DataWalk 2026: PLN 37.8 m of revenue (+53% YoY), a PLN 116 m Series T round and a pipeline of 5–6 Fortune 500 contracts for 2026

DataWalk posts PLN 37.8 m of revenue in 2025 (+53% YoY) and an 80% gross margin - pipeline of 5–6 Fortune 500 contracts for 2026

DataWalk S.A. - headquartered at ul. Rzeźnicza 32-33 in Wrocław (postcode 50-130, Lower Silesian voivodeship), registered in the KRS under number 0000405409 - closed 2025 with PLN 37.8 m of revenue (+53% YoY; +58% in constant currency), with a gross margin of around 80% (and 91% on software licensing alone). After the first nine months of 2025 revenue stood at PLN 31.1 m (vs PLN 15.5 m a year earlier, +100% YoY), and the adjusted EBITDA loss narrowed to PLN -7.9 m (vs PLN -17.9 m). Full-year 2025 EBITDA loss reached around PLN -16 m - a meaningful slowdown of capital burn at twice the prior-year revenue.

The second layer of the 2025 story is an aggressive PLN 171 m of new capital across two rounds: Series S in Q2 2025 (PLN 55 m) and the recently closed Series T (PLN 116 m). The proceeds fund the scaling of the "Land & Expand" model - the strategy under which DataWalk enters a large organisation with a single pilot and then expands the deployment into adjacent functions. The multi-year case study of this model is Rabobank (a 5+ year customer with further deployment topics planned). For 2026 the CEO targets 5–6 contracts to close - a meaningful share to come from existing-customer expansion plus new Fortune 500 logos.

The third theme is dual-use - a banking-financial core (~70% of revenue) plus a growing state-and-defence segment. In 2025 the company conducted pilots with NATO institutions, and the US generated 14 new early-stage projects (4 banks, 9 government institutions). The DoJ modernization reference contract, worth USD 500 m, illustrates the scale of orders DataWalk competes for. Management maintains the long-term target of a minimum 70% revenue CAGR over the coming years.

Datawalk

WROCŁAW · KRS 0000405409 · SPÓŁKA AKCYJNA

Revenue

37.8 M PLN

Rzeźnicza 32-33 in Wrocław: Wieczyński's three-member board, term-license model, US exposure

The address ul. Rzeźnicza 32-33, 50-130 Wrocław places DataWalk's seat in the historic Old Town of Wrocław, near the city hall and the local IT cluster. The company has operated in its current corporate form (DataWalk S.A., KRS 0000405409) since 15 December 2011 - initially under the PiLab brand, with the listing ISIN PLPILAB00012 (retained after the rebrand). It is listed on the Warsaw Stock Exchange - first on NewConnect, later migrating to the Main Market.

Governance: a three-member management board - CEO Paweł Wieczyński plus two board members. Joint representation: in a multi-member board two members or one member with a proxy holder are required to sign on the company's behalf. The supervisory board completes the governance setup. The cap table is dispersed - no dominant owner; in 2024–2025 venture/growth funds (Series S, Series T) lifted their stakes.

Under Polish PKD codes the principal activity is 62.01.Z (computer-programming activities) - placing DataWalk as a pure-play software vendor. The company has a registered electronic-delivery address (AE:PL-28057-27711-WHEDI-31) and the website datawalk.com (with a Polish counterpart datawalk.pl). A defining feature of the business model: the migration from perpetual licences to a term-licence model (annual), with significantly higher per-year pricing than the previous model. The full pricing effect is expected in 2027.

Polish analytical deep-tech on the WSE: DataWalk as the "Polish Palantir" in a direct niche

Polish deep-tech software listed on the Warsaw exchange has selective representation in 2026, in which DataWalk occupies a niche of enterprise graph analytics and investigative platforms - competing directly with Palantir Technologies (NYSE: PLTR) on a comparable value proposition at smaller scale:

• DataWalk (Wrocław, sWIG80) - graph analytics, banking customers (Rabobank), NATO + DoJ pilots, term-licence model.
• Comarch (Kraków, mWIG40) - broad enterprise software offering, ERP, telco, banking - larger scale, more "classic" SI integrator.
• Asseco Poland (Rzeszów, mWIG40) - Polish IT-services leader, expansion via Asseco International.
• Creotech Instruments (Piaseczno, sWIG80) - space deep-tech, MoD/ESA contracts.
• LiveChat / Text (Wrocław, mWIG40) - B2B SaaS chat-customer-service, high margin, US-style model.

