H1 2026 report
T-Bull wrócił do zysku netto w I półroczu 2026 (127,9 tys. zł wobec straty 822,6 tys. zł), ale poprawa opiera się na cięciu kosztów (koszty rodzajowe −41% r/r) i dotacjach (308,6 tys. zł), a nie na skali biznesu.
Sentiment
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TBL
H1 2026 report
Revenue
2,183,479 PLN
— YoY
Net income
127,856 PLN
— YoY
EBITDA
338,182 PLN
— YoY
Gross margin
25.04%
— YoY
Summary
Investment thesis
- Przychody wzrosły o 21% do 2,18 mln zł dzięki sprzedaży aplikacji (1,91 mln zł, 88% udziału), przy spadku przychodów z reklam i mikropłatności – struktura jest bardzo koncentrowana.
- Kapitał własny jest ujemny (−1,22 mln zł), a zobowiązania krótkoterminowe przewyższają aktywa obrotowe o 1,32 mln zł; biegły zwraca uwagę na istotną niepewność kontynuacji działalności.
- Kluczowe zobowiązanie to 475 tys. USD (1,79 mln zł) wobec Paradox Interactive, rozliczane z przyszłych przychodów z gry „Wildlife Photographer” – jej samodzielne wydanie jest centralnym założeniem planu płynnościowego.
- Mimo zysku CFO jest ujemne (−158,3 tys. zł) przez wzrost należności o 350 tys. zł; jakość zysku jest niska i zależy od terminowych wpływów od platform.
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Financials
BETA
TBL · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,183,479 | 3,238,799 | −32.6% | 2,183,479 | −32.6% | reported | — | 1.00 |
| Gross profit | 546,738 | -1,192,322 | +145.9% | 546,738 | +145.9% | reported | — | 1.00 |
| EBITDA | 338,182 | -4,069,928 | +108.3% | 338,182 | +108.3% | derived | — | 0.70 |
| EBIT | 225,495 | -4,472,411 | +105% | 225,495 | +105% | reported | — | 1.00 |
| EBT | 129,042 | -4,452,314 | +102.9% | 129,042 | +102.9% | reported | — | 1.00 |
| Net income | 127,856 | -4,455,294 | +102.9% | 127,856 | +102.9% | reported | — | 1.00 |
| EPS (basic) | 0.11 | -3.75 | +102.9% | 0.11 | +102.9% | reported | — | 1.00 |
| EPS (diluted) | 0.11 | — | — | 0.11 | — | reported | — | 1.00 |
| D&A | 112,687 | 402,483 | −72% | 112,687 | −72% | reported | — | 1.00 |
| Interest expense | 23,006 | 18,295 | +25.8% | 23,006 | +25.8% | reported | — | 1.00 |
| Income tax | 1,186 | 2,980 | −60.2% | 1,186 | −60.2% | reported | — | 1.00 |
| Gross margin | 25.04% | -36.81% | +61.9 pp | 25.04% | +61.9 pp | derived | — | 0.70 |
| EBITDA margin | 15.49% | -125.66% | +141.2 pp | 15.49% | +141.2 pp | derived | — | 0.70 |
| EBIT margin | 10.33% | -138.09% | +148.4 pp | 10.33% | +148.4 pp | derived | — | 0.70 |
| Net margin | 5.86% | -137.56% | +143.4 pp | 5.86% | +143.4 pp | derived | — | 0.70 |
| Cash | 493,415 | 325,972 | +51.4% | — | — | reported | — | 1.00 |
| Total debt | 597,445 | 638,325 | −6.4% | — | — | reported | — | 0.90 |
| Net debt | 104,030 | 312,354 | −66.7% | — | — | derived | — | 0.70 |
| Equity | -1,224,432 | -1,347,235 | +9.1% | — | — | reported | — | 1.00 |
| Total assets | 1,862,183 | 1,562,299 | +19.2% | — | — | reported | — | 1.00 |
| Current assets | 1,313,533 | 795,752 | +65.1% | — | — | reported | — | 1.00 |
| Current liabilities | 2,629,241 | 2,401,077 | +9.5% | — | — | reported | — | 1.00 |
| Non-current liabilities | 457,374 | 508,457 | −10% | — | — | reported | — | 1.00 |
| Trade receivables | 820,118 | 469,780 | +74.6% | — | — | reported | — | 1.00 |
| Trade payables | 2,489,171 | 2,271,209 | +9.6% | — | — | reported | — | 1.00 |
| CFO | -158,336 | -2,077,372 | +92.4% | -158,336 | +92.4% | reported | — | 1.00 |
| CapEx | 24,895 | 497,726 | −95% | 24,895 | −95% | reported | — | 1.00 |
