Q1 2026 report
Quantum software to holding technologiczny skupiony wokół serii produktów Qguar (WMS/MES/ERP dla produkcji i logistyki), sprzedawanych głównie w Polsce (74,3% przychodów) i przez spółki zależne za granicą (Ukraina, Bliski Wschód).
Sentiment
Cautious
No guidance change
QNT
Q1 2026 report
Revenue
12,922 k PLN
— YoY
Net income
-359 k PLN
— YoY
EBITDA
-265 k PLN
— YoY
Gross margin
23.87%
— YoY
Summary
Investment thesis
- Bilans jest bardzo konserwatywny — brak kredytów bankowych, jedyny dług to leasing (862 tys. zł), a spółka ma pozycję gotówki netto ok. 8,3 mln zł przy kapitalizacji zakładowej 682 tys. zł.
- Q1 2026 to wyraźnie słabszy kwartał: przychody -9,7% r/r, strata operacyjna -456 tys. zł wobec zysku +1 017 tys. zł rok wcześniej, głównie przez spadek sprzedaży towarów (-57% r/r) i wzrost kosztów ogólnego zarządu.
- Ekspozycja na wojnę w Ukrainie (spółka zależna Quantum International w Kijowie) oraz nowy konflikt zbrojny w Zatoce Perskiej (Quantum Middle East w Rijadzie) to bezpośrednie ryzyka geopolityczne wpływające na pipeline sprzedażowy.
- Struktura akcjonariatu jest skoncentrowana — Quantum Assets sp. z o.o. kontroluje 63,87% głosów dzięki akcjom uprzywilejowanym, co jest istotne przy ocenie ładu korporacyjnego.
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Financials
BETA
QNT · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 12,922 | — | — | reported | — | 1.00 |
| Gross profit | 3,085 | — | — | reported | — | 1.00 |
| EBITDA | -265 | — | — | reported | — | 0.90 |
| EBIT | -456 | — | — | reported | — | 1.00 |
| EBT | -300 | — | — | reported | — | 1.00 |
| Net income | -359 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.21 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.21 | — | — | reported | — | 1.00 |
| D&A | 191 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 1.36 | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 1.36 | — | — | reported | — | 1.00 |
| Gross margin | 23.87% | — | — | reported | — | 0.90 |
| EBITDA margin | -2.05% | — | — | reported | — | 0.90 |
| EBIT margin | -3.53% | — | — | reported | — | 0.90 |
| EBT margin | -2.32% | — | — | reported | — | 0.90 |
| Net margin | -2.78% | — | — | reported | — | 0.90 |
| Cash | 9,150 | — | — | reported | — | 1.00 |
| Total debt | 862 | — | — | reported | — | 0.90 |
| Net debt | -8,288 | — | — | derived | — | 0.90 |
| Equity | 21,867 | — | — | reported | — | 1.00 |
| Total assets | 29,903 | — | — | reported | — | 1.00 |
| Working capital | 20,321 | — | — | derived | — | 0.90 |
| Current assets | 26,685 | — | — | reported | — | 1.00 |
| Current liabilities | 6,364 | — | — | reported | — | 1.00 |
| CFO | 184 | — | — | reported | — | 1.00 |
| CapEx | 104 | — | — | reported | — | 1.00 |
| FCF | 80 | — | — | derived | — | 0.90 |
| Current ratio | 4.19x | — | — | reported | — | 0.90 |
| Quick ratio | 4.13x | — | — | reported | — | 0.90 |
| Cash ratio | 1.44x | — | — | reported | — | 0.90 |
| Debt / equity | 0.04x | — | — | reported | — | 0.90 |
| Debt / assets | 0.03x | — | — | reported | — | 0.90 |
| Net debt / equity | -0.38x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | -9.67% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | -121.86% | — | — | reported | — | 0.85 |
| EBIT growth (YoY) | -144.84% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | -147.87% | — | — | reported | — | 0.90 |
| EPS growth (YoY) | -133.87% | — | — | reported | — | 0.90 |
| FCF growth (YoY) | 106.28% | — | — | reported | — | 0.80 |
| Gross margin Δ (YoY) | -4.27 pp | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | -10.52 pp | — | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | -10.64 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | -8.02 pp | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
12,922
—
12,922
—
- Q1 2025
- —
Gross profit
3,085
—
3,085
—
- Q1 2025
- —
EBITDA
-265
—
-265
—
- Q1 2025
- —
EBIT
-456
—
-456
—
- Q1 2025
- —
EBT
-300
—
-300
—
- Q1 2025
- —
Net income
-359
—
-359
—
- Q1 2025
- —
EPS (basic)
(PLN)
-0.21
—
-0.21
—
- Q1 2025
- —
EPS (diluted)
(PLN)
-0.21
—
-0.21
—
- Q1 2025
- —
D&A
191
—
191
—
- Q1 2025
- —
Shares (basic)
(m units)
1.36
—
1.36
—
- Q1 2025
- —
Shares (diluted)
(m units)
1.36
—
1.36
—
- Q1 2025
- —
Gross margin
23.87%
—
23.87%
—
- Q1 2025
- —
EBITDA margin
-2.05%
—
-2.05%
—
- Q1 2025
- —
EBIT margin
-3.53%
—
-3.53%
—
- Q1 2025
- —
EBT margin
-2.32%
—
-2.32%
—
- Q1 2025
- —
Net margin
-2.78%
—
-2.78%
—
- Q1 2025
- —
Cash
9,150
—
9,150
—
- Q1 2025
- —
Total debt
862
—
862
—
- Q1 2025
- —
Net debt
-8,288
—
-8,288
—
- Q1 2025
- —
Equity
21,867
—
21,867
—
- Q1 2025
- —
Total assets
29,903
—
29,903
—
- Q1 2025
- —
Working capital
20,321
—
20,321
—
- Q1 2025
- —
Current assets
26,685
—
26,685
—
- Q1 2025
- —
Current liabilities
6,364
—
6,364
—
- Q1 2025
- —
CFO
184
—
184
—
- Q1 2025
- —
CapEx
104
—
104
—
- Q1 2025
- —
FCF
80
—
80
—
- Q1 2025
- —
Current ratio
4.19x
—
4.19x
—
- Q1 2025
- —
Quick ratio
4.13x
—
4.13x
—
- Q1 2025
- —
Cash ratio
1.44x
—
1.44x
—
- Q1 2025
- —
Debt / equity
0.04x
—
0.04x
—
- Q1 2025
- —
Debt / assets
0.03x
—
0.03x
—
- Q1 2025
- —
Net debt / equity
-0.38x
—
-0.38x
—
- Q1 2025
- —
Revenue growth (YoY)
-9.67%
—
-9.67%
—
- Q1 2025
- —
EBITDA growth (YoY)
-121.86%
—
-121.86%
—
- Q1 2025
- —
EBIT growth (YoY)
-144.84%
—
-144.84%
—
- Q1 2025
- —
Net income growth (YoY)
-147.87%
—
-147.87%
—
- Q1 2025
- —
EPS growth (YoY)
-133.87%
—
-133.87%
—
- Q1 2025
- —
FCF growth (YoY)
106.28%
—
106.28%
—
- Q1 2025
- —
Gross margin Δ (YoY)
-4.27 pp
—
-4.27 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-10.52 pp
—
-10.52 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-10.64 pp
—
-10.64 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-8.02 pp
—
-8.02 pp
—
- Q1 2025
- —