Q2 2026 report
Spółka porzuciła dotychczasowy profil (nieruchomości) i jest w trakcie transformacji w kierunku sektora Aerospace, Defence, Government & Technology poprzez planowaną akwizycję.
Sentiment
Cautious
No guidance change
PRN
Q2 2026 report
Revenue
0 PLN
— YoY
Net income
-144,311 PLN
— YoY
EBITDA
-190,903 PLN
— YoY
Summary
Investment thesis
- Przychody ze sprzedaży spadły do zera w II kw. 2026, a strata netto narastająco (848,7 tys. zł) w większości wynika z jednorazowej straty 697,65 tys. zł na sprzedaży nieruchomości gruntowej.
- 96% aktywów spółki (2,81 mln zł) to pożyczka dla Independent Asset Management Sp. z o.o. Aerospace&Defense ASI SKA – większościowego akcjonariusza (56,83% głosów) – z już raz wydłużonym terminem spłaty do 05.09.2026.
- Bilans jest wolny od zadłużenia odsetkowego i wykazuje dodatnią gotówkę netto, ale skala działalności jest znikoma (0 zatrudnionych).
- Cała teza inwestycyjna zależy od nieopisanej jeszcze akwizycji – bez wskazanego celu, wyceny i harmonogramu; jedynym konkretem jest podpisanie 20.07.2026 umowy z Autoryzowanym Doradcą pod wprowadzenie akcji serii A do obrotu.
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Financials
BETA
PRN · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | — | — | 30,000 | — | reported | — | 1.00 |
| EBITDA | -190,903 | — | — | -907,753 | — | derived | — | 0.90 |
| EBIT | -190,903 | — | — | -907,753 | — | reported | — | 1.00 |
| EBT | -149,018 | — | — | -853,441 | — | reported | — | 1.00 |
| Net income | -144,311 | — | — | -848,734 | — | reported | — | 1.00 |
| D&A | 0 | — | — | 0 | — | reported | — | 1.00 |
| Interest expense | — | — | — | 0.32 | — | reported | — | 1.00 |
| Income tax | — | — | — | -4,707 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 0.6 | — | — | — | — | reported | — | 0.80 |
| EBITDA margin | — | — | — | -3025.84% | — | derived | — | 0.50 |
| EBIT margin | — | — | — | -3025.84% | — | derived | — | 0.50 |
| Net margin | — | — | — | -2829.11% | — | derived | — | 0.50 |
| Cash | 98,925 | — | — | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | — | — | reported | — | 1.00 |
| Net debt | -98,925 | — | — | — | — | derived | — | 1.00 |
| Equity | 2,839,905 | — | — | — | — | reported | — | 1.00 |
| Total assets | 2,939,197 | — | — | — | — | reported | — | 1.00 |
| Working capital | 2,839,905 | — | — | — | — | derived | — | 1.00 |
| Current assets | 2,939,197 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 99,292 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 0 | — | — | — | — | reported | — | 1.00 |
| Inventory | 0 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 26,459 | — | — | — | — | reported | — | 0.90 |
| Trade payables | 56,146 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 0 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | 2,839,905 | — | — | — | — | derived | — | 1.00 |
| CFO | — | — | — | -152,561 | — | reported | — | 1.00 |
| CapEx | — | — | — | 0 | — | reported | — | 1.00 |
| FCF | — | — | — | -152,561 | — | derived | — | 1.00 |
| Current ratio | 29.6x | — | — | — | — | derived | — | 1.00 |
| Quick ratio | 29.6x | — | — | — | — | derived | — | 1.00 |
| Cash ratio | 1x | — | — | — | — | derived | — | 1.00 |
| Debt / equity | 0x | — | — | — | — | derived | — | 1.00 |
| Debt / assets | 0x | — | — | — | — | derived | — | 1.00 |
| Net debt / equity | -0.03x | — | — | — | — | derived | — | 1.00 |
| Revenue growth (YoY) | — | — | — | -66.67% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | — | — | — | -3589.86% | — | derived | — | 0.50 |
| EBIT growth (YoY) | — | — | — | -3589.86% | — | derived | — | 0.50 |
| Net income growth (YoY) | — | — | — | -3810.71% | — | derived | — | 0.50 |
Q2 2026 · Δ YoY
Revenue
0
—
0
—
- Q2 2025
- —
- YTD 2026
- 30,000
- Δ YoY
- —
EBITDA
-190,903
—
-190,903
—
- Q2 2025
- —
- YTD 2026
- -907,753
- Δ YoY
- —
EBIT
-190,903
—
-190,903
—
- Q2 2025
- —
- YTD 2026
- -907,753
- Δ YoY
- —
EBT
-149,018
—
-149,018
—
- Q2 2025
- —
- YTD 2026
- -853,441
- Δ YoY
- —
Net income
-144,311
—
-144,311
—
- Q2 2025
- —
- YTD 2026
- -848,734
- Δ YoY
- —
D&A
0
—
0
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Interest expense
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 0.32
- Δ YoY
- —
Income tax
—
—
—
—
- Q2 2025
- —
- YTD 2026
- -4,707
- Δ YoY
- —
Shares (basic)
(m units)
0.6
—
0.6
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
—
—
—
—
- Q2 2025
- —
- YTD 2026
- -3025.84%
- Δ YoY
- —
EBIT margin
—
—
—
—
- Q2 2025
- —
- YTD 2026
- -3025.84%
- Δ YoY
- —
Net margin
—
—
—
—
- Q2 2025
- —
- YTD 2026
- -2829.11%
- Δ YoY
- —
Cash
98,925
—
98,925
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
0
—
0
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-98,925
—
-98,925
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
2,839,905
—
2,839,905
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
2,939,197
—
2,939,197
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
2,839,905
—
2,839,905
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
2,939,197
—
2,939,197
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
99,292
—
99,292
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
0
—
0
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
0
—
0
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
26,459
—
26,459
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
56,146
—
56,146
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
0
—
0
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
2,839,905
—
2,839,905
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
—
—
—
—
- Q2 2025
- —
- YTD 2026
- -152,561
- Δ YoY
- —
CapEx
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
FCF
—
—
—
—
- Q2 2025
- —
- YTD 2026
- -152,561
- Δ YoY
- —
Current ratio
29.6x
—
29.6x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
29.6x
—
29.6x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
1x
—
1x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0x
—
0x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0x
—
0x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.03x
—
-0.03x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
—
—
—
—
- Q2 2025
- —
- YTD 2026
- -66.67%
- Δ YoY
- —
EBITDA growth (YoY)
—
—
—
—
- Q2 2025
- —
- YTD 2026
- -3589.86%
- Δ YoY
- —
EBIT growth (YoY)
—
—
—
—
- Q2 2025
- —
- YTD 2026
- -3589.86%
- Δ YoY
- —
Net income growth (YoY)
—
—
—
—
- Q2 2025
- —
- YTD 2026
- -3810.71%
- Δ YoY
- —