QNT
Quantum Software
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 18, 2026
H1 2026 report
Mała spółka software'owa (ERP/MES Qguar) z rosnącym udziałem wysokomarżowej sprzedaży własnego oprogramowania (86,2% przychodów) i poprawiającą się marżą brutto (+4,3 pp r/r).
Sentiment
●●●●●●
QNT
H1 2026 report
Revenue
28.05 m PLN
— YoY
Net income
0.4 m PLN
— YoY
EBITDA
0.96 m PLN
— YoY
Gross margin
27.97%
— YoY
Summary
Investment thesis
- Wyraźne odwrócenie przepływów pieniężnych z operacyjnych — z -1,12 mln zł do +1,88 mln zł r/r, choć przy bardzo niskiej bazie i częściowo dzięki jednorazowo niskiemu zapłaconemu podatkowi.
- Bilans praktycznie bez długu bankowego, wysoka płynność (3,65x) i pozycja gotówki netto -7,7 mln zł.
- Nierozwiązana zagadka struktury zysku: 51% skonsolidowanego zysku netto trafia do udziałów niedających kontroli mimo deklarowanej wysokiej kontroli nad większością spółek zależnych.
- Bezpośrednia ekspozycja na wojnę w Ukrainie (spółka zależna w Kijowie) oraz silna koncentracja głosów u jednego akcjonariusza (77,8% głosów) to kluczowe czynniki ryzyka do monitorowania.
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Financials
BETA
QNT · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 28.05 | — | — | 28.05 | — | reported | — | 1.00 |
| Gross profit | 7.84 | — | — | 7.84 | — | reported | — | 1.00 |
| EBITDA | 0.96 | — | — | 0.96 | — | derived | — | 0.85 |
| EBIT | 0.58 | — | — | 0.58 | — | reported | — | 1.00 |
| EBT | 0.86 | — | — | 0.86 | — | reported | — | 1.00 |
| Net income | 0.4 | — | — | 0.4 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.6 | — | — | 0.6 | — | reported | — | 0.85 |
| EPS (diluted) (PLN) | 0.6 | — | — | 0.6 | — | reported | — | 0.85 |
| D&A | 0.38 | — | — | 0.38 | — | reported | — | 1.00 |
| Interest expense | 0.03 | — | — | 0.03 | — | reported | — | 0.70 |
| Income tax | 0.04 | — | — | 0.04 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 1.36 | — | — | 1.36 | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 1.36 | — | — | 1.36 | — | reported | — | 1.00 |
| Gross margin | 27.97% | — | — | 27.97% | — | derived | — | 0.90 |
| EBITDA margin | 3.41% | — | — | 3.41% | — | derived | — | 0.80 |
| EBIT margin | 2.06% | — | — | 2.06% | — | derived | — | 0.90 |
| EBT margin | 3.07% | — | — | 3.07% | — | derived | — | 0.90 |
| Net margin | 1.42% | — | — | 1.42% | — | derived | — | 0.85 |
| Cash | 8.35 | — | — | — | — | reported | — | 1.00 |
| Total debt | 0.62 | — | — | — | — | reported | — | 0.95 |
| Net debt | -7.73 | — | — | — | — | derived | — | 0.90 |
| Equity | 21.32 | — | — | — | — | reported | — | 1.00 |
| Total assets | 29.55 | — | — | — | — | reported | — | 1.00 |
| Working capital | 19.38 | — | — | — | — | derived | — | 0.90 |
| Current assets | 26.69 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 7.31 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 0.92 | — | — | — | — | reported | — | 1.00 |
| Inventory | 0.11 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 11 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 2.96 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 0.14 | — | — | — | — | reported | — | 0.90 |
| Tangible equity | 21.19 | — | — | — | — | derived | — | 0.85 |
| CFO | 1.88 | — | — | 1.88 | — | reported | — | 1.00 |
| CapEx | 0.15 | — | — | 0.15 | — | reported | — | 1.00 |
| FCF | 1.73 | — | — | 1.73 | — | derived | — | 0.90 |
| FCF conversion | 180.84% | — | — | 180.84% | — | derived | — | 0.60 |
| CFO conversion | 196.34% | — | — | 196.34% | — | derived | — | 0.60 |
| Dividends paid | 2.46 | — | — | 2.46 | — | reported | — | 1.00 |
| Current ratio | 3.65x | — | — | — | — | derived | — | 0.90 |
| Quick ratio | 3.63x | — | — | — | — | derived | — | 0.90 |
| Cash ratio | 1.14x | — | — | — | — | derived | — | 0.90 |
| Interest coverage | 18.61x | — | — | 18.61x | — | derived | — | 0.60 |
| Debt / equity | 0.03x | — | — | — | — | derived | — | 0.85 |
| Debt / assets | 0.02x | — | — | — | — | derived | — | 0.85 |
| Net debt / equity | -0.36x | — | — | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | 9.6% | — | — | 9.6% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | 36.82% | — | — | 36.82% | — | derived | — | 0.75 |
| EBIT growth (YoY) | 108.3% | — | — | 108.3% | — | derived | — | 0.70 |
| Net income growth (YoY) | 1475.86% | — | — | 1475.86% | — | derived | — | 0.30 |
| EPS growth (YoY) | 361.54% | — | — | 361.54% | — | derived | — | 0.70 |
