Q2 2026 report
Dojrzały segment korporacyjny (platforma Tribeware) jest płaski (przychody -0,5% r/r narastająco), ale nowy segment influencerski rośnie bardzo szybko (+81,9% r/r w kwartale) i już stanowi ok. 35% przychodów grupy.
Sentiment
Neutral
No guidance change
O2T
Q2 2026 report
Revenue
3.59 m PLN
— YoY
Net income
-0.19 m PLN
— YoY
EBITDA
0.37 m PLN
— YoY
Gross margin
18.96%
— YoY
Summary
Investment thesis
- Poprawa EBITDA (+96,3% r/r w kwartale) pochodzi głównie z redukcji kosztów ogólnego zarządu (-44,9% r/r narastająco), a nie z poprawy marży brutto, która w rzeczywistości spadła o 4-5 pp r/r.
- Strata netto ma w dużej mierze charakter księgowy (niegotówkowa amortyzacja, w tym goodwillu z fuzji 2022 r.), ale narastający OCF za półrocze jest praktycznie zerowy (18,3 tys. zł), a FCF po CAPEX ujemny (-532,2 tys. zł).
- Bilans jest strukturalnie napięty: kapitał obrotowy netto głęboko ujemny (-4,73 mln zł) i pogłębiający się, a wartości niematerialne (23,13 mln zł) przewyższają cały kapitał własny (17,39 mln zł).
- Ekspansja geograficzna (pierwszy kontrakt poza Europą, region Zatoki Perskiej) i nowe linie przychodowe (logis2tribe.pl, konsulting, Tribeware Growth dla MŚP) to potencjalne katalizatory, których skala jest na razie niewielka.
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Financials
BETA
O2T · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.59 | — | — | 7.64 | — | reported | — | 1.00 |
| Gross profit | 0.68 | — | — | 1.65 | — | reported | — | 1.00 |
| EBITDA | 0.37 | — | — | 0.73 | — | reported | — | 1.00 |
| EBIT | -0.14 | — | — | -0.28 | — | reported | — | 1.00 |
| Net income | -0.19 | — | — | -0.37 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0 | — | — | -0.01 | — | derived | — | 0.70 |
| D&A | 0.5 | — | — | 1.01 | — | reported | — | 1.00 |
| Interest expense | 0.05 | — | — | 0.09 | — | reported | — | 1.00 |
| Income tax | — | — | — | 0 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 55.22 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 18.96% | — | — | 21.63% | — | reported | — | 1.00 |
| EBITDA margin | 10.2% | — | — | 9.57% | — | reported | — | 1.00 |
| EBIT margin | -3.8% | — | — | -3.61% | — | reported | — | 1.00 |
| Net margin | -5.22% | — | — | -4.82% | — | reported | — | 1.00 |
| D&A margin | 14% | — | — | 13.18% | — | reported | — | 1.00 |
| Cash | 0.53 | — | — | — | — | reported | — | 1.00 |
| Total debt | 2.03 | — | — | — | — | derived | — | 1.00 |
| Net debt | 1.5 | — | — | — | — | derived | — | 1.00 |
| Equity | 17.39 | — | — | — | — | reported | — | 1.00 |
| Total assets | 26.63 | — | — | — | — | reported | — | 1.00 |
| Working capital | -4.73 | — | — | — | — | derived | — | 1.00 |
| Current assets | 3.22 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 7.95 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 0.29 | — | — | — | — | reported | — | 1.00 |
| Inventory | 0.16 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 0.95 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 23.13 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | -5.75 | — | — | — | — | derived | — | 0.90 |
| CFO | 0.22 | — | — | 0.02 | — | reported | — | 1.00 |
| CapEx | 0.24 | — | — | 0.55 | — | reported | — | 1.00 |
| FCF | -0.02 | — | — | -0.53 | — | derived | — | 1.00 |
| FCF conversion | -4.98% | — | — | -72.81% | — | reported | — | 1.00 |
| CFO conversion | 60.32% | — | — | 2.5% | — | reported | — | 1.00 |
| Current ratio | 0.41x | — | — | — | — | reported | — | 1.00 |
| Quick ratio | 0.39x | — | — | — | — | reported | — | 1.00 |
| Cash ratio | 0.07x | — | — | — | — | reported | — | 1.00 |
| Interest coverage | -2.71x | — | — | -3.04x | — | reported | — | 0.90 |
| Debt / equity | 0.12x | — | — | — | — | reported | — | 1.00 |
| Debt / assets | 0.08x | — | — | — | — | reported | — | 1.00 |
