FTH Fintech NewConnect · quarterly · publ. August 14, 2026

Q2 2026 report

Spółka to mikropodmiot IT z zawieszonym obrotem akcjami na NewConnect i przychodami na poziomie ok. 111 tys. zł w kwartale.

Sentiment

Negative No guidance change

Website

FTH Q2 2026 report

Revenue

111,089 PLN

— YoY

Net income

-187,345 PLN

— YoY

EBITDA

-134,865 PLN

— YoY

FCF

19,091 PLN

— YoY

Summary

Investment thesis

Przychody spadły o ok. 73% r/r w kwartale i o niemal 97% narastająco — I kwartał 2026 r. był praktycznie bezprzychodowy.
Zapasy spadły o 6,8 mln zł, a należności handlowe wzrosły o 11,1 mln zł r/r — bez jakiegokolwiek wyjaśnienia w raporcie.
Gotówka na koniec okresu to zaledwie 66,5 tys. zł przy sumie bilansowej 27,8 mln zł — skrajnie niska płynność bezwzględna.
Dodatni operacyjny cash flow narastająco (23,4 tys. zł) wynika w całości z przesunięcia zapasy↔należności, a nie z realnej poprawy działalności.

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Financials

BETA

Q2 2026

FTH · Q2 2026

Metric	Q2 2026	Q2 2025	Δ YoY	YTD 2026	Δ YoY	Value type	Segment	Conf.

Revenue	111,089	—	—	111,089	—	reported	—	1.00
EBITDA	-134,865	—	—	-347,705	—	derived	—	0.90
EBIT	-185,542	—	—	-502,608	—	reported	—	1.00
EBT	-187,345	—	—	-504,452	—	reported	—	1.00
Net income	-187,345	—	—	-504,452	—	reported	—	1.00
D&A	50,676	—	—	154,903	—	reported	—	1.00
Interest expense	1,804	—	—	1,844	—	reported	—	1.00
Income tax	0	—	—	—	—	reported	—	1.00

EBITDA margin	-121.4%	—	—	-312.99%	—	derived	—	0.80
EBIT margin	-167.02%	—	—	-452.43%	—	derived	—	0.80
EBT margin	-168.64%	—	—	-454.09%	—	derived	—	0.80
Net margin	-168.64%	—	—	-454.09%	—	derived	—	0.80
D&A margin	45.62%	—	—	139.44%	—	derived	—	0.80

Cash	66,525	—	—	—	—	reported	—	1.00
Total debt	3,173,848	—	—	—	—	derived	—	0.70
Net debt	3,107,323	—	—	—	—	derived	—	0.70
Equity	7,360,116	—	—	—	—	reported	—	1.00
Total assets	27,755,902	—	—	—	—	reported	—	1.00
Working capital	6,826,292	—	—	—	—	derived	—	0.90
Current assets	25,207,989	—	—	—	—	reported	—	1.00
Current liabilities	18,381,696	—	—	—	—	reported	—	1.00
Non-current liabilities	1,681,090	—	—	—	—	reported	—	1.00
Inventory	8,444,968	—	—	—	—	reported	—	1.00
Trade receivables	14,262,855	—	—	—	—	reported	—	1.00
Trade payables	12,377,556	—	—	—	—	reported	—	1.00
Goodwill	0	—	—	—	—	reported	—	1.00

CFO	19,091	—	—	23,431	—	reported	—	1.00
CapEx	0	—	—	0	—	reported	—	1.00
FCF	19,091	—	—	23,431	—	derived	—	0.90

Current ratio	1.37x	—	—	—	—	derived	—	0.90
Quick ratio	0.91x	—	—	—	—	derived	—	0.90
Cash ratio	0x	—	—	—	—	derived	—	0.90

Debt / equity	0.43x	—	—	—	—	derived	—	0.70
Debt / assets	0.11x	—	—	—	—	derived	—	0.70
Net debt / equity	0.42x	—	—	—	—	derived	—	0.70

Revenue growth (YoY)	-72.96%	—	—	-96.8%	—	derived	—	0.90
EBIT growth (YoY)	55.38%	—	—	-88.12%	—	derived	—	0.85
Net income growth (YoY)	60.63%	—	—	-26.18%	—	derived	—	0.85

Q2 2026 · Δ YoY

Revenue

111,089 —

Q2 2025: —
YTD 2026: 111,089
Δ YoY: —

EBITDA

-134,865 —

Q2 2025: —
YTD 2026: -347,705
Δ YoY: —

EBIT

-185,542 —

Q2 2025: —
YTD 2026: -502,608
Δ YoY: —

EBT

-187,345 —

Q2 2025: —
YTD 2026: -504,452
Δ YoY: —

Net income

-187,345 —

Q2 2025: —
YTD 2026: -504,452
Δ YoY: —

D&A

50,676 —

Q2 2025: —
YTD 2026: 154,903
Δ YoY: —

Interest expense

1,804 —

Q2 2025: —
YTD 2026: 1,844
Δ YoY: —

Income tax

0 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

EBITDA margin

-121.4% —

Q2 2025: —
YTD 2026: -312.99%
Δ YoY: —

EBIT margin

-167.02% —

Q2 2025: —
YTD 2026: -452.43%
Δ YoY: —

EBT margin

-168.64% —

Q2 2025: —
YTD 2026: -454.09%
Δ YoY: —

Net margin

-168.64% —

Q2 2025: —
YTD 2026: -454.09%
Δ YoY: —

D&A margin

45.62% —

Q2 2025: —
YTD 2026: 139.44%
Δ YoY: —

Cash

66,525 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total debt

3,173,848 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Net debt

3,107,323 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Equity

7,360,116 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total assets

27,755,902 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Working capital

6,826,292 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current assets

25,207,989 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

18,381,696 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

1,681,090 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Inventory

8,444,968 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

14,262,855 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

12,377,556 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

0 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

CFO

19,091 —

Q2 2025: —
YTD 2026: 23,431
Δ YoY: —

CapEx

0 —

Q2 2025: —
YTD 2026: 0
Δ YoY: —

FCF

19,091 —

Q2 2025: —
YTD 2026: 23,431
Δ YoY: —

Current ratio

1.37x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

0.91x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Debt / equity

0.43x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.11x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

0.42x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-72.96% —

Q2 2025: —
YTD 2026: -96.8%
Δ YoY: —

EBIT growth (YoY)

55.38% —

Q2 2025: —
YTD 2026: -88.12%
Δ YoY: —

Net income growth (YoY)

60.63% —

Q2 2025: —
YTD 2026: -26.18%
Δ YoY: —