| FCF growth (YoY) | 232.03% | — | — | 232.03% | — | derived | — | 0.70 |
| Gross margin Δ (YoY) | 4.31 pp | — | — | 4.31 pp | — | derived | — | 0.85 |
| EBITDA margin Δ (YoY) | 0.68 pp | — | — | 0.68 pp | — | derived | — | 0.75 |
| EBIT margin Δ (YoY) | 0.98 pp | — | — | 0.98 pp | — | derived | — | 0.85 |
| Net margin Δ (YoY) | 1.54 pp | — | — | 1.54 pp | — | derived | — | 0.80 |
H1 2026 · Δ YoY
Revenue
28.05
—
28.05
—
- H1 2025
- —
- YTD 2026
- 28.05
- Δ YoY
- —
Gross profit
7.84
—
7.84
—
- H1 2025
- —
- YTD 2026
- 7.84
- Δ YoY
- —
EBITDA
0.96
—
0.96
—
- H1 2025
- —
- YTD 2026
- 0.96
- Δ YoY
- —
EBIT
0.58
—
0.58
—
- H1 2025
- —
- YTD 2026
- 0.58
- Δ YoY
- —
EBT
0.86
—
0.86
—
- H1 2025
- —
- YTD 2026
- 0.86
- Δ YoY
- —
Net income
0.4
—
0.4
—
- H1 2025
- —
- YTD 2026
- 0.4
- Δ YoY
- —
EPS (basic)
(PLN)
0.6
—
0.6
—
- H1 2025
- —
- YTD 2026
- 0.6
- Δ YoY
- —
EPS (diluted)
(PLN)
0.6
—
0.6
—
- H1 2025
- —
- YTD 2026
- 0.6
- Δ YoY
- —
D&A
0.38
—
0.38
—
- H1 2025
- —
- YTD 2026
- 0.38
- Δ YoY
- —
Interest expense
0.03
—
0.03
—
- H1 2025
- —
- YTD 2026
- 0.03
- Δ YoY
- —
Income tax
0.04
—
0.04
—
- H1 2025
- —
- YTD 2026
- 0.04
- Δ YoY
- —
Shares (basic)
(m units)
1.36
—
1.36
—
- H1 2025
- —
- YTD 2026
- 1.36
- Δ YoY
- —
Shares (diluted)
(m units)
1.36
—
1.36
—
- H1 2025
- —
- YTD 2026
- 1.36
- Δ YoY
- —
Gross margin
27.97%
—
27.97%
—
- H1 2025
- —
- YTD 2026
- 27.97%
- Δ YoY
- —
EBITDA margin
3.41%
—
3.41%
—
- H1 2025
- —
- YTD 2026
- 3.41%
- Δ YoY
- —
EBIT margin
2.06%
—
2.06%
—
- H1 2025
- —
- YTD 2026
- 2.06%
- Δ YoY
- —
EBT margin
3.07%
—
3.07%
—
- H1 2025
- —
- YTD 2026
- 3.07%
- Δ YoY
- —
Net margin
1.42%
—
1.42%
—
- H1 2025
- —
- YTD 2026
- 1.42%
- Δ YoY
- —
Cash
8.35
—
8.35
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
0.62
—
0.62
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-7.73
—
-7.73
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
21.32
—
21.32
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
29.55
—
29.55
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
19.38
—
19.38
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
26.69
—
26.69
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
7.31
—
7.31
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
0.92
—
0.92
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
0.11
—
0.11
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
11
—
11
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
2.96
—
2.96
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
0.14
—
0.14
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
21.19
—
21.19
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
1.88
—
1.88
—
- H1 2025
- —
- YTD 2026
- 1.88
- Δ YoY
- —
CapEx
0.15
—
0.15
—
- H1 2025
- —
- YTD 2026
- 0.15
- Δ YoY
- —
FCF
1.73
—
1.73
—
- H1 2025
- —
- YTD 2026
- 1.73
- Δ YoY
- —
FCF conversion
180.84%
—
180.84%
—
- H1 2025
- —
- YTD 2026
- 180.84%
- Δ YoY
- —
CFO conversion
196.34%
—
196.34%
—
- H1 2025
- —
- YTD 2026
- 196.34%
- Δ YoY
- —
Dividends paid
2.46
—
2.46
—
- H1 2025
- —
- YTD 2026
- 2.46
- Δ YoY
- —
Current ratio
3.65x
—
3.65x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
3.63x
—
3.63x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
1.14x
—
1.14x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
18.61x
—
18.61x
—
- H1 2025
- —
- YTD 2026
- 18.61x
- Δ YoY
- —
Debt / equity
0.03x
—
0.03x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.02x
—
0.02x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.36x
—
-0.36x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
9.6%
—
9.6%
—
- H1 2025
- —
- YTD 2026
- 9.6%
- Δ YoY
- —
EBITDA growth (YoY)
36.82%
—
36.82%
—
- H1 2025
- —
- YTD 2026
- 36.82%
- Δ YoY
- —
EBIT growth (YoY)
108.3%
—
108.3%
—
- H1 2025
- —
- YTD 2026
- 108.3%
- Δ YoY
- —
Net income growth (YoY)
1475.86%
—
1475.86%
—
- H1 2025
- —
- YTD 2026
- 1475.86%
- Δ YoY
- —
EPS growth (YoY)
361.54%
—
361.54%
—
- H1 2025
- —
- YTD 2026
- 361.54%
- Δ YoY
- —
FCF growth (YoY)
232.03%
—
232.03%
—
- H1 2025
- —
- YTD 2026
- 232.03%
- Δ YoY
- —
Gross margin Δ (YoY)
4.31 pp
—
4.31 pp
—
- H1 2025
- —
- YTD 2026
- 4.31 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
0.68 pp
—
0.68 pp
—
- H1 2025
- —
- YTD 2026
- 0.68 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
0.98 pp
—
0.98 pp
—
- H1 2025
- —
- YTD 2026
- 0.98 pp
- Δ YoY
- —
Net margin Δ (YoY)
1.54 pp
—
1.54 pp
—
- H1 2025
- —
- YTD 2026
- 1.54 pp
- Δ YoY
- —