Income Statement IPAS Indexo

Stocks

IDX1R

LV0000101863

Investment Management & Fund Operators

Market Closed - Nasdaq Riga 16:30:00 15/09/2026 +03			5-day change	1st Jan Change
9.260 ^EUR	-1.49%		-4.73%	-2.11%

08-12	IPAS Indexo AS Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI
06-12	INDEXO Announces Board Resignations	CI

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Published financial data: IPAS INDEXO

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Revenues	1.6M	2.28M	3.12M	4.47M	5.61M
Other Revenues, Total	-	-	-	-	-
Total Revenues	1.6M	2.28M	3.12M	4.47M	5.61M
Cost of Goods Sold, Total	-	-	-	129K	569K
Gross Profit	1.6M	2.28M	3.12M	4.35M	5.04M
Selling General & Admin Expenses, Total	1.58M	3.51M	5.99M	9.37M	11.12M
Provision for Bad Debts	-	-	3.5K	-	1.15M
Depreciation & Amortization - (IS)	-	-	-	-	1.94M
Other Operating Expenses	9.95K	32.74K	63.63K	41.68K	-195K
Other Operating Expenses, Total	1.59M	3.55M	6.06M	9.42M	14.01M
Operating Income	10.29K	-1.27M	-2.94M	-5.07M	-8.96M
Interest Expense, Total	-1.39K	-3.15K	-4.71K	-773K	-1.7M
Interest And Investment Income	-	2.5K	51.47K	471K	2.82M
Net Interest Expenses	-1.39K	-652	46.75K	-302K	1.12M
Currency Exchange Gains (Loss)	-	-	-	-	-1K
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	8.9K	-1.27M	-2.89M	-5.37M	-7.84M
Other Unusual Items	-	-	-	-	117K
EBT, Incl. Unusual Items	8.9K	-1.27M	-2.89M	-5.37M	-7.73M
Income Tax Expense	-	1.07K	6.3K	9.46K	8K
Earnings From Continuing Operations	8.9K	-1.27M	-2.9M	-5.38M	-7.74M
Net Income to Company	8.9K	-1.27M	-2.9M	-5.38M	-7.74M
Net Income - (IS)	8.9K	-1.27M	-2.9M	-5.38M	-7.74M
Net Income to Common Incl Extra Items	8.9K	-1.27M	-2.9M	-5.38M	-7.74M
Net Income to Common Excl. Extra Items	8.9K	-1.27M	-2.9M	-5.38M	-7.74M
Per Share Items
Net EPS - Basic	0	-0.39	-0.79	-1.18	-1.39
Basic EPS - Continuing Operations	0	-0.39	-0.79	-1.18	-1.39
Basic Weighted Average Shares Outstanding	3.02M	3.25M	3.65M	4.55M	5.55M
Net EPS - Diluted	0	-0.39	-0.79	-1.18	-1.39
Diluted EPS - Continuing Operations	0	-0.39	-0.79	-1.18	-1.39
Diluted Weighted Average Shares Outstanding	3.02M	3.25M	3.65M	4.55M	5.56M
Normalized Basic EPS	0	-0.24	-0.5	-0.74	-0.88
Normalized Diluted EPS	0	-0.24	-0.5	-0.74	-0.88
Supplemental Items
EBITDA	25.77K	-1.24M	-2.86M	-4.9M	-7.94M
EBITA	10.29K	-1.24M	-2.87M	-5.07M	-8.13M
EBIT	10.29K	-1.27M	-2.94M	-5.07M	-8.96M
EBITDAR	-	-	-	-	-
Effective Tax Rate - (Ratio)	-	-0.08	-0.22	-0.18	-0.1
Normalized Net Income	5.56K	-794K	-1.81M	-3.36M	-4.9M
Interest on Long-Term Debt	1.39K	3.15K	4.71K	64.18K	115K
Supplemental Operating Expense Items
Selling and Marketing Expenses	-	-	-	-	-
General and Administrative Expenses	1.58M	3.51M	5.99M	9.37M	11.12M
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Stock-Based Comp., G&A Exp. (Total)	-	172K	421K	239K	145K
Total Stock-Based Compensation	-	172K	421K	239K	145K

