This article analyses short- and medium-term financial effects of equity-based crowdfunding (ECF) on Polish firms that conducted campaigns between 2014 and 2023. The study examines whether capital raised through ECF improves companies’ financial performance in the first, second, and third year after the campaign. Using panel data on 163 firms and 188 campaigns, changes in ROA, ROS and EBITDA margin were assessed with fixed-effects and quantile regressions. Regression models with fixed effects and quantile regressions were applied. The results show that ECF does not necessarily enhance financial performance in the short or medium term. No significant relationship was found between funding and ROA. A significant negative effect was identified for ROS in the first and second year, particularly among less profitable firms. Similarly, the EBITDA margin temporarily declined in the first year, likely due to higher operating costs following capital inflows. Quantile regressions revealed non-linear effects: lower funding levels reduced profitability, while higher ones generated scale benefits for the most efficient companies.