H1 2026 report
Spółka praktycznie nie ma bieżącej sprzedaży: przychody I półrocza 2026 to 178,5 tys. zł (−66% r/r), a koszty ogólnego zarządu 1,48 mln zł.
Sentiment
●●●●●●
ALG
H1 2026 report
Revenue
178,528 PLN
— YoY
Net income
-1,467,041 PLN
— YoY
EBITDA
-1,139,224 PLN
— YoY
Gross margin
100%
— YoY
Summary
Investment thesis
- Wartość grupy zależy od jednej gry — Phantom Hellcat (Ironbird Creations); skapitalizowane prace rozwojowe 16,9 mln zł stanowią 93% aktywów, premiera planowana na I/II kw. 2027.
- Biegły wydał wniosek z zastrzeżeniem (punkty A, B, C, D, F), w tym nie potwierdził zasadności założenia kontynuacji działalności.
- Kapitał własny jest ujemny (−0,72 mln zł), kapitał obrotowy −17,2 mln zł, gotówka 63 tys. zł; zarząd wnioskuje o przesunięcie głównych spłat układowych o 12 miesięcy.
- Poprawa bilansu wynika z konwersji 4,1 mln zł wierzytelności na akcje i emisji w Ironbird, nie z wyniku operacyjnego — kosztem rozwodnienia akcjonariuszy.
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Financials
BETA
ALG · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 178,528 | 835,992 | −78.6% | 178,528 | −78.6% | reported | — | 1.00 |
| Gross profit | 178,528 | 835,634 | −78.6% | 178,528 | −78.6% | reported | — | 1.00 |
| EBITDA | -1,139,224 | -2,988,808 | +61.9% | -1,139,224 | +61.9% | derived | — | 0.70 |
| EBIT | -1,158,339 | -3,109,090 | +62.7% | -1,158,339 | +62.7% | reported | — | 1.00 |
| EBT | -1,807,344 | -2,884,824 | +37.3% | -1,807,344 | +37.3% | reported | — | 1.00 |
| Net income | -1,467,041 | -2,795,729 | +47.5% | -1,467,041 | +47.5% | reported | — | 1.00 |
| EPS (basic) | -0.02 | -0.04 | +50% | -0.02 | +50% | reported | — | 1.00 |
| D&A | 19,115 | 120,282 | −84.1% | 19,115 | −84.1% | reported | — | 1.00 |
| Interest expense | 205,560 | — | — | 205,560 | — | reported | — | 1.00 |
| Income tax | -210,710 | 118,822 | −277.3% | -210,710 | −277.3% | reported | — | 1.00 |
| Shares (basic) (units) | 75,894,287 | 75,622,722 | — | 75,894,287 | — | reported | — | 1.00 |
| Gross margin | 100% | 99.96% | +0 pp | 100% | +0 pp | reported | — | 0.70 |
| EBITDA margin | -638.1% | -357.5% | −280.6 pp | -638.1% | −280.6 pp | reported | — | 0.70 |
| EBIT margin | -648.8% | -371.9% | −276.9 pp | -648.8% | −276.9 pp | reported | — | 0.70 |
| Net margin | -821.7% | -334.4% | −487.3 pp | -821.7% | −487.3 pp | reported | — | 0.70 |
| Cash | 63,195 | 491,777 | −87.1% | — | — | reported | — | 1.00 |
| Total debt | 1,682,675 | 4,717,046 | −64.3% | — | — | reported | — | 1.00 |
| Net debt | 1,619,480 | 4,225,269 | −61.7% | — | — | derived | — | 0.70 |
| Equity | -719,787 | -8,927,589 | +91.9% | — | — | reported | — | 1.00 |
| Total assets | 18,115,053 | 16,453,982 | +10.1% | — | — | reported | — | 1.00 |
| Working capital | -17,204,935 | — | — | — | — | reported | — | 0.70 |
