H1 2026 report
Wynik grupy jest zdominowany zdarzeniami jednorazowymi: ujemne korekty przychodów 7 924 tys. zł po porozumieniu z 1.03.2026, odpisy należności 4 818 tys. zł, odpis gier w produkcji 2 080 tys. zł i wyzerowanie akcji Blockchain Factory (2 400 tys. zł); strata netto -3 269 tys. zł.
Sentiment
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SIM
H1 2026 report
Revenue
1.34 m PLN
— YoY
Net income
-2.01 m PLN
— YoY
EBITDA
-871 k PLN
— YoY
FCF
-427 k PLN
— YoY
Summary
Investment thesis
- Biegły rewident w przeglądzie zwraca uwagę na „znaczącą niepewność dotyczącą kontynuacji działalności”, a zarząd w nocie 5 i w liście do akcjonariuszy twierdzi, że zagrożenia nie ma.
- Bilans wygląda na mocny (kapitał własny 13,3 mln zł, zobowiązania 1,6 mln zł), ale 11,2 mln zł z 11,9 mln zł aktywów obrotowych to należności, a gotówki jest 142 tys. zł; operacyjny przepływ ujemny (-354 tys. zł) nie ma pokrycia w sprzedaży.
- Przychody spadły o 63,5% do 1 339 tys. zł, a w rzeczywistości sprzedaż bieżąca jest jeszcze niższa, bo część przychodów to korekta ujemna (-174 tys. zł w pozycji „pozostałe gry”).
- Po dniu bilansowym pojawiły się nowe kanały (Microsoft Store: 5 gier, 7 w certyfikacji; program „Back Compat on PC” od października 2026; umowa ramowa z MBF Group), ale bez liczb i bez zobowiązań finansowych.
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Financials
BETA
SIM · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,339 | 8,206 | −83.7% | 1,339 | −83.7% | reported | — | 1.00 |
| EBITDA | -871 | 2,089 | −141.7% | -871 | −141.7% | reported | — | 1.00 |
| EBIT | -993 | 711 | −239.7% | -993 | −239.7% | reported | — | 1.00 |
| EBT | -3,852 | -336 | −1046.4% | -3,852 | −1046.4% | reported | — | 1.00 |
| Net income | -2,013 | -231 | −771.4% | -2,013 | −771.4% | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.17 | -0.03 | — | -0.17 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.17 | -0.03 | — | -0.17 | — | reported | — | 1.00 |
| D&A | 122 | 1,379 | −91.2% | 122 | −91.2% | reported | — | 1.00 |
| Interest expense | 2,512 | 551 | +355.9% | 2,512 | +355.9% | reported | — | 0.80 |
| Income tax | -583 | -105 | −455.2% | -583 | −455.2% | reported | — | 1.00 |
| Shares (basic) (m units) | 12.15 | 10.94 | — | 12.15 | — | reported | — | 1.00 |
| EBITDA margin | -65% | 25.46% | −90.5 pp | -65% | −90.5 pp | derived | — | 0.80 |
| EBIT margin | -74.2% | 8.67% | −82.9 pp | -74.2% | −82.9 pp | derived | — | 0.80 |
| Net margin | -150.3% | -2.81% | −147.5 pp | -150.3% | −147.5 pp | derived | — | 0.80 |
| Cash | 142 | 175 | −18.9% | — | — | reported | — | 1.00 |
| Total debt | 63 | 58 | +8.6% | — | — | reported | — | 1.00 |
| Net debt | -79 | -117 | +32.5% | — | — | derived | — | 0.90 |
| Equity | 13,332 | 16,602 | −19.7% | — | — | reported | — | 1.00 |
| Total assets | 14,919 | 18,415 | −19% | — | — | reported | — | 1.00 |
| Working capital | 10,372 | — | — | — | — | derived | — | 0.90 |
| Current assets | 11,938 | 9,735 | +22.6% | — | — | reported | — | 1.00 |
| Current liabilities | 1,566 | 1,754 | −10.7% | — | — | reported | — | 1.00 |
| Non-current liabilities | 21 | 59 | −64.4% | — | — | reported | — | 1.00 |
| Trade receivables | 11,174 | 8,740 | +27.8% | — | — | reported | — | 0.90 |
| Trade payables | 1,409 | 1,570 | −10.3% | — | — | reported | — | 0.90 |
| Goodwill | 171 | 2,299 | −92.6% | — | — | reported | — | 1.00 |
| Tangible equity | 13,161 | — | — | — | — | derived | — | 0.80 |
| CFO | -354 | -318 | −11.3% | -354 | −11.3% | reported | — | 1.00 |
| CapEx | 73 | 118 | −38.1% | 73 | −38.1% | reported | — | 1.00 |
| FCF | -427 | -436 | +2.1% | -427 | +2.1% | derived | — | 0.90 |
| Current ratio | 7.62x | 5.55x | +2.07x | — | — | derived | — | 0.80 |
| Quick ratio | 7.62x | — | — | — | — | derived | — | 0.80 |
| Cash ratio | 0.09x | 0.1x | −0.01x | — | — | derived | — | 0.80 |
| Debt / equity | 0.01x | 0x | +0x | — | — | derived | — | 0.80 |
| Debt / assets | 0x | 0x | +0x | — | — | derived | — | 0.80 |
