accounting approach to the capitalization of development
work and changes to the amortisation period, which the Group implemented in April 2025 following the market
launch of DataWalk software version 5.0.0. In accordance with the requirements of IAS 38, the commercialization
date of the new product version marked the boundary for capitalizing 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 resulted in an
increase in operating R&D expenses of PLN 1,505 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 721 thousand compared to the comparative period.
Excluding the above non-cash and accounting-related factors (i.e., the impact of ceasing the capitalization of
development costs of PLN 1,505 thousand and the increase in amortisation of PLN 721 thousand), actual ongoing
R&D expenses increased year-over-year by PLN 5,321 thousand, or by 36%. The most significant factors driving
this operational growth are presented below.
In the first three quarters of 2026, the Group:
• allocated Field Engineering team costs at the level of PLN 7,658 thousand to this area, i.e., PLN 2,340
thousand higher than in the comparative period. This increase was driven by 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 through direct support for product development,
• updated the salary level and structure, as well as increased the headcount of the development team to ensure
adequate resources and competencies to appropriately develop the product technologically. As a result, the
R&D department's payroll costs increased in the period under review to PLN 10,851 thousand, i.e., by PLN
2,185 thousand compared to the first three quarters of 2025,
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
• incurred cloud infrastructure and artificial intelligence (AI) solution costs utilized by the development team
for ongoing R&D work in the amount of PLN 1,366 thousand, i.e., PLN 747 thousand higher compared to
the comparative period. The primary driver of this increase was the intensification of developer testing
activities associated with the development of the DataWalk software.
➢ Administration and general expenses
Source: Issuer.
The Group's general and administrative (G&A) expenses increased by PLN 920 thousand (i.e., by 10%) in the first
three quarters 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 by increasing operating scale and the inflation factor.
➢ Incentive program
Total incentive program expenses recognized in operating expenses decreased from PLN 46,061 thousand in the
first three quarters of 2025 to PLN 22,443 thousand in first three quarters of 2026 (a decrease of PLN 23,618
thousand). This variance comprises:
• RSU balance sheet remeasurement adjustment (PLN -24,135 thousand): a decrease in the reporting-date
remeasurement expense to PLN 14,987 thousand (compared to PLN 39,122 thousand in Q1-Q3 2025),
• Net RSU unit growth cost (PLN +1,781 thousand): the net impact of newly granted vs. forfeited RSU units
during the comparative periods,
• Share-based option program cost (PLN -1,264 thousand): a decrease from PLN 5,431 thousand in Q1-Q3
2025 to PLN 4,167 thousand in the reporting period, reflecting the schedule of options meeting vesting
conditions across periods.
Details concerning the incentive programs in operation within the Group are presented in Notes 14 to the
consolidated financial statements.
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 | 78
Other operating expenses (income), net
Table 9. Operating expenses and operating income in the first three quarters of 2026 and the comparable period
(in thousands of PLN).
Item
01.01.2026 -
30.09.2026
01.01.2025 -
30.09.2025
Change
Other operating income
222
263
-16%
Other operating expenses, including:
85
1,213
-93%
- impairment losses on intangible assets
0
1,190
-100%
Loss (gain) on expected credit losses
-234
188
-%
Other operating expenses (income), net
-371
1,138
-%
Source: Issuer.
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. Additionally, expected credit loss allowances decreased by PLN 359 thousand due to the
collection of cash for receivables previously provisioned under IFRS 9.
DataWalk Group's cash flow
Table 10. Selected items from the cash flow statement in the first three quarters of 2026 and the comparable period
(in PLN thousand).
Item
01.01.2026 –
30.09.2026
01.01.2025 -
30.09.2025
Change
Change %
CFO
-37,331
-12,013
-25,318
211%
CFI, including:
-111,015
-1,196
-109,819
9182%
- CAPEX
-25
-1,568
1,543
-98%
CFF
114,913
56,202
58,711
104%
Change in cash for the period of 9 months
period
-33,434
42,993
-76,427
-178%
FCF
-37,356
-13,581
-23,775
175%
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 three quarters of 2026 (in PLN thousand).
