Q2 2026 report
Przychody skonsolidowane spadły -67% r/r w Q2 2026 (do 82 tys. zł) po zakończeniu umów wydawniczych z Fulqrum Publishing i 101XP oraz sprzedaży IP wybranych tytułów w styczniu 2026 r.
Sentiment
Cautious
No guidance change
JJB
Q2 2026 report
Revenue
81.92 k PLN
— YoY
Net income
-52.66 k PLN
— YoY
EBITDA
15.3 k PLN
— YoY
FCF
154.13 k PLN
— YoY
Summary
Investment thesis
- Strata netto pogłębia wieloletni deficyt skumulowany (-10,95 mln zł), a kapitał własny Grupy skurczył się do 1,86 mln zł z 5,95 mln zł rok wcześniej.
- Dodatni OCF (+115,5 tys. zł w I półroczu) to efekt zmiany kapitału obrotowego, nie poprawy rentowności — jakość zysku pozostaje niepotwierdzona.
- Przyszłość Spółki w dużej mierze zależy od finalizacji dwóch powiązanych umów z Ovid Works/Iron Lung/Besim Group (do ok. 1,79 mln zł łącznie) finansujących grę „Shiftborn” i planowane przejęcie Iron Lung.
- Zadłużenie odsetkowe jest niewielkie (dług netto 82,5 tys. zł) — ryzykiem nie jest lewarowanie, lecz brak samodzielnie generowanych przychodów i cienka płynność po wyłączeniu zapasów (quick ratio 0,14x).
Read the full analysis
Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.
Financials
BETA
JJB · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 81.92 | — | — | 278.1 | — | reported | — | 1.00 |
| EBITDA | 15.3 | — | — | 50.86 | — | derived | — | 0.90 |
| EBIT | -43.37 | — | — | -66.48 | — | reported | — | 1.00 |
| EBT | -52.66 | — | — | -84.68 | — | reported | — | 1.00 |
| Net income | -52.66 | — | — | -84.68 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.01 | — | — | -0.01 | — | derived | — | 0.60 |
| D&A | 58.67 | — | — | 117.33 | — | reported | — | 1.00 |
| Interest expense | 8.3 | — | — | 16.46 | — | reported | — | 1.00 |
| Income tax | 0 | — | — | 0 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 7.09 | — | — | — | — | reported | — | 0.70 |
| EBITDA margin | 18.68% | — | — | 18.29% | — | derived | — | 0.90 |
| EBIT margin | -52.94% | — | — | -23.91% | — | derived | — | 0.90 |
| EBT margin | -64.29% | — | — | -30.45% | — | derived | — | 0.90 |
| Net margin | -64.29% | — | — | -30.45% | — | derived | — | 0.90 |
| D&A margin | 71.63% | — | — | 42.19% | — | derived | — | 0.90 |
| Cash | 140.88 | — | — | — | — | reported | — | 1.00 |
| Total debt | 223.35 | — | — | — | — | reported | — | 1.00 |
| Net debt | 82.46 | — | — | — | — | derived | — | 0.90 |
| Equity | 1,863.26 | — | — | — | — | reported | — | 1.00 |
| Total assets | 4,850.31 | — | — | — | — | reported | — | 1.00 |
| Current assets | 4,268.55 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 2,567.82 | — | — | — | — | reported | — | 0.90 |
| Non-current liabilities | 419.23 | — | — | — | — | reported | — | 0.90 |
| Inventory | 3,915.89 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 125.06 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 318.35 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 576.43 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | 1,286.83 | — | — | — | — | derived | — | 0.90 |
| CFO | 154.13 | — | — | 115.5 | — | reported | — | 1.00 |
| CapEx | 0 | — | — | 0 | — | reported | — | 1.00 |
| FCF | 154.13 | — | — | 115.5 | — | derived | — | 0.90 |
| FCF conversion | 1007.6% | — | — | 227.11% | — | derived | — | 0.50 |
| CFO conversion | 1007.6% | — | — | 227.11% | — | derived | — | 0.50 |
| Current ratio | 1.66x | — | — | — | — | derived | — | 0.90 |
| Quick ratio | 0.14x | — | — | — | — | derived | — | 0.90 |
| Cash ratio | 0.05x | — | — | — | — | derived | — | 0.90 |
| Interest coverage | — | — | — | -4.04x | — | derived | — | 0.90 |
| Debt / equity | 0.12x | — | — | — | — | derived | — | 0.90 |
| Debt / assets | 0.05x | — | — | — | — | derived | — | 0.90 |
| Net debt / equity | 0.04x | — | — | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | -67.23% | — | — | -48.09% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | -87.9% | — | — | -81.23% | — | derived | — | 0.80 |
| EBIT growth (YoY) | -280.63% | — | — | -200.55% | — | derived | — | 0.90 |
| Net income growth (YoY) | -492.4% | — | — | -316.6% | — | derived | — | 0.90 |
