H1 2026 report
Mikrospółka VR-owa z przychodami 4,4 mln zł (+78% r/r) i zyskiem netto 1,75 mln zł (+177%) – marża netto ok. 40%, co jest efektem lekkiej struktury kosztów (głównie usługi obce) i wysokiej marżowości wydawanych gier.
Sentiment
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3RG
H1 2026 report
Revenue
4.42 m PLN
— YoY
Net income
1.75 m PLN
— YoY
EBITDA
1.95 m PLN
— YoY
FCF
1.48 m PLN
— YoY
Summary
Investment thesis
- Wynik zależy od kilku tytułów: przychody koncentrują się wokół premier i okresów udziału w subskrypcji Meta Horizon+, więc kwartały będą bardzo nierówne.
- Bilans jest bezdługowy, ale wartość firmy (15,6 mln zł) to 76% aktywów; łącznie z pracami rozwojowymi aktywa niematerialne to 90% sumy bilansowej.
- CFO 2,4 mln zł przewyższa zysk netto, a zysk oczyszczony o odpis (1,99 mln zł) potwierdza jakość wyniku; dywidenda 3,25 mln zł (0,04 zł/akcję) była pierwsza w historii i wyczerpała zysk 2025.
- Kluczowe katalizatory: czwarty kwartał (historycznie najlepszy), dodatki do Cave Crave, PICO oraz debiut Punch Lunch na konsolach – ale terminy premier Thief Simulator VR: Heist Crew i Punch Lunch przesunięto.
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Financials
BETA
3RG · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,422 | — | — | 4,422 | — | reported | — | 1.00 |
| EBITDA | 1,954 | — | — | 1,954 | — | reported | — | 1.00 |
| EBIT | 1,720 | — | — | 1,720 | — | reported | — | 1.00 |
| EBT | 1,769 | — | — | 1,769 | — | reported | — | 1.00 |
| Net income | 1,752 | — | — | 1,752 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.02 | — | — | 0.02 | — | reported | — | 1.00 |
| D&A | 234 | — | — | 234 | — | reported | — | 1.00 |
| Income tax | 17 | — | — | 17 | — | reported | — | 1.00 |
| EBITDA margin | 44.19% | — | — | 44.19% | — | derived | — | 0.70 |
| EBIT margin | 38.9% | — | — | 38.9% | — | derived | — | 0.70 |
| EBT margin | 40% | — | — | 40% | — | derived | — | 0.70 |
| Net margin | 39.62% | — | — | 39.62% | — | derived | — | 0.70 |
| D&A margin | 5.29% | — | — | 5.29% | — | derived | — | 0.70 |
| Cash | 775 | — | — | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | — | — | reported | — | 1.00 |
| Net debt | -775 | — | — | — | — | derived | — | 0.90 |
| Equity | 19,745 | — | — | — | — | reported | — | 1.00 |
| Total assets | 20,535 | — | — | — | — | reported | — | 1.00 |
| Working capital | 1,136 | — | — | — | — | derived | — | 0.70 |
| Current assets | 1,753 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 617 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 173 | — | — | — | — | reported | — | 1.00 |
| Inventory | 21 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 609 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 325 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 18,578 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | 1,167 | — | — | — | — | derived | — | 0.70 |
| CFO | 2,428 | — | — | 2,428 | — | reported | — | 1.00 |
| CapEx | 949 | — | — | 949 | — | reported | — | 1.00 |
| FCF | 1,479 | — | — | 1,479 | — | derived | — | 0.70 |
| FCF conversion | 75.69% | — | — | 75.69% | — | derived | — | 0.70 |
| CFO conversion | 124.26% | — | — | 124.26% | — | derived | — | 0.70 |
| Dividends paid | 3,250 | — | — | 3,250 | — | reported | — | 1.00 |
| Current ratio | 2.84x | — | — | — | — | derived | — | 0.70 |
| Quick ratio | 2.81x | — | — | — | — | derived | — | 0.70 |
| Cash ratio | 1.26x | — | — | — | — | derived | — | 0.70 |
| Debt / equity | 0x | — | — | — | — | derived | — | 0.90 |
| Debt / assets | 0x | — | — | — | — | derived | — | 0.90 |
| Net debt / equity | -0.04x | — | — | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 78.45% | — | — | 78.45% | — | derived | — | 0.70 |