| Net debt / equity | -0.01x | -0.01x | +0x | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | -63.5% | -20.53% | — | -63.5% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | -164.4% | -29.66% | — | -164.4% | — | derived | — | 0.80 |
| EBITDA margin Δ (YoY) | -101.9 pp | — | — | -101.9 pp | — | derived | — | 0.80 |
| EBIT margin Δ (YoY) | -84.7 pp | — | — | -84.7 pp | — | derived | — | 0.80 |
| Net margin Δ (YoY) | -133.8 pp | — | — | -133.8 pp | — | derived | — | 0.80 |
H1 2026 · Δ YoY
Revenue
1,339
−83.7%
1,339
−83.7%
- H1 2025
- 8,206
- YTD 2026
- 1,339
- Δ YoY
- −83.7%
EBITDA
-871
−141.7%
-871
−141.7%
- H1 2025
- 2,089
- YTD 2026
- -871
- Δ YoY
- −141.7%
EBIT
-993
−239.7%
-993
−239.7%
- H1 2025
- 711
- YTD 2026
- -993
- Δ YoY
- −239.7%
EBT
-3,852
−1046.4%
-3,852
−1046.4%
- H1 2025
- -336
- YTD 2026
- -3,852
- Δ YoY
- −1046.4%
Net income
-2,013
−771.4%
-2,013
−771.4%
- H1 2025
- -231
- YTD 2026
- -2,013
- Δ YoY
- −771.4%
EPS (basic)
(PLN)
-0.17
—
-0.17
—
- H1 2025
- -0.03
- YTD 2026
- -0.17
- Δ YoY
- —
EPS (diluted)
(PLN)
-0.17
—
-0.17
—
- H1 2025
- -0.03
- YTD 2026
- -0.17
- Δ YoY
- —
D&A
122
−91.2%
122
−91.2%
- H1 2025
- 1,379
- YTD 2026
- 122
- Δ YoY
- −91.2%
Interest expense
2,512
+355.9%
2,512
+355.9%
- H1 2025
- 551
- YTD 2026
- 2,512
- Δ YoY
- +355.9%
Income tax
-583
−455.2%
-583
−455.2%
- H1 2025
- -105
- YTD 2026
- -583
- Δ YoY
- −455.2%
Shares (basic)
(m units)
12.15
—
12.15
—
- H1 2025
- 10.94
- YTD 2026
- 12.15
- Δ YoY
- —
EBITDA margin
-65%
−90.5 pp
-65%
−90.5 pp
- H1 2025
- 25.46%
- YTD 2026
- -65%
- Δ YoY
- −90.5 pp
EBIT margin
-74.2%
−82.9 pp
-74.2%
−82.9 pp
- H1 2025
- 8.67%
- YTD 2026
- -74.2%
- Δ YoY
- −82.9 pp
Net margin
-150.3%
−147.5 pp
-150.3%
−147.5 pp
- H1 2025
- -2.81%
- YTD 2026
- -150.3%
- Δ YoY
- −147.5 pp
Cash
142
−18.9%
142
−18.9%
- H1 2025
- 175
- YTD 2026
- —
- Δ YoY
- —
Total debt
63
+8.6%
63
+8.6%
- H1 2025
- 58
- YTD 2026
- —
- Δ YoY
- —
Net debt
-79
+32.5%
-79
+32.5%
- H1 2025
- -117
- YTD 2026
- —
- Δ YoY
- —
Equity
13,332
−19.7%
13,332
−19.7%
- H1 2025
- 16,602
- YTD 2026
- —
- Δ YoY
- —
Total assets
14,919
−19%
14,919
−19%
- H1 2025
- 18,415
- YTD 2026
- —
- Δ YoY
- —
Working capital
10,372
—
10,372
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
11,938
+22.6%
11,938
+22.6%
- H1 2025
- 9,735
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
1,566
−10.7%
1,566
−10.7%
- H1 2025
- 1,754
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
21
−64.4%
21
−64.4%
- H1 2025
- 59
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
11,174
+27.8%
11,174
+27.8%
- H1 2025
- 8,740
- YTD 2026
- —
- Δ YoY
- —
Trade payables
1,409
−10.3%
1,409
−10.3%
- H1 2025
- 1,570
- YTD 2026
- —
- Δ YoY
- —
Goodwill
171
−92.6%
171
−92.6%
- H1 2025
- 2,299
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
13,161
—
13,161
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-354
−11.3%
-354
−11.3%
- H1 2025
- -318
- YTD 2026
- -354
- Δ YoY
- −11.3%
CapEx
73
−38.1%
73
−38.1%
- H1 2025
- 118
- YTD 2026
- 73
- Δ YoY
- −38.1%
FCF
-427
+2.1%
-427
+2.1%
- H1 2025
- -436
- YTD 2026
- -427
- Δ YoY
- +2.1%
Current ratio
7.62x
+2.07x
7.62x
+2.07x
- H1 2025
- 5.55x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
7.62x
—
7.62x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.09x
−0.01x
0.09x
−0.01x
- H1 2025
- 0.1x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.01x
+0x
0.01x
+0x
- H1 2025
- 0x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0x
+0x
0x
+0x
- H1 2025
- 0x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.01x
+0x
-0.01x
+0x
- H1 2025
- -0.01x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-63.5%
—
-63.5%
—
- H1 2025
- -20.53%
- YTD 2026
- -63.5%
- Δ YoY
- —
EBITDA growth (YoY)
-164.4%
—
-164.4%
—
- H1 2025
- -29.66%
- YTD 2026
- -164.4%
- Δ YoY
- —
EBITDA margin Δ (YoY)
-101.9 pp
—
-101.9 pp
—
- H1 2025
- —
- YTD 2026
- -101.9 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-84.7 pp
—
-84.7 pp
—
- H1 2025
- —
- YTD 2026
- -84.7 pp
- Δ YoY
- —
Net margin Δ (YoY)
-133.8 pp
—
-133.8 pp
—
- H1 2025
- —
- YTD 2026
- -133.8 pp
- Δ YoY
- —