H1 2026 report
Świeżo dokapitalizowana (116 mln zł brutto z emisji akcji serii T) spółka SaaS/enterprise-software z niszową technologią grafową (opatentowaną), ale wciąż głęboko deficytowa operacyjnie.
Sentiment
●●●●●●
DAT
H1 2026 report
Summary
Investment thesis
- Przychody H1 2026 spadły o 53% r/r, głównie przez wysoką bazę porównawczą z dużej licencji dla Rabobanku w H1 2025 — klasyczna cecha modelu opartego na dużych, jednorazowych kontraktach enterprise.
- ARR (roczne przychody powtarzalne) rośnie o 11% r/r do 21,0 mln PLN — jedyny twardy dowód na budowanie bazy subskrypcyjnej pod hasłem zmiany modelu licencjonowania z wieczystego na terminowy.
- Mimo mniejszej nominalnie straty netto r/r, marże (EBIT, netto) pogorszyły się o ponad 90 punktów procentowych — spadek kosztów programu motywacyjnego (silnie zależnego od kursu akcji) maskuje realne pogorszenie rentowności operacyjnej.
- Bilans po emisji jest bardzo mocny (kapitał własny 76,9 mln zł, praktycznie zerowy dług finansowy, ok. 153 mln zł gotówki i aktywów finansowych łącznie) — kupuje czas na realizację strategii wzrostu ARR.
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Financials
BETA
DAT · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 11.04 | — | — | reported | — | 1.00 |
| Gross profit | 8.11 | — | — | reported | — | 1.00 |
| EBITDA | -37.39 | — | — | derived | — | 0.90 |
| EBIT | -39.77 | — | — | reported | — | 1.00 |
| EBT | -37.25 | — | — | reported | — | 1.00 |
| Net income | -34.8 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -5.11 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -4.73 | — | — | reported | — | 1.00 |
| D&A | 2.39 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 6.81 | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 7.35 | — | — | reported | — | 1.00 |
| Gross margin | 73.47% | — | — | derived | — | 0.90 |
| EBITDA margin | -338.6% | — | — | derived | — | 0.90 |
| EBIT margin | -360.2% | — | — | derived | — | 0.90 |
| Net margin | -315.1% | — | — | derived | — | 0.90 |
| Cash | 31.79 | — | — | reported | — | 1.00 |
| Total debt | 0.57 | — | — | reported | — | 0.80 |
| Net debt | -31.22 | — | — | derived | — | 0.80 |
| Equity | 76.89 | — | — | reported | — | 1.00 |
| Total assets | 201.5 | — | — | reported | — | 1.00 |
| Working capital | 41.74 | — | — | derived | — | 0.90 |
| Current assets | 165.52 | — | — | reported | — | 1.00 |
| Current liabilities | 123.78 | — | — | reported | — | 1.00 |
| Non-current liabilities | 0.83 | — | — | reported | — | 1.00 |
| Trade receivables | 9.29 | — | — | reported | — | 1.00 |
| Trade payables | 2.47 | — | — | reported | — | 1.00 |
| Goodwill | 13.56 | — | — | reported | — | 0.70 |
| CFO | -20.92 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 0.80 |
| FCF | -20.92 | — | — | derived | — | 0.85 |
