Q2 2026 report
Tech Robotics S.A. to przedprzychodowa spółka NewConnect rozwijająca drony bojowe (seria Recon, UGV/UAV) oraz system treningowy Oscar — do dnia raportu żaden dron nie wygenerował przychodu.
Sentiment
Positive
No guidance change
TCR
Q2 2026 report
Revenue
0 k PLN
— YoY
Net income
-602.33 k PLN
— YoY
EBITDA
-603.81 k PLN
— YoY
FCF
-1.51 m PLN
— YoY
Summary
Investment thesis
- Q2 2026 zamknięty stratą netto 602,33 tys. zł (+136% r/r), a H1 2026 stratą 1 107,97 tys. zł (+206% r/r) — spółka pozostaje w fazie czystego spalania gotówki.
- Operacyjny cash burn sfinansowany emisją 500 000 akcji serii D (5 mln zł, marzec 2026) i pożyczkami — stan gotówki wzrósł do 2,33 mln zł, ale to kapitał z rozwodnienia, nie z działalności.
- Głęboka zależność od większościowego akcjonariusza: Niewiadów Polska Grupa Militarna S.A. kontroluje 70,18% kapitału i jest jednocześnie stroną kluczowych transakcji (MoU, udział w spółce celowej Niewiadów Warhead Systems S.A.) — układ typowy dla transakcji z podmiotem powiązanym.
- Zerowe zatrudnienie na umowę o pracę (jedna osoba na umowie cywilnoprawnej) — cała działalność opiera się na kontraktorach zewnętrznych, co ogranicza koszty stałe, ale rodzi pytania o głębokość kompetencji wewnętrznych.
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Financials
BETA
TCR · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | — | — | 0 | — | reported | — | 1.00 |
| EBITDA | -603.81 | — | — | -1,005.33 | — | derived | — | 0.90 |
| EBIT | -667.07 | — | — | -1,131.62 | — | reported | — | 1.00 |
| EBT | -602.33 | — | — | -1,107.97 | — | reported | — | 1.00 |
| Net income | -602.33 | — | — | -1,107.97 | — | reported | — | 1.00 |
| D&A | 63.26 | — | — | 126.29 | — | reported | — | 1.00 |
| Interest expense | 10.47 | — | — | 48.8 | — | reported | — | 1.00 |
| Income tax | 0 | — | — | 0 | — | reported | — | 1.00 |
| Cash | 2,325.54 | — | — | — | — | reported | — | 1.00 |
| Equity | 7,343.39 | — | — | — | — | reported | — | 1.00 |
| Total assets | 8,458.41 | — | — | — | — | reported | — | 1.00 |
| Current assets | 4,918.95 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 608.51 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 0 | — | — | — | — | reported | — | 1.00 |
| Inventory | 30.8 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 310.29 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 3,189.45 | — | — | — | — | reported | — | 1.00 |
| CFO | -1,500.37 | — | — | -1,628.12 | — | reported | — | 1.00 |
| CapEx | 13.33 | — | — | 17.95 | — | reported | — | 1.00 |
| FCF | -1,513.71 | — | — | -1,646.07 | — | derived | — | 0.90 |
| Current ratio | 8.08x | — | — | — | — | derived | — | 0.90 |
| Quick ratio | 8.03x | — | — | — | — | derived | — | 0.90 |
| Cash ratio | 3.82x | — | — | — | — | derived | — | 0.90 |
| Interest coverage | -63.74x | — | — | -23.19x | — | derived | — | 0.60 |
| Revenue growth (YoY) | -100% | — | — | -100% | — | derived | — | 1.00 |
| EBITDA growth (YoY) | -157.4% | — | — | -211.17% | — | derived | — | 0.85 |
| EBIT growth (YoY) | -156.14% | — | — | -202.32% | — | derived | — | 0.90 |
| Net income growth (YoY) | -136.41% | — | — | -206.32% | — | derived | — | 1.00 |
| FCF growth (YoY) | -112% | — | — | 37.84% | — | derived | — | 0.85 |
Q2 2026 · Δ YoY
Revenue
0
—
0
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
EBITDA
-603.81
—
-603.81
—
- Q2 2025
- —
- YTD 2026
- -1,005.33
- Δ YoY
- —
EBIT
-667.07
—
-667.07
—
- Q2 2025
- —
- YTD 2026
- -1,131.62
- Δ YoY
- —
EBT
-602.33
—
-602.33
—
- Q2 2025
- —
- YTD 2026
- -1,107.97
- Δ YoY
- —
Net income
-602.33
—
-602.33
—
- Q2 2025
- —
- YTD 2026
- -1,107.97
- Δ YoY
- —
D&A
63.26
—
63.26
—
- Q2 2025
- —
- YTD 2026
- 126.29
- Δ YoY
- —
Interest expense
10.47
—
10.47
—
- Q2 2025
- —
- YTD 2026
- 48.8
- Δ YoY
- —
Income tax
0
—
0
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Cash
2,325.54
—
2,325.54
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
7,343.39
—
7,343.39
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
8,458.41
—
8,458.41
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
4,918.95
—
4,918.95
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
608.51
—
608.51
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
0
—
0
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
30.8
—
30.8
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
310.29
—
310.29
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
3,189.45
—
3,189.45
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-1,500.37
—
-1,500.37
—
- Q2 2025
- —
- YTD 2026
- -1,628.12
- Δ YoY
- —
CapEx
13.33
—
13.33
—
- Q2 2025
- —
- YTD 2026
- 17.95
- Δ YoY
- —
FCF
-1,513.71
—
-1,513.71
—
- Q2 2025
- —
- YTD 2026
- -1,646.07
- Δ YoY
- —
Current ratio
8.08x
—
8.08x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
8.03x
—
8.03x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
3.82x
—
3.82x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
-63.74x
—
-63.74x
—
- Q2 2025
- —
- YTD 2026
- -23.19x
- Δ YoY
- —
Revenue growth (YoY)
-100%
—
-100%
—
- Q2 2025
- —
- YTD 2026
- -100%
- Δ YoY
- —
EBITDA growth (YoY)
-157.4%
—
-157.4%
—
- Q2 2025
- —
- YTD 2026
- -211.17%
- Δ YoY
- —
EBIT growth (YoY)
-156.14%
—
-156.14%
—
- Q2 2025
- —
- YTD 2026
- -202.32%
- Δ YoY
- —
Net income growth (YoY)
-136.41%
—
-136.41%
—
- Q2 2025
- —
- YTD 2026
- -206.32%
- Δ YoY
- —
FCF growth (YoY)
-112%
—
-112%
—
- Q2 2025
- —
- YTD 2026
- 37.84%
- Δ YoY
- —