Q2 2026 report
Grupa notuje dwucyfrowy spadek przychodów (-19,9% r/r w Q2, -21,8% narastająco), napędzany głównie załamaniem sprzedaży towarów w segmencie dystrybucyjnym (-33,5% r/r w kwartale).
Sentiment
Cautious
No guidance change
CCS
Q2 2026 report
Revenue
21.43 m PLN
— YoY
Net income
-0.78 m PLN
— YoY
EBITDA
-0.53 m PLN
— YoY
FCF
-1.95 m PLN
— YoY
Summary
Investment thesis
- Strata operacyjna i netto w samym kwartale zawężają się r/r, ale narastająco za pół roku pogłębiają się — sezonowość zniekształca odczyt kwartalny.
- Realny problem tego raportu to gotówka: operacyjne przepływy pieniężne są głęboko ujemne i gorsze r/r, a kasa spadła o 65% w ciągu kwartału.
- Spółka po raz pierwszy w porównywanych okresach zaciągnęła nowy kredyt/pożyczkę (0,494 mln zł), by sfinansować bieżącą płynność, a nie inwestycje.
- Zarząd deklaruje ekspansję serwisową na zagranicznych klientów B2B i oczekuje poprawy w III kwartale, ale na dzień publikacji nie ma to jeszcze potwierdzenia liczbowego.
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Financials
BETA
CCS · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 21.43 | — | — | 44.91 | — | reported | — | 1.00 |
| EBITDA | -0.53 | — | — | -0.6 | — | derived | — | 0.90 |
| EBIT | -0.74 | — | — | -1.03 | — | reported | — | 1.00 |
| EBT | -0.89 | — | — | -1.34 | — | reported | — | 1.00 |
| Net income | -0.78 | — | — | -1.15 | — | reported | — | 1.00 |
| D&A | 0.21 | — | — | 0.43 | — | reported | — | 1.00 |
| Interest expense | 0.13 | — | — | 0.27 | — | reported | — | 1.00 |
| Income tax | -0.11 | — | — | -0.19 | — | reported | — | 1.00 |
| EBITDA margin | -2.47% | — | — | -1.32% | — | reported | — | 0.90 |
| EBIT margin | -3.43% | — | — | -2.29% | — | reported | — | 1.00 |
| Net margin | -3.64% | — | — | -2.55% | — | reported | — | 1.00 |
| Cash | 1.19 | — | — | — | — | reported | — | 1.00 |
| Equity | 4.62 | — | — | — | — | reported | — | 1.00 |
| Total assets | 20.1 | — | — | — | — | reported | — | 1.00 |
| Working capital | 2.06 | — | — | — | — | reported | — | 1.00 |
| Current assets | 14.93 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 12.87 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 1.6 | — | — | — | — | reported | — | 1.00 |
| Inventory | 3.89 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 9.67 | — | — | — | — | reported | — | 1.00 |
| CFO | -1.88 | — | — | -2.33 | — | reported | — | 1.00 |
| CapEx | 0.07 | — | — | 0.12 | — | reported | — | 1.00 |
| FCF | -1.95 | — | — | -2.45 | — | derived | — | 0.90 |
| FCF conversion | — | — | — | 411% | — | reported | — | 0.50 |
| Current ratio | 1.16x | — | — | — | — | reported | — | 1.00 |
| Quick ratio | 0.86x | — | — | — | — | reported | — | 1.00 |
| Cash ratio | 0.09x | — | — | — | — | reported | — | 1.00 |
| Interest coverage | — | — | — | -3.86x | — | reported | — | 0.80 |
| Revenue growth (YoY) | -19.88% | — | — | -21.79% | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 4.58% | — | — | -73.9% | — | reported | — | 0.80 |