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Assets
Cash And Equivalents	1.16M	7.23M	2.71M	36.65M	20.29M
Short Term Investments	-	-	-	-	1.89M
Trading Asset Securities, Total	-	-	-	-	8.03M
Total Cash And Short Term Investments	1.16M	7.23M	2.71M	36.65M	30.21M
Accounts Receivable, Total	169K	220K	321K	461K	2.66M
Other Receivables	-	-	-	4.43K	3.81M
Notes Receivable	-	-	53.94K	1.06M	216M
Total Receivables	169K	220K	375K	1.53M	223M
Inventory	-	-	-	-	3M
Prepaid Expenses	3.46K	24.28K	548K	752K	1.44M
Other Current Assets, Total	2.83K	-	-	-	4K
Total Current Assets	1.34M	7.48M	3.63M	38.92M	257M
Gross Property Plant And Equipment	61.23K	99.48K	85.89K	-	8.24M
Accumulated Depreciation	-13.52K	-17.6K	-26.39K	-	-2.33M
Net Property Plant And Equipment	47.71K	81.87K	59.5K	-	5.91M
Long-term Investments	11.66K	60.66K	189K	260K	6.18M
Goodwill	-	-	-	-	128K
Other Intangibles, Total	108K	177K	1.97M	7.15M	12.17M
Deferred Tax Assets Long-Term	-	-	-	-	346K
Deferred Charges Long-Term	536K	990K	1.39M	1.57M	1.53M
Other Long-Term Assets, Total	1	6.94K	81.99K	535K	276K
Total Assets	2.04M	8.79M	7.32M	48.44M	284M
Liabilities
Accounts Payable, Total	35.05K	89.07K	608K	515K	1.71M
Accrued Expenses, Total	222K	302K	399K	581K	3.67M
Current Portion of Long-Term Debt	-	-	-	-	46.54M
Current Portion of Leases	-	-	-	-	1.09M
Current Income Taxes Payable	694	95.24K	208K	197K	2.96M
Other Current Liabilities	19.96K	-	-	-	32.44M
Total Current Liabilities	278K	486K	1.22M	1.29M	88.39M
Long-Term Debt	-	-	-	-	78.45M
Long-Term Leases	144K	90.47K	46.66K	2.04M	3.8M
Pension & Other Post Retirement Benefits	-	124K	181K	-	-
Other Non Current Liabilities	-34.19K	625	196	32.98M	40.17M
Total Liabilities	387K	701K	1.44M	36.32M	211M
Common Stock, Total	3.02M	3.57M	3.8M	4.76M	10M
Additional Paid In Capital	77.18K	7.06M	7.09M	17.53M	61.89M
Retained Earnings	-1.45M	-2.72M	-5.4M	-10.78M	-18.14M
Comprehensive Income and Other	5.44K	177K	379K	618K	390K
Total Common Equity	1.65M	8.09M	5.87M	12.12M	54.13M
Minority Interest	-	-	-	-	18.9M
Total Equity	1.65M	8.09M	5.87M	12.12M	73.03M
Total Liabilities And Equity	2.04M	8.79M	7.32M	48.44M	284M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	3.02M	3.57M	3.8M	4.76M	10M
ECS Total Common Shares Outstanding	3.02M	3.57M	3.8M	4.76M	10M
Book Value / Share	0.55	2.27	1.55	2.55	5.41
Tangible Book Value	1.55M	7.91M	3.91M	4.97M	41.84M
Tangible Book Value Per Share	0.51	2.22	1.03	1.04	4.18
Total Debt	144K	90.47K	46.66K	2.04M	130M
Net Debt	-1.02M	-7.14M	-2.66M	-34.61M	99.67M
Debt Equivalent Oper. Leases	-	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	-	-	-	-	18.9M
Equity Method Investments, Total	-	49K	127K	198K	223K
Account Code - Inventory Valuation	3	3	3	3	5
Inventories - Finished Goods, Total	-	-	-	-	2.95M
Inventories - Others	-	-	-	-	55K
Land - (BS)	-	-	-	-	99K
Buildings, Total	-	-	-	-	100K
Full Time Employees	65	83	99	108	141

