Company information
Business activity
FreeMind S.A. operates in the video-game market, focusing on the production and publishing of PC games — mid- and low-budget simulators themed around hobbies, education and leisure. The company cooperates with partners to port and certify its games for other platforms (Nintendo Switch, PlayStation, Xbox, VR), develops mobile productions, and publishes smaller third-party games in return for a revenue share.
The model has been validated by the success of titles such as Farmer's Life, House Builder, Junkyard Builder and Aquarist, which had the greatest impact on financial results. Every project follows a community-driven model: ideas are validated by players at the pre-production stage, early builds take part in demo festivals and raise funds via Kickstarter, free prologues are released, and games then enter early access co-financed by players.
The founder and significant shareholder is PlayWay S.A., listed on the Warsaw Stock Exchange. FreeMind S.A. debuted on the NewConnect market on 18 September 2023.
Management & Supervisory Board
Rafał Krzywda
President of the Management Board
Graduate of the School of Management and Banking in Kraków. In software, games and entertainment since 2001, with several hundred IT projects and experience in marketing, sales and management. Former CEO of limited-liability companies and supervisory board member.
Jan Szpetulski-Łazarowicz
Chair of the Supervisory Board
Higher economic education; long connected with the gaming industry. Since 2016 financial director at, among others, Just Join IT, Wisła Kraków S.A. and the Babyn Yar Foundation. Former manager and auditor at EY and Mazars.
Grzegorz Czarnecki
Member of the Supervisory Board
Economics graduate of SGGW (1988). Since 2005 runs the specialist game retailer TANIEGRY.PL, which built a strong position on the Polish market. Senior Sales Executive at Lyreco S.A. 1999–2005.
Bartłomiej Misiniec
Member of the Supervisory Board
Master of political science and social communication. 2008–2017 led online newsrooms at Polish media groups (Media Regionalne, Polska Press). President of GameFormatic S.A. (since 2020) and VP of Petard Games (since 2021).
Tomasz Mazur
Member of the Supervisory Board
Connected with Polish gaming since the mid-1980s. Managed Mirage Studio, founded and ran Cenega Poland and Cenega International. Co-founder of SPIDOR (2008). Manages Forestlight Games S.A. since 2019; PIXEL magazine award 2017.
Jacek Wyszyński
Member of the Supervisory Board
President of the Management Board of Pyramid Games S.A. Computer-science graduate running a games business since 2012, investing in young talent in Lublin. Programmer and IT specialist.
Shareholder structure
Shareholders holding at least 5% of share capital and votes at the general meeting.
| Shareholder | Series | Shares | Votes | % capital | % votes |
|---|---|---|---|---|---|
| PlayWay S.A. | A | 569 450 | 569 450 | 51,44% | 51,44% |
| Rafał Krzywda | B | 245 000 | 245 000 | 22,13% | 22,13% |
| Others * | A, B, C, D | 292 550 | 292 550 | 26,43% | 26,43% |
| Total | A, B, C, D | 1 107 000 | 1 107 000 | 100,00% | 100,00% |
* including the entity acting as Market Maker, pursuant to §7(4) of the ASO Rules.
Development strategy 2025–2026
- 1.Bring several games to market each year and build a significant position in the video-game segment, filling many niches with titles that have multi-year life cycles.
- 2.Diversify the portfolio with smaller productions to spread risk and build communities — mainly PC, launched in early access, then full release and ports to Nintendo Switch, Xbox, PlayStation, mobile and VR.
- 3.Further develop the teams — new partnerships, expanding existing teams, acquiring whole studios and investing in other companies in the games sector.
- 4.Develop publishing and promotion competencies for both in-house and acquired games.
Revenue structure
Net revenue from sales by type, 2021–2024 (PLN).
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue from product sales | 1 527 224,64 | 3 428 394,31 | 2 431 008,80 | 3 767 263,13 |
| Change in product inventory | -232 161,79 | 809 148,77 | 576 797,93 | -298 284,53 |
| Net revenue from sales & equivalent | 1 295 062,85 | 4 237 543,08 | 3 007 806,33 | 3 468 978,60 |
Financial results
Selected figures in PLN, as filed.
| Item | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net revenue from sales & equivalent | 4 030 876,42 | 3 007 806,33 | 3 468 978,60 |
| Profit on sales | 1 519 799,21 | -169 154,73 | 587 744,43 |
| Depreciation | 3 117,80 | 1 117,80 | 1 117,80 |
| EBIT | 1 396 266,14 | -1 033 515,52 | 534 430,29 |
| Net profit | 1 435 722,93 | -1 025 820,71 | 499 850,28 |
| Fixed assets | 2 515,17 | 3 422,77 | 2 304,97 |
| Current assets | 3 474 984,99 | 2 417 725,92 | 2 804 409,51 |
| Inventory | 1 079 072,53 | 1 365 088,98 | 1 067 281,41 |
| Short-term receivables | 611 862,97 | 414 553,38 | 553 009,51 |
| Cash | 1 370 659,59 | 557 970,72 | 1 089 311,47 |
| Equity | 2 978 213,69 | 1 952 392,98 | 2 452 243,26 |
| Liabilities & provisions | 499 286,47 | 468 755,71 | 354 471,22 |
| Short-term liabilities | 474 014,29 | 453 313,71 | 327 064,22 |
| Balance-sheet total | 3 477 500,16 | 2 421 148,69 | 2 806 714,48 |
Market environment
According to Newzoo, the global games market generated USD 183.9bn in 2023 (+0.5% y/y) and is projected to reach USD 207bn by 2026 (CAGR ~4%). Mobile remained the largest segment (USD 89.9bn, 49%), ahead of console (USD 52.4bn) and PC (~USD 41.5bn, ~22.6%). There were roughly 3.305bn active players at the end of 2023.
Poland is one of the world's leaders in PC-game development. The Polish games sector generated record revenue of EUR 1.29bn in 2022 (+11% y/y), with an estimated 17–20 million players. (Full market analysis is in the NewConnect Information Document linked below.)
Reporting calendar 2025
- →Annual report for 2024 — published 18 March 2025
- →Q1 2025 report — 14 May 2025
- →Q2 2025 report — 13 August 2025
- →Q3 2025 report — 13 November 2025
The Ordinary General Meeting was convened for 29 May 2026, 12:00, at the notary office of Sylwia Barutowicz-Wieczorek, ul. Bronowicka 19/LU18, Kraków.
Reports & stock quote
Filings & documents
Presentation
Corporate governance
Investor contacts
Authorised Adviser
Blue Oak Advisory Sp. z o.o.
ul. Nyska 87/51, 50-505 Wrocław
tel. (+48) 71 307 36 24
info@blueoak.pl
Market Maker
Dom Maklerski BDM S.A.
ul. Stojałowskiego 27
43-300 Bielsko-Biała
tel. 33 812 84 40