Q1 2026 report
Strata netto -23,1 mln zł to w całości efekt jednorazowego, niepieniężnego odpisu 100% wartości firmy Game On (24,9 mln zł) — operacyjnie Grupa się poprawia
Sentiment
Neutral
No guidance change
PCF
Q1 2026 report
Revenue
45.57 m PLN
— YoY
Net income
-23.09 m PLN
— YoY
EBITDA
-17.22 m PLN
— YoY
Gross margin
30.12%
— YoY
Summary
Investment thesis
- Zysk brutto ze sprzedaży +44,6% r/r mimo spadku przychodów o 27,7% — istotna poprawa efektywności kosztowej po zamknięciu Gemini i zawieszeniu Bifrost
- Operacyjne przepływy pieniężne dodatnie (+9,5 mln zł) mimo księgowej straty, wspierane spadkiem należności; dług netto spadł o ok. 30% kw/kw
- Pipeline projektowy się odbudowuje (Krafton Zulu/Bravo, Sony Delta, 2K Games Florence od kwietnia 2026) po utracie dwóch dużych kontraktów (Gemini, Echo)
- Wejście w nowy model biznesowy — wydawnictwo gier podmiotów trzecich — poprzez umowę z Cooldown Games (kwiecień 2026) finansowaną nową emisją akcji serii I (13,9 mln zł)
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Financials
BETA
PCF · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 45.57 | — | — | reported | — | 1.00 |
| Gross profit | 13.73 | — | — | reported | — | 1.00 |
| EBITDA | -17.22 | — | — | derived | — | 0.80 |
| EBIT | -20.85 | — | — | reported | — | 1.00 |
| EBT | -22.24 | — | — | reported | — | 1.00 |
| Net income | -23.09 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.55 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.55 | — | — | reported | — | 1.00 |
| D&A | 3.64 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 42.61 | — | — | reported | — | 1.00 |
| Gross margin | 30.12% | — | — | reported | — | 0.90 |
| EBITDA margin | -37.78% | — | — | reported | — | 0.80 |
| EBIT margin | -45.76% | — | — | reported | — | 0.90 |
| Net margin | -51.11% | — | — | reported | — | 0.90 |
| Cash | 16.82 | — | — | reported | — | 1.00 |
| Total debt | 32.89 | — | — | derived | — | 0.90 |
| Net debt | 16.07 | — | — | derived | — | 0.90 |
| Equity | 117.94 | — | — | reported | — | 1.00 |
| Total assets | 184.49 | — | — | reported | — | 1.00 |
| Working capital | 40.53 | — | — | derived | — | 1.00 |
| Current assets | 96.26 | — | — | reported | — | 1.00 |
| Current liabilities | 55.73 | — | — | reported | — | 1.00 |
| Goodwill | 0 | — | — | reported | — | 1.00 |
| CFO | 9.46 | — | — | reported | — | 1.00 |
| CapEx | 2.12 | — | — | reported | — | 1.00 |
| FCF | 7.35 | — | — | derived | — | 0.90 |
| Current ratio | 1.73x | — | — | reported | — | 1.00 |
| Cash ratio | 0.3x | — | — | reported | — | 1.00 |
| Debt / equity | 0.28x | — | — | reported | — | 0.85 |
| Net debt / equity | 0.14x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | -27.66% | — | — | reported | — | 0.95 |
| EBIT growth (YoY) | -382.6% | — | — | reported | — | 0.85 |
| Net income growth (YoY) | -515.7% | — | — | reported | — | 0.85 |
| EPS growth (YoY) | -400% | — | — | reported | — | 0.85 |
| Gross margin Δ (YoY) | 15.05 pp | — | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | -38.9 pp | — | — | reported | — | 0.85 |
| Net margin Δ (YoY) | -44.99 pp | — | — | reported | — | 0.85 |
Q1 2026 · Δ YoY
Revenue
45.57
—
45.57
—
- Q1 2025
- —
Gross profit
13.73
—
13.73
—
- Q1 2025
- —
EBITDA
-17.22
—
-17.22
—
- Q1 2025
- —
EBIT
-20.85
—
-20.85
—
- Q1 2025
- —
EBT
-22.24
—
-22.24
—
- Q1 2025
- —
Net income
-23.09
—
-23.09
—
- Q1 2025
- —
EPS (basic)
(PLN)
-0.55
—
-0.55
—
- Q1 2025
- —
EPS (diluted)
(PLN)
-0.55
—
-0.55
—
- Q1 2025
- —
D&A
3.64
—
3.64
—
- Q1 2025
- —
Shares (basic)
(m units)
42.61
—
42.61
—
- Q1 2025
- —
Gross margin
30.12%
—
30.12%
—
- Q1 2025
- —
EBITDA margin
-37.78%
—
-37.78%
—
- Q1 2025
- —
EBIT margin
-45.76%
—
-45.76%
—
- Q1 2025
- —
Net margin
-51.11%
—
-51.11%
—
- Q1 2025
- —
Cash
16.82
—
16.82
—
- Q1 2025
- —
Total debt
32.89
—
32.89
—
- Q1 2025
- —
Net debt
16.07
—
16.07
—
- Q1 2025
- —
Equity
117.94
—
117.94
—
- Q1 2025
- —
Total assets
184.49
—
184.49
—
- Q1 2025
- —
Working capital
40.53
—
40.53
—
- Q1 2025
- —
Current assets
96.26
—
96.26
—
- Q1 2025
- —
Current liabilities
55.73
—
55.73
—
- Q1 2025
- —
Goodwill
0
—
0
—
- Q1 2025
- —
CFO
9.46
—
9.46
—
- Q1 2025
- —
CapEx
2.12
—
2.12
—
- Q1 2025
- —
FCF
7.35
—
7.35
—
- Q1 2025
- —
Current ratio
1.73x
—
1.73x
—
- Q1 2025
- —
Cash ratio
0.3x
—
0.3x
—
- Q1 2025
- —
Debt / equity
0.28x
—
0.28x
—
- Q1 2025
- —
Net debt / equity
0.14x
—
0.14x
—
- Q1 2025
- —
Revenue growth (YoY)
-27.66%
—
-27.66%
—
- Q1 2025
- —
EBIT growth (YoY)
-382.6%
—
-382.6%
—
- Q1 2025
- —
Net income growth (YoY)
-515.7%
—
-515.7%
—
- Q1 2025
- —
EPS growth (YoY)
-400%
—
-400%
—
- Q1 2025
- —
Gross margin Δ (YoY)
15.05 pp
—
15.05 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-38.9 pp
—
-38.9 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-44.99 pp
—
-44.99 pp
—
- Q1 2025
- —