H1 2026 report
Niewielki producent gier (Occupy Mars, Dinosaur Fossil Hunter, Rover Mechanic Simulator) notowany na NewConnect, wspierany przez strategicznego inwestora branżowego PlayWay S.A. (42,5% akcjonariatu).
Sentiment
Cautious
No guidance change
PDG
H1 2026 report
Revenue
788.74 k PLN
— YoY
Net income
-158.55 k PLN
— YoY
FCF
-56.9 k PLN
— YoY
CFO
-56.9 k PLN
— YoY
Summary
Investment thesis
- Sprzedaż produktowa realnie rośnie (+12,5% r/r w H1 2026), napędzana pełną premierą Occupy Mars: The Game (30.01.2026), choć Zarząd we własnym komentarzu cytuje mylącą pozycję łączącą sprzedaż ze zmianą stanu zapasów jako spadek -20,5%.
- Bardzo cienki bufor gotówkowy (19,8 tys. PLN na koniec kwartału, spadek z 73,2 tys. PLN) przy pogłębiającej się stracie netto i ujemnych przepływach operacyjnych — realne ryzyko płynności w krótkim terminie.
- Model księgowy specyficzny — koszty produkcji gier ujmowane jako zapasy (produkcja w toku), nie jako kapitalizowane WNiP, co utrudnia bezpośrednie porównanie z podmiotami kapitalizującymi rozwój.
- Duża baza wishlist na Steam (553,6 tys.) i zapowiedziane premiery (Overgrown Cleaner na Unreal Engine 5, nieogłoszony projekt horrorowy) to potencjalne katalizatory na 2026 rok, ale wymagają sfinansowania przy obecnie bardzo niskim stanie gotówki.
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Financials
BETA
PDG · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 181.79 | — | — | 788.74 | — | reported | — | 1.00 |
| EBIT | -45.44 | — | — | -170.25 | — | reported | — | 1.00 |
| EBT | -156.34 | — | — | -156.34 | — | reported | — | 1.00 |
| Net income | -50.76 | — | — | -158.55 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.12 | — | — | -0.12 | — | derived | — | 0.85 |
| D&A | 0 | — | — | 0 | — | reported | — | 1.00 |
| Income tax | 2.21 | — | — | 2.21 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 1.3 | — | — | — | — | reported | — | 1.00 |
| EBIT margin | -25% | — | — | -21.59% | — | reported | — | 1.00 |
| Net margin | -27.93% | — | — | -20.1% | — | reported | — | 1.00 |
| Cash | 19.75 | — | — | — | — | reported | — | 1.00 |
| Equity | 3,570.26 | — | — | — | — | reported | — | 1.00 |
| Total assets | 4,028.59 | — | — | — | — | reported | — | 1.00 |
| Current assets | 3,950.17 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 308.66 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 149.67 | — | — | — | — | reported | — | 0.90 |
| Inventory | 3,593.98 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 336.44 | — | — | — | — | reported | — | 1.00 |
| CFO | -56.9 | — | — | -56.9 | — | reported | — | 1.00 |
| CapEx | 0 | — | — | 0 | — | reported | — | 1.00 |
| FCF | -56.9 | — | — | -56.9 | — | derived | — | 1.00 |
| Current ratio | 12.8x | — | — | — | — | reported | — | 1.00 |
| Quick ratio | 1.15x | — | — | — | — | reported | — | 1.00 |
| Cash ratio | 0.06x | — | — | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | -35.29% | — | — | 12.51% | — | reported | — | 1.00 |
| EBIT growth (YoY) | -667.72% | — | — | -667.72% | — | reported | — | 1.00 |
| Net income growth (YoY) | -284.81% | — | — | -284.81% | — | reported | — | 1.00 |
| EPS growth (YoY) | -284.91% | — | — | -284.91% | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | -25.87 pp | — | — | -25.87 pp | — | reported | — | 1.00 |
| Net margin Δ (YoY) | -14.22 pp | — | — | -14.22 pp | — | reported | — | 1.00 |
H1 2026 · Δ YoY
Revenue
181.79
—
181.79
—
- H1 2025
- —
- YTD 2026
- 788.74
- Δ YoY
- —
EBIT
-45.44
—
-45.44
—
- H1 2025
- —
- YTD 2026
- -170.25
- Δ YoY
- —
EBT
-156.34
—
-156.34
—
- H1 2025
- —
- YTD 2026
- -156.34
- Δ YoY
- —
Net income
-50.76
—
-50.76
—
- H1 2025
- —
- YTD 2026
- -158.55
- Δ YoY
- —
EPS (basic)
(PLN)
-0.12
—
-0.12
—
- H1 2025
- —
- YTD 2026
- -0.12
- Δ YoY
- —
D&A
0
—
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Income tax
2.21
—
2.21
—
- H1 2025
- —
- YTD 2026
- 2.21
- Δ YoY
- —
Shares (basic)
(m units)
1.3
—
1.3
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBIT margin
-25%
—
-25%
—
- H1 2025
- —
- YTD 2026
- -21.59%
- Δ YoY
- —
Net margin
-27.93%
—
-27.93%
—
- H1 2025
- —
- YTD 2026
- -20.1%
- Δ YoY
- —
Cash
19.75
—
19.75
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
3,570.26
—
3,570.26
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
4,028.59
—
4,028.59
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
3,950.17
—
3,950.17
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
308.66
—
308.66
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
149.67
—
149.67
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
3,593.98
—
3,593.98
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
336.44
—
336.44
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-56.9
—
-56.9
—
- H1 2025
- —
- YTD 2026
- -56.9
- Δ YoY
- —
CapEx
0
—
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
FCF
-56.9
—
-56.9
—
- H1 2025
- —
- YTD 2026
- -56.9
- Δ YoY
- —
Current ratio
12.8x
—
12.8x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.15x
—
1.15x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.06x
—
0.06x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-35.29%
—
-35.29%
—
- H1 2025
- —
- YTD 2026
- 12.51%
- Δ YoY
- —
EBIT growth (YoY)
-667.72%
—
-667.72%
—
- H1 2025
- —
- YTD 2026
- -667.72%
- Δ YoY
- —
Net income growth (YoY)
-284.81%
—
-284.81%
—
- H1 2025
- —
- YTD 2026
- -284.81%
- Δ YoY
- —
EPS growth (YoY)
-284.91%
—
-284.91%
—
- H1 2025
- —
- YTD 2026
- -284.91%
- Δ YoY
- —
EBIT margin Δ (YoY)
-25.87 pp
—
-25.87 pp
—
- H1 2025
- —
- YTD 2026
- -25.87 pp
- Δ YoY
- —
Net margin Δ (YoY)
-14.22 pp
—
-14.22 pp
—
- H1 2025
- —
- YTD 2026
- -14.22 pp
- Δ YoY
- —