| FCF | -183,231 | -2,575,098 | +92.9% | -183,231 | +92.9% | derived | — | 0.70 |
| Current ratio | 0.5x | 0.33x | +0.17x | — | — | derived | — | 0.70 |
| Cash ratio | 0.19x | 0.14x | +0.05x | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | 21.32% | -42.44% | — | 21.32% | — | derived | — | 0.70 |
| Net margin Δ (YoY) | 51.57 pp | -88.04 pp | — | 51.57 pp | — | derived | — | 0.70 |
H1 2026 · Δ YoY
Revenue
2,183,479
−32.6%
2,183,479
−32.6%
- H1 2025
- 3,238,799
- YTD 2026
- 2,183,479
- Δ YoY
- −32.6%
Gross profit
546,738
+145.9%
546,738
+145.9%
- H1 2025
- -1,192,322
- YTD 2026
- 546,738
- Δ YoY
- +145.9%
EBITDA
338,182
+108.3%
338,182
+108.3%
- H1 2025
- -4,069,928
- YTD 2026
- 338,182
- Δ YoY
- +108.3%
EBIT
225,495
+105%
225,495
+105%
- H1 2025
- -4,472,411
- YTD 2026
- 225,495
- Δ YoY
- +105%
EBT
129,042
+102.9%
129,042
+102.9%
- H1 2025
- -4,452,314
- YTD 2026
- 129,042
- Δ YoY
- +102.9%
Net income
127,856
+102.9%
127,856
+102.9%
- H1 2025
- -4,455,294
- YTD 2026
- 127,856
- Δ YoY
- +102.9%
EPS (basic)
0.11
+102.9%
0.11
+102.9%
- H1 2025
- -3.75
- YTD 2026
- 0.11
- Δ YoY
- +102.9%
EPS (diluted)
0.11
—
0.11
—
- H1 2025
- —
- YTD 2026
- 0.11
- Δ YoY
- —
D&A
112,687
−72%
112,687
−72%
- H1 2025
- 402,483
- YTD 2026
- 112,687
- Δ YoY
- −72%
Interest expense
23,006
+25.8%
23,006
+25.8%
- H1 2025
- 18,295
- YTD 2026
- 23,006
- Δ YoY
- +25.8%
Income tax
1,186
−60.2%
1,186
−60.2%
- H1 2025
- 2,980
- YTD 2026
- 1,186
- Δ YoY
- −60.2%
Gross margin
25.04%
+61.9 pp
25.04%
+61.9 pp
- H1 2025
- -36.81%
- YTD 2026
- 25.04%
- Δ YoY
- +61.9 pp
EBITDA margin
15.49%
+141.2 pp
15.49%
+141.2 pp
- H1 2025
- -125.66%
- YTD 2026
- 15.49%
- Δ YoY
- +141.2 pp
EBIT margin
10.33%
+148.4 pp
10.33%
+148.4 pp
- H1 2025
- -138.09%
- YTD 2026
- 10.33%
- Δ YoY
- +148.4 pp
Net margin
5.86%
+143.4 pp
5.86%
+143.4 pp
- H1 2025
- -137.56%
- YTD 2026
- 5.86%
- Δ YoY
- +143.4 pp
Cash
493,415
+51.4%
493,415
+51.4%
- H1 2025
- 325,972
- YTD 2026
- —
- Δ YoY
- —
Total debt
597,445
−6.4%
597,445
−6.4%
- H1 2025
- 638,325
- YTD 2026
- —
- Δ YoY
- —
Net debt
104,030
−66.7%
104,030
−66.7%
- H1 2025
- 312,354
- YTD 2026
- —
- Δ YoY
- —
Equity
-1,224,432
+9.1%
-1,224,432
+9.1%
- H1 2025
- -1,347,235
- YTD 2026
- —
- Δ YoY
- —
Total assets
1,862,183
+19.2%
1,862,183
+19.2%
- H1 2025
- 1,562,299
- YTD 2026
- —
- Δ YoY
- —
Current assets
1,313,533
+65.1%
1,313,533
+65.1%
- H1 2025
- 795,752
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
2,629,241
+9.5%
2,629,241
+9.5%
- H1 2025
- 2,401,077
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
457,374
−10%
457,374
−10%
- H1 2025
- 508,457
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
820,118
+74.6%
820,118
+74.6%
- H1 2025
- 469,780
- YTD 2026
- —
- Δ YoY
- —
Trade payables
2,489,171
+9.6%
2,489,171
+9.6%
- H1 2025
- 2,271,209
- YTD 2026
- —
- Δ YoY
- —
CFO
-158,336
+92.4%
-158,336
+92.4%
- H1 2025
- -2,077,372
- YTD 2026
- -158,336
- Δ YoY
- +92.4%
CapEx
24,895
−95%
24,895
−95%
- H1 2025
- 497,726
- YTD 2026
- 24,895
- Δ YoY
- −95%
FCF
-183,231
+92.9%
-183,231
+92.9%
- H1 2025
- -2,575,098
- YTD 2026
- -183,231
- Δ YoY
- +92.9%
Current ratio
0.5x
+0.17x
0.5x
+0.17x
- H1 2025
- 0.33x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.19x
+0.05x
0.19x
+0.05x
- H1 2025
- 0.14x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
21.32%
—
21.32%
—
- H1 2025
- -42.44%
- YTD 2026
- 21.32%
- Δ YoY
- —
Net margin Δ (YoY)
51.57 pp
—
51.57 pp
—
- H1 2025
- -88.04 pp
- YTD 2026
- 51.57 pp
- Δ YoY
- —