Three structural features of the DataWalk model that explain the 2025 dynamics:

• Perpetual → term-licence pivot = multi-year annuity, but delayed cash flow - moving from perpetual to term licences requires building an ARR (Annual Recurring Revenue) base instead of one-off bookings. In the short term this lowers reported revenue (rev-rec spread per period); in the long term it gives SaaS-typical predictability. The full pricing effect is expected in 2027 - a delayed but structural premium.
• The Rabobank "Land & Expand" as proof of model - Rabobank has been a customer for over five years; further deployment topics (anti-money-laundering, fraud detection, KYC) generate growing annual spend on the same account. If DataWalk replicates that pattern with 5–6 new Fortune 500 logos in 2026, it becomes the classic SaaS-vendor compounding revenue per customer.
• Dual-use as multi-year optionality - 70% of revenue from banking is a stable leg; but dual-use (NATO + US government) addresses a substantially larger market. Each contract of the DoJ modernization scale (USD 500 m) is a multiple of the company's current total revenue. Materialisation of dual-use in 2026–2028 could step-change DataWalk's scale - conditional on current pilots converting.

Implication for the investment profile: pre-revenue-scale growth with three speculative scenarios for 2026

The interpretation is speculative - the conclusions below are scenarios, not certainties:

“Our 2025 revenues reflect actions taken mainly in prior years. Last year was for us a foundation-building period for even more dynamic growth in the future.”

Three possible consequences of the 2025 results and the PLN 171 m of new capital for DataWalk's investment profile in 2026:

• The 5–6 contract pipeline 2026 = management's promise, not delivered execution - closing 5–6 contracts in 2026 (with a meaningful share to come from Rabobank and similar existing-customer expansions) is management's plan, not a confirmed number. Any delay in a customer bank's or government institution's purchasing cycle (typically 6–18 months) flows directly into revenue. Any partial miss would be a meaningful signal for the valuation.
• The PLN 116 m Series T = a 2–3 year capital runway, but no path to break-even - at an EBITDA loss of PLN -16 m a year the new capital (plus residual cash post Series S) covers ~24–36 months without further funding. Yet reaching break-even requires lifting revenue to ~PLN 80–100 m a year (at the current cost structure). That is 2–3× current scale - a realistic path, but exposed to the sales cycle.
• The "Polish Palantir" sector premium = strong sentiment support but a speculative valuation - DataWalk trades at deep-tech-growth multiples (market cap >PLN 1 bn on PLN 38 m of revenue), comparable to Palantir at its early stage. That valuation is speculative, anchored on the 70% CAGR path; any quarterly disappointment may trigger correction. Growth/deep-tech investors should accept volatility as inherent to the segment.

Main company-specific risks across the 2026–2027 cycle:

• Enterprise sales cycle of 6–18 months - selling to banks and government institutions is a long process; customer-decision delays push revenue between quarters and lower visibility.
• Competition from Palantir, Quantexa, IBM i2 - Palantir in the US and Quantexa in Europe compete directly with DataWalk, with product-and-marketing budgets multiples larger.
• Customer concentration - Rabobank and a handful of largest customers account for a meaningful share of revenue; loss of a key account would be a hard hit.
• No path to break-even without further growth - the 2025 EBITDA loss requires 2–3× revenue growth to reach break-even; a poor macro mix could push that path out by years.
• Speculative valuation = sensitivity to deep-tech sentiment corrections - in a year of falling growth indices, even good results may not support the share price.

What you'll find in the DataWalk S.A. profile

The DataWalk S.A. profile in our database carries the full picture of the company: composition of the three-member management board (with CEO Paweł Wieczyński), the KRS registration history from 15 December 2011 (originally under the PiLab brand), the registered address at ul. Rzeźnicza 32-33 in Wrocław, e-delivery status (AE:PL-28057-27711-WHEDI-31), the websites datawalk.com and datawalk.pl, and the assigned PKD code 62.01.Z (computer-programming activities). The profile is also available in English - important for international deep-tech / SaaS fund investors, since DataWalk is the only Polish stock-listed company in the enterprise graph-analytics niche directly competing with Palantir Technologies, combining banking expansion (Rabobank) with NATO + US-government dual-use.

This material is informational and does not constitute investment advice.

Data: Polish KRS Court Register (KRS 0000405409); DataWalk S.A. - 2025 results communication (March 2026); Strefa Inwestorów - interview with CEO Paweł Wieczyński on the 2026 pipeline of 5–6 contracts (January 2026); Strefa Inwestorów - Q2 2025 preliminary-results communication; Bankier.pl - DATAWALK trading profile; StockWatch - DataWalk trading and indicators analysis; PPCG Stock - DataWalk shares analysis and 2026 forecast; PKD 62.01.Z classification (computer-programming activities); company history - registered as S.A. on 15 December 2011 (formerly PiLab), NewConnect debut and migration to the WSE Main Market, as of 2026-05-02.