Adjusted EBITDA***
-39,568
Change in contract assets and liabilities
-3,671
Change in receivables
4,920
Change in liabilities excluding loans and borrowings
879
Other
84
FCF
-37,356
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 | 79
As of 30 September 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 144,991 thousand.
Liquid capital resources include cash and cash equivalents, short-term trade receivables, and liquid financial assets
(up to 12 months).
Considering the above liquid capital resources and an average monthly FCF of PLN -4,151 thousand, the liquidity
horizon-referred to by the Group as the Adjusted Runway-stands at 35 months.
Net cash flows from investing activities (CFI) stood at PLN -111,015 thousand, primarily driven by:
i) cash outflows of PLN 130,090 thousand from investing surplus cash into short-term mutual fund participation
units (PLN 110,000 thousand) and corporate bonds (PLN 20,000 thousand),
ii) cash inflows of PLN 18,090 thousand from reclassifying bank deposits to cash and cash equivalents,
iii) interest received on deposits and bonds totaling PLN 1,008 thousand.
Net cash flows from financing activities (CFF) of the Group in the first three quarters of 2026 amounted to PLN
114,913 thousand, driven by:
i) net cash inflows in the total amount of PLN 115,290 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 369 thousand.
DataWalk Group balance sheet
Table 12. Selected asset items as of 30 September 2026 and the end of December 2025 (in thousands of PLN).
Assets
30.09.2026
31.12.2025
Change
Intangible assets
12,497
15,696
-20%
Right-of-use assets
638
320
99%
Contract assets
625
625
0%
Long-term receivables
172
5,889
-97%
Trade receivables
7,198
7,748
-7%
Other short-term receivables
1,855
507
266%
Short-term financial assets
131,208
18,117
624%
Cash and cash equivalents
6,585
39,623
-83%
Deferred income tax assets
21,338
17,874
19%
Other assets
2,324
1,374
69%
Total assets
184,440
107,773
71%
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 | 80
Table 13. Selected items of liabilities as of 30 September 2026 and the end of December 2025 (in thousands of
PLN).
Liabilities
30.09.2026
31.12.2025
Change
Equity
55,147
-5,683
-
Incentive program liabilities
111,921
93,645
20%
Trade payables
3,227
2,312
40%
Loans and borrowings
579
551
5%
Lease liabilities
759
427
78%
Contract liabilities
8,829
12,500
-29%
Other liabilities
3,978
4,020
-1%
Total liabilities
184,440
107,773
71%
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 30 September 2026 and the end
of December 2025 (in thousands).
Item
30.09.2026
31.12.2025
Change
Equity
55,147
-5,683
-
Liabilities under the incentive program (+)
111,921
93,645
20%
Deferred income tax assets related to RSUs (-)
21,338
17,874
19%
Equity adjusted for impact of RSU-based incentive
program
145,730
70,089
108%
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 | 81
Table 15. shows selected financial ratios of the DataWalk Group as of 30 September 2026 and as of 31 December
2025.
Specification
30.09.2026
31.12.2025
Current financial liquidity ratio
19,0
9,8
Quick liquidity ratio
0,8
5,8
Total debt ratio
5%
8%
Equity debt ratio
6%
10%
Working capital (in PLN thousand)
139,721
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 30 September 2026.
• In Q1 2026, the Company completed a private placement of 750,000 Series T ordinary bearer shares at an
issue price of PLN 155.00 per share, raising total gross capital of PLN 116,250,000. Allotment took place on
23 February 2026, court registration of the capital increase was finalized on 18 March 2026, and on 2 April
2026, the shares were admitted to trading on the regulated market of the Warsaw Stock Exchange (WSE).
Raising these funds, combined with available working capital and operational discipline, provides the Group
with a solid financial runway to execute its growth strategy.
• On 1 June 2026, subsidiary DataWalk Inc. secured a 2-year term subscription license expansion from
London-based Barclays Execution Services Ltd. (Barclays Chief Security Office). This enterprise expansion
validates the Group’s ability to expand recurring relationships with Tier-1 global financial institutions.