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Net Income	8.9K	-1.27M	-2.9M	-	-7.74M
Depreciation & Amortization - CF	28.66K	41.42K	41.25K	-	608K
Amortization of Goodwill and Intangible Assets - (CF)	-	28.34K	70.77K	-	833K
Depreciation & Amortization, Total	28.66K	69.76K	112K	-	1.44M
Amortization of Deferred Charges, Total - (CF)	65.98K	139K	234K	-	875K
(Gain) Loss From Sale Of Asset	-	-	-	-	-
Stock-Based Compensation (CF)	-	172K	421K	-	145K
Provision and Write-off of Bad Debts	-	-	-	-	1.15M
Other Operating Activities, Total	1.39K	652	-46.75K	-	117K
Change In Accounts Receivable	-400K	-	-1.33M	-	-16K
Change In Accounts Payable	155K	192K	729K	-	361K
Change in Other Net Operating Assets	60.42K	-594K	52.62K	-	-17.55M
Cash from Operations	-80.37K	-1.29M	-2.72M	-	-21.22M
Capital Expenditure	-7.84K	-	-1.89M	-	-3.13M
Cash Acquisitions	-	-	-	-	14K
Sale (Purchase) of Intangible assets	-52.9K	-97.4K	-	-	-
Investment in Marketable and Equity Securities, Total	-11.66K	-49K	-128K	-	-25K
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-50.4K	-	-
Other Investing Activities, Total	-	750	47.92K	-	-
Cash from Investing	-72.4K	-146K	-2.02M	-	-3.14M
Long-Term Debt Issued, Total	-	-	-	-	1.8M
Total Debt Issued	-	-	-	-	1.8M
Long-Term Debt Repaid, Total	-13.43K	-27.81K	-37.32K	-	-399K
Total Debt Repaid	-13.43K	-27.81K	-37.32K	-	-399K
Issuance of Common Stock	-	7.54M	258K	-	12.41M
Other Financing Activities, Total	-1.39K	-3.15K	-4.71K	-	-115K
Cash from Financing	-14.82K	7.51M	216K	-	13.7M
Net Change in Cash	-168K	6.07M	-4.52M	-	-10.66M
Supplemental Items
Cash Interest Paid	1.39K	3.15K	4.71K	-	1.82M
Cash Income Tax Paid (Refund)	-	1.07K	6.3K	-	8K
Levered Free Cash Flow	139K	-376K	-2.91M	-	-208M
Unlevered Free Cash Flow	140K	-375K	-2.9M	-	-207M
Change In Net Working Capital	-99.89K	-136K	-50.19K	1.12M	201M
Net Debt Issued / Repaid	-13.43K	-27.81K	-37.32K	-	1.4M