| EBITDA growth (YoY) | 158.47% | — | — | 158.47% | — | derived | — | 0.70 |
| EBIT growth (YoY) | 162.2% | — | — | 162.2% | — | derived | — | 0.70 |
| Net income growth (YoY) | 177.22% | — | — | 177.22% | — | derived | — | 0.70 |
| EBITDA margin Δ (YoY) | 13.68 pp | — | — | 13.68 pp | — | derived | — | 0.70 |
| EBIT margin Δ (YoY) | 12.43 pp | — | — | 12.43 pp | — | derived | — | 0.70 |
| Net margin Δ (YoY) | 14.12 pp | — | — | 14.12 pp | — | derived | — | 0.70 |
H1 2026 · Δ YoY
Revenue
4,422
—
4,422
—
- H1 2025
- —
- YTD 2026
- 4,422
- Δ YoY
- —
EBITDA
1,954
—
1,954
—
- H1 2025
- —
- YTD 2026
- 1,954
- Δ YoY
- —
EBIT
1,720
—
1,720
—
- H1 2025
- —
- YTD 2026
- 1,720
- Δ YoY
- —
EBT
1,769
—
1,769
—
- H1 2025
- —
- YTD 2026
- 1,769
- Δ YoY
- —
Net income
1,752
—
1,752
—
- H1 2025
- —
- YTD 2026
- 1,752
- Δ YoY
- —
EPS (basic)
(PLN)
0.02
—
0.02
—
- H1 2025
- —
- YTD 2026
- 0.02
- Δ YoY
- —
D&A
234
—
234
—
- H1 2025
- —
- YTD 2026
- 234
- Δ YoY
- —
Income tax
17
—
17
—
- H1 2025
- —
- YTD 2026
- 17
- Δ YoY
- —
EBITDA margin
44.19%
—
44.19%
—
- H1 2025
- —
- YTD 2026
- 44.19%
- Δ YoY
- —
EBIT margin
38.9%
—
38.9%
—
- H1 2025
- —
- YTD 2026
- 38.9%
- Δ YoY
- —
EBT margin
40%
—
40%
—
- H1 2025
- —
- YTD 2026
- 40%
- Δ YoY
- —
Net margin
39.62%
—
39.62%
—
- H1 2025
- —
- YTD 2026
- 39.62%
- Δ YoY
- —
D&A margin
5.29%
—
5.29%
—
- H1 2025
- —
- YTD 2026
- 5.29%
- Δ YoY
- —
Cash
775
—
775
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
0
—
0
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-775
—
-775
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
19,745
—
19,745
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
20,535
—
20,535
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
1,136
—
1,136
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
1,753
—
1,753
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
617
—
617
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
173
—
173
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
21
—
21
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
609
—
609
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
325
—
325
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
18,578
—
18,578
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
1,167
—
1,167
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
2,428
—
2,428
—
- H1 2025
- —
- YTD 2026
- 2,428
- Δ YoY
- —
CapEx
949
—
949
—
- H1 2025
- —
- YTD 2026
- 949
- Δ YoY
- —
FCF
1,479
—
1,479
—
- H1 2025
- —
- YTD 2026
- 1,479
- Δ YoY
- —
FCF conversion
75.69%
—
75.69%
—
- H1 2025
- —
- YTD 2026
- 75.69%
- Δ YoY
- —
CFO conversion
124.26%
—
124.26%
—
- H1 2025
- —
- YTD 2026
- 124.26%
- Δ YoY
- —
Dividends paid
3,250
—
3,250
—
- H1 2025
- —
- YTD 2026
- 3,250
- Δ YoY
- —
Current ratio
2.84x
—
2.84x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
2.81x
—
2.81x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
1.26x
—
1.26x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0x
—
0x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0x
—
0x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.04x
—
-0.04x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
78.45%
—
78.45%
—
- H1 2025
- —
- YTD 2026
- 78.45%
- Δ YoY
- —
EBITDA growth (YoY)
158.47%
—
158.47%
—
- H1 2025
- —
- YTD 2026
- 158.47%
- Δ YoY
- —
EBIT growth (YoY)
162.2%
—
162.2%
—
- H1 2025
- —
- YTD 2026
- 162.2%
- Δ YoY
- —
Net income growth (YoY)
177.22%
—
177.22%
—
- H1 2025
- —
- YTD 2026
- 177.22%
- Δ YoY
- —
EBITDA margin Δ (YoY)
13.68 pp
—
13.68 pp
—
- H1 2025
- —
- YTD 2026
- 13.68 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
12.43 pp
—
12.43 pp
—
- H1 2025
- —
- YTD 2026
- 12.43 pp
- Δ YoY
- —
Net margin Δ (YoY)
14.12 pp
—
14.12 pp
—
- H1 2025
- —
- YTD 2026
- 14.12 pp
- Δ YoY
- —