Q2 2026 report
Spółka wciąż jest w fazie produkcji gry Total Tank Simulator 2 — brak sprzedaży premierowej oznacza, że cały wykazany przychód to księgowa zmiana stanu produktów (kapitalizacja kosztów produkcji), a nie realna sprzedaż gotówkowa.
Sentiment
Neutral
No guidance change
NOB
Q2 2026 report
Revenue
205,059 PLN
— YoY
Net income
-309,856 PLN
— YoY
EBITDA
-472,861 PLN
— YoY
FCF
-297,177 PLN
— YoY
Summary
Investment thesis
- Strata netto pogłębiła się do -406 tys. zł w I półroczu 2026 r. z -6 tys. zł rok wcześniej, głównie przez skokowy wzrost wynagrodzeń (694 tys. zł vs 173 tys. zł) — część niepieniężna wynika najpewniej z programu motywacyjnego ESOP.
- Gotówka spadła z 1,70 mln zł na początek roku do 674 tys. zł na koniec czerwca — ujemne przepływy operacyjne (-1,52 mln zł narastająco) zjadają rezerwy płynnościowe mimo braku zadłużenia odsetkowego.
- Spółka nie ma zadłużenia finansowego (dług=0), a poza samą produkcją gry jedynym istotnym aktywem jest 28,93% udział w spółce stowarzyszonej Play of Battle S.A., wyceniany na 2,58 mln zł.
- Jednorazowy zysk z rozchodu aktywów finansowych (219 tys. zł) poprawia wynik na poziomie finansowym, ale nie zmienia obrazu pogarszającej się rentowności operacyjnej.
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Financials
BETA
NOB · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 205,059 | — | — | 335,815 | — | reported | — | 1.00 |
| EBITDA | -472,861 | — | — | -555,169 | — | derived | — | 0.90 |
| EBIT | -485,897 | — | — | -581,240 | — | reported | — | 1.00 |
| EBT | -268,265 | — | — | -364,887 | — | reported | — | 1.00 |
| Net income | -309,856 | — | — | -406,478 | — | reported | — | 1.00 |
| D&A | 13,036 | — | — | 26,071 | — | reported | — | 1.00 |
| Interest expense | 431 | — | — | 472 | — | reported | — | 1.00 |
| Income tax | 41,591 | — | — | 41,591 | — | reported | — | 1.00 |
| EBITDA margin | -230.59% | — | — | -165.32% | — | derived | — | 0.90 |
| EBIT margin | -236.95% | — | — | -173.08% | — | derived | — | 0.90 |
| Net margin | -151.1% | — | — | -121.05% | — | derived | — | 0.90 |
| D&A margin | 6.36% | — | — | 7.76% | — | derived | — | 0.90 |
| Cash | 674,010 | — | — | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | — | — | reported | — | 1.00 |
| Net debt | -674,010 | — | — | — | — | derived | — | 0.90 |
| Equity | 5,254,565 | — | — | — | — | reported | — | 1.00 |
| Total assets | 5,956,982 | — | — | — | — | reported | — | 1.00 |
| Working capital | 2,460,223 | — | — | — | — | derived | — | 0.90 |
| Current assets | 2,980,391 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 520,169 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 0 | — | — | — | — | reported | — | 1.00 |
| Inventory | 1,907,367 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 84,872 | — | — | — | — | reported | — | 0.90 |
| Trade payables | 112,588 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 194,459 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | 5,060,106 | — | — | — | — | derived | — | 0.90 |
| CFO | -297,177 | — | — | -1,521,732 | — | reported | — | 1.00 |
| CapEx | 0 | — | — | 0 | — | reported | — | 1.00 |
| FCF | -297,177 | — | — | -1,521,732 | — | derived | — | 0.90 |
| FCF conversion | 62.84% | — | — | 274.11% | — | derived | — | 0.70 |
| CFO conversion | 62.84% | — | — | 274.11% | — | derived | — | 0.70 |
| Current ratio | 5.73x | — | — | — | — | derived | — | 0.90 |
| Quick ratio | 2.06x | — | — | — | — | derived | — | 0.90 |
| Cash ratio | 1.3x | — | — | — | — | derived | — | 0.90 |
| Interest coverage | — | — | — | -1231.53x | — | derived | — | 0.60 |
| Debt / equity | 0x | — | — | — | — | derived | — | 0.90 |
| Debt / assets | 0x | — | — | — | — | derived | — | 0.90 |
| Net debt / equity | -0.13x | — | — | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | -8.4% | — | — | -0.86% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | -15439.2% | — | — | -26214% | — | derived | — | 0.50 |
