Q2 2026 report
Mikroskala NewConnect (przychody kwartalne rzędu kilkudziesięciu tys. PLN), gdzie cała wartość spółki opiera się na sukcesie komercyjnym jednej niewydanej jeszcze gry (Koshmar: The Last Reverie).
Sentiment
Neutral
No guidance change
RAY
Q2 2026 report
Revenue
68,418 PLN
— YoY
Net income
-137,569 PLN
— YoY
EBITDA
-129,420 PLN
— YoY
Gross margin
100%
— YoY
Summary
Investment thesis
- Przychody spadły o 61,1% r/r w II kw. 2026, a Spółka wróciła do straty netto (-137,6 tys. PLN) po zyskownym II kw. 2025.
- 93% aktywów to aktywowane w zapasach nakłady na produkcję gier (8,43 mln PLN) — wartość ta zrealizuje się dopiero po premierze i komercyjnym sukcesie tytułów.
- Gotówka na koniec kwartału to zaledwie 91,7 tys. PLN przy operacyjnym spaleniu 851,3 tys. PLN w samym II kwartale — krótkoterminowa płynność zależy od kolejnego finansowania.
- Bilans bez zadłużenia długoterminowego i z wysokim kapitałem własnym (88% sumy bilansowej) daje pewien bufor, ale bieżące finansowanie odbywa się już poprzez pożyczkę od prawdopodobnie podmiotu powiązanego.
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Financials
BETA
RAY · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 68,418 | — | — | 175,176 | — | reported | — | 1.00 |
| Gross profit | 68,418 | — | — | 168,418 | — | reported | — | 1.00 |
| EBITDA | -129,420 | — | — | -110,822 | — | derived | — | 0.90 |
| EBIT | -131,147 | — | — | -115,126 | — | reported | — | 1.00 |
| EBT | -137,569 | — | — | -117,201 | — | reported | — | 1.00 |
| Net income | -137,569 | — | — | -117,201 | — | reported | — | 1.00 |
| D&A | 1,727 | — | — | 4,303 | — | reported | — | 1.00 |
| Income tax | 0 | — | — | 0 | — | reported | — | 1.00 |
| Gross margin | 100% | — | — | 96.14% | — | derived | — | 0.90 |
| EBITDA margin | -189.16% | — | — | -63.26% | — | derived | — | 0.90 |
| EBIT margin | -191.68% | — | — | -65.72% | — | derived | — | 0.90 |
| EBT margin | -201.07% | — | — | -66.9% | — | derived | — | 0.90 |
| Net margin | -201.07% | — | — | -66.9% | — | derived | — | 0.90 |
| D&A margin | 2.52% | — | — | 2.46% | — | derived | — | 0.90 |
| Cash | 91,677 | — | — | — | — | reported | — | 1.00 |
| Total debt | 305,241 | — | — | — | — | reported | — | 0.80 |
| Net debt | 213,564 | — | — | — | — | derived | — | 0.80 |
| Equity | 7,959,348 | — | — | — | — | reported | — | 1.00 |
| Total assets | 9,060,735 | — | — | — | — | reported | — | 1.00 |
| Working capital | 8,598,917 | — | — | — | — | derived | — | 0.90 |
| Current assets | 9,056,390 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 457,474 | — | — | — | — | reported | — | 0.90 |
| Non-current liabilities | 643,913 | — | — | — | — | reported | — | 0.80 |
| Inventory | 8,427,750 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 135,857 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 24,655 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 4,344 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | 7,955,004 | — | — | — | — | derived | — | 0.90 |
| CFO | -851,269 | — | — | -1,362,939 | — | reported | — | 1.00 |
| CapEx | 0 | — | — | 0 | — | reported | — | 1.00 |
| FCF | -851,269 | — | — | -1,362,939 | — | derived | — | 0.90 |
| Current ratio | 19.8x | — | — | — | — | derived | — | 0.85 |
| Quick ratio | 1.37x | — | — | — | — | derived | — | 0.85 |
| Cash ratio | 0.2x | — | — | — | — | derived | — | 0.85 |
| Debt / equity | 0.04x | — | — | — | — | derived | — | 0.75 |
| Debt / assets | 0.03x | — | — | — | — | derived | — | 0.75 |
| Net debt / equity | 0.03x | — | — | — | — | derived | — | 0.75 |
| Revenue growth (YoY) | -61.09% | — | — | -52.91% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | -276.18% | — | — | -190.64% | — | derived | — | 0.85 |
| EBIT growth (YoY) | -285.06% | — | — | -198.35% | — | derived | — | 0.90 |