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Profitability
Return on Assets	0.34	-14.65	-22.8	-11.37	-3.37
Return on Total Capital	0.37	-16.08	-26.05	-31.56	-5.16
Return On Equity %	0.54	-26.1	-41.51	-59.81	-18.17
Return on Common Equity	0.54	-26.1	-41.51	-59.81	-23.35
Margin Analysis
Gross Profit Margin %	100	100	100	97.12	89.86
SG&A Margin	98.74	154.33	191.94	209.49	198.22
EBITDA Margin %	1.61	-54.34	-91.69	-109.57	-141.46
EBITA Margin %	0.64	-54.52	-91.82	-113.31	-144.96
EBIT Margin %	0.64	-55.76	-94.08	-113.31	-159.8
Income From Continuing Operations Margin %	0.56	-55.84	-92.79	-120.28	-137.88
Net Income Margin %	0.56	-55.84	-92.79	-120.28	-137.88
Net Avail. For Common Margin %	0.56	-55.84	-92.79	-120.28	-137.88
Normalized Net Income Margin	0.35	-34.87	-57.87	-75.04	-87.39
Levered Free Cash Flow Margin	8.7	-16.53	-93.1	-	-3.71K
Unlevered Free Cash Flow Margin	8.75	-16.44	-93.01	-	-3.69K
Asset Turnover
Asset Turnover	0.84	0.42	0.39	0.16	0.03
Fixed Assets Turnover	47.59	35.15	44.19	-	1.32
Receivables Turnover (Average Receivables)	11.82	11.7	11.53	11.44	3.6
Inventory Turnover (Average Inventory)	-	-	-	-	0.37
Short Term Liquidity
Current Ratio	4.82	15.37	2.99	30.1	2.91
Quick Ratio	4.8	15.32	2.49	28.7	0.41
Operating Cash Flow to Current Liabilities	-0.29	-2.66	-2.24	-	-0.24
Days Sales Outstanding (Average Receivables)	30.88	31.19	31.65	31.99	101.46
Days Outstanding Inventory (Average Inventory)	-	-	-	-	984.67
Average Days Payable Outstanding	-	-	-	1.59K	115.76
Cash Conversion Cycle (Average Days)	-	-	-	-	970.37
Long Term Solvency
Total Debt/Equity	8.7	1.12	0.79	16.84	177.84
Total Debt / Total Capital	8	1.11	0.79	14.41	64.01
LT Debt/Equity	8.7	1.12	0.79	16.84	112.63
Long-Term Debt / Total Capital	8	1.11	0.79	14.41	40.54
Total Liabilities / Total Assets	18.97	7.98	19.73	74.97	74.27
EBIT / Interest Expense	7.42	-403.59	-623.52	-6.56	-5.27
EBITDA / Interest Expense	28.1	-381.42	-599.75	-6.34	-4.42
(EBITDA - Capex) / Interest Expense	22.45	-381.42	-999.74	-6.34	-6.26
Total Debt / EBITDA	3.69	-0.08	-0.02	-0.42	-17.26
Net Debt / EBITDA	-26.16	5.95	0.94	7.06	-13.25
Total Debt / (EBITDA - Capex)	4.63	-0.08	-0.01	-0.42	-12.19
Net Debt / (EBITDA - Capex)	-32.75	5.95	0.56	7.06	-9.36
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	64.74	42.17	37.14	43.27	25.36
Gross Profit, 1 Yr. Growth %	64.74	42.17	37.14	39.34	15.99
EBITDA, 1 Yr. Growth %	-174.91	-4.9K	131.4	70.91	67.43
EBITA, 1 Yr. Growth %	-126.85	-5.97K	130.96	76.51	70.91
EBIT, 1 Yr. Growth %	-126.85	-12.45K	131.38	72.26	76.79
Earnings From Cont. Operations, 1 Yr. Growth %	-122.85	-14.39K	127.88	85.71	43.72
Net Income, 1 Yr. Growth %	-122.85	-14.39K	127.88	85.71	43.72
Normalized Net Income, 1 Yr. Growth %	-122.85	-14.38K	127.58	85.79	45.99
Diluted EPS Before Extra, 1 Yr. Growth %	-122.85	-13.41K	103.05	48.97	17.76
Accounts Receivable, 1 Yr. Growth %	65.73	30.25	46.01	43.35	476.57
Inventory, 1 Yr. Growth %	-	-	-	-	4.31K
Net Property, Plant and Equip., 1 Yr. Growth %	143.24	71.59	-27.33	-	129.14
Total Assets, 1 Yr. Growth %	13.86	330.66	-16.8	562.15	485.97
Tangible Book Value, 1 Yr. Growth %	-2.1	411.86	-50.63	29.22	444.97
Common Equity, 1 Yr. Growth %	0.54	389.11	-27.43	106.48	346.5
Cash From Operations, 1 Yr. Growth %	-79.92	1.54K	110.78	-	-180.04
Capital Expenditures, 1 Yr. Growth %	414.17	-	-	-	-13.14
Levered Free Cash Flow, 1 Yr. Growth %	-168.71	-363.66	672.36	-	-2.6K
