btlines

FARADAPLNot listed — largest shareholder JRH ASI (46.6%); stock-market debut under consideration

Farada Group sp. z o.o.

Farada Group designs and builds unmanned aerial systems (VTOL, multirotor and fixed-wing drones with up to 1,000 km range and 8 hours of flight) in its own plant in Lubartów, and sells drone services, operator training and inspections. It flew Poland's first commercial medical drone flights in 2022 and has a subsidiary in Nevada. Founded in 2021, its largest shareholder since November 2025 has been the Warsaw-listed investor JRH ASI.

This company is not listed, so it files no exchange reports. This page was put together by hand from the documents under "Sources" and will be replaced by a normal page once it lists. As of 2026-10-13.

Small and loss-making, and shrinking in 2025: sales fell 46% to PLN 4.7 million and the operating loss grew to PLN 2.7 million, with PLN 0.19 million of cash at year-end. JRH paid PLN 65,000 per share in October 2025, about PLN 50 million for the whole company, some 15 times its year-end equity. In 2026 it signed a development deal with the army's weapons institute and says it is seriously considering a listing, while JRH plans to move its stake into the NewConnect-listed ORBITEO ASI.

Listed shareholder: JRH ASI S.A. (JRH) · held 337 shares (45.5%) worth PLN 22.4 million on 30 June 2026 and 362 of 777 in the register in August 2026

Planned listed holder: ORBITEO ASI S.A. (APC) · JRH agreed in May 2026 to put this stake, with SatRev and two other holdings, into ORBITEO for new shares worth about PLN 51.2 million; not completed yet

1 · Numbers

PLN 4.7m sales in 2025

Down 46% from PLN 8.8m in 2024; net loss PLN 2.0m

Operating loss PLN 2.7m, five times 2024; cash PLN 0.19m at year-end

2026: no figures published; JRH valued its stake at PLN 66,500 a share on 30 June

2 · What management said

Ambitious

Talks of defence orders, six times more staff, the 'first league' of Polish drone makers and a possible stock-market debut

Owners stress defence use and technology 'proven in combat'

3 · What stood out

Big price, small company

JRH paid PLN 65,000 a share, about PLN 50 million for the whole company, a few weeks before a year in which Farada's sales fell to PLN 4.7 million and its equity to PLN 3.3 million.

Official channels

Read between the lines

  1. Two prices

    In the same months JRH bought Farada shares at about PLN 65,000 and agreed to sell 28 shares to undisclosed buyers at PLN 120,000, almost twice as much. At the higher price the company would be worth about PLN 93 million, against PLN 3.3 million of equity. [20]

  2. Two listing routes

    The CEO talks about Farada's own stock-market debut, while its owner plans to put the stake into ORBITEO ASI, already on NewConnect. The ORBITEO deal has been delayed once (report 19/2026), and Farada's share of the PLN 51.2 million has not been disclosed. [14]

    Source quote
    “W celu skutecznej realizacji naszej strategii poważnie rozważamy debiut giełdowy w przyszłości”
  3. Contract or cost?

    The WARTOWNIK 'contract' is a development agreement in which Farada itself invests PLN 1 million; no order value is given. Regular defence orders are only expected after the work ends in Q4 2026. [13]

    Source quote
    “Wartość inwestycji Farada Group w realizację projektu wyniesie na tym etapie 1 mln zł.”
  4. Revenue claim

    The press release put revenue at PLN 5 million in 2022 and PLN 19 million in 2024. The filed accounts show sales of PLN 1.5 million and PLN 8.8 million. No consolidated accounts are published that would show the larger figures. [4]

    Source quote
    “Przychody Farady Group rosną dynamicznie: z 5 mln PLN w 2022 roku do 19 mln PLN w 2024 roku.”
  5. Below the line

    The 2025 net loss (PLN 2.0 million) is smaller than the operating loss (PLN 2.7 million) only because of PLN 1.2 million of dividends and profit shares and PLN 0.6 million of interest, partly offset by a PLN 0.8 million investment write-down. [19]

  6. Cash

    Year-end 2025 cash was PLN 0.19 million against PLN 5.1 million of short-term liabilities, while PLN 2.7 million was lent to related companies. [19]

  7. Sales fell

    At the takeover the CEO spoke of scaling production 'exponentially'. In the year that followed, sales fell 46% to PLN 4.7 million and the operating loss grew to PLN 2.7 million. [11]

    Source quote
    “Dzięki planowanej współpracy mamy szansę wykładniczo skalować naszą działalność produkcyjną globalnie i lokalnie.”
  8. Self-funded?

