OML
One More Level
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026
H1 2026 report
Studio w fazie premierowej: cały wynik półrocza to koszt przygotowań do premiery Valor Mortis (13 października 2026 r.); przychody 0,81 mln zł przy stracie operacyjnej 2,5 mln zł.
Sentiment
●●●●●●
OML
H1 2026 report
Revenue
813,388 PLN
— YoY
Net income
-2,063,182 PLN
— YoY
EBITDA
-2,116,243 PLN
— YoY
Gross margin
100%
— YoY
Summary
Investment thesis
- Produkcja jest finansowana zaliczkami wydawców (25,2 mln zł zobowiązań z tytułu umów, w tym 16,7 mln zł od Lyrical Games), a nie długiem bankowym — zadłużenie oprocentowane to tylko 1,45 mln zł przy 4,6 mln zł gotówki.
- Bilans jest mocno „wyprodukowany”: 32,1 mln zł aktywowanych nakładów na gry to 72% sumy bilansowej i 2,5-krotność kapitału własnego (12,7 mln zł); wszystko zależy od komercyjnego sukcesu jednego tytułu.
- Dodatnie OCF (9,7 mln zł) wynika z wpływu zaliczek i zaległych należności, a nie z rentowności; po odjęciu CAPEX wolne przepływy są zbliżone do zera (-0,37 mln zł).
- Po dniu bilansowym: aneks z Lyrical Games (DLC i obsługa popremierowa do października 2027 r.) oraz sprzedaż wierzytelności wobec ALL IN! GAMES za 1,6 mln zł poprawiają płynność, ale nie zmieniają zależności od premiery.
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Financials
BETA
OML · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 813,388 | 1,455,125 | −44.1% | 813,388 | −44.1% | reported | — | 1.00 |
| Gross profit | 813,388 | 1,439,317 | −43.5% | 813,388 | −43.5% | reported | — | 1.00 |
| EBITDA | -2,116,243 | -3,318,367 | +36.2% | -2,116,243 | +36.2% | derived | — | 0.70 |
| EBIT | -2,499,955 | -4,050,520 | +38.3% | -2,499,955 | +38.3% | reported | — | 1.00 |
| EBT | -2,521,078 | -4,365,492 | +42.2% | -2,521,078 | +42.2% | reported | — | 1.00 |
| Net income | -2,063,182 | -3,687,459 | +44% | -2,063,182 | +44% | reported | — | 1.00 |
| EPS (basic) | -0.03 | — | — | -0.03 | — | reported | — | 1.00 |
| EPS (diluted) | -0.03 | — | — | -0.03 | — | reported | — | 1.00 |
| D&A | 383,712 | 732,153 | −47.6% | 383,712 | −47.6% | reported | — | 1.00 |
| Interest expense | 64,884 | — | — | 64,884 | — | reported | — | 1.00 |
| Income tax | -457,896 | — | — | -457,896 | — | reported | — | 1.00 |
| Shares (basic) (units) | 66,367,880 | — | — | 66,367,880 | — | reported | — | 1.00 |
| Gross margin | 100% | 98.91% | +1.1 pp | 100% | +1.1 pp | derived | — | 0.70 |
| EBITDA margin | -260.18% | -228.11% | −32.1 pp | -260.18% | −32.1 pp | derived | — | 0.70 |
| EBIT margin | -307.35% | -278.36% | −29 pp | -307.35% | −29 pp | derived | — | 0.70 |
| Net margin | -253.65% | -253.42% | −0.2 pp | -253.65% | −0.2 pp | derived | — | 0.70 |
| Cash | 4,604,045 | 5,200,145 | −11.5% | — | — | reported | — | 1.00 |
| Total debt | 1,450,529 | — | — | — | — | reported | — | 1.00 |
| Net debt | -3,153,516 | — | — | — | — | derived | — | 0.90 |
| Equity | 12,741,636 | 14,804,818 | −13.9% | — | — | reported | — | 1.00 |
| Total assets | 44,442,469 | 37,379,169 | +18.9% | — | — | reported | — | 1.00 |
| Working capital | -24,910,703 | -12,516,552 | −99% | — | — | derived | — | 0.70 |
| Current assets | 5,815,005 | 8,860,358 | −34.4% | — | — | reported | — | 1.00 |
| Current liabilities | 30,725,707 | 21,376,910 | +43.7% | — | — | reported | — | 1.00 |
| Non-current liabilities | 975,126 | 1,197,441 | −18.6% | — | — | reported | — | 1.00 |
| Inventory | 2,932 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 208,903 | 3,479,974 | −94% | — | — | reported | — | 1.00 |
| Trade payables | 1,936,648 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 32,126,837 | — | — | — | — | reported | — | 0.90 |
| Tangible equity | -19,385,201 | — | — | — | — | derived | — | 0.70 |
| CFO | 9,690,140 | 5,058,687 | +91.6% | 9,690,140 | +91.6% | reported | — | 1.00 |
| CapEx | 10,059,911 | — | — | 10,059,911 | — | reported | — | 1.00 |
| FCF | -369,771 | -7,616,909 | +95.1% | -369,771 | +95.1% | derived | — | 0.70 |
| Current ratio | 0.19x | 0.41x | −0.22x | — | — | derived | — | 0.70 |