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
• On 15 January 2026, the Company received confirmation of patent grant from the United States Patent and
Trademark Office (USPTO) for 'SYSTEMS AND METHODS FOR METADATA BASED PATH
FINDING'. This represents the 9th US patent granted to the Issuer, confirming proprietary technological
innovation, ensuring freedom to operate, and strengthening commercial positioning in the US market.
• On October 7, 2026, the Company concluded an agreement with Enigma Systemy Ochrony Informacji sp. z
o.o. registered in Warsaw (“Partner”) as part of an ongoing project with the Polish Police Headquarters based
in Warsaw (“Client”). The agreement covers the Company’s sale, for a further period of two years, of
maintenance and support services for the DataWalk software, which the Client uses as the main component
of the central Police Operational Information System.
Extending the total period of cooperation and renewing the contract until 2028 demonstrates the operational
value delivered to the Client. In the Management Board’s assessment, such a long-term relationship provides
market confirmation of the high retention and structural integration of DataWalk solutions, which is
important for the further development of the Company’s business in the B2G (Business-to-Government)
sector.
• During the first three quarters of 2026, no significant failures occurred, in particular no loss of key customers.
• Impact of the global geopolitical and macroeconomic situation (armed conflicts in Ukraine and the
Middle East)
In the first three quarters of 2026, the armed conflicts in Ukraine and the Middle East had no direct negative
impact on the Group's operations, financial performance, or adopted assumptions. The Group holds no
investments, supply chains, or personnel at risk in the regions directly affected by these conflicts. The
operations of the Group's US subsidiary also remain unaffected in this context.
However, 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 toward defense at the
expense of other areas), which may impact sales opportunities in the public sector. Meanwhile, the situation
in the Middle East remains a source of general, global macroeconomic uncertainty. To date, none of these
events has disrupted the execution of the Group's financial plans.
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
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 9-month period ended 30 September 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 - 30.09.2026
Krystian Piećko
01.01.2026 - 30.09.2026
Łukasz Socha
01.01.2026 - 30.09.2026
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 | 84
Supervisory Board
As at 30 September 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 9-month period ended 30 September 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 - 30.09.2026
Grzegorz Dymek
01.01.2026 - 30.09.2026
Piotr Bindas
01.01.2026 - 30.09.2026
Rafał Wasilewski
01.01.2026 - 30.09.2026
Ireneusz Wąsowicz
01.01.2026 - 30.09.2026
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 | 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 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 30 September 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 9-month period ended 30 September 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 | 86
Shareholding structure of DataWalk S.A.
Shares and shareholding
Shareholding structure as at 10 November 2026 (share in the total number of votes)
Source: Issuer.
As at the date of publication, i.e. 10 November 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 | 87
Shareholding structure as at 27 August 2026 (share in the total number of votes)
Source: Issuer.
As at 27 August 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 | 88
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. 10 November 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 10 November 2026” and “Shareholding
Structure as at 27 August 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.
10 November 2026.
Name
Function
Number of shares (pcs)
Łukasz Socha
Member of the Management Board
22,600
Source: Issuer.
As at 27 August 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 10 November 2026” and “Shareholding Structure
as at 27 August 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. 27 August 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 | 89
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 28, "Related party transactions," under "Selected notes
and explanations to the interim condensed consolidated financial statements of the DataWalk Group" for the
9-month period ended 30 September 2026.
Information on granting by the Issuer or its subsidiary of sureties for credit
or loan or granting of guarantees
During the 9-month period ended 30 September 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 | 90
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 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 91
Interim condensed financial state ments of DataWa lk S.A.
Interim condensed
standalone financial statements
DataWalk S.A.
Interim condensed financial statements of DataWalk S.A. for the 9-month period ended on
30 September 2026.
Condensed interim financial statements of the DataWalk S.A.
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 92
Interim condensed standalone statement of financial position of DataWalk
S.A.
Assets
30.09.2026
31.12.2025
A.
Fixed assets
13,420
22,147
I.
Tangible fixed assets
86
97
II.
Intangible assets
12,497
15,696
III.
Right-of-use assets
638
320
IV.