    The CEO says research is paid for with money the company earns, yet it posted a net loss in every year from 2021 to 2025 and brought in investor money (GreenVentures, Mebio, JRH). [4]

    Source quote
    “Wydajemy zarobione pieniądze w sposób racjonalny, nie na siłę, jak to się dzieje w przypadku przedsięwzięć z unijnym dofinansowaniem.”
  9. Combat-proven

    Both owners and management say the drones have been proven in ongoing conflicts, but no military customer or order is named. [4]

    Source quote
    “To przykład spółki, która łączy praktyczne doświadczenie z innowacyjnym podejściem i potwierdzoną „w boju” skutecznością swoich technologii.”
  10. Not yet 58%

    The register shows JRH with 362 of 777 shares (46.6%). The announced 58% depends on further capital increases that have not been registered yet. [1]

  11. Track record

    Its subsidiary LabAir was the first company in Poland allowed to fly commercial medical drone flights beyond line of sight (2022): 133,000 km in 16 months, and the first commercial BVLOS flight in Moldova (September 2025). [12]

What management said

What management and owners said in the press and in announcements, newest first. Translated from Polish; the original is under each quote.

“What sets ORBITEO apart? Polish capital, Polish technology, Polish companies and a global reach. Farada and SatRev already sell their products not only in Poland and Europe but also in the Middle East and Africa.”

— January Ciszewski, CEO of JRH ASI, 2026-05-28 [16]

Original (Polish)
“Czym się wyróżnia ORBITEO? To polski kapitał, polskie technologie, polskie spółki i globalny zasięg. Farada czy SatRev już dziś oferują swoje produkty, nie tylko w Polsce i Europie, ale również na bliskim wschodzie czy w Afryce.”
“Besides flying drones, Farada Group now makes hovercraft under a licence from the Łukasiewicz Institute of Aviation, and with this agreement we are moving firmly into the unmanned water segment. The Polish Manta USV water drone is an innovative solution, and we want to use our export experience to help open foreign markets to it.”

— Szymon Kupaj, co-founder and CEO, 2026-05-07 [15]

Original (Polish)
“Farada Group poza dronami latającymi obecnie jest producentem poduszkowców na bazie licencji Instytutu Lotnictwa Sieć Badawcza Łukasiewicz, a teraz dzięki zawartemu porozumieniu wchodzimy mocno w bezzałogowy segment wodny. Polski dron wodny Manta USV to nowatorskie rozwiązanie polskiej myśli technicznej, a my chcemy wykorzystać nasze doświadczenie eksportowe, aby pomóc otworzyć przed nim rynki zagraniczne.”
“We are glad that our portfolio companies are steadily widening what they do and building diversified sources of revenue.”

— January Ciszewski, CEO of JRH ASI, 2026-05-07 [15]

Original (Polish)
“Cieszymy się, że nasze spółki portfelowe systematycznie poszerzają zakres działalności i budują zdywersyfikowane źródła przychodów.”
“The agreement with the Military Institute of Armament Technology is a breakthrough moment for us. Our experience in protecting critical infrastructure, including in the energy sector, and our successful deliveries of drones to armed-conflict zones give us solid foundations for this project. We believe WARTOWNIK will be the start of long-term cooperation with the defence sector.”

— Szymon Kupaj, CEO, 2026-03-23 [14]

Original (Polish)
“Zawarcie umowy z Wojskowym Instytutem Techniki Uzbrojenia to dla nas przełomowy moment. Nasze dotychczasowe doświadczenie w ochronie infrastruktury krytycznej, w tym w sektorze energetycznym, oraz realizowane z powodzeniem dostawy naszych dronów w strefy konfliktów zbrojnych dają nam solidne fundamenty do realizacji tego przedsięwzięcia. Wierzymy, że WARTOWNIK stanie się początkiem długofalowej współpracy z sektorem obronnym.”
“We are now entering a phase of intensive growth; demand for our technologies is strengthening significantly. To carry out our strategy effectively, we are seriously considering a stock-market debut in the future.”

— Szymon Kupaj, CEO, 2026-03-23 [14]

Original (Polish)
“Wchodzimy aktualnie w fazę intensywnego rozwoju – popyt na nasze technologie istotnie się wzmacnia. W celu skutecznej realizacji naszej strategii poważnie rozważamy debiut giełdowy w przyszłości.”
“We want to join the first league of drone makers in Poland. There is currently no factory this large in our country that makes both simple components and finished machines with warranty service. We are increasing production capacity so that we can secure deliveries of unmanned aircraft to private companies and public services. Poland is now a frontline country and must build technological independence in drones.”

