H1 2026 report
Przychody Grupy wzrosły o 14,9% r/r do 52,6 mln PLN dzięki sprzedaży gry „Cronos: The New Dawn” oraz katalogowi tytułów, a produkcja pokryła już koszty wytworzenia w czerwcu 2026 r.
Sentiment
●●●●●●
BLO
H1 2026 report
Revenue
52.61 m PLN
— YoY
Net income
-7.2 m PLN
— YoY
EBITDA
14.98 m PLN
— YoY
Gross margin
-2.78%
— YoY
Summary
Investment thesis
- Mimo wzrostu przychodów Grupa odnotowała stratę netto 7,2 mln PLN (wobec 9,5 mln PLN zysku rok wcześniej) — to niemal w całości efekt gwałtownego wzrostu amortyzacji ukończonych prac rozwojowych (24,1 mln PLN wobec 4,4 mln PLN), rozpoczętej po premierach „Cronos: The New Dawn”, „I hate this place” i „Star Trek: Infection”.
- Skorygowana EBITDA pozostała praktycznie płaska r/r (15,0 mln PLN wobec 15,1 mln PLN) — sygnał, że biznes operacyjnie generuje podobną gotówkę co rok wcześniej, a strata księgowa jest w dużej mierze kwestią harmonogramu amortyzacji, nie realnej erozji rentowności.
- Segment II (współprodukcje zewnętrzne) pogłębił stratę operacyjną do 6,9 mln PLN (z 2,9 mln PLN rok wcześniej) — to jedyny prawdziwie niepokojący sygnał operacyjny w wynikach.
- Bilans pozostaje wypłacalny (dług netto/kapitał własny 0,18x, wskaźnik płynności bieżącej 1,27x), ale kapitał materialny (equity minus goodwill/WNiP) jest ujemny (-8,4 mln PLN) — wartość firmy opiera się niemal wyłącznie na aktywowanych kosztach produkcji gier.
Read the full analysis
Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.
Financials
BETA
BLO · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 52.61 | — | — | 52.61 | — | reported | — | 1.00 |
| Gross profit | -1.46 | — | — | -1.46 | — | reported | — | 1.00 |
| EBITDA | 14.98 | — | — | 14.98 | — | reported | — | 1.00 |
| EBIT | -9.09 | — | — | -9.09 | — | reported | — | 1.00 |
| EBT | -10.98 | — | — | -10.98 | — | reported | — | 1.00 |
| Net income | -7.2 | — | — | -7.2 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.37 | — | — | -0.37 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.37 | — | — | -0.37 | — | reported | — | 1.00 |
| D&A | 24.07 | — | — | 24.07 | — | reported | — | 1.00 |
| Interest expense | 1.57 | — | — | 1.57 | — | reported | — | 1.00 |
| Income tax | -3.23 | — | — | -3.23 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 19.29 | — | — | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 19.29 | — | — | — | — | reported | — | 1.00 |
| Gross margin | -2.78% | — | — | -2.78% | — | derived | — | 0.90 |
| EBITDA margin | 28.46% | — | — | 28.46% | — | derived | — | 0.90 |
| EBIT margin | -17.28% | — | — | -17.28% | — | derived | — | 0.90 |
| EBT margin | -20.86% | — | — | -20.86% | — | derived | — | 0.90 |
| Net margin | -13.69% | — | — | -13.69% | — | derived | — | 0.90 |
| Cash | 12.09 | — | — | — | — | reported | — | 1.00 |
| Total debt | 43.33 | — | — | — | — | derived | — | 0.80 |
| Net debt | 31.24 | — | — | — | — | derived | — | 0.80 |
| Equity | 169.31 | — | — | — | — | reported | — | 1.00 |
| Total assets | 267.96 | — | — | — | — | reported | — | 1.00 |
| Current assets | 74.81 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 59.07 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 39.58 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 39.03 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 9.52 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 177.66 | — | — | — | — | derived | — | 0.90 |
| Tangible equity | -8.35 | — | — | — | — | derived | — | 0.90 |
| CFO | 33.26 | — | — | 33.26 | — | reported | — | 1.00 |
| CapEx | 34.81 | — | — | 34.81 | — | reported | — | 1.00 |
| FCF | -1.55 | — | — | -1.55 | — | derived | — | 0.90 |
| FCF conversion | -10.37% | — | — | -10.37% | — | derived | — | 0.85 |
| CFO conversion | 222.09% | — | — | 222.09% | — | derived | — | 0.85 |
| Current ratio | 1.27x | — | — | — | — | derived | — | 0.90 |
| Cash ratio | 0.21x | — | — | — | — | derived | — | 0.90 |
| Interest coverage | -5.77x | — | — | -5.77x | — | derived | — | 0.85 |
| Debt / equity | 0.26x | — | — | — | — | derived | — | 0.80 |
| Debt / assets | 0.16x | — | — | — | — | derived | — | 0.80 |
| Net debt / equity | 0.19x | — | — | — | — | derived | — | 0.75 |
| Revenue growth (YoY) | 14.88% | — | — | 14.88% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | -0.72% | — | — | -0.72% | — | derived | — | 0.90 |