Investments in subsidiaries
0
0
V.
Long-term receivables
172
5,889
VI.
Long-term accruals
27
145
B.
Current assets
148,773
63,933
I.
Contract assets
625
625
II.
Trade receivables
7,713
9,299
IV.
Other receivables
1,714
423
V.
Financial assets
131,208
18,117
VI.
Prepayments
1,592
835
VII.
Cash and cash equivalents
5,921
34,635
Total assets
162,194
86,080
Liabilities
30.09.2026
31.12.2025
A.
Equity
132,413
59,045
I.
Share capital
713
638
II.
Share premium
371,063
255,849
III.
Other capital reserves
9,965
9,965
IV.
Retained earnings
-261,972
-228,948
V.
Financial result for the current year
-46,088
-33,024
VI.
Reserve capital
58,732
54,565
B.
Long-term liabilities
249
0
I.
Lease liabilities
249
0
C.
Short-term liabilities
29,532
27,035
I.
Trade payables
3,544
3,469
II.
Lease liabilities
510
427
III.
Short-term liabilities under the incentive program
10,310
8,530
IV.
Other liabilities
4,430
802
V.
Other provisions
2,429
2,326
VI.
Contract liabilities
8,310
11,481
Equity and liabilities
162,194
86,080
Net asset value per share
30.09.2026
31.12.2025
Net asset value
132,413
59,045
Number of shares (in pcs.)
7,132,988
6,382,988
Net asset value per share (in PLN)
18.56
9.25
Diluted number of shares (in pcs.)
7,698,843
6,877,290
Diluted net asset value per share (in PLN)
17.20
8.59
Condensed interim financial statements of the DataWalk S.A.
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 93
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-
30.09.2026
01.01.2025-
30.09.2025
01.07.2026-
30.09.2026
01.07.2025-
30.09.2025
A
Revenue
12,757
34,332
4,257
7,576
License revenue
801
19,016
0
2,863
Maintenance revenue
9,102
9,380
2,927
3,298
Professional Services revenue
2,854
5,936
1,330
1,415
B
Cost of revenue
3,961
4,589
1,582
1,489
Cost of license revenue
280
157
159
57
Cost of maintenance revenue
1,993
2,590
689
827
Cost of professional services revenue
1,688
1,842
734
605
C
Gross profit on sales
8,796
29,743
2,675
6,087
Sales and marketing
9,013
7,229
3,811
1,900
Research and development
21,836
14,287
7,655
5,790
Administration and general expenses
6,654
6,147
2,659
1,904
Incentive program
5,946
9,399
2,797
1,617
Other operating income
222
263
79
88
Other operating expenses
85
1,213
0
18
Loss (gain) on expected credit losses
-201
409
-42
-2
D
Operating result
-34,315
-8,678
-14,126
-5,053
Financial income
2,864
580
454
390
Financial expenses
14,637
12,664
11
11,456
E
Profit before tax
-46,088
-20,763
-13,683
-16,119
Income tax
0
0
0
0
F
Net profit (loss)
-46,088
-20,763
-13,683
-16,119
Statement of comprehensive income
01.01.2026-
30.09.2026
01.01.2025-
30.09.2025
01.07.2026-
30.09.2026
01.07.2025-
30.09.2025
Net profit (loss)
-46,088
-20,763
-13,683
-16,119
Other comprehensive income
0
0
0
0
1. Items not transferred to the financial
result
0
0
0
0
2. Items transferred to the financial result
0
0
0
0
Total income
-46,088
-20,763
-13,683
-16,119
Condensed interim financial statements of the DataWalk S.A.
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 94
Net profit (loss) per share
01.01.2026-
30.09.2026
01.01.2025-
30.09.2025
01.07.2026-
30.09.2026
01.07.2025-
30.09.2025
From continuing operations
Number of shares (in pcs.)
6,921,450
6,012,109
7,132,988
6,012,109
Net profit (loss) per share (in PLN)
-6.66
-3.45
-1.92
-2.68
Diluted number of shares (in units)
7,477,882
6,476,665
7,698,843
6,476,665
Diluted net profit (loss) per share (in PLN)
-6.16
-3.21
-1.78
-2.49
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 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 95
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
115,215
0
4,167
-33,024
-13,064
73,369
Total comprehensive income for the
reporting period, including:
0
0
0
0
0
-46,088
-46,088
- Result of the period
0
0
0
0
0
-46,088
-46,088
Share capital increase
75
115,215
0
0
0
0
115,290
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
4,167
0
0
4,167
Balance at end of period 30.09.2026
713
371,064
9,965
58,732
-261,972
-46,088
132,414
Condensed interim financial statements of the DataWalk S.A.
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 96
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
75
56,497
0
5,431
-34,136
13,373
41,240
Total comprehensive income for the
reporting period, including:
0
0
0
0
0
-20,763
-20,763
- Result of the period
0
0
0
0
0
-20,763
-20,763
Share capital increase
75
56,497
0
0
0
0
56,572
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
5,431
0
0
5,431
Balance at end of period 30.09.2025
638
255,848
9,965
52,346
-228,948
-20,763
69,086
Condensed interim financial statements of the DataWalk S.A.
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 97
Interim condensed standalone statement of cash flows of the DataWalk S.A.
Statement of cash flows
01.01.2026 -
30.09.2026
01.01.2025 -
30.09.2025
Cash flow from operating activities
Net profit (loss)
-46,088
-20,763
Adjustments for items:
- Depreciation
3,590
3,026
- Gain (loss) on financial assets (liabilities) at fair value through profit or loss
-1,105
0
- Foreign exchange gains (losses)
-396
-361
- Interest expense
26
44
- Interest and dividend income
-982
-370
- Gain (loss) on investing activities
-13
-1
- Impairment loss on investments in subsidiaries
14,612
11,699
- Impairment loss on intangible assets
0
1,190
- Cost of share-based payments (equity-settled)
4,167
5,431
- Cost of share-based payments (settled in cash)
1,779
3,967
- Change in accounts receivable
6,012
-7,766
- Change in receivables - debt-to-equity conversion
-3,281
-7,519
- Change in provisions
103
1,327
- Change in liabilities other than for the incentive program
50
555
- Change in prepayments and accruals
-640
-778
- Change in contract assets and liabilities
-3,171
912
Net cash flow from operating activities
-25,338
-9,405
Cash flow from investing activities
Expenses for acquisition of intangible assets
0
1,505
Acquisition of property, plant and equipment
25
63
Proceeds from sale of property, plant and equipment
1
0
Net capital contributions to subsidiaries
7,678
4,180
Proceeds from financial assets
18,090
90
Purchase of financial assets
130,090
90
Interest received
1,008
373
Net cash flow from investing activities
-118,693
-5,376
Cash flows from financing activities
Net proceeds from issuance of shares
115,290
56,572
Repayment of finance lease liabilities
343
317
Interest paid
26
44
Net cash from financing activities
114,922
56,211
Net change in cash and cash equivalents
-29,109
41,430
Cash and cash equivalents at the beginning of the period
34,635
14,920
Change due to exchange rate differences
396
361
Net change in cash and cash equivalents
-28,713
41,791
Cash and cash equivalents at the end of the period
5,921
56,711
Condensed interim financial statements of the DataWalk S.A.
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 98
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 9-month period ended 30 September 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 Company's annual financial statements for the year ended
31 December 2025.
In the fourth quarter of 2025, the Company refined the classification and allocation of functional costs in the
statement of profit or loss (cost of sales method) to better reflect the operational nature of the expenses incurred.
The alignment of comparative data for the first three quarters of 2025 resulted in particular from:
• reclassification of sales commission costs from cost of sales to operating sales and marketing expenses,
• reclassification of operational expenditures of the Field Engineering team related to competence building
and internal development from general and administrative expenses to research and development (R&D),
• alignment of the labor cost valuation model for the Field Engineering team with the methodology applied
in the annual financial statements for 2025.
