Q1 2026 report
Przychody Grupy niemal się podwoiły r/r (+95%), a wynik przeszedł ze straty (-659 tys. zł) na zysk (268 tys. zł), głównie dzięki dużemu wolumenowi sprzedaży sprzętu/towarów.
Sentiment
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BCM
Q1 2026 report
Revenue
58.79 m PLN
— YoY
Net income
356 k PLN
— YoY
EBITDA
1.62 m PLN
— YoY
Gross margin
12.29%
— YoY
Summary
Investment thesis
- Marża brutto skurczyła się o ok. 4-5 p.p. jednocześnie na usługach i na towarach, do 12,29% z 16,41% — jakość tego wzrostu jest niższa niż sugeruje sama dynamika przychodów.
- Przepływy operacyjne są głęboko ujemne (-4 805 tys. zł) mimo dodatniego zysku netto — cała gotówka wchłonięta przez wzrost należności o 38,7 mln zł w kwartał, gotówka w kasie spadła o 61%.
- Pozycja netto gotówkowa zmieniła się w zadłużenie netto (13% kapitału własnego) przy rosnącym wykorzystaniu linii kredytowych, choć poziom lewara wciąż jest umiarkowany.
- Jakość należności bez pogorszenia (przeterminowane powyżej roku niezmiennie ok. 478 tys. zł) — wzrost salda to wolumen jednego dużego rozliczenia, nie zaleganie płatności.
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Financials
BETA
BCM · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 58,790 | — | — | reported | — | 1.00 |
| Gross profit | 7,224 | — | — | reported | — | 1.00 |
| EBITDA | 1,622 | — | — | derived | — | 0.85 |
| EBIT | 500 | — | — | reported | — | 1.00 |
| EBT | 419 | — | — | reported | — | 1.00 |
| Net income | 356 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.07 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.07 | — | — | reported | — | 1.00 |
| D&A | 1,122 | — | — | reported | — | 0.90 |
| Interest expense | 126 | — | — | reported | — | 1.00 |
| Income tax | 151 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 4.04 | — | — | reported | — | 1.00 |
| Gross margin | 12.29% | — | — | derived | — | 1.00 |
| EBITDA margin | 2.76% | — | — | derived | — | 0.85 |
| EBIT margin | 0.85% | — | — | derived | — | 0.95 |
| EBT margin | 0.71% | — | — | derived | — | 0.95 |
| Net margin | 0.61% | — | — | derived | — | 0.90 |
| Cash | 2,808 | — | — | reported | — | 1.00 |
| Total debt | 5,528 | — | — | reported | — | 1.00 |
| Net debt | 2,720 | — | — | reported | — | 1.00 |
| Equity | 20,676 | — | — | reported | — | 1.00 |
| Total assets | 90,636 | — | — | reported | — | 1.00 |
| Current assets | 71,413 | — | — | reported | — | 1.00 |
| Current liabilities | 64,182 | — | — | reported | — | 1.00 |
| Non-current liabilities | 5,778 | — | — | reported | — | 1.00 |
| Inventory | 1,424 | — | — | reported | — | 1.00 |
| Trade receivables | 44,429 | — | — | reported | — | 1.00 |
| Trade payables | 51,229 | — | — | reported | — | 1.00 |
| Goodwill | 11,248 | — | — | reported | — | 0.95 |
| Tangible equity | 9,428 | — | — | derived | — | 0.90 |
| CFO | -4,805 | — | — | reported | — | 1.00 |
| CapEx | 436 | — | — | reported | — | 0.95 |
| FCF | -5,241 | — | — | derived | — | 0.95 |
| Current ratio | 1.11x | — | — | derived | — | 0.95 |