| EPS growth (YoY) | -492.4% | — | — | -316.6% | — | derived | — | 0.60 |
| FCF growth (YoY) | 341.4% | — | — | 118.29% | — | derived | — | 0.70 |
| EBITDA margin Δ (YoY) | -31.9 pp | — | — | -32.3 pp | — | derived | — | 0.80 |
| EBIT margin Δ (YoY) | -62.54 pp | — | — | -36.26 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -69.66 pp | — | — | -37.75 pp | — | derived | — | 0.90 |
Q2 2026 · Δ YoY
Revenue
81.92
—
81.92
—
- Q2 2025
- —
- YTD 2026
- 278.1
- Δ YoY
- —
EBITDA
15.3
—
15.3
—
- Q2 2025
- —
- YTD 2026
- 50.86
- Δ YoY
- —
EBIT
-43.37
—
-43.37
—
- Q2 2025
- —
- YTD 2026
- -66.48
- Δ YoY
- —
EBT
-52.66
—
-52.66
—
- Q2 2025
- —
- YTD 2026
- -84.68
- Δ YoY
- —
Net income
-52.66
—
-52.66
—
- Q2 2025
- —
- YTD 2026
- -84.68
- Δ YoY
- —
EPS (basic)
(PLN)
-0.01
—
-0.01
—
- Q2 2025
- —
- YTD 2026
- -0.01
- Δ YoY
- —
D&A
58.67
—
58.67
—
- Q2 2025
- —
- YTD 2026
- 117.33
- Δ YoY
- —
Interest expense
8.3
—
8.3
—
- Q2 2025
- —
- YTD 2026
- 16.46
- Δ YoY
- —
Income tax
0
—
0
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Shares (basic)
(m units)
7.09
—
7.09
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
18.68%
—
18.68%
—
- Q2 2025
- —
- YTD 2026
- 18.29%
- Δ YoY
- —
EBIT margin
-52.94%
—
-52.94%
—
- Q2 2025
- —
- YTD 2026
- -23.91%
- Δ YoY
- —
EBT margin
-64.29%
—
-64.29%
—
- Q2 2025
- —
- YTD 2026
- -30.45%
- Δ YoY
- —
Net margin
-64.29%
—
-64.29%
—
- Q2 2025
- —
- YTD 2026
- -30.45%
- Δ YoY
- —
D&A margin
71.63%
—
71.63%
—
- Q2 2025
- —
- YTD 2026
- 42.19%
- Δ YoY
- —
Cash
140.88
—
140.88
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
223.35
—
223.35
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
82.46
—
82.46
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
1,863.26
—
1,863.26
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
4,850.31
—
4,850.31
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
4,268.55
—
4,268.55
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
2,567.82
—
2,567.82
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
419.23
—
419.23
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
3,915.89
—
3,915.89
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
125.06
—
125.06
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
318.35
—
318.35
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
576.43
—
576.43
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
1,286.83
—
1,286.83
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
154.13
—
154.13
—
- Q2 2025
- —
- YTD 2026
- 115.5
- Δ YoY
- —
CapEx
0
—
0
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
FCF
154.13
—
154.13
—
- Q2 2025
- —
- YTD 2026
- 115.5
- Δ YoY
- —
FCF conversion
1007.6%
—
1007.6%
—
- Q2 2025
- —
- YTD 2026
- 227.11%
- Δ YoY
- —
CFO conversion
1007.6%
—
1007.6%
—
- Q2 2025
- —
- YTD 2026
- 227.11%
- Δ YoY
- —
Current ratio
1.66x
—
1.66x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.14x
—
0.14x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.05x
—
0.05x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
—
—
—
—
- Q2 2025
- —
- YTD 2026
- -4.04x
- Δ YoY
- —
Debt / equity
0.12x
—
0.12x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.05x
—
0.05x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.04x
—
0.04x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-67.23%
—
-67.23%
—
- Q2 2025
- —
- YTD 2026
- -48.09%
- Δ YoY
- —
EBITDA growth (YoY)
-87.9%
—
-87.9%
—
- Q2 2025
- —
- YTD 2026
- -81.23%
- Δ YoY
- —
EBIT growth (YoY)
-280.63%
—
-280.63%
—
- Q2 2025
- —
- YTD 2026
- -200.55%
- Δ YoY
- —
Net income growth (YoY)
-492.4%
—
-492.4%
—
- Q2 2025
- —
- YTD 2026
- -316.6%
- Δ YoY
- —
EPS growth (YoY)
-492.4%
—
-492.4%
—
- Q2 2025
- —
- YTD 2026
- -316.6%
- Δ YoY
- —
FCF growth (YoY)
341.4%
—
341.4%
—
- Q2 2025
- —
- YTD 2026
- 118.29%
- Δ YoY
- —
EBITDA margin Δ (YoY)
-31.9 pp
—
-31.9 pp
—
- Q2 2025
- —
- YTD 2026
- -32.3 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-62.54 pp
—
-62.54 pp
—
- Q2 2025
- —
- YTD 2026
- -36.26 pp
- Δ YoY
- —
Net margin Δ (YoY)
-69.66 pp
—
-69.66 pp
—
- Q2 2025
- —
- YTD 2026
- -37.75 pp
- Δ YoY
- —