Q1 2026 report
Grupa poprawiła rentowność brutto ze sprzedaży (+2,6 p.p. r/r), ale wynik operacyjny i EBITDA załamały się przez rosnące koszty SG&A i jednorazową likwidację materiałów, prowadząc do pogłębienia straty netto.
Sentiment
Cautious
No guidance change
PRT
Q1 2026 report
Revenue
20.26 m PLN
— YoY
Net income
-2.27 m PLN
— YoY
EBITDA
210 k PLN
— YoY
Gross margin
38.72%
— YoY
Summary
Investment thesis
- Zarząd sam wprost przyznaje w raporcie podwyższone ryzyko utraty płynności, uzależnione od dalszych emisji akcji, wzrostu sprzedaży i ożywienia w przetargach publicznych.
- Kapitał jest podnoszony wyłącznie prywatnymi emisjami do jednego inwestora (Luma Holding Limited, udział wzrósł z 29,41% do 38,57% w kwartale) z wyłączeniem prawa poboru pozostałych akcjonariuszy.
- Segment Abeba (87,5% przychodów) rośnie i pozostaje rentowny, ale segment Protektor S.A. (marka własna) skurczył się o 36,2% r/r i generuje stratę operacyjną.
- Strukturalny wiatr w plecy: rosnący popyt na obuwie militarne/służbowe wspierany programem SAFE (43,7 mld euro dla Polski na obronność) oraz nowe kontrakty z polską Policją.
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Financials
BETA
PRT · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 20,264 | — | — | reported | — | 1.00 |
| Gross profit | 7,847 | — | — | reported | — | 1.00 |
| EBITDA | 210 | — | — | reported | — | 0.95 |
| EBIT | -1,350 | — | — | reported | — | 1.00 |
| EBT | -1,894 | — | — | reported | — | 1.00 |
| Net income | -2,265 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.1 | — | — | reported | — | 1.00 |
| D&A | 1,560 | — | — | reported | — | 1.00 |
| Interest expense | 255 | — | — | reported | — | 0.90 |
| Income tax | 365 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 22.25 | — | — | reported | — | 1.00 |
| Gross margin | 38.72% | — | — | derived | — | 1.00 |
| EBITDA margin | 1.04% | — | — | derived | — | 1.00 |
| EBIT margin | -6.66% | — | — | derived | — | 1.00 |
| EBT margin | -9.35% | — | — | derived | — | 0.95 |
| Net margin | -11.18% | — | — | derived | — | 0.90 |
| Cash | 2,072 | — | — | reported | — | 1.00 |
| Total debt | 23,833 | — | — | reported | — | 1.00 |
| Net debt | 21,761 | — | — | derived | — | 1.00 |
| Equity | 16,344 | — | — | reported | — | 1.00 |
| Total assets | 55,773 | — | — | reported | — | 1.00 |
| Current assets | 38,219 | — | — | reported | — | 1.00 |
| Current liabilities | 33,007 | — | — | reported | — | 1.00 |
| Non-current liabilities | 6,422 | — | — | reported | — | 1.00 |
| Inventory | 25,214 | — | — | reported | — | 1.00 |
| Trade receivables | 6,545 | — | — | reported | — | 1.00 |
| Trade payables | 8,493 | — | — | reported | — | 1.00 |
| Goodwill | 6,917 | — | — | reported | — | 0.80 |
| CFO | -671 | — | — | reported | — | 1.00 |
| CapEx | 101 | — | — | reported | — | 1.00 |
| FCF | -772 | — | — | derived | — | 1.00 |
| Current ratio | 1.16x | — | — | derived | — | 1.00 |
| Quick ratio | 0.39x | — | — | derived | — | 0.90 |
