Vivid Games S.A.

VVD.WA

Electronic Gaming & Multimedia · Technology

Price

0.62 PLN

-0.00 (-0.64%)

Market Cap

34.5M PLN

Exchange

Warsaw Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+72.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 32.2M (2021) → 55.5M (2025)

Winston Score History

The full picture

Vivid Games S.A. is a Polish video game developer and publisher that makes mobile games for smartphones and tablets. Its best-known title is *Real Boxing*, a boxing simulation game, along with other action and sports games aimed at casual and mid-core mobile gamers worldwide. The company is listed on the Warsaw Stock Exchange and operates in the competitive mobile gaming industry.

Vivid Games earns money primarily through free-to-play games that generate revenue from in-app purchases and advertising. The company is small, with a market cap near zero, and operates mainly out of Poland while distributing games globally through app stores like Google Play and Apple's App Store. Its negative operating margin signals that costs currently exceed revenues, and the key risk is sustaining player engagement and monetization in a crowded mobile gaming market dominated by much larger studios with bigger marketing budgets.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-23.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-777.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

0 PLN/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

53.6%ownership

Insiders own a meaningful stake in the company

Cash Runway

~2 months

1M PLN cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Vivid Games S.A. has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

171.3%

Premium pricing power — 171.3% gross margin

Profit after running costs

Operating Margin

-11.9%

Losing money on operations — -11.9%

Return on the money invested

ROCE

-11.8%

Weak — -11.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-33.9%

Shrinking sales (-33.9% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-62.6%

Burning cash (-62.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

2.33

Heavy debt load (2.33)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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