The Company’s new development strategy was approved by the Company’s Shareholders at the General Meeting on September 9, 2025.
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The Company’s new strategy focuses on building a portfolio of projects utilizing artificial intelligence (AI).
AI is still in its early stages of development, not only in Poland but worldwide, and it would be difficult to choose just one industry to focus on at this point. Market experience shows that a single organization can effectively manage technology projects operating in different industries, provided that they share a common underlying technology. In many cases, machine learning algorithms and advanced data processing systems serve as this foundation.
For this reason, the Issuer intends to develop AI projects in various sectors of the economy, and all projects will be linked by one technology—artificial intelligence—and common technical and organizational standards.
The Company’s mission will be to provide Polish enterprises with access to the latest advanced artificial intelligence technologies, and its goal will be to become a leading Polish technology company with a portfolio of AI projects serving various market segments.
GARIN AI’s vision is to become a leading Polish technology company with a portfolio of AI projects serving various segments of the Polish market. We want to be recognized as a company that effectively adapts proven international business models to Polish realities, and our goal will be to build a leading position in the field of artificial intelligence.
The global AI market is estimated to be worth $244 billion in 2025 and is projected to grow to over $826 billion by 2030, with a compound annual growth rate (CAGR) of 27-38%, with AI industry revenues growing 15-fold between 2022 and 2027: from $28 billion in 2022 to $420 billion in 2027, representing a record growth rate of 72% CAGR. These figures show that AI is currently one of the most dynamic and promising sectors of the global economy.
The Management Board of the Company emphasizes that, in its opinion, the adoption of the new strategy and the change of the company name to GARIN AI S.A. represent a significant change for the Company and will enable it to operate in a highly promising market.
GARIN AI S.A. is the first Polish technology company listed on NewConnect, dedicated to building a portfolio of projects leveraging artificial intelligence.
Artificial intelligence, both in Poland and globally, remains at an early stage of development, making it premature to focus exclusively on a single industry. We draw inspiration from proven international models, in which a single organization effectively manages a diversified portfolio of technology projects built on a shared foundation of expertise.
In our case, that foundation is artificial intelligence—bridging the innovative potential of enterprises with the latest technological advancements.
Our mission is to provide Polish enterprises with access to the latest, advanced artificial intelligence technologies. We firmly believe that the democratization of AI can level the playing field and enhance the competitiveness of the Polish economy.
We will accomplish this mission by building a portfolio of AI projects that are both affordable and functionally accessible to companies of all sizes.
Our vision is to become a leading Polish technology company with a portfolio of AI projects serving diverse segments of the domestic market. We aspire to be recognized as a company that effectively adapts proven international business models to the Polish environment, with the ultimate goal of establishing a leadership position in the field of artificial intelligence adoption.
Market experience demonstrates that a single organization can effectively manage technology projects across diverse industries, provided they are built upon a common underlying technology. In many cases, this foundation is formed by machine learning algorithms and advanced data processing systems.
For GARIN AI, this role is fulfilled by artificial intelligence, which constitutes the basis for the development of all projects. The Company’s organizational structure has been designed to enable the growth of diversified initiatives within a shared technology platform, while maintaining operational efficiency and the ability to leverage resources across projects. GARIN AI intends to execute this strategy in a manner tailored to the Polish market, with a focus on projects that offer high commercial potential, scalability, and tangible support for the technological transformation of enterprises and institutions.
GARIN AI plans to pursue a similar strategy adapted to the specific needs of the Polish market.
Mandatory Artificial Intelligence Component
All of our projects must ultimately be based on AI technology as a key element creating added value for end customers. At GARIN AI, we focus exclusively on projects in which artificial intelligence forms the foundation of their competitive advantage. We are not interested in initiatives where AI serves merely as a marketing addition. We seek projects that would lose their uniqueness and market value without the artificial intelligence component.
Operating Companies with Initial Customers
GARIN AI aims to integrate projects at an early stage of development, but not pre-revenue startups or purely conceptual ventures. We are interested in projects that already have their first paying customers and a market-validated product or service. This approach allows us to reduce risks associated with uncertain business models or market demand, enabling us to focus on supporting the scaling of such projects.
Sectoral Diversification for Stability
Our objective is to ensure that the GARIN AI project portfolio remains resilient to market cycles. We see this opportunity in pursuing projects across diverse areas of artificial intelligence applications. Initially, we intend to focus on business applications for enterprises, defense technologies and security solutions, as well as industrial AI use cases. This focus reflects the current geopolitical context, which creates significant opportunities, particularly within the strategic defense sector. At the same time, we remain open to other attractive business opportunities in the rapidly evolving AI market.
Individual Development with a Focus on Synergies
Each project will be developed independently, preserving the operational autonomy of its teams and their organizational culture. At the same time, we intend to actively identify and leverage synergies across projects, particularly in areas such as shared corporate clients and complementary functionalities. We do not plan to enforce artificial integrations, but rather to capitalize on opportunities for cross-selling and shared use of technological resources. Our goal is to ensure that the overall portfolio delivers greater value than the sum of its individual parts.
