Q2 2026 report
RockGame S.A. to producent i wydawca gier niskobudżetowych na PC i konsole, kontrolowany przez PlayWay S.A. (67,05% akcji) – typowy model 'fabryki gier' znany z polskiego rynku NewConnect.
Sentiment
Neutral
No guidance change
RKG
Q2 2026 report
Revenue
1.55 m PLN
— YoY
Net income
-0.06 m PLN
— YoY
FCF
0.18 m PLN
— YoY
CFO
0.21 m PLN
— YoY
Summary
Investment thesis
- W II kwartale 2026 r. przychody spadły o 44,2% r/r (do 1,55 mln zł), a spółka zanotowała stratę netto 63,2 tys. zł wobec 380,9 tys. zł zysku rok wcześniej – odwrócenie trendu wynikowego.
- Mimo słabszego kwartału spółka wypłaciła dywidendę 504 tys. zł (0,48 zł/akcję) z zysku za 2024 r., uchwaloną 29.06.2026 r.
- Portfel projektów jest szeroki (15 tytułów w planie wydawniczym do 2027 r.), ale koncentruje się na niszowych symulatorach niskobudżetowych, gdzie sukces pojedynczego tytułu bywa loteryjny.
- Bilans jest bardzo płynny (current ratio ok. 18x) i bez zadłużenia odsetkowego, z zapasami (koszty produkcji gier w toku) stanowiącymi największą pozycję aktywów obrotowych.
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Financials
BETA
RKG · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.55 | — | — | 3 | — | reported | — | 1.00 |
| EBIT | -0.07 | — | — | -0.27 | — | reported | — | 1.00 |
| EBT | -0.06 | — | — | — | — | reported | — | 1.00 |
| Net income | -0.06 | — | — | -0.25 | — | reported | — | 1.00 |
| EPS (basic) | -0.06 | — | — | -0.24 | — | reported | — | 0.80 |
| D&A | 0.03 | — | — | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 1.05 | — | — | — | — | reported | — | 1.00 |
| EBIT margin | -4.45% | — | — | -9.08% | — | reported | — | 0.90 |
| Net margin | -4.08% | — | — | -8.23% | — | reported | — | 0.90 |
| Cash | 2.12 | — | — | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | — | — | reported | — | 0.90 |
| Net debt | -2.12 | — | — | — | — | reported | — | 0.90 |
| Equity | 8.9 | — | — | — | — | reported | — | 1.00 |
| Total assets | 9.38 | — | — | — | — | reported | — | 1.00 |
| Working capital | 8.31 | — | — | — | — | reported | — | 0.90 |
| Current assets | 8.79 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 0.48 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 0 | — | — | — | — | reported | — | 1.00 |
| Inventory | 5.91 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 0.72 | — | — | — | — | reported | — | 1.00 |
| CFO | 0.21 | — | — | 0.04 | — | reported | — | 1.00 |
| CapEx | 0.03 | — | — | 0.05 | — | reported | — | 1.00 |
| FCF | 0.18 | — | — | 0 | — | reported | — | 0.90 |
| Current ratio | 18.4x | — | — | — | — | reported | — | 0.90 |
| Quick ratio | 6.04x | — | — | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | -44.23% | — | — | -45.6% | — | reported | — | 1.00 |
| EBIT growth (YoY) | -113.49% | — | — | -130.9% | — | reported | — | 0.90 |
| Net income growth (YoY) | -116.59% | — | — | -139.44% | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | -22.84 pp | — | — | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | -17.81 pp | — | — | — | — | reported | — | 0.90 |
Q2 2026 · Δ YoY
Revenue
1.55
—
1.55
—
- Q2 2025
- —
- YTD 2026
- 3
- Δ YoY
- —
EBIT
-0.07
—
-0.07
—
- Q2 2025
- —
- YTD 2026
- -0.27
- Δ YoY
- —
EBT
-0.06
—
-0.06
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net income
-0.06
—
-0.06
—
- Q2 2025
- —
- YTD 2026
- -0.25
- Δ YoY
- —
EPS (basic)
-0.06
—
-0.06
—
- Q2 2025
- —
- YTD 2026
- -0.24
- Δ YoY
- —
D&A
0.03
—
0.03
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Shares (basic)
(m units)
1.05
—
1.05
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBIT margin
-4.45%
—
-4.45%
—
- Q2 2025
- —
- YTD 2026
- -9.08%
- Δ YoY
- —
Net margin
-4.08%
—
-4.08%
—
- Q2 2025
- —
- YTD 2026
- -8.23%
- Δ YoY
- —
Cash
2.12
—
2.12
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
0
—
0
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-2.12
—
-2.12
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
8.9
—
8.9
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
9.38
—
9.38
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
8.31
—
8.31
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
8.79
—
8.79
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
0.48
—
0.48
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
0
—
0
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
5.91
—
5.91
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
0.72
—
0.72
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
0.21
—
0.21
—
- Q2 2025
- —
- YTD 2026
- 0.04
- Δ YoY
- —
CapEx
0.03
—
0.03
—
- Q2 2025
- —
- YTD 2026
- 0.05
- Δ YoY
- —
FCF
0.18
—
0.18
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Current ratio
18.4x
—
18.4x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
6.04x
—
6.04x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-44.23%
—
-44.23%
—
- Q2 2025
- —
- YTD 2026
- -45.6%
- Δ YoY
- —
EBIT growth (YoY)
-113.49%
—
-113.49%
—
- Q2 2025
- —
- YTD 2026
- -130.9%
- Δ YoY
- —
Net income growth (YoY)
-116.59%
—
-116.59%
—
- Q2 2025
- —
- YTD 2026
- -139.44%
- Δ YoY
- —
EBIT margin Δ (YoY)
-22.84 pp
—
-22.84 pp
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net margin Δ (YoY)
-17.81 pp
—
-17.81 pp
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —