Q1 2026 report
Grupa wciąż notuje stratę operacyjną i netto w I kw. 2026, ale skala straty wyraźnie zmniejszyła się r/r (EBIT -820 tys. PLN vs -1 806 tys. PLN, zysk netto przypisany akcjonariuszom jednostki dominującej -1 321 tys. PLN vs -1 968 tys. PLN)
Sentiment
Cautious
No guidance change
MXC
Q1 2026 report
Revenue
17,389 k PLN
— YoY
Net income
-1,321 k PLN
— YoY
EBITDA
-623 k PLN
— YoY
Gross margin
31.98%
— YoY
Summary
Investment thesis
- Przychody spadły o 23,5% r/r (17 389 vs 22 732 tys. PLN), ale marża brutto na sprzedaży wzrosła z 25,0% do 32,0% - sygnał poprawy struktury sprzedaży, nie tylko efekt wolumenu
- Saldo środków pieniężnych spadło z 4 932 do 1 206 tys. PLN w jeden kwartał - częściowo sezonowa budowa zapasów przed szczytem sprzedaży w II połowie roku, ale poziom gotówki na koniec kwartału jest bardzo wąski
- Dług netto wzrósł ponad dwukrotnie kw/kw (3 859 -> 7 856 tys. PLN), finansując wzrost zapasów o 9% i spadek zobowiązań handlowych o 37% - budowa cyklu sprzedażowego kosztem gotówki, nie kredytu kupieckiego
- Zarząd nie publikuje formalnych prognoz wyników, co utrudnia ocenę względem oczekiwań; silna sezonowość biznesu (szczyt sprzedaży w IV kwartale) oznacza, że wynik I kwartału nie jest reprezentatywny dla całego roku
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Financials
BETA
MXC · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 17,389 | — | — | reported | — | 1.00 |
| Gross profit | 5,561 | — | — | reported | — | 0.95 |
| EBITDA | -623 | — | — | derived | — | 0.90 |
| EBIT | -820 | — | — | reported | — | 1.00 |
| EBT | -1,361 | — | — | reported | — | 1.00 |
| Net income | -1,321 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.49 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.49 | — | — | reported | — | 1.00 |
| D&A | 197 | — | — | reported | — | 1.00 |
| Interest expense | 291 | — | — | reported | — | 0.90 |
| Shares (basic) (m units) | 2.7 | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 2.7 | — | — | reported | — | 1.00 |
| Gross margin | 31.98% | — | — | reported | — | 0.90 |
| EBITDA margin | -3.58% | — | — | reported | — | 0.85 |
| EBIT margin | -4.72% | — | — | reported | — | 0.90 |
| EBT margin | -7.83% | — | — | reported | — | 0.90 |
| Net margin | -7.6% | — | — | reported | — | 0.90 |
| D&A margin | 1.13% | — | — | reported | — | 0.90 |
| Cash | 1,206 | — | — | reported | — | 1.00 |
| Total debt | 9,062 | — | — | derived | — | 0.90 |
| Net debt | 7,856 | — | — | derived | — | 0.90 |
| Equity | 52,119 | — | — | reported | — | 1.00 |
| Total assets | 68,906 | — | — | reported | — | 1.00 |
| Working capital | 43,057 | — | — | derived | — | 0.95 |
| Current assets | 59,642 | — | — | reported | — | 1.00 |
| Current liabilities | 16,585 | — | — | reported | — | 1.00 |
| Goodwill | 31 | — | — | reported | — | 1.00 |
| Tangible equity | 52,088 | — | — | derived | — | 0.90 |
| CFO | -3,792 | — | — | reported | — | 1.00 |
| CapEx | 44 | — | — | reported | — | 1.00 |
| FCF | -3,836 | — | — | derived | — | 0.90 |
| Current ratio | 3.6x | — | — | reported | — | 0.95 |
| Quick ratio | 1.28x | — | — | reported | — | 0.90 |
| Cash ratio | 0.07x | — | — | reported | — | 0.95 |
| Interest coverage | -2.82x | — | — | reported | — | 0.70 |
| Debt / equity | 0.17x | — | — | reported | — | 0.85 |
| Debt / assets | 0.13x | — | — | reported | — | 0.85 |
| Net debt / equity | 0.15x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | -23.51% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | 61.13% | — | — | reported | — | 0.80 |
| EBIT growth (YoY) | 54.6% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | 32.87% | — | — | reported | — | 0.90 |
| EPS growth (YoY) | 32.88% | — | — | reported | — | 0.85 |
| FCF growth (YoY) | 10.93% | — | — | reported | — | 0.80 |
| Gross margin Δ (YoY) | 6.94 pp | — | — | reported | — | 0.85 |
| EBITDA margin Δ (YoY) | 3.47 pp | — | — | reported | — | 0.80 |
| EBIT margin Δ (YoY) | 3.23 pp | — | — | reported | — | 0.85 |
| Net margin Δ (YoY) | 1.06 pp | — | — | reported | — | 0.85 |
Q1 2026 · Δ YoY
Revenue
17,389
—
17,389
—
- Q1 2025
- —
Gross profit
5,561
—
5,561
—
- Q1 2025
- —
EBITDA
-623
—
-623
—
- Q1 2025
- —
EBIT
-820
—
-820
—
- Q1 2025
- —
EBT
-1,361
—
-1,361
—
- Q1 2025
- —
Net income
-1,321
—
-1,321
—
- Q1 2025
- —
EPS (basic)
(PLN)
-0.49
—
-0.49
—
- Q1 2025
- —
EPS (diluted)
(PLN)
-0.49
—
-0.49
—
- Q1 2025
- —
D&A
197
—
197
—
- Q1 2025
- —
Interest expense
291
—
291
—
- Q1 2025
- —
Shares (basic)
(m units)
2.7
—
2.7
—
- Q1 2025
- —
Shares (diluted)
(m units)
2.7
—
2.7
—
- Q1 2025
- —
Gross margin
31.98%
—
31.98%
—
- Q1 2025
- —
EBITDA margin
-3.58%
—
-3.58%
—
- Q1 2025
- —
EBIT margin
-4.72%
—
-4.72%
—
- Q1 2025
- —
EBT margin
-7.83%
—
-7.83%
—
- Q1 2025
- —
Net margin
-7.6%
—
-7.6%
—
- Q1 2025
- —
D&A margin
1.13%
—
1.13%
—
- Q1 2025
- —
Cash
1,206
—
1,206
—
- Q1 2025
- —
Total debt
9,062
—
9,062
—
- Q1 2025
- —
Net debt
7,856
—
7,856
—
- Q1 2025
- —
Equity
52,119
—
52,119
—
- Q1 2025
- —
Total assets
68,906
—
68,906
—
- Q1 2025
- —
Working capital
43,057
—
43,057
—
- Q1 2025
- —
Current assets
59,642
—
59,642
—
- Q1 2025
- —
Current liabilities
16,585
—
16,585
—
- Q1 2025
- —
Goodwill
31
—
31
—
- Q1 2025
- —
Tangible equity
52,088
—
52,088
—
- Q1 2025
- —
CFO
-3,792
—
-3,792
—
- Q1 2025
- —
CapEx
44
—
44
—
- Q1 2025
- —
FCF
-3,836
—
-3,836
—
- Q1 2025
- —
Current ratio
3.6x
—
3.6x
—
- Q1 2025
- —
Quick ratio
1.28x
—
1.28x
—
- Q1 2025
- —
Cash ratio
0.07x
—
0.07x
—
- Q1 2025
- —
Interest coverage
-2.82x
—
-2.82x
—
- Q1 2025
- —
Debt / equity
0.17x
—
0.17x
—
- Q1 2025
- —
Debt / assets
0.13x
—
0.13x
—
- Q1 2025
- —
Net debt / equity
0.15x
—
0.15x
—
- Q1 2025
- —
Revenue growth (YoY)
-23.51%
—
-23.51%
—
- Q1 2025
- —
EBITDA growth (YoY)
61.13%
—
61.13%
—
- Q1 2025
- —
EBIT growth (YoY)
54.6%
—
54.6%
—
- Q1 2025
- —
Net income growth (YoY)
32.87%
—
32.87%
—
- Q1 2025
- —
EPS growth (YoY)
32.88%
—
32.88%
—
- Q1 2025
- —
FCF growth (YoY)
10.93%
—
10.93%
—
- Q1 2025
- —
Gross margin Δ (YoY)
6.94 pp
—
6.94 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
3.47 pp
—
3.47 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
3.23 pp
—
3.23 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
1.06 pp
—
1.06 pp
—
- Q1 2025
- —