Q2 2026 report
Proacta to spółka medtech budująca ekosystem cyfrowych narzędzi opartych na AI/ML dla sektora ochrony zdrowia (m.in. platforma Dbam o siebie Smart Lab, system Digital Breast Cancer Unit).
Sentiment
Neutral
No guidance change
PAC
Q2 2026 report
Revenue
2,041,057 PLN
▼
-34.2% YoY
Net income
-166,063 PLN
▼
-115.8% YoY
EBITDA
186,698 PLN
▼
-88.5% YoY
FCF
-2,399,043 PLN
▼
-1945.4% YoY
Summary
Investment thesis
- Przychody w I półroczu 2026 r. wzrosły o 89% r/r do 7,97 mln zł, ale wzrost jest silnie skoncentrowany w I kwartale — II kwartał 2026 przyniósł spadek przychodów o 34% r/r do 2,04 mln zł.
- Zysk netto za I półrocze 2026 (1,40 mln zł) wynika niemal w całości z wyniku I kwartału (1,57 mln zł) — sam II kwartał zamknął się stratą netto 166 tys. zł.
- Operacyjne przepływy pieniężne są ujemne zarówno w II kwartale (-2,40 mln zł, głównie efekt spłaty zaległych zobowiązań handlowych), jak i narastająco za półrocze (-0,12 mln zł) — zysk księgowy nie ma pełnego pokrycia w gotówce.
- Zadłużenie odsetkowe jest znikome (ok. 496 tys. zł wobec 41,7 mln zł kapitałów własnych), ale gotówka na koniec czerwca 2026 stopniała do zaledwie 48 tys. zł.
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Financials
BETA
PAC · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,041,057 | 3,100,000 | −34.2% | 7,968,351 | +73.6% | reported | — | 1.00 |
| EBITDA | 186,698 | 1,630,000 | −88.5% | 2,346,162 | +130% | derived | — | 0.95 |
| EBIT | -391,779 | 1,060,000 | −137% | 1,189,207 | +949.4% | reported | — | 1.00 |
| EBT | -374,492 | — | — | 1,192,054 | — | reported | — | 1.00 |
| Net income | -166,063 | 1,050,000 | −115.8% | 1,400,483 | +975.3% | reported | — | 1.00 |
| EPS (basic) | 0 | — | — | 0.01 | — | derived | — | 0.50 |
| D&A | 578,477 | 560,000 | +3.3% | 1,156,955 | +0.6% | reported | — | 1.00 |
| Interest expense | 4,654 | 14,000 | −66.8% | 19,094 | −17% | reported | — | 1.00 |
| Income tax | -208,429 | — | — | -208,429 | — | reported | — | 1.00 |
| Shares (basic) (units) | 117,425,033 | 117,430,000 | — | — | — | reported | — | 0.60 |
| EBITDA margin | 9.15% | 52500000% | −52499990.9 pp | 29.44% | −52499970.6 pp | derived | — | 0.90 |
| EBIT margin | -19.19% | 34300% | −34319.2 pp | 14.93% | −34285.1 pp | derived | — | 1.00 |
| Net margin | -8.14% | 33900% | −33908.1 pp | 17.58% | −33882.4 pp | derived | — | 1.00 |
| Cash | 48,183 | 380,000 | −87.3% | — | — | reported | — | 1.00 |
| Total debt | 495,751 | 1,790,000 | −72.3% | — | — | reported | — | 1.00 |
| Net debt | 447,568 | 1,420,000 | −68.5% | — | — | derived | — | 1.00 |
| Equity | 41,708,164 | 46,120,000 | −9.6% | — | — | reported | — | 1.00 |
| Total assets | 47,791,693 | 52,630,000 | −9.2% | — | — | reported | — | 1.00 |
| Current assets | 5,193,678 | 9,900,000 | −47.5% | — | — | reported | — | 1.00 |
| Inventory | 0 | — | — | — | — | reported | — | 0.90 |
| Trade receivables | 1,627,110 | — | — | — | — | reported | — | 0.90 |
| Trade payables | 2,293,421 | — | — | — | — | reported | — | 0.85 |
| Goodwill | 34,974,321 | 41,990,000 | −16.7% | — | — | reported | — | 1.00 |
| Tangible equity | 6,733,843 | — | — | — | — | derived | — | 0.90 |
| CFO | -2,399,043 | 170,000 | −1511.2% | -123,475 | +81.3% | reported | — | 1.00 |
| CapEx | 0 | 40,000 | −100% | 0 | −100% | reported | — | 0.60 |
| FCF | -2,399,043 | 130,000 | −1945.4% | -123,475 | +88.8% | derived | — | 0.80 |
| FCF conversion | — | — | — | -5.26% | — | derived | — | 0.70 |
| CFO conversion | — | — | — | -5.26% | — | derived | — | 0.70 |
| Debt / equity | 0.01x | 39000x | −38999.99x | — | — | derived | — | 1.00 |
| Debt / assets | 0.01x | — | — | — | — | derived | — | 1.00 |
| Net debt / equity | 0.01x | 31000x | −30999.99x | — | — | derived | — | 1.00 |
| Revenue growth (YoY) | -34.25% | 133600% | — | 88.91% | — | derived | — | 1.00 |
| EBITDA growth (YoY) | -88.54% | — | — | 42.82% | — | derived | — | 0.85 |
| EBIT growth (YoY) | -136.8% | 217500000% | — | 136.06% | — | derived | — | 1.00 |