Unlevered Free Cash Flow, 1 Yr. Growth %	-169.27	-360.7	675.63	-	-2.45K
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	65.42	53.04	39.63	40.17	34.02
Gross Profit, 2 Yr. CAGR %	319.56	53.04	39.63	38.13	27.14
EBITDA, 2 Yr. CAGR %	-79.99	499.86	954.29	99.04	66.33
EBITA, 2 Yr. CAGR %	-87.39	469.34	1.06K	102.07	68.25
EBIT, 2 Yr. CAGR %	-87.39	475.8	1.59K	99.8	74.52
Earnings From Cont. Operations, 2 Yr. CAGR %	-88.33	471.41	1.7K	105.72	63.37
Net Income, 2 Yr. CAGR %	-88.33	471.41	1.7K	105.72	63.37
Normalized Net Income, 2 Yr. CAGR %	-88.33	471.18	1.7K	105.62	64.69
Diluted EPS Before Extra, 2 Yr. CAGR %	-89.89	450.6	1.54K	73.92	32.45
Accounts Receivable, 2 Yr. CAGR %	54.89	46.92	37.9	44.67	187.54
Net Property, Plant and Equip., 2 Yr. CAGR %	44.26	104.3	11.67	-	-
Total Assets, 2 Yr. CAGR %	36.72	121.44	89.29	134.72	522.9
Tangible Book Value, 2 Yr. CAGR %	34.46	123.86	58.96	-20.74	229.75
Common Equity, 2 Yr. CAGR %	39.09	121.76	88.41	22.41	203.62
Cash From Operations, 2 Yr. CAGR %	-61.9	79.67	487.26	-	179.08
Capital Expenditures, 2 Yr. CAGR %	-35.21	-	1.45K	-	28.81
Levered Free Cash Flow, 2 Yr. CAGR %	-33.22	36.24	351.26	-	724.67
Unlevered Free Cash Flow, 2 Yr. CAGR %	-32.97	36.02	349.67	-	722.56
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	73.72	57.28	47.54	40.83	35.05
Gross Profit, 3 Yr. CAGR %	165.71	192.51	47.54	39.47	30.32
EBITDA, 3 Yr. CAGR %	-56.89	24.34	336.67	475.18	85.78
EBITA, 3 Yr. CAGR %	-68.3	24.27	321.46	521.26	87.09
EBIT, 3 Yr. CAGR %	-68.3	25.21	324.9	689.92	91.83
Earnings From Cont. Operations, 3 Yr. CAGR %	-70.09	24.83	320.6	745.62	82.54
Net Income, 3 Yr. CAGR %	-70.09	24.83	320.6	745.62	82.54
Normalized Net Income, 3 Yr. CAGR %	-70.09	24.79	320.3	745.13	83.44
Diluted EPS Before Extra, 3 Yr. CAGR %	-	10.68	294.84	638.45	52.72
Accounts Receivable, 3 Yr. CAGR %	63.16	46.2	46.61	39.7	129.4
Net Property, Plant and Equip., 3 Yr. CAGR %	99.33	52.85	44.76	-	316.47
Total Assets, 3 Yr. CAGR %	8.19	100.42	59.79	187.35	218.41
Tangible Book Value, 3 Yr. CAGR %	0.93	109.95	35.25	47.6	74.2
Common Equity, 3 Yr. CAGR %	3.23	111.51	52.82	94.25	88.43
Cash From Operations, 3 Yr. CAGR %	-37.85	32.66	89.5	-	154.15
Capital Expenditures, 3 Yr. CAGR %	9.13	-	973.46	-	-
Levered Free Cash Flow, 3 Yr. CAGR %	-	6.41	142.93	-	720.76
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	6.27	143.01	-	720.79
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	59.19	50.2	41.98
Gross Profit, 5 Yr. CAGR %	-	-	105.42	116.67	38.97
EBITDA, 5 Yr. CAGR %	-	-	54.85	50.09	196.91
EBITA, 5 Yr. CAGR %	-	-	54.76	50.95	192
EBIT, 5 Yr. CAGR %	-	-	55.52	50.95	197.75
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	54.18	52.44	188.13
Net Income, 5 Yr. CAGR %	-	-	54.18	52.44	188.13
Normalized Net Income, 5 Yr. CAGR %	-	-	54.11	52.38	188.94
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	-	32.61	155.08
Accounts Receivable, 5 Yr. CAGR %	-	-	52.55	45.59	91.95
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	58.1	-	213.23
Total Assets, 5 Yr. CAGR %	-	-	35.32	113.49	175.36
Tangible Book Value, 5 Yr. CAGR %	-	-	21.04	42.2	92.58
Common Equity, 5 Yr. CAGR %	-	-	31.32	69.95	101.11
Cash From Operations, 5 Yr. CAGR %	-	-	52.09	-	121.23
Capital Expenditures, 5 Yr. CAGR %	-	-	215.5	-	359.68
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	300.18
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	299.93