— Szymon Kupaj, CEO, to Puls Biznesu, 2025-11-12 [4]

Original (Polish)
“Chcemy wejść do pierwszej ligi producentów dronów w Polsce. Obecnie w naszym kraju nie ma tak dużej fabryki, która wytwarzałaby zarówno proste układy, jak i gotowe maszyny wraz z serwisem gwarancyjnym. Zwiększamy moce produkcyjne, żebyśmy mogli zabezpieczyć dostawy bezzałogowych statków powietrznych do prywatnych firm i publicznych służb. Polska jest obecnie krajem przyfrontowym i musi budować niezależność technologiczną w zakresie dronów.”
“This way we protect our intellectual property and optimise the technology. We spend the money we earn rationally, not for the sake of it, as happens with EU-funded ventures. We are currently focused on upgrading our flagship drones. We are improving their propulsion and electronics. We are testing them in various conditions, including in Africa.”

— Szymon Kupaj, CEO, 2025-11-12 [4]

Original (Polish)
“Dzięki temu chronimy naszą własność intelektualną i optymalizujemy technologię. Wydajemy zarobione pieniądze w sposób racjonalny, nie na siłę, jak to się dzieje w przypadku przedsięwzięć z unijnym dofinansowaniem. Obecnie skupiamy się na aktualizacji naszych flagowych dronów. Udoskonalamy ich napędy i elektronikę. Testujemy je w różnych warunkach, również w Afryce.”
“Farada fits perfectly into our development strategy and into the ORBITEO holding, which will bring together the Polish technology companies with the greatest potential in defence, AI and the space industry. It is an example of a company that combines practical experience with an innovative approach and the 'combat-proven' effectiveness of its technologies.”

— January Ciszewski, CEO of JRH ASI, 2025-11-12 [4]

Original (Polish)
“Farada doskonale wpisuje się w naszą strategię rozwoju oraz w holding ORBITEO, który zintegruje polskie spółki technologiczne o największym potencjale w obszarach obronności, AI i przemysłu kosmicznego. To przykład spółki, która łączy praktyczne doświadczenie z innowacyjnym podejściem i potwierdzoną „w boju” skutecznością swoich technologii.”
“I believe our further cooperation will be just as effective and will allow Farada Group to scale its business even faster, develop new technologies and increase our presence on international markets.”

— Adam M. Cudny, co-founder and supervisory board chairman, 2025-11-12 [4]

Original (Polish)
“Wierzę, że nasza dalsza współpraca będzie równie efektywna i pozwoli Farada Group jeszcze szybciej skalować działalność, rozwijać nowe technologie oraz zwiększyć naszą obecność na rynkach międzynarodowych.”
“Thanks to the planned cooperation we have a chance to scale our production exponentially, globally and locally. Our factory in Lubartów can increase production capacity by leaps. Moreover, our drones are dual-use technologies whose effectiveness has already been proven in ongoing conflicts.”

— Szymon Kupaj, CEO, 2025-10-15 [11]

Original (Polish)
“Dzięki planowanej współpracy mamy szansę wykładniczo skalować naszą działalność produkcyjną globalnie i lokalnie. Nasza fabryka w Lubartowie może skokowo zwiększyć możliwości produkcyjne. Ponadto nasze drony są technologiami podwójnego zastosowania, których skuteczność została już udowodniona w toczących się konfliktach.”
“Joining the JRH ecosystem and the Orbiteo project will speed up and multiply our development. We believe JRH's capital and business support will let us increase activity in the markets where Farada Group is already present, including East Africa, the United States and Europe.”

— Joanna Rutkowska, COO, 2025-10-15 [11]

Original (Polish)
“Dołączenie do ekosystemu JRH i projektu Orbiteo przyspieszy i spotęguje nasz rozwój. Wierzymy, że wsparcie kapitałowe i biznesowe JRH pozwoli na zwiększenie aktywności na rynkach, na których Farada Group jest już obecna, w tym Afryce Wschodniej, Stanach Zjednoczonych i Europie.”

Numbers

PLN thousands

20212022202320242025
Sales (products and goods)3471,4655,0038,8284,729
Revenue incl. inventory change3471,4655,46710,5133,090
Operating result–−1,341−1,159−560−2,700
Net result−507−1,302−1,203−201−1,974
Equity (year-end)−1119645,6535,5783,260

From the annual statements filed in the court register (2021 covers 17 March–31 December; 2021–2022 in the micro-company format, which has no operating line). The 'revenue' line includes the change in finished-goods inventory: +PLN 1.7 million in 2024, −PLN 1.6 million in 2025. The company uses the small-company exemptions, so it publishes no notes and no management report. The press figure of PLN 19 million for 2024 is not in any filing.