| EBIT growth (YoY) | -185.38% | — | — | -185.38% | — | derived | — | 0.90 |
| Net income growth (YoY) | -176.17% | — | — | -176.17% | — | derived | — | 0.90 |
| EPS growth (YoY) | -175.51% | — | — | -175.51% | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | -29.18 pp | — | — | -29.18 pp | — | derived | — | 0.85 |
| EBITDA margin Δ (YoY) | -4.48 pp | — | — | -4.48 pp | — | derived | — | 0.85 |
| EBIT margin Δ (YoY) | -40.53 pp | — | — | -40.53 pp | — | derived | — | 0.85 |
| Net margin Δ (YoY) | -34.34 pp | — | — | -34.34 pp | — | derived | — | 0.85 |
H1 2026 · Δ YoY
Revenue
52.61
—
52.61
—
- H1 2025
- —
- YTD 2026
- 52.61
- Δ YoY
- —
Gross profit
-1.46
—
-1.46
—
- H1 2025
- —
- YTD 2026
- -1.46
- Δ YoY
- —
EBITDA
14.98
—
14.98
—
- H1 2025
- —
- YTD 2026
- 14.98
- Δ YoY
- —
EBIT
-9.09
—
-9.09
—
- H1 2025
- —
- YTD 2026
- -9.09
- Δ YoY
- —
EBT
-10.98
—
-10.98
—
- H1 2025
- —
- YTD 2026
- -10.98
- Δ YoY
- —
Net income
-7.2
—
-7.2
—
- H1 2025
- —
- YTD 2026
- -7.2
- Δ YoY
- —
EPS (basic)
(PLN)
-0.37
—
-0.37
—
- H1 2025
- —
- YTD 2026
- -0.37
- Δ YoY
- —
EPS (diluted)
(PLN)
-0.37
—
-0.37
—
- H1 2025
- —
- YTD 2026
- -0.37
- Δ YoY
- —
D&A
24.07
—
24.07
—
- H1 2025
- —
- YTD 2026
- 24.07
- Δ YoY
- —
Interest expense
1.57
—
1.57
—
- H1 2025
- —
- YTD 2026
- 1.57
- Δ YoY
- —
Income tax
-3.23
—
-3.23
—
- H1 2025
- —
- YTD 2026
- -3.23
- Δ YoY
- —
Shares (basic)
(m units)
19.29
—
19.29
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Shares (diluted)
(m units)
19.29
—
19.29
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
-2.78%
—
-2.78%
—
- H1 2025
- —
- YTD 2026
- -2.78%
- Δ YoY
- —
EBITDA margin
28.46%
—
28.46%
—
- H1 2025
- —
- YTD 2026
- 28.46%
- Δ YoY
- —
EBIT margin
-17.28%
—
-17.28%
—
- H1 2025
- —
- YTD 2026
- -17.28%
- Δ YoY
- —
EBT margin
-20.86%
—
-20.86%
—
- H1 2025
- —
- YTD 2026
- -20.86%
- Δ YoY
- —
Net margin
-13.69%
—
-13.69%
—
- H1 2025
- —
- YTD 2026
- -13.69%
- Δ YoY
- —
Cash
12.09
—
12.09
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
43.33
—
43.33
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
31.24
—
31.24
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
169.31
—
169.31
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
267.96
—
267.96
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
74.81
—
74.81
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
59.07
—
59.07
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
39.58
—
39.58
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
39.03
—
39.03
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
9.52
—
9.52
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
177.66
—
177.66
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
-8.35
—
-8.35
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
33.26
—
33.26
—
- H1 2025
- —
- YTD 2026
- 33.26
- Δ YoY
- —
CapEx
34.81
—
34.81
—
- H1 2025
- —
- YTD 2026
- 34.81
- Δ YoY
- —
FCF
-1.55
—
-1.55
—
- H1 2025
- —
- YTD 2026
- -1.55
- Δ YoY
- —
FCF conversion
-10.37%
—
-10.37%
—
- H1 2025
- —
- YTD 2026
- -10.37%
- Δ YoY
- —
CFO conversion
222.09%
—
222.09%
—
- H1 2025
- —
- YTD 2026
- 222.09%
- Δ YoY
- —
Current ratio
1.27x
—
1.27x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.21x
—
0.21x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
-5.77x
—
-5.77x
—
- H1 2025
- —
- YTD 2026
- -5.77x
- Δ YoY
- —
Debt / equity
0.26x
—
0.26x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.16x
—
0.16x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.19x
—
0.19x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
14.88%
—
14.88%
—
- H1 2025
- —
- YTD 2026
- 14.88%
- Δ YoY
- —
EBITDA growth (YoY)
-0.72%
—
-0.72%
—
- H1 2025
- —
- YTD 2026
- -0.72%
- Δ YoY
- —
EBIT growth (YoY)
-185.38%
—
-185.38%
—
- H1 2025
- —
- YTD 2026
- -185.38%
- Δ YoY
- —
Net income growth (YoY)
-176.17%
—
-176.17%
—
- H1 2025
- —
- YTD 2026
- -176.17%
- Δ YoY
- —
EPS growth (YoY)
-175.51%
—
-175.51%
—
- H1 2025
- —
- YTD 2026
- -175.51%
- Δ YoY
- —
Gross margin Δ (YoY)
-29.18 pp
—
-29.18 pp
—
- H1 2025
- —
- YTD 2026
- -29.18 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-4.48 pp
—
-4.48 pp
—
- H1 2025
- —
- YTD 2026
- -4.48 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-40.53 pp
—
-40.53 pp
—
- H1 2025
- —
- YTD 2026
- -40.53 pp
- Δ YoY
- —
Net margin Δ (YoY)
-34.34 pp
—
-34.34 pp
—
- H1 2025
- —
- YTD 2026
- -34.34 pp
- Δ YoY
- —