| Quick ratio | 0.19x | — | — | — | — | derived | — | 0.70 |
| Cash ratio | 0.15x | — | — | — | — | derived | — | 0.70 |
| Debt / equity | 0.11x | — | — | — | — | derived | — | 0.70 |
| Debt / assets | 0.03x | — | — | — | — | derived | — | 0.70 |
| Net debt / equity | -0.25x | — | — | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | 17025.19% | -87.78% | — | 17025.19% | — | derived | — | 0.70 |
H1 2026 · Δ YoY
Revenue
813,388
−44.1%
813,388
−44.1%
- H1 2025
- 1,455,125
- YTD 2026
- 813,388
- Δ YoY
- −44.1%
Gross profit
813,388
−43.5%
813,388
−43.5%
- H1 2025
- 1,439,317
- YTD 2026
- 813,388
- Δ YoY
- −43.5%
EBITDA
-2,116,243
+36.2%
-2,116,243
+36.2%
- H1 2025
- -3,318,367
- YTD 2026
- -2,116,243
- Δ YoY
- +36.2%
EBIT
-2,499,955
+38.3%
-2,499,955
+38.3%
- H1 2025
- -4,050,520
- YTD 2026
- -2,499,955
- Δ YoY
- +38.3%
EBT
-2,521,078
+42.2%
-2,521,078
+42.2%
- H1 2025
- -4,365,492
- YTD 2026
- -2,521,078
- Δ YoY
- +42.2%
Net income
-2,063,182
+44%
-2,063,182
+44%
- H1 2025
- -3,687,459
- YTD 2026
- -2,063,182
- Δ YoY
- +44%
EPS (basic)
-0.03
—
-0.03
—
- H1 2025
- —
- YTD 2026
- -0.03
- Δ YoY
- —
EPS (diluted)
-0.03
—
-0.03
—
- H1 2025
- —
- YTD 2026
- -0.03
- Δ YoY
- —
D&A
383,712
−47.6%
383,712
−47.6%
- H1 2025
- 732,153
- YTD 2026
- 383,712
- Δ YoY
- −47.6%
Interest expense
64,884
—
64,884
—
- H1 2025
- —
- YTD 2026
- 64,884
- Δ YoY
- —
Income tax
-457,896
—
-457,896
—
- H1 2025
- —
- YTD 2026
- -457,896
- Δ YoY
- —
Shares (basic)
(units)
66,367,880
—
66,367,880
—
- H1 2025
- —
- YTD 2026
- 66,367,880
- Δ YoY
- —
Gross margin
100%
+1.1 pp
100%
+1.1 pp
- H1 2025
- 98.91%
- YTD 2026
- 100%
- Δ YoY
- +1.1 pp
EBITDA margin
-260.18%
−32.1 pp
-260.18%
−32.1 pp
- H1 2025
- -228.11%
- YTD 2026
- -260.18%
- Δ YoY
- −32.1 pp
EBIT margin
-307.35%
−29 pp
-307.35%
−29 pp
- H1 2025
- -278.36%
- YTD 2026
- -307.35%
- Δ YoY
- −29 pp
Net margin
-253.65%
−0.2 pp
-253.65%
−0.2 pp
- H1 2025
- -253.42%
- YTD 2026
- -253.65%
- Δ YoY
- −0.2 pp
Cash
4,604,045
−11.5%
4,604,045
−11.5%
- H1 2025
- 5,200,145
- YTD 2026
- —
- Δ YoY
- —
Total debt
1,450,529
—
1,450,529
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-3,153,516
—
-3,153,516
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
12,741,636
−13.9%
12,741,636
−13.9%
- H1 2025
- 14,804,818
- YTD 2026
- —
- Δ YoY
- —
Total assets
44,442,469
+18.9%
44,442,469
+18.9%
- H1 2025
- 37,379,169
- YTD 2026
- —
- Δ YoY
- —
Working capital
-24,910,703
−99%
-24,910,703
−99%
- H1 2025
- -12,516,552
- YTD 2026
- —
- Δ YoY
- —
Current assets
5,815,005
−34.4%
5,815,005
−34.4%
- H1 2025
- 8,860,358
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
30,725,707
+43.7%
30,725,707
+43.7%
- H1 2025
- 21,376,910
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
975,126
−18.6%
975,126
−18.6%
- H1 2025
- 1,197,441
- YTD 2026
- —
- Δ YoY
- —
Inventory
2,932
—
2,932
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
208,903
−94%
208,903
−94%
- H1 2025
- 3,479,974
- YTD 2026
- —
- Δ YoY
- —
Trade payables
1,936,648
—
1,936,648
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
32,126,837
—
32,126,837
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
-19,385,201
—
-19,385,201
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
9,690,140
+91.6%
9,690,140
+91.6%
- H1 2025
- 5,058,687
- YTD 2026
- 9,690,140
- Δ YoY
- +91.6%
CapEx
10,059,911
—
10,059,911
—
- H1 2025
- —
- YTD 2026
- 10,059,911
- Δ YoY
- —
FCF
-369,771
+95.1%
-369,771
+95.1%
- H1 2025
- -7,616,909
- YTD 2026
- -369,771
- Δ YoY
- +95.1%
Current ratio
0.19x
−0.22x
0.19x
−0.22x
- H1 2025
- 0.41x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.19x
—
0.19x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.15x
—
0.15x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.11x
—
0.11x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.03x
—
0.03x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.25x
—
-0.25x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
17025.19%
—
17025.19%
—
- H1 2025
- -87.78%
- YTD 2026
- 17025.19%
- Δ YoY
- —