Balance sheet at 31 December 2025: total assets PLN 8.7 million, equity PLN 3.3 million, liabilities PLN 5.5 million (PLN 5.1 million short-term), cash PLN 0.19 million; PLN 2.7 million is lent short-term to related companies. 2025 financial income: PLN 1.2 million of dividends and profit shares and PLN 0.6 million of interest; costs include a PLN 0.8 million investment write-down. Share capital now PLN 38,850 (777 shares); shareholders with 10% or more: JRH ASI 362 shares, a co-founder 162 (the register masks names; the initials match supervisory board chairman Adam M. Cudny), CEO Szymon Kupaj 104.

Value implied by JRH's purchase (October 2025)

PLN thousands

MethodValue
44.8% (297 shares) bought from MEBIO Group for PLN 19.305 million, on the 663 shares then in issue43,095
Same price per share on today's 777 shares50,505

PLN 65,000 per share (nominal PLN 50). JRH also bought 40% of the sister company Farada sp. z o.o. for PLN 1.365 million.

This is a negotiated price for a 44.8% stake, not a market price. On today's 777 shares it is about 6 times 2024 sales, 11 times 2025 sales and 15 times equity at the end of 2025. JRH plans further capital increases, taking its total spend above PLN 33 million and its stake to 58%.

Prices and valuations over time

Every known price for Farada shares, with the value it implies for all 777 shares. Farada publishes no 2026 figures; these come from JRH's reports.

DateWhatPer share (PLN)Whole company (PLN k)
2025-10-30JRH buys 297 shares (44.8%) from MEBIO Group for PLN 19.3 million [2]65,00050,505
2025-12-31JRH's year-end value of its 297 shares (at cost) [21]65,00050,505
2026-02JRH agrees to sell 8 shares to an undisclosed buyer for PLN 0.96 million (completed July 2026) [20]120,00093,240
2026-04JRH agrees to sell 20 more shares for PLN 2.4 million (to complete by 30 September 2026) [20]120,00093,240
2026-05JRH takes up 40 new shares in a capital increase for PLN 2.6 million [20]65,00050,505
2026-06-30JRH's value of its 337 shares (45.5%): PLN 22.4 million, based on the May and July rounds [20]66,52251,688
2026-07JRH buys 25 more shares for PLN 1.63 million [20]65,20050,660

Topics

What the company and its owners talk about.

Most discussed now

  • Defence: the WARTOWNIK system with WITU and the army's OSA field tests
  • A possible stock-market debut, and JRH's plan to move Farada into ORBITEO ASI
  • Beyond the air: hovercraft and the Manta USV marine drone
  • Scaling production in Lubartów (from about 50 to 300 staff)
  • Defence and dual use: Eastern Shield, tests for the Army, Border Guard and Fire Service
  • JRH ownership and the ORBITEO group
  • Exports: East Africa, the US (Nevada subsidiary), Taiwan, Europe
  • Upgrading the flagship drones (propulsion, electronics)

Earlier, now heard less

  • Medical drone deliveries (LabAir, samples between hospitals and a Warsaw lab)
  • Organ transport by drone (trial flights with an artificial heart, 2023)
  • DronHold drone landing platform (PLN 1m from GreenVentures, 2023)