Therefore, in order to ensure full data comparability, comparative data for the first three quarters of 2025 in these
financial statements have been aligned with the presentation adopted in the annual financial statements for 2025,
as well as in the interim financial statements for the 9-month period ended 30 September 2026 (statement of profit
or loss by function).
The above change has no impact on the statement of financial position, the statement of cash flows, or the
Company's operating profit (loss).
The impact of the restatement of comparative data for the period from 01.01.2025 to 30.09.2025 on individual line
items of the Statement of Profit or Loss is presented in the table below:
Line item in the statement of profit or
loss (in PLN thousand)
01.01.2025 -
30.09.2025
(as published)
Reclassification
01.01.2025 -
30.09.2025
(as restated)
B. Cost of sales
8,651
-4,062
4,589
License cost of sales
1,409
-1,252
157
Technical support service cost of sales
3,565
-975
2,590
Professional services cost of sales
3,677
-1,835
1,842
C. Gross profit (loss)
25,681
4,062
29,743
Sales and marketing
6,519
710
7,229
Research and development
11,878
2,409
14,287
General and administrative expenses
5,204
943
6,147
D. Operating profit (loss) (EBIT)
-8,678
0
-8,678
The impact of the restatement of comparative data for the period from 01.07.2025 to 30.09.2025 on individual line
items of the Statement of Profit or Loss is presented in the table below:
Condensed interim financial statements of the DataWalk S.A.
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 99
Line item in the statement of profit or
loss (in PLN thousand)
01.07.2025 -
30.09.2025
(as published)
Reclassification
01.07.2025 -
30.09.2025
(as restated)
B. Cost of sales
3,058
-1,568
1,489
License cost of sales
322
-265
57
Technical support service cost of sales
1,235
-408
827
Professional services cost of sales
1,500
-895
605
C. Gross profit (loss)
4,518
1,568
6,087
Sales and marketing
1,993
-93
1,900
Research and development
4,849
941
5,790
General and administrative expenses
1,184
720
1,904
D. Operating profit (loss) (EBIT)
-5,053
0
-5,053
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 9-month period ended 30 September 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)
30.09.2026
31.12.2025
In related entities, including:
94,267
79,655
a) shares and stocks
94,267
79,655
Write-downs on the value of shares and stocks in related entities
-94,267
-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
price of USD 5,000.00 becoming its sole shareholder. In addition, from 2016 to the balance sheet date of 30
September 2026, the Company made capital contributions to DataWalk Inc. totaling USD 23,805 thousand. The
total value of the investment in the subsidiary until the balance sheet date of 30 September 2026 is equivalent to
PLN 94,267 thousand.
Condensed interim financial statements of the DataWalk S.A.
for the 9-month period ended 30 September 2026
(all amounts are stated in thousands of Polish zlotys unless otherwise stated)
Page | 100
During the reporting period, the Company made capital contributions to the subsidiary totaling PLN 14,612
thousand. Cash contributions amounted to PLN 7,678 thousand, contributions of PLN 3,281 thousand were settled
through the set-off of mutual receivables and liabilities, and the remaining PLN 3,653 thousand represents a
liability to the subsidiary as at the reporting date of 30 September 2026.
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 30 September 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 30 September 2026.
Note Cost by nature
Costs by nature
01.01.2026 - 30.09.2026
01.01.2025 - 30.09.2025
Depreciation
3,590
3,026
Consumption of materials and energy
283
100
External services
32,396
23,545
Taxes and fees
105
60
Salaries, including:
9,014
13,476
- salaries
3,068
4,077
- incentive program costs (settled in cash)
1,779
3,967
- incentive program costs (settled in equity instruments)
4,167
5,431
Social security and other benefits
851
666
Other costs by nature
1,170
778
Total costs by nature
47,409
41,651
Cost of sales
3,960
4,589
Sales and marketing
9,013
7,229
Research and development
21,836
14,287
Administration and overhead
6,654
6,147
Incentive program
5,946
9,399
Total expenses by function
47,409
41,651
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 | 102
Approval for pu blication by the Ma nagement B oard
This report for the period from January 1 to September 30, 2026 was approved for publication by the Management
Board of DataWalk S.A. on 10 November 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
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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