Portfolio Expansion Model
As a rule, GARIN AI aims to fully control every project integrated into our structures. We anticipate achieving this primarily by acquiring intellectual property rights and employing teams directly under GARIN AI. However, exceptions to this model may occur through acquisitions of no less than a 51% equity stake in existing companies. Such acquisitions may be executed in cash or through the issuance of GARIN AI shares. In every case, teams will be incentivized based on success, either through cash bonuses or participation in an equity-based incentive program.
Deep Expertise in Artificial Intelligence
Specialization in AI technologies enables us to better assess the potential of projects and support their technological development. Our continuously expanding team of experts—who understand both the technical aspects of diverse AI applications and the market opportunities for their commercialization—will provide strategic support to our projects. Their knowledge will contribute to stronger investment decisions and more effective support for individual project teams. Moreover, our specialization will position us as a recognized partner for top talent within the AI industry.
Risk Diversification Across Sectors
A portfolio encompassing different sectors, business models, and development stages ensures the financial stability of the entire organization. When one sector experiences challenges, others may offset declines and sustain overall profitability. This diversification is particularly important in the rapidly evolving technology market, where specific niches can quickly gain or lose momentum. Portfolio diversity will also allow us to better understand market trends and anticipate future growth opportunities.
Knowledge Transfer Across Projects
Sharing best technical and business practices across portfolio projects will create added value for all teams. We will regularly organize meetings where teams can exchange experiences in implementing AI solutions, serving clients, and scaling operations. This knowledge transfer will accelerate the growth of earlier-stage projects and help avoid mistakes already encountered by others within our portfolio. In addition, joint brainstorming sessions will provide opportunities to develop innovative solutions that would not emerge in isolation.
Small and Medium-Sized Enterprises
The SME segment forms the backbone of the Polish economy and, consequently, represents our primary target market due to its strong potential for growth and AI adoption. These companies often have limited resources to develop proprietary technological solutions, yet they are sufficiently agile to quickly implement innovations. Their annual technology budgets typically range from several thousand to several hundred thousand PLN, making our future solutions financially accessible. Moreover, purchasing decisions in SMEs are frequently made directly by owners or CEOs, which shortens the sales cycle.
Selected Departments within Corporations
Large corporations often seek specialized solutions tailored to specific departments or business processes. HR, IT, customer service, and compliance departments in major companies allocate significant budgets to innovative technologies capable of delivering measurable efficiencies. These organizations value proven solutions with credible references and are willing to pay a premium for high quality and robust technical support. While the sales cycle in this segment is longer, the higher contract value and stability more than compensate for the cost of client acquisition.
Public Sector
The public sector—particularly defense and security-related areas—offers opportunities for long-term, high-value contracts. Public institutions are increasingly seeking AI solutions for threat analysis, security monitoring, and administrative process optimization. Budgets for such projects can reach millions of PLN, with contracts frequently spanning multiple years and including extension options. Security and certification requirements in this segment are among the strictest, but at the same time create significant barriers to entry for competitors.
Subscriptions
The subscription-based model forms the cornerstone of our revenue strategy, ensuring financial predictability and stable cash flow. Clients pay monthly or annual fees for access to our AI solutions, with pricing determined by the number of users and the scope of functionalities utilized. Typical fees range from several to several hundred PLN per user per month, depending on the sophistication of the solution and the additional tools employed. This model fosters customer loyalty and enables the systematic expansion of product functionalities in response to user needs.
Scaling Functionality with Client Growth
Our solutions are designed to scale in line with the growth of our clients’ businesses, enabling revenue expansion without the need to acquire new users. As client companies grow and process more data, fees for AI resource usage increase accordingly. This model is particularly attractive to customers, as technology costs rise proportionally to the business benefits achieved. Moreover, the more data our solutions process for a given client, the more accurate and valuable the outputs and recommendations become.
Dedicated Implementations for Custom Requirements
Large corporate clients and public institutions often require the customization of standard solutions to meet their specific needs and processes. We deliver such projects as dedicated implementations, which may include algorithm modifications, system integrations, or the development of new functionalities. The value of these projects typically starts at hundreds of thousands of PLN, depending on the complexity of requirements. These projects are characterized by high margins and often lead to long-term client relationships, as well as follow-on orders for further development and technical support.
The Polish Financial Supervision Authority (KNF) could potentially classify GARIN AI’s activities as the management of an alternative investment company under the Investment Funds Act, which would require obtaining a KNF license. To avoid such classification, we will consistently position GARIN AI as a technology company, expanding through strategic acquisitions of projects and, where appropriate, companies with complementary technologies, with the objective of building a Capital Group rather than engaging in financial investments aimed at asset management. All of our transactions will be documented as strategic acquisitions intended to integrate technologies and teams, rather than as financial investments seeking returns. Our revenues will be derived exclusively from the sale of technology products, software licensing, and the provision of professional services, clearly distinguishing us from the business model of investment funds.
In addition, we will conduct regular legal reviews with external counsel specializing in financial regulations to ensure ongoing compliance with applicable laws. In case of any regulatory concerns, we will be prepared to provide detailed documentation demonstrating the technological nature of all our transactions and operations. Furthermore, the Management Board and Supervisory Board will be composed of experts from various fields, rather than fund management professionals, further reinforcing our identity as a technology company.