Q1 2026 report
Kasowa maszyna bez długu — OCF (2,26 mln PLN) powyżej zysku netto (1,87 mln PLN), zero zadłużenia oprocentowanego, 19,75 mln PLN gotówki.
Sentiment
Neutral
No guidance change
RENDER
Q1 2026 report
Revenue
4.14 m PLN
— YoY
Net income
1.87 m PLN
— YoY
EBITDA
3.16 m PLN
— YoY
Gross margin
69.91%
— YoY
Summary
Investment thesis
- Model royalty oparty na jednym tytule (Medieval Dynasty) — 100% przychodu i należności handlowych pochodzi od powiązanego wydawcy Toplitz Productions GmbH, kontrolowanego przez głównego akcjonariusza Render Cube (Iridium Media Group GmbH).
- Przychody spadły r/r (-13,8%) mimo sprzedaży skumulowanej >3 mln egzemplarzy — brak nowych krótkoterminowych katalizatorów poza jednym DLC.
- Zysk netto wzrósł mimo spadku sprzedaży głównie dzięki niższym kosztom finansowym i uldze IP Box (ETR ~11%), nie dzięki poprawie operacyjnej (EBIT spadł -13,3% r/r).
- Nowa, nienazwana produkcja weszła w fazę produkcyjną od 2026 r. — potencjalny średnioterminowy katalizator, ale bez ujawnionego budżetu i daty premiery.
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Financials
BETA
RENDER · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 4.14 | — | — | reported | — | 1.00 |
| Gross profit | 2.89 | — | — | reported | — | 1.00 |
| EBITDA | 3.16 | — | — | reported | — | 1.00 |
| EBIT | 2.03 | — | — | reported | — | 1.00 |
| EBT | 2.1 | — | — | reported | — | 1.00 |
| Net income | 1.87 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 1.74 | — | — | reported | — | 1.00 |
| D&A | 1.12 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 1.08 | — | — | reported | — | 1.00 |
| Gross margin | 69.91% | — | — | reported | — | 1.00 |
| EBITDA margin | 76.28% | — | — | reported | — | 1.00 |
| EBIT margin | 49.12% | — | — | reported | — | 1.00 |
| EBT margin | 50.75% | — | — | reported | — | 1.00 |
| Net margin | 45.15% | — | — | reported | — | 1.00 |
| D&A margin | 27.16% | — | — | reported | — | 1.00 |
| Cash | 19.75 | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | reported | — | 1.00 |
| Equity | 35.68 | — | — | reported | — | 1.00 |
| Total assets | 37.31 | — | — | reported | — | 1.00 |
| Current assets | 28.52 | — | — | reported | — | 1.00 |
| Current liabilities | 1.01 | — | — | reported | — | 1.00 |
| Goodwill | 6.87 | — | — | reported | — | 1.00 |
| CFO | 2.26 | — | — | reported | — | 1.00 |
| CapEx | 0.05 | — | — | reported | — | 1.00 |
| FCF | 2.21 | — | — | derived | — | 1.00 |
| Current ratio | 28.3x | — | — | reported | — | 1.00 |
| Quick ratio | 21.93x | — | — | reported | — | 0.90 |
| Cash ratio | 19.6x | — | — | reported | — | 1.00 |
| Debt / equity | 0x | — | — | reported | — | 1.00 |
| Net debt / equity | -0.55x | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | -13.82% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -9.77% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | -13.33% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 26.72% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | 27.01% | — | — | reported | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
4.14
—
4.14
—
- Q1 2025
- —
Gross profit
2.89
—
2.89
—
- Q1 2025
- —
EBITDA
3.16
—
3.16
—
- Q1 2025
- —
EBIT
2.03
—
2.03
—
- Q1 2025
- —
EBT
2.1
—
2.1
—
- Q1 2025
- —
Net income
1.87
—
1.87
—
- Q1 2025
- —
EPS (basic)
(PLN)
1.74
—
1.74
—
- Q1 2025
- —
D&A
1.12
—
1.12
—
- Q1 2025
- —
Shares (basic)
(m units)
1.08
—
1.08
—
- Q1 2025
- —
Gross margin
69.91%
—
69.91%
—
- Q1 2025
- —
EBITDA margin
76.28%
—
76.28%
—
- Q1 2025
- —
EBIT margin
49.12%
—
49.12%
—
- Q1 2025
- —
EBT margin
50.75%
—
50.75%
—
- Q1 2025
- —
Net margin
45.15%
—
45.15%
—
- Q1 2025
- —
D&A margin
27.16%
—
27.16%
—
- Q1 2025
- —
Cash
19.75
—
19.75
—
- Q1 2025
- —
Total debt
0
—
0
—
- Q1 2025
- —
Equity
35.68
—
35.68
—
- Q1 2025
- —
Total assets
37.31
—
37.31
—
- Q1 2025
- —
Current assets
28.52
—
28.52
—
- Q1 2025
- —
Current liabilities
1.01
—
1.01
—
- Q1 2025
- —
Goodwill
6.87
—
6.87
—
- Q1 2025
- —
CFO
2.26
—
2.26
—
- Q1 2025
- —
CapEx
0.05
—
0.05
—
- Q1 2025
- —
FCF
2.21
—
2.21
—
- Q1 2025
- —
Current ratio
28.3x
—
28.3x
—
- Q1 2025
- —
Quick ratio
21.93x
—
21.93x
—
- Q1 2025
- —
Cash ratio
19.6x
—
19.6x
—
- Q1 2025
- —
Debt / equity
0x
—
0x
—
- Q1 2025
- —
Net debt / equity
-0.55x
—
-0.55x
—
- Q1 2025
- —
Revenue growth (YoY)
-13.82%
—
-13.82%
—
- Q1 2025
- —
EBITDA growth (YoY)
-9.77%
—
-9.77%
—
- Q1 2025
- —
EBIT growth (YoY)
-13.33%
—
-13.33%
—
- Q1 2025
- —
Net income growth (YoY)
26.72%
—
26.72%
—
- Q1 2025
- —
EPS growth (YoY)
27.01%
—
27.01%
—
- Q1 2025
- —