| Current assets | 1,004,605 | 1,175,234 | −14.5% | — | — | reported | — | 1.00 |
| Current liabilities | 18,209,540 | 22,449,894 | −18.9% | — | — | reported | — | 1.00 |
| Non-current liabilities | 625,300 | 2,931,677 | −78.7% | — | — | reported | — | 1.00 |
| Trade receivables | 876,416 | 552,623 | +58.6% | — | — | reported | — | 1.00 |
| Trade payables | 15,662,905 | 18,691,938 | −16.2% | — | — | reported | — | 1.00 |
| Goodwill | 16,951,143 | 15,105,813 | +12.2% | — | — | reported | — | 1.00 |
| Tangible equity | -17,670,930 | — | — | — | — | reported | — | 0.70 |
| CFO | -323,959 | -3,761,944 | +91.4% | -323,959 | +91.4% | reported | — | 1.00 |
| CapEx | 2,178,260 | 10,999 | +19704.2% | 2,178,260 | +19704.2% | reported | — | 0.60 |
| FCF | -2,502,219 | -3,772,943 | +33.7% | -2,502,219 | +33.7% | derived | — | 0.60 |
| Current ratio | 0.06x | 0.05x | +0.01x | — | — | reported | — | 0.70 |
| Quick ratio | 0.06x | 0.05x | +0.01x | — | — | reported | — | 0.70 |
| Cash ratio | 0x | 0.02x | −0.02x | — | — | reported | — | 0.70 |
| Interest coverage | -5.63x | — | — | -5.63x | — | reported | — | 0.70 |
| Debt / equity | -2.34x | — | — | — | — | reported | — | 0.70 |
| Debt / assets | 0.09x | 0.29x | −0.2x | — | — | reported | — | 0.70 |
| Net debt / equity | -2.25x | — | — | — | — | reported | — | 0.70 |
| Revenue growth (YoY) | -65.7% | -64.6% | — | -65.7% | — | reported | — | 0.70 |
| EBIT growth (YoY) | 10.6% | 29.55% | — | 10.6% | — | reported | — | 0.70 |
| Net income growth (YoY) | -193.8% | 38.94% | — | -193.8% | — | reported | — | 0.70 |
| EBIT margin Δ (YoY) | -400 pp | — | — | -400 pp | — | reported | — | 0.50 |
H1 2026 · Δ YoY
Revenue
178,528
−78.6%
178,528
−78.6%
- H1 2025
- 835,992
- YTD 2026
- 178,528
- Δ YoY
- −78.6%
Gross profit
178,528
−78.6%
178,528
−78.6%
- H1 2025
- 835,634
- YTD 2026
- 178,528
- Δ YoY
- −78.6%
EBITDA
-1,139,224
+61.9%
-1,139,224
+61.9%
- H1 2025
- -2,988,808
- YTD 2026
- -1,139,224
- Δ YoY
- +61.9%
EBIT
-1,158,339
+62.7%
-1,158,339
+62.7%
- H1 2025
- -3,109,090
- YTD 2026
- -1,158,339
- Δ YoY
- +62.7%
EBT
-1,807,344
+37.3%
-1,807,344
+37.3%
- H1 2025
- -2,884,824
- YTD 2026
- -1,807,344
- Δ YoY
- +37.3%
Net income
-1,467,041
+47.5%
-1,467,041
+47.5%
- H1 2025
- -2,795,729
- YTD 2026
- -1,467,041
- Δ YoY
- +47.5%
EPS (basic)
-0.02
+50%
-0.02
+50%
- H1 2025
- -0.04
- YTD 2026
- -0.02
- Δ YoY
- +50%
D&A
19,115
−84.1%
19,115
−84.1%
- H1 2025
- 120,282
- YTD 2026
- 19,115
- Δ YoY
- −84.1%
Interest expense
205,560
—
205,560
—
- H1 2025
- —
- YTD 2026
- 205,560
- Δ YoY
- —
Income tax
-210,710
−277.3%
-210,710
−277.3%
- H1 2025
- 118,822
- YTD 2026
- -210,710
- Δ YoY
- −277.3%
Shares (basic)
(units)
75,894,287
—
75,894,287
—
- H1 2025
- 75,622,722
- YTD 2026
- 75,894,287
- Δ YoY
- —
Gross margin
100%
+0 pp
100%
+0 pp
- H1 2025
- 99.96%
- YTD 2026
- 100%
- Δ YoY
- +0 pp