| EBIT growth (YoY) | 6.86% | — | — | -25.64% | — | reported | — | 1.00 |
| Net income growth (YoY) | 8.74% | — | — | -11.88% | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | -0.4 pp | — | — | -0.73 pp | — | reported | — | 0.80 |
| EBIT margin Δ (YoY) | -0.48 pp | — | — | -0.86 pp | — | reported | — | 1.00 |
| Net margin Δ (YoY) | -0.45 pp | — | — | -0.77 pp | — | reported | — | 1.00 |
Q2 2026 · Δ YoY
Revenue
21.43
—
21.43
—
- Q2 2025
- —
- YTD 2026
- 44.91
- Δ YoY
- —
EBITDA
-0.53
—
-0.53
—
- Q2 2025
- —
- YTD 2026
- -0.6
- Δ YoY
- —
EBIT
-0.74
—
-0.74
—
- Q2 2025
- —
- YTD 2026
- -1.03
- Δ YoY
- —
EBT
-0.89
—
-0.89
—
- Q2 2025
- —
- YTD 2026
- -1.34
- Δ YoY
- —
Net income
-0.78
—
-0.78
—
- Q2 2025
- —
- YTD 2026
- -1.15
- Δ YoY
- —
D&A
0.21
—
0.21
—
- Q2 2025
- —
- YTD 2026
- 0.43
- Δ YoY
- —
Interest expense
0.13
—
0.13
—
- Q2 2025
- —
- YTD 2026
- 0.27
- Δ YoY
- —
Income tax
-0.11
—
-0.11
—
- Q2 2025
- —
- YTD 2026
- -0.19
- Δ YoY
- —
EBITDA margin
-2.47%
—
-2.47%
—
- Q2 2025
- —
- YTD 2026
- -1.32%
- Δ YoY
- —
EBIT margin
-3.43%
—
-3.43%
—
- Q2 2025
- —
- YTD 2026
- -2.29%
- Δ YoY
- —
Net margin
-3.64%
—
-3.64%
—
- Q2 2025
- —
- YTD 2026
- -2.55%
- Δ YoY
- —
Cash
1.19
—
1.19
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
4.62
—
4.62
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
20.1
—
20.1
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
2.06
—
2.06
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
14.93
—
14.93
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
12.87
—
12.87
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
1.6
—
1.6
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
3.89
—
3.89
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
9.67
—
9.67
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-1.88
—
-1.88
—
- Q2 2025
- —
- YTD 2026
- -2.33
- Δ YoY
- —
CapEx
0.07
—
0.07
—
- Q2 2025
- —
- YTD 2026
- 0.12
- Δ YoY
- —
FCF
-1.95
—
-1.95
—
- Q2 2025
- —
- YTD 2026
- -2.45
- Δ YoY
- —
FCF conversion
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 411%
- Δ YoY
- —
Current ratio
1.16x
—
1.16x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.86x
—
0.86x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.09x
—
0.09x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
—
—
—
—
- Q2 2025
- —
- YTD 2026
- -3.86x
- Δ YoY
- —
Revenue growth (YoY)
-19.88%
—
-19.88%
—
- Q2 2025
- —
- YTD 2026
- -21.79%
- Δ YoY
- —
EBITDA growth (YoY)
4.58%
—
4.58%
—
- Q2 2025
- —
- YTD 2026
- -73.9%
- Δ YoY
- —
EBIT growth (YoY)
6.86%
—
6.86%
—
- Q2 2025
- —
- YTD 2026
- -25.64%
- Δ YoY
- —
Net income growth (YoY)
8.74%
—
8.74%
—
- Q2 2025
- —
- YTD 2026
- -11.88%
- Δ YoY
- —
EBITDA margin Δ (YoY)
-0.4 pp
—
-0.4 pp
—
- Q2 2025
- —
- YTD 2026
- -0.73 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-0.48 pp
—
-0.48 pp
—
- Q2 2025
- —
- YTD 2026
- -0.86 pp
- Δ YoY
- —
Net margin Δ (YoY)
-0.45 pp
—
-0.45 pp
—
- Q2 2025
- —
- YTD 2026
- -0.77 pp
- Δ YoY
- —