| EBIT growth (YoY) | -14748% | — | — | -22522.6% | — | derived | — | 0.50 |
| Net income growth (YoY) | -6760.7% | — | — | -6727.9% | — | derived | — | 0.50 |
| EBITDA margin Δ (YoY) | -229.23 pp | — | — | -164.7 pp | — | derived | — | 0.80 |
| EBIT margin Δ (YoY) | -235.49 pp | — | — | -172.32 pp | — | derived | — | 0.80 |
| Net margin Δ (YoY) | -149.08 pp | — | — | -119.29 pp | — | derived | — | 0.80 |
Q2 2026 · Δ YoY
Revenue
205,059
—
205,059
—
- Q2 2025
- —
- YTD 2026
- 335,815
- Δ YoY
- —
EBITDA
-472,861
—
-472,861
—
- Q2 2025
- —
- YTD 2026
- -555,169
- Δ YoY
- —
EBIT
-485,897
—
-485,897
—
- Q2 2025
- —
- YTD 2026
- -581,240
- Δ YoY
- —
EBT
-268,265
—
-268,265
—
- Q2 2025
- —
- YTD 2026
- -364,887
- Δ YoY
- —
Net income
-309,856
—
-309,856
—
- Q2 2025
- —
- YTD 2026
- -406,478
- Δ YoY
- —
D&A
13,036
—
13,036
—
- Q2 2025
- —
- YTD 2026
- 26,071
- Δ YoY
- —
Interest expense
431
—
431
—
- Q2 2025
- —
- YTD 2026
- 472
- Δ YoY
- —
Income tax
41,591
—
41,591
—
- Q2 2025
- —
- YTD 2026
- 41,591
- Δ YoY
- —
EBITDA margin
-230.59%
—
-230.59%
—
- Q2 2025
- —
- YTD 2026
- -165.32%
- Δ YoY
- —
EBIT margin
-236.95%
—
-236.95%
—
- Q2 2025
- —
- YTD 2026
- -173.08%
- Δ YoY
- —
Net margin
-151.1%
—
-151.1%
—
- Q2 2025
- —
- YTD 2026
- -121.05%
- Δ YoY
- —
D&A margin
6.36%
—
6.36%
—
- Q2 2025
- —
- YTD 2026
- 7.76%
- Δ YoY
- —
Cash
674,010
—
674,010
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
0
—
0
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-674,010
—
-674,010
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
5,254,565
—
5,254,565
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
5,956,982
—
5,956,982
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
2,460,223
—
2,460,223
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
2,980,391
—
2,980,391
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
520,169
—
520,169
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
0
—
0
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
1,907,367
—
1,907,367
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
84,872
—
84,872
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
112,588
—
112,588
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
194,459
—
194,459
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
5,060,106
—
5,060,106
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-297,177
—
-297,177
—
- Q2 2025
- —
- YTD 2026
- -1,521,732
- Δ YoY
- —
CapEx
0
—
0
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
FCF
-297,177
—
-297,177
—
- Q2 2025
- —
- YTD 2026
- -1,521,732
- Δ YoY
- —
FCF conversion
62.84%
—
62.84%
—
- Q2 2025
- —
- YTD 2026
- 274.11%
- Δ YoY
- —
CFO conversion
62.84%
—
62.84%
—
- Q2 2025
- —
- YTD 2026
- 274.11%
- Δ YoY
- —
Current ratio
5.73x
—
5.73x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
2.06x
—
2.06x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
1.3x
—
1.3x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
—
—
—
—
- Q2 2025
- —
- YTD 2026
- -1231.53x
- 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
-0.13x
—
-0.13x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-8.4%
—
-8.4%
—
- Q2 2025
- —
- YTD 2026
- -0.86%
- Δ YoY
- —
EBITDA growth (YoY)
-15439.2%
—
-15439.2%
—
- Q2 2025
- —
- YTD 2026
- -26214%
- Δ YoY
- —
EBIT growth (YoY)
-14748%
—
-14748%
—
- Q2 2025
- —
- YTD 2026
- -22522.6%
- Δ YoY
- —
Net income growth (YoY)
-6760.7%
—
-6760.7%
—
- Q2 2025
- —
- YTD 2026
- -6727.9%
- Δ YoY
- —
EBITDA margin Δ (YoY)
-229.23 pp
—
-229.23 pp
—
- Q2 2025
- —
- YTD 2026
- -164.7 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-235.49 pp
—
-235.49 pp
—
- Q2 2025
- —
- YTD 2026
- -172.32 pp
- Δ YoY
- —
Net margin Δ (YoY)
-149.08 pp
—
-149.08 pp
—
- Q2 2025
- —
- YTD 2026
- -119.29 pp
- Δ YoY
- —