EBITDA margin
-638.1%
−280.6 pp
-638.1%
−280.6 pp
- H1 2025
- -357.5%
- YTD 2026
- -638.1%
- Δ YoY
- −280.6 pp
EBIT margin
-648.8%
−276.9 pp
-648.8%
−276.9 pp
- H1 2025
- -371.9%
- YTD 2026
- -648.8%
- Δ YoY
- −276.9 pp
Net margin
-821.7%
−487.3 pp
-821.7%
−487.3 pp
- H1 2025
- -334.4%
- YTD 2026
- -821.7%
- Δ YoY
- −487.3 pp
Cash
63,195
−87.1%
63,195
−87.1%
- H1 2025
- 491,777
- YTD 2026
- —
- Δ YoY
- —
Total debt
1,682,675
−64.3%
1,682,675
−64.3%
- H1 2025
- 4,717,046
- YTD 2026
- —
- Δ YoY
- —
Net debt
1,619,480
−61.7%
1,619,480
−61.7%
- H1 2025
- 4,225,269
- YTD 2026
- —
- Δ YoY
- —
Equity
-719,787
+91.9%
-719,787
+91.9%
- H1 2025
- -8,927,589
- YTD 2026
- —
- Δ YoY
- —
Total assets
18,115,053
+10.1%
18,115,053
+10.1%
- H1 2025
- 16,453,982
- YTD 2026
- —
- Δ YoY
- —
Working capital
-17,204,935
—
-17,204,935
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
1,004,605
−14.5%
1,004,605
−14.5%
- H1 2025
- 1,175,234
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
18,209,540
−18.9%
18,209,540
−18.9%
- H1 2025
- 22,449,894
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
625,300
−78.7%
625,300
−78.7%
- H1 2025
- 2,931,677
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
876,416
+58.6%
876,416
+58.6%
- H1 2025
- 552,623
- YTD 2026
- —
- Δ YoY
- —
Trade payables
15,662,905
−16.2%
15,662,905
−16.2%
- H1 2025
- 18,691,938
- YTD 2026
- —
- Δ YoY
- —
Goodwill
16,951,143
+12.2%
16,951,143
+12.2%
- H1 2025
- 15,105,813
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
-17,670,930
—
-17,670,930
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-323,959
+91.4%
-323,959
+91.4%
- H1 2025
- -3,761,944
- YTD 2026
- -323,959
- Δ YoY
- +91.4%
CapEx
2,178,260
+19704.2%
2,178,260
+19704.2%
- H1 2025
- 10,999
- YTD 2026
- 2,178,260
- Δ YoY
- +19704.2%
FCF
-2,502,219
+33.7%
-2,502,219
+33.7%
- H1 2025
- -3,772,943
- YTD 2026
- -2,502,219
- Δ YoY
- +33.7%
Current ratio
0.06x
+0.01x
0.06x
+0.01x
- H1 2025
- 0.05x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.06x
+0.01x
0.06x
+0.01x
- H1 2025
- 0.05x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0x
−0.02x
0x
−0.02x
- H1 2025
- 0.02x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
-5.63x
—
-5.63x
—
- H1 2025
- —
- YTD 2026
- -5.63x
- Δ YoY
- —
Debt / equity
-2.34x
—
-2.34x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.09x
−0.2x
0.09x
−0.2x
- H1 2025
- 0.29x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-2.25x
—
-2.25x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-65.7%
—
-65.7%
—
- H1 2025
- -64.6%
- YTD 2026
- -65.7%
- Δ YoY
- —
EBIT growth (YoY)
10.6%
—
10.6%
—
- H1 2025
- 29.55%
- YTD 2026
- 10.6%
- Δ YoY
- —
Net income growth (YoY)
-193.8%
—
-193.8%
—
- H1 2025
- 38.94%
- YTD 2026
- -193.8%
- Δ YoY
- —
EBIT margin Δ (YoY)
-400 pp
—
-400 pp
—
- H1 2025
- —
- YTD 2026
- -400 pp
- Δ YoY
- —