| Current ratio | 1.34x | — | — | derived | — | 0.90 |
| Cash ratio | 0.26x | — | — | derived | — | 0.90 |
| Debt / equity | 0.01x | — | — | derived | — | 0.80 |
| Debt / assets | 0x | — | — | derived | — | 0.80 |
| Net debt / equity | -0.41x | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | -53.53% | — | — | derived | — | 0.90 |
| EBITDA growth (YoY) | 36.17% | — | — | derived | — | 0.80 |
| EBIT growth (YoY) | 34.16% | — | — | derived | — | 0.90 |
| Net income growth (YoY) | 32.18% | — | — | derived | — | 0.90 |
| EPS growth (YoY) | 41.99% | — | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | -10 pp | — | — | derived | — | 0.85 |
| EBITDA margin Δ (YoY) | -92.1 pp | — | — | derived | — | 0.80 |
| EBIT margin Δ (YoY) | -106 pp | — | — | derived | — | 0.85 |
| Net margin Δ (YoY) | -99.2 pp | — | — | derived | — | 0.85 |
H1 2026 · Δ YoY
Revenue
11.04
—
11.04
—
- H1 2025
- —
Gross profit
8.11
—
8.11
—
- H1 2025
- —
EBITDA
-37.39
—
-37.39
—
- H1 2025
- —
EBIT
-39.77
—
-39.77
—
- H1 2025
- —
EBT
-37.25
—
-37.25
—
- H1 2025
- —
Net income
-34.8
—
-34.8
—
- H1 2025
- —
EPS (basic)
(PLN)
-5.11
—
-5.11
—
- H1 2025
- —
EPS (diluted)
(PLN)
-4.73
—
-4.73
—
- H1 2025
- —
D&A
2.39
—
2.39
—
- H1 2025
- —
Shares (basic)
(m units)
6.81
—
6.81
—
- H1 2025
- —
Shares (diluted)
(m units)
7.35
—
7.35
—
- H1 2025
- —
Gross margin
73.47%
—
73.47%
—
- H1 2025
- —
EBITDA margin
-338.6%
—
-338.6%
—
- H1 2025
- —
EBIT margin
-360.2%
—
-360.2%
—
- H1 2025
- —
Net margin
-315.1%
—
-315.1%
—
- H1 2025
- —
Cash
31.79
—
31.79
—
- H1 2025
- —
Total debt
0.57
—
0.57
—
- H1 2025
- —
Net debt
-31.22
—
-31.22
—
- H1 2025
- —
Equity
76.89
—
76.89
—
- H1 2025
- —
Total assets
201.5
—
201.5
—
- H1 2025
- —
Working capital
41.74
—
41.74
—
- H1 2025
- —
Current assets
165.52
—
165.52
—
- H1 2025
- —
Current liabilities
123.78
—
123.78
—
- H1 2025
- —
Non-current liabilities
0.83
—
0.83
—
- H1 2025
- —
Trade receivables
9.29
—
9.29
—
- H1 2025
- —
Trade payables
2.47
—
2.47
—
- H1 2025
- —
Goodwill
13.56
—
13.56
—
- H1 2025
- —
CFO
-20.92
—
-20.92
—
- H1 2025
- —
CapEx
0
—
0
—
- H1 2025
- —
FCF
-20.92
—
-20.92
—
- H1 2025
- —
Current ratio
1.34x
—
1.34x
—
- H1 2025
- —
Cash ratio
0.26x
—
0.26x
—
- H1 2025
- —
Debt / equity
0.01x
—
0.01x
—
- H1 2025
- —
Debt / assets
0x
—
0x
—
- H1 2025
- —
Net debt / equity
-0.41x
—
-0.41x
—
- H1 2025
- —
Revenue growth (YoY)
-53.53%
—
-53.53%
—
- H1 2025
- —
EBITDA growth (YoY)
36.17%
—
36.17%
—
- H1 2025
- —
EBIT growth (YoY)
34.16%
—
34.16%
—
- H1 2025
- —
Net income growth (YoY)
32.18%
—
32.18%
—
- H1 2025
- —
EPS growth (YoY)
41.99%
—
41.99%
—
- H1 2025
- —
Gross margin Δ (YoY)
-10 pp
—
-10 pp
—
- H1 2025
- —
EBITDA margin Δ (YoY)
-92.1 pp
—
-92.1 pp
—
- H1 2025
- —
EBIT margin Δ (YoY)
-106 pp
—
-106 pp
—
- H1 2025
- —
Net margin Δ (YoY)
-99.2 pp
—
-99.2 pp
—
- H1 2025
- —