| Net debt / equity | 0.09x | — | — | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | -5.08% | — | — | -0.49% | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 96.32% | — | — | 34.67% | — | reported | — | 1.00 |
| EBIT growth (YoY) | 47.58% | — | — | 21.62% | — | reported | — | 1.00 |
| Net income growth (YoY) | 38.85% | — | — | 19.32% | — | reported | — | 1.00 |
| Gross margin Δ (YoY) | -4.21 pp | — | — | -4.75 pp | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | 5.27 pp | — | — | 2.5 pp | — | reported | — | 1.00 |
Q2 2026 · Δ YoY
Revenue
3.59
—
3.59
—
- Q2 2025
- —
- YTD 2026
- 7.64
- Δ YoY
- —
Gross profit
0.68
—
0.68
—
- Q2 2025
- —
- YTD 2026
- 1.65
- Δ YoY
- —
EBITDA
0.37
—
0.37
—
- Q2 2025
- —
- YTD 2026
- 0.73
- Δ YoY
- —
EBIT
-0.14
—
-0.14
—
- Q2 2025
- —
- YTD 2026
- -0.28
- Δ YoY
- —
Net income
-0.19
—
-0.19
—
- Q2 2025
- —
- YTD 2026
- -0.37
- Δ YoY
- —
EPS (basic)
(PLN)
0
—
0
—
- Q2 2025
- —
- YTD 2026
- -0.01
- Δ YoY
- —
D&A
0.5
—
0.5
—
- Q2 2025
- —
- YTD 2026
- 1.01
- Δ YoY
- —
Interest expense
0.05
—
0.05
—
- Q2 2025
- —
- YTD 2026
- 0.09
- Δ YoY
- —
Income tax
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Shares (basic)
(m units)
55.22
—
55.22
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
18.96%
—
18.96%
—
- Q2 2025
- —
- YTD 2026
- 21.63%
- Δ YoY
- —
EBITDA margin
10.2%
—
10.2%
—
- Q2 2025
- —
- YTD 2026
- 9.57%
- Δ YoY
- —
EBIT margin
-3.8%
—
-3.8%
—
- Q2 2025
- —
- YTD 2026
- -3.61%
- Δ YoY
- —
Net margin
-5.22%
—
-5.22%
—
- Q2 2025
- —
- YTD 2026
- -4.82%
- Δ YoY
- —
D&A margin
14%
—
14%
—
- Q2 2025
- —
- YTD 2026
- 13.18%
- Δ YoY
- —
Cash
0.53
—
0.53
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
2.03
—
2.03
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
1.5
—
1.5
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
17.39
—
17.39
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
26.63
—
26.63
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
-4.73
—
-4.73
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
3.22
—
3.22
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
7.95
—
7.95
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
0.29
—
0.29
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
0.16
—
0.16
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
0.95
—
0.95
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
23.13
—
23.13
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
-5.75
—
-5.75
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
0.22
—
0.22
—
- Q2 2025
- —
- YTD 2026
- 0.02
- Δ YoY
- —
CapEx
0.24
—
0.24
—
- Q2 2025
- —
- YTD 2026
- 0.55
- Δ YoY
- —
FCF
-0.02
—
-0.02
—
- Q2 2025
- —
- YTD 2026
- -0.53
- Δ YoY
- —
FCF conversion
-4.98%
—
-4.98%
—
- Q2 2025
- —
- YTD 2026
- -72.81%
- Δ YoY
- —
CFO conversion
60.32%
—
60.32%
—
- Q2 2025
- —
- YTD 2026
- 2.5%
- Δ YoY
- —
Current ratio
0.41x
—
0.41x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.39x
—
0.39x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.07x
—
0.07x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
-2.71x
—
-2.71x
—
- Q2 2025
- —
- YTD 2026
- -3.04x
- Δ YoY
- —
Debt / equity
0.12x
—
0.12x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.08x
—
0.08x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.09x
—
0.09x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-5.08%
—
-5.08%
—
- Q2 2025
- —
- YTD 2026
- -0.49%
- Δ YoY
- —
EBITDA growth (YoY)
96.32%
—
96.32%
—
- Q2 2025
- —
- YTD 2026
- 34.67%
- Δ YoY
- —
EBIT growth (YoY)
47.58%
—
47.58%
—
- Q2 2025
- —
- YTD 2026
- 21.62%
- Δ YoY
- —
Net income growth (YoY)
38.85%
—
38.85%
—
- Q2 2025
- —
- YTD 2026
- 19.32%
- Δ YoY
- —
Gross margin Δ (YoY)
-4.21 pp
—
-4.21 pp
—
- Q2 2025
- —
- YTD 2026
- -4.75 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
5.27 pp
—
5.27 pp
—
- Q2 2025
- —
- YTD 2026
- 2.5 pp
- Δ YoY
- —