Vivid Games S.A.

VVD.WA

Electronic Gaming & Multimedia · Technology

Price

0.58 PLN

+0.00 (+0.00%)

Market Cap

32.2M PLN

Exchange

Warsaw Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

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)

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.

Winston Score History

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/ 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 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.

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Quality

Gross Margin

171.3%

Premium pricing power — 171.3% gross margin

Operating Margin

-11.9%

Losing money on operations — -11.9%

ROCE

-2.1%

Weak — -2.1% return on capital

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

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Growth

Sales YoY

-33.9%

Shrinking sales (-33.9% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

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

Debt / Equity

2.33

Heavy debt load (2.33)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

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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