Key events

  • JRH report 19/2026: the ORBITEO deadlines were pushed back (lock-up to 31 December 2026, Ciszewski below 20% by 31 March 2027); work 'has met no significant obstacles'. [18]
  • 2025 annual statement filed in the court register (dated 22 March 2026): sales PLN 4.7 million, net loss PLN 2.0 million. [19]
  • JRH bought 25 more Farada shares for PLN 1.63 million and completed the sale of 8 shares at PLN 120,000 each. [20]
  • JRH report 14/2026: JRH to contribute its stakes in Farada, SatRev, Fluence Technology and MILOO-ELECTRONICS to Apollo Capital ASI (NewConnect) for 8.53 million new shares at PLN 6, about PLN 51.2 million; Apollo renamed ORBITEO ASI. [17]
  • Cooperation agreement with Łukasiewicz – Warsaw Institute of Technology to commercialise and sell the Manta USV marine drone abroad. [15]
  • Capital increase: JRH took up 40 new shares for PLN 2.6 million (PLN 65,000 each); other investors joined rounds in May and July. [20]
  • Agreement with the Military Institute of Armament Technology (WITU) to develop the WARTOWNIK drone system for guarding strategic sites, due mid-Q4 2026; Farada invests PLN 1 million at this stage and was invited to the army's OSA field tests. The CEO said the company is seriously considering a stock-market debut. [13]
  • Agreement with Purple Ray Studio for 3D simulations and training tools for drone operators; pilot phase to February 2026 worth PLN 250,000 net. [5]
  • Production capacity expanding in Lubartów: about 50 staff now, a plan for 300; tests for the Polish Armed Forces, Border Guard and Fire Service, and a role in the Eastern Shield programme. [4]
  • JRH ASI completed the purchase and became the main shareholder; further capital increases are planned to reach 58%. Farada is to join JRH's ORBITEO group of space, defence and AI companies. [3]
  • JRH ASI current report 59/2025: 297 Farada Group shares (44.8%) for PLN 19.305 million from MEBIO Group, and 40% of Farada sp. z o.o. for PLN 1.365 million from ASI Scanderia Venture. [2]
  • JRH ASI signed conditional agreements worth over PLN 20 million to take control of Farada Group (over PLN 33 million with planned investments). [6]
  • First commercial BVLOS flight in Moldova, completing deployment tests for medicine deliveries. [12]
  • Forbes profile: more than 133,000 km of commercial medical flights since February 2022; investors included ASI Scanderia Venture, Mebio Group, KJ Assets and GreenVentures (PLN 1 million in 2023). [7]

Assessment

An editorial view from the sources; not investment advice.

For

  • A rare Polish maker of long-range drones with its own plant, at a time of high defence demand
  • First defence work: the WARTOWNIK system with the army's weapons institute and an invitation to the OSA field tests
  • Sales grew from PLN 1.5 million (2022) to PLN 8.8 million (2024), with the loss almost gone in 2024
  • A listed, well-funded largest shareholder (JRH) planning more capital and links with other ORBITEO companies

Against

  • Never profitable; in 2025 sales fell 46%, the operating loss grew to PLN 2.7 million and cash fell to PLN 0.19 million
  • The purchase price (about PLN 50 million for the whole company) is far above the business's size and book value
  • The defence deal is so far a development project Farada pays for (PLN 1 million), with no order value
  • Not tradable: exposure only through JRH, or later ORBITEO ASI, where Farada is one holding among several
  • Press figures (PLN 19 million for 2024) are about twice the filed sales (PLN 8.8 million); no consolidated accounts are published

Sources

  1. KRS court register — FARADA GROUP SP. Z O.O. (KRS 0000890023): shareholders, capital, filed statements
  2. JRH ASI S.A. — current report 59/2025 on the Farada share purchases (Bankier.pl)
  3. ISBnews (Investing.com) — JRH ASI took control of Farada Group
  4. TEK.info — Farada Group expands production capacity
  5. INNPoland — Purple Ray Studio agreement with Farada Group
  6. Bankier.pl — JR Holding ASI to take control of Farada Group
  7. Forbes.pl — Farada Group's medical drones
  8. Monitor KRS — financial data 2021–2024 from the filed statements
  9. EMIS — Farada Group company profile (2025 changes)
  10. Farada Group — company website
  11. Mikrokontroler.pl — JRH ASI plans to take over Farada Group (statements by the JRH and Farada management)
  12. Świat Dronów — Farada Group taken over by JRH ASI (BVLOS flights, Moldova, markets)
  13. XYZ.pl — Farada signs the WARTOWNIK agreement with WITU and considers a stock-market debut
  14. Mikrokontroler.pl — WARTOWNIK drone system for the army; OSA field tests
  15. Strefa Inwestorów — Farada enters marine drones with Łukasiewicz (Manta USV)
  16. Mikrokontroler.pl — ORBITEO strategy: four JRH holdings into Apollo Capital ASI (ORBITEO ASI)
  17. JRH ASI S.A. — current report 14/2026, ORBITEO investment agreement (Bankier.pl)
  18. JRH ASI S.A. — current report 19/2026, annex to the ORBITEO agreement (BiznesRadar)
  19. Court register financial documents (Przeglądarka Dokumentów Finansowych), KRS 0000890023: annual statements 2021–2025 (2025 statement dated 22 March 2026)
  20. JRH ASI S.A. — half-year report H1 2026 (financial statements and management report, 29 September 2026)
  21. JRH ASI S.A. — annual report 2025 (30 April 2026)