Q1 2026 report
Przedprzychodowa spółka technologiczna (niebieskie kropki kwantowe PureBlue.dots) w fazie walidacji u 6 globalnych partnerów strategicznych (Korea, Japonia, Chiny, USA) dla rynku wyświetlaczy QDEL/microLED.
Sentiment
Neutral
No guidance change
QNA
Q1 2026 report
Revenue
36 k PLN
— YoY
Net income
-3,252 k PLN
— YoY
EBITDA
-3,019 k PLN
— YoY
FCF
-3,285 k PLN
— YoY
Summary
Investment thesis
- Zero zadłużenia finansowego, 13,8 mln zł płynnych aktywów finansowych po emisji akcji z 2025 r. (23,6 mln zł wpływu) — komfortowa poduszka kapitałowa.
- Skapitalizowane prace rozwojowe (4,75 mln zł netto) potwierdzone audytem, amortyzowane liniowo przez 60 miesięcy od maja 2025.
- Tempo spalania gotówki operacyjnej ok. 2,4 mln zł/kwartał implikuje kilkuletni, ale nie nieograniczony, horyzont bez nowego finansowania lub przełomu sprzedażowego.
- Pierwsze sygnały przejścia od próbek walidacyjnych do zamówień cyklicznych (klient USA, zdarzenie po dniu bilansowym) — wciąż brak podpisanej umowy JDA z żadnym partnerem.
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Financials
BETA
QNA · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 36 | — | — | reported | — | 1.00 |
| EBITDA | -3,019 | — | — | reported | — | 0.90 |
| EBIT | -3,373 | — | — | reported | — | 1.00 |
| EBT | -3,289 | — | — | reported | — | 1.00 |
| Net income | -3,252 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -1.1 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -1.07 | — | — | reported | — | 1.00 |
| D&A | 354 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 2.95 | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 3.05 | — | — | reported | — | 1.00 |
| EBIT margin | -9369.4% | — | — | reported | — | 0.50 |
| Net margin | -9033.3% | — | — | reported | — | 0.50 |
| Cash | 13,803 | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | reported | — | 1.00 |
| Net debt | -13,803 | — | — | reported | — | 1.00 |
| Equity | 17,113 | — | — | reported | — | 1.00 |
| Total assets | 21,041 | — | — | reported | — | 1.00 |
| Working capital | 13,292 | — | — | reported | — | 0.90 |
| Current assets | 14,607 | — | — | reported | — | 1.00 |
| Current liabilities | 1,315 | — | — | derived | — | 0.90 |
| Goodwill | 4,749 | — | — | reported | — | 1.00 |
| Tangible equity | 12,364 | — | — | reported | — | 0.90 |
| CFO | -2,421 | — | — | reported | — | 1.00 |
| CapEx | 864 | — | — | reported | — | 1.00 |
| FCF | -3,285 | — | — | reported | — | 0.90 |
| ROE | -19% | — | — | reported | — | 0.90 |
| ROA | -15% | — | — | reported | — | 0.90 |
| Current ratio | 11.11x | — | — | reported | — | 1.00 |
| Quick ratio | 11.1x | — | — | reported | — | 1.00 |
| Cash ratio | 10.5x | — | — | reported | — | 1.00 |
| Debt / equity | 0x | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | -87.37% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -30.64% | — | — | reported | — | 0.90 |
| EBIT growth (YoY) | -41.72% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | -36.29% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | 0% | — | — | reported | — | 1.00 |
| FCF growth (YoY) | -349.7% | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
36
—
36
—
- Q1 2025
- —
EBITDA
-3,019
—
-3,019
—
- Q1 2025
- —
EBIT
-3,373
—
-3,373
—
- Q1 2025
- —
EBT
-3,289
—
-3,289
—
- Q1 2025
- —
Net income
-3,252
—
-3,252
—
- Q1 2025
- —
EPS (basic)
(PLN)
-1.1
—
-1.1
—
- Q1 2025
- —
EPS (diluted)
(PLN)
-1.07
—
-1.07
—
- Q1 2025
- —
D&A
354
—
354
—
- Q1 2025
- —
Shares (basic)
(m units)
2.95
—
2.95
—
- Q1 2025
- —
Shares (diluted)
(m units)
3.05
—
3.05
—
- Q1 2025
- —
EBIT margin
-9369.4%
—
-9369.4%
—
- Q1 2025
- —
Net margin
-9033.3%
—
-9033.3%
—
- Q1 2025
- —
Cash
13,803
—
13,803
—
- Q1 2025
- —
Total debt
0
—
0
—
- Q1 2025
- —
Net debt
-13,803
—
-13,803
—
- Q1 2025
- —
Equity
17,113
—
17,113
—
- Q1 2025
- —
Total assets
21,041
—
21,041
—
- Q1 2025
- —
Working capital
13,292
—
13,292
—
- Q1 2025
- —
Current assets
14,607
—
14,607
—
- Q1 2025
- —
Current liabilities
1,315
—
1,315
—
- Q1 2025
- —
Goodwill
4,749
—
4,749
—
- Q1 2025
- —
Tangible equity
12,364
—
12,364
—
- Q1 2025
- —
CFO
-2,421
—
-2,421
—
- Q1 2025
- —
CapEx
864
—
864
—
- Q1 2025
- —
FCF
-3,285
—
-3,285
—
- Q1 2025
- —
ROE
-19%
—
-19%
—
- Q1 2025
- —
ROA
-15%
—
-15%
—
- Q1 2025
- —
Current ratio
11.11x
—
11.11x
—
- Q1 2025
- —
Quick ratio
11.1x
—
11.1x
—
- Q1 2025
- —
Cash ratio
10.5x
—
10.5x
—
- Q1 2025
- —
Debt / equity
0x
—
0x
—
- Q1 2025
- —
Revenue growth (YoY)
-87.37%
—
-87.37%
—
- Q1 2025
- —
EBITDA growth (YoY)
-30.64%
—
-30.64%
—
- Q1 2025
- —
EBIT growth (YoY)
-41.72%
—
-41.72%
—
- Q1 2025
- —
Net income growth (YoY)
-36.29%
—
-36.29%
—
- Q1 2025
- —
EPS growth (YoY)
0%
—
0%
—
- Q1 2025
- —
FCF growth (YoY)
-349.7%
—
-349.7%
—
- Q1 2025
- —