| Quick ratio | 1.09x | — | — | derived | — | 0.95 |
| Cash ratio | 0.04x | — | — | derived | — | 0.95 |
| Interest coverage | 3.97x | — | — | derived | — | 0.90 |
| Debt / equity | 0.27x | — | — | derived | — | 0.90 |
| Debt / assets | 0.06x | — | — | derived | — | 0.90 |
| Net debt / equity | 0.13x | — | — | derived | — | 1.00 |
| Revenue growth (YoY) | 94.5% | — | — | derived | — | 1.00 |
| EBIT growth (YoY) | 163.2% | — | — | derived | — | 0.90 |
| Net income growth (YoY) | 160% | — | — | derived | — | 0.90 |
| EPS growth (YoY) | 143.75% | — | — | derived | — | 0.90 |
| FCF growth (YoY) | 38.25% | — | — | derived | — | 0.85 |
| Gross margin Δ (YoY) | -4.12 pp | — | — | derived | — | 1.00 |
| EBIT margin Δ (YoY) | 3.47 pp | — | — | derived | — | 0.95 |
| Net margin Δ (YoY) | 2.57 pp | — | — | derived | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
58,790
—
58,790
—
- Q1 2025
- —
Gross profit
7,224
—
7,224
—
- Q1 2025
- —
EBITDA
1,622
—
1,622
—
- Q1 2025
- —
EBIT
500
—
500
—
- Q1 2025
- —
EBT
419
—
419
—
- Q1 2025
- —
Net income
356
—
356
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.07
—
0.07
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.07
—
0.07
—
- Q1 2025
- —
D&A
1,122
—
1,122
—
- Q1 2025
- —
Interest expense
126
—
126
—
- Q1 2025
- —
Income tax
151
—
151
—
- Q1 2025
- —
Shares (basic)
(m units)
4.04
—
4.04
—
- Q1 2025
- —
Gross margin
12.29%
—
12.29%
—
- Q1 2025
- —
EBITDA margin
2.76%
—
2.76%
—
- Q1 2025
- —
EBIT margin
0.85%
—
0.85%
—
- Q1 2025
- —
EBT margin
0.71%
—
0.71%
—
- Q1 2025
- —
Net margin
0.61%
—
0.61%
—
- Q1 2025
- —
Cash
2,808
—
2,808
—
- Q1 2025
- —
Total debt
5,528
—
5,528
—
- Q1 2025
- —
Net debt
2,720
—
2,720
—
- Q1 2025
- —
Equity
20,676
—
20,676
—
- Q1 2025
- —
Total assets
90,636
—
90,636
—
- Q1 2025
- —
Current assets
71,413
—
71,413
—
- Q1 2025
- —
Current liabilities
64,182
—
64,182
—
- Q1 2025
- —
Non-current liabilities
5,778
—
5,778
—
- Q1 2025
- —
Inventory
1,424
—
1,424
—
- Q1 2025
- —
Trade receivables
44,429
—
44,429
—
- Q1 2025
- —
Trade payables
51,229
—
51,229
—
- Q1 2025
- —
Goodwill
11,248
—
11,248
—
- Q1 2025
- —
Tangible equity
9,428
—
9,428
—
- Q1 2025
- —
CFO
-4,805
—
-4,805
—
- Q1 2025
- —
CapEx
436
—
436
—
- Q1 2025
- —
FCF
-5,241
—
-5,241
—
- Q1 2025
- —
Current ratio
1.11x
—
1.11x
—
- Q1 2025
- —
Quick ratio
1.09x
—
1.09x
—
- Q1 2025
- —
Cash ratio
0.04x
—
0.04x
—
- Q1 2025
- —
Interest coverage
3.97x
—
3.97x
—
- Q1 2025
- —
Debt / equity
0.27x
—
0.27x
—
- Q1 2025
- —
Debt / assets
0.06x
—
0.06x
—
- Q1 2025
- —
Net debt / equity
0.13x
—
0.13x
—
- Q1 2025
- —
Revenue growth (YoY)
94.5%
—
94.5%
—
- Q1 2025
- —
EBIT growth (YoY)
163.2%
—
163.2%
—
- Q1 2025
- —
Net income growth (YoY)
160%
—
160%
—
- Q1 2025
- —
EPS growth (YoY)
143.75%
—
143.75%
—
- Q1 2025
- —
FCF growth (YoY)
38.25%
—
38.25%
—
- Q1 2025
- —
Gross margin Δ (YoY)
-4.12 pp
—
-4.12 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
3.47 pp
—
3.47 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
2.57 pp
—
2.57 pp
—
- Q1 2025
- —