| Net income growth (YoY) | -367.35% | — | — | -220.25% | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | 17.53 pp | — | — | 28.94 pp | — | derived | — | 0.85 |
| EBITDA margin Δ (YoY) | -230.94 pp | — | — | -96.13 pp | — | derived | — | 0.80 |
| EBIT margin Δ (YoY) | -231.99 pp | — | — | -97.18 pp | — | derived | — | 0.85 |
| Net margin Δ (YoY) | -230.34 pp | — | — | -93.1 pp | — | derived | — | 0.85 |
Q2 2026 · Δ YoY
Revenue
68,418
—
68,418
—
- Q2 2025
- —
- YTD 2026
- 175,176
- Δ YoY
- —
Gross profit
68,418
—
68,418
—
- Q2 2025
- —
- YTD 2026
- 168,418
- Δ YoY
- —
EBITDA
-129,420
—
-129,420
—
- Q2 2025
- —
- YTD 2026
- -110,822
- Δ YoY
- —
EBIT
-131,147
—
-131,147
—
- Q2 2025
- —
- YTD 2026
- -115,126
- Δ YoY
- —
EBT
-137,569
—
-137,569
—
- Q2 2025
- —
- YTD 2026
- -117,201
- Δ YoY
- —
Net income
-137,569
—
-137,569
—
- Q2 2025
- —
- YTD 2026
- -117,201
- Δ YoY
- —
D&A
1,727
—
1,727
—
- Q2 2025
- —
- YTD 2026
- 4,303
- Δ YoY
- —
Income tax
0
—
0
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Gross margin
100%
—
100%
—
- Q2 2025
- —
- YTD 2026
- 96.14%
- Δ YoY
- —
EBITDA margin
-189.16%
—
-189.16%
—
- Q2 2025
- —
- YTD 2026
- -63.26%
- Δ YoY
- —
EBIT margin
-191.68%
—
-191.68%
—
- Q2 2025
- —
- YTD 2026
- -65.72%
- Δ YoY
- —
EBT margin
-201.07%
—
-201.07%
—
- Q2 2025
- —
- YTD 2026
- -66.9%
- Δ YoY
- —
Net margin
-201.07%
—
-201.07%
—
- Q2 2025
- —
- YTD 2026
- -66.9%
- Δ YoY
- —
D&A margin
2.52%
—
2.52%
—
- Q2 2025
- —
- YTD 2026
- 2.46%
- Δ YoY
- —
Cash
91,677
—
91,677
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
305,241
—
305,241
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
213,564
—
213,564
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
7,959,348
—
7,959,348
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
9,060,735
—
9,060,735
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
8,598,917
—
8,598,917
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
9,056,390
—
9,056,390
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
457,474
—
457,474
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
643,913
—
643,913
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
8,427,750
—
8,427,750
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
135,857
—
135,857
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
24,655
—
24,655
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
4,344
—
4,344
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
7,955,004
—
7,955,004
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-851,269
—
-851,269
—
- Q2 2025
- —
- YTD 2026
- -1,362,939
- Δ YoY
- —
CapEx
0
—
0
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
FCF
-851,269
—
-851,269
—
- Q2 2025
- —
- YTD 2026
- -1,362,939
- Δ YoY
- —
Current ratio
19.8x
—
19.8x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.37x
—
1.37x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.2x
—
0.2x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.04x
—
0.04x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.03x
—
0.03x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.03x
—
0.03x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-61.09%
—
-61.09%
—
- Q2 2025
- —
- YTD 2026
- -52.91%
- Δ YoY
- —
EBITDA growth (YoY)
-276.18%
—
-276.18%
—
- Q2 2025
- —
- YTD 2026
- -190.64%
- Δ YoY
- —
EBIT growth (YoY)
-285.06%
—
-285.06%
—
- Q2 2025
- —
- YTD 2026
- -198.35%
- Δ YoY
- —
Net income growth (YoY)
-367.35%
—
-367.35%
—
- Q2 2025
- —
- YTD 2026
- -220.25%
- Δ YoY
- —
Gross margin Δ (YoY)
17.53 pp
—
17.53 pp
—
- Q2 2025
- —
- YTD 2026
- 28.94 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-230.94 pp
—
-230.94 pp
—
- Q2 2025
- —
- YTD 2026
- -96.13 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-231.99 pp
—
-231.99 pp
—
- Q2 2025
- —
- YTD 2026
- -97.18 pp
- Δ YoY
- —
Net margin Δ (YoY)
-230.34 pp
—
-230.34 pp
—
- Q2 2025
- —
- YTD 2026
- -93.1 pp
- Δ YoY
- —