| Cash ratio | 0.06x | — | — | derived | — | 1.00 |
| Net debt / EBITDA | -20.36x | — | — | reported | — | 0.70 |
| Debt / equity | 1.46x | — | — | derived | — | 1.00 |
| Debt / assets | 0.43x | — | — | derived | — | 1.00 |
| Net debt / equity | 1.33x | — | — | derived | — | 1.00 |
| Revenue growth (YoY) | -2.95% | — | — | derived | — | 1.00 |
| EBITDA growth (YoY) | -88.07% | — | — | derived | — | 0.90 |
| EBIT growth (YoY) | -1263.8% | — | — | derived | — | 1.00 |
| Net income growth (YoY) | -232.6% | — | — | derived | — | 0.95 |
| EPS growth (YoY) | -150% | — | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | 2.6 pp | — | — | derived | — | 1.00 |
| EBITDA margin Δ (YoY) | -7.39 pp | — | — | derived | — | 1.00 |
| EBIT margin Δ (YoY) | -7.22 pp | — | — | derived | — | 1.00 |
| Net margin Δ (YoY) | -7.95 pp | — | — | derived | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
20,264
—
20,264
—
- Q1 2025
- —
Gross profit
7,847
—
7,847
—
- Q1 2025
- —
EBITDA
210
—
210
—
- Q1 2025
- —
EBIT
-1,350
—
-1,350
—
- Q1 2025
- —
EBT
-1,894
—
-1,894
—
- Q1 2025
- —
Net income
-2,265
—
-2,265
—
- Q1 2025
- —
EPS (basic)
(PLN)
-0.1
—
-0.1
—
- Q1 2025
- —
D&A
1,560
—
1,560
—
- Q1 2025
- —
Interest expense
255
—
255
—
- Q1 2025
- —
Income tax
365
—
365
—
- Q1 2025
- —
Shares (basic)
(m units)
22.25
—
22.25
—
- Q1 2025
- —
Gross margin
38.72%
—
38.72%
—
- Q1 2025
- —
EBITDA margin
1.04%
—
1.04%
—
- Q1 2025
- —
EBIT margin
-6.66%
—
-6.66%
—
- Q1 2025
- —
EBT margin
-9.35%
—
-9.35%
—
- Q1 2025
- —
Net margin
-11.18%
—
-11.18%
—
- Q1 2025
- —
Cash
2,072
—
2,072
—
- Q1 2025
- —
Total debt
23,833
—
23,833
—
- Q1 2025
- —
Net debt
21,761
—
21,761
—
- Q1 2025
- —
Equity
16,344
—
16,344
—
- Q1 2025
- —
Total assets
55,773
—
55,773
—
- Q1 2025
- —
Current assets
38,219
—
38,219
—
- Q1 2025
- —
Current liabilities
33,007
—
33,007
—
- Q1 2025
- —
Non-current liabilities
6,422
—
6,422
—
- Q1 2025
- —
Inventory
25,214
—
25,214
—
- Q1 2025
- —
Trade receivables
6,545
—
6,545
—
- Q1 2025
- —
Trade payables
8,493
—
8,493
—
- Q1 2025
- —
Goodwill
6,917
—
6,917
—
- Q1 2025
- —
CFO
-671
—
-671
—
- Q1 2025
- —
CapEx
101
—
101
—
- Q1 2025
- —
FCF
-772
—
-772
—
- Q1 2025
- —
Current ratio
1.16x
—
1.16x
—
- Q1 2025
- —
Quick ratio
0.39x
—
0.39x
—
- Q1 2025
- —
Cash ratio
0.06x
—
0.06x
—
- Q1 2025
- —
Net debt / EBITDA
-20.36x
—
-20.36x
—
- Q1 2025
- —
Debt / equity
1.46x
—
1.46x
—
- Q1 2025
- —
Debt / assets
0.43x
—
0.43x
—
- Q1 2025
- —
Net debt / equity
1.33x
—
1.33x
—
- Q1 2025
- —
Revenue growth (YoY)
-2.95%
—
-2.95%
—
- Q1 2025
- —
EBITDA growth (YoY)
-88.07%
—
-88.07%
—
- Q1 2025
- —
EBIT growth (YoY)
-1263.8%
—
-1263.8%
—
- Q1 2025
- —
Net income growth (YoY)
-232.6%
—
-232.6%
—
- Q1 2025
- —
EPS growth (YoY)
-150%
—
-150%
—
- Q1 2025
- —
Gross margin Δ (YoY)
2.6 pp
—
2.6 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-7.39 pp
—
-7.39 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-7.22 pp
—
-7.22 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-7.95 pp
—
-7.95 pp
—
- Q1 2025
- —