| Net income growth (YoY) | -115.76% | — | — | 192.3% | — | derived | — | 1.00 |
| EBITDA margin Δ (YoY) | -43.32 pp | — | — | -9.5 pp | — | derived | — | 0.85 |
| EBIT margin Δ (YoY) | -53.49 pp | — | — | 2.99 pp | — | derived | — | 1.00 |
| Net margin Δ (YoY) | -42.08 pp | — | — | 6.22 pp | — | derived | — | 1.00 |
Q2 2026 · Δ YoY
Revenue
2,041,057
−34.2%
2,041,057
−34.2%
- Q2 2025
- 3,100,000
- YTD 2026
- 7,968,351
- Δ YoY
- +73.6%
EBITDA
186,698
−88.5%
186,698
−88.5%
- Q2 2025
- 1,630,000
- YTD 2026
- 2,346,162
- Δ YoY
- +130%
EBIT
-391,779
−137%
-391,779
−137%
- Q2 2025
- 1,060,000
- YTD 2026
- 1,189,207
- Δ YoY
- +949.4%
EBT
-374,492
—
-374,492
—
- Q2 2025
- —
- YTD 2026
- 1,192,054
- Δ YoY
- —
Net income
-166,063
−115.8%
-166,063
−115.8%
- Q2 2025
- 1,050,000
- YTD 2026
- 1,400,483
- Δ YoY
- +975.3%
EPS (basic)
0
—
0
—
- Q2 2025
- —
- YTD 2026
- 0.01
- Δ YoY
- —
D&A
578,477
+3.3%
578,477
+3.3%
- Q2 2025
- 560,000
- YTD 2026
- 1,156,955
- Δ YoY
- +0.6%
Interest expense
4,654
−66.8%
4,654
−66.8%
- Q2 2025
- 14,000
- YTD 2026
- 19,094
- Δ YoY
- −17%
Income tax
-208,429
—
-208,429
—
- Q2 2025
- —
- YTD 2026
- -208,429
- Δ YoY
- —
Shares (basic)
(units)
117,425,033
—
117,425,033
—
- Q2 2025
- 117,430,000
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
9.15%
−52499990.9 pp
9.15%
−52499990.9 pp
- Q2 2025
- 52500000%
- YTD 2026
- 29.44%
- Δ YoY
- −52499970.6 pp
EBIT margin
-19.19%
−34319.2 pp
-19.19%
−34319.2 pp
- Q2 2025
- 34300%
- YTD 2026
- 14.93%
- Δ YoY
- −34285.1 pp
Net margin
-8.14%
−33908.1 pp
-8.14%
−33908.1 pp
- Q2 2025
- 33900%
- YTD 2026
- 17.58%
- Δ YoY
- −33882.4 pp
Cash
48,183
−87.3%
48,183
−87.3%
- Q2 2025
- 380,000
- YTD 2026
- —
- Δ YoY
- —
Total debt
495,751
−72.3%
495,751
−72.3%
- Q2 2025
- 1,790,000
- YTD 2026
- —
- Δ YoY
- —
Net debt
447,568
−68.5%
447,568
−68.5%
- Q2 2025
- 1,420,000
- YTD 2026
- —
- Δ YoY
- —
Equity
41,708,164
−9.6%
41,708,164
−9.6%
- Q2 2025
- 46,120,000
- YTD 2026
- —
- Δ YoY
- —
Total assets
47,791,693
−9.2%
47,791,693
−9.2%
- Q2 2025
- 52,630,000
- YTD 2026
- —
- Δ YoY
- —
Current assets
5,193,678
−47.5%
5,193,678
−47.5%
- Q2 2025
- 9,900,000
- YTD 2026
- —
- Δ YoY
- —
Inventory
0
—
0
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
1,627,110
—
1,627,110
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
2,293,421
—
2,293,421
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
34,974,321
−16.7%
34,974,321
−16.7%
- Q2 2025
- 41,990,000
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
6,733,843
—
6,733,843
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-2,399,043
−1511.2%
-2,399,043
−1511.2%
- Q2 2025
- 170,000
- YTD 2026
- -123,475
- Δ YoY
- +81.3%
CapEx
0
−100%
0
−100%
- Q2 2025
- 40,000
- YTD 2026
- 0
- Δ YoY
- −100%
FCF
-2,399,043
−1945.4%
-2,399,043
−1945.4%
- Q2 2025
- 130,000
- YTD 2026
- -123,475
- Δ YoY
- +88.8%
FCF conversion
—
—
—
—
- Q2 2025
- —
- YTD 2026
- -5.26%
- Δ YoY
- —
CFO conversion
—
—
—
—
- Q2 2025
- —
- YTD 2026
- -5.26%
- Δ YoY
- —
Debt / equity
0.01x
−38999.99x
0.01x
−38999.99x
- Q2 2025
- 39000x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.01x
—
0.01x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.01x
−30999.99x
0.01x
−30999.99x
- Q2 2025
- 31000x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-34.25%
—
-34.25%
—
- Q2 2025
- 133600%
- YTD 2026
- 88.91%
- Δ YoY
- —
EBITDA growth (YoY)
-88.54%
—
-88.54%
—
- Q2 2025
- —
- YTD 2026
- 42.82%
- Δ YoY
- —
EBIT growth (YoY)
-136.8%
—
-136.8%
—
- Q2 2025
- 217500000%
- YTD 2026
- 136.06%
- Δ YoY
- —
Net income growth (YoY)
-115.76%
—
-115.76%
—
- Q2 2025
- —
- YTD 2026
- 192.3%
- Δ YoY
- —
EBITDA margin Δ (YoY)
-43.32 pp
—
-43.32 pp
—
- Q2 2025
- —
- YTD 2026
- -9.5 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-53.49 pp
—
-53.49 pp
—
- Q2 2025
- —
- YTD 2026
- 2.99 pp
- Δ YoY
- —
Net margin Δ (YoY)
-42.08 pp
—
-42.08 pp
—
- Q2 2025
- —
- YTD 2026
- 6.22 pp
- Δ YoY
- —