Q1 2026 report
Spółka biotechnologiczna (Onko BCG, Distreptaza, szczepionka BCG) z rosnącą siecią rejestracji międzynarodowych (10 krajów po Q1 2026), ale w ostrym kryzysie płynnościowym.
Sentiment
Negative
No guidance change
SVE
Q1 2026 report
Revenue
13,610 k PLN
— YoY
Net income
-3,606 k PLN
— YoY
EBITDA
2,722 k PLN
— YoY
Gross margin
52.74%
— YoY
Summary
Investment thesis
- Przychody Q1 2026 rosną symbolicznie (+1,3% r/r), lecz marża brutto skurczyła się o 8,1 p.p. r/r, a koszty ogólnego zarządu rosną szybciej niż sprzedaż.
- Kowenanty bankowe (dług netto/EBITDA, DSCR) złamane trzy kwartały z rzędu; główny wierzyciel ACP Credit udzielił waiveru tylko do 30.06.2026, po czym cały jego dług (61,5 mln zł) trafił do zobowiązań krótkoterminowych.
- Plan ratunkowy zarządu opiera się na dezinwestycji aktywów (Onko BCG/CBR) za 25-30 mln EUR lub, w planie B, emisji akcji na bazie uchwały WZA nr 5/2025 — uchwały aktualnie zaskarżonej w sądzie (oddalone nieprawomocnie).
- OCF pozostaje dodatnie (4,5 mln zł w Q1 2026), ale to efekt ściągania należności, a nie poprawy rentowności operacyjnej; CAPEX drastycznie spadł, sugerując zakończenie głównej fazy inwestycyjnej.
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Financials
BETA
SVE · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 13,610 | — | — | reported | — | 1.00 |
|
Revenue
Segment BCG
|
8,536 | — | — | reported | Segment BCG | 1.00 |
|
Revenue
Segment podstawowy
|
5,074 | — | — | reported | Segment podstawowy | 1.00 |
| Gross profit | 7,178 | — | — | reported | — | 1.00 |
| EBITDA | 2,722 | — | — | reported | — | 1.00 |
| EBIT | -666 | — | — | reported | — | 1.00 |
|
EBIT
Segment BCG
|
-412 | — | — | reported | Segment BCG | 1.00 |
|
EBIT
Segment podstawowy
|
-254 | — | — | reported | Segment podstawowy | 1.00 |
| EBT | -4,143 | — | — | reported | — | 1.00 |
| Net income | -3,606 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.05 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.05 | — | — | reported | — | 1.00 |
| D&A | 3,388 | — | — | reported | — | 1.00 |
| Interest expense | 2,585 | — | — | reported | — | 1.00 |
| Shares (basic) (units) | 75,770,575 | — | — | reported | — | 1.00 |
| Shares (diluted) (units) | 75,770,575 | — | — | reported | — | 1.00 |
| Gross margin | 52.74% | — | — | reported | — | 0.95 |
| EBITDA margin | 20% | — | — | reported | — | 0.95 |
| EBIT margin | -4.89% | — | — | reported | — | 0.95 |
| EBT margin | -30.44% | — | — | reported | — | 0.90 |
| Net margin | -26.49% | — | — | reported | — | 0.95 |
| D&A margin | 24.89% | — | — | reported | — | 0.90 |
| Cash | 2,911 | — | — | reported | — | 1.00 |
| Total debt | 85,236 | — | — | reported | — | 0.85 |
| Net debt | 82,325 | — | — | reported | — | 0.85 |
| Equity | 121,230 | — | — | reported | — | 1.00 |
| Total assets | 297,735 | — | — | reported | — | 1.00 |
| Working capital | -15,936 | — | — | reported | — | 0.95 |
| Current assets | 117,717 | — | — | reported | — | 1.00 |
| Current liabilities | 133,653 | — | — | reported | — | 1.00 |
| CFO | 4,548 | — | — | reported | — | 0.90 |
| CapEx | 726 | — | — | reported | — | 1.00 |
| FCF | 3,822 | — | — | reported | — | 0.90 |
| FCF conversion | 140.41% | — | — | reported | — | 0.85 |
| CFO conversion | 167.08% | — | — | reported | — | 0.85 |
| ROE | -18.7% | — | — | reported | — | 0.50 |
| ROA | -7.64% | — | — | reported | — | 0.50 |
| ROIC | -8.09% | — | — | reported | — | 0.45 |
| ROCE | -12.39% | — | — | reported | — | 0.45 |
| Current ratio | 0.88x | — | — | reported | — | 0.95 |
| Quick ratio | 0.8x | — | — | reported | — | 0.90 |
| Cash ratio | 0.02x | — | — | reported | — | 0.95 |
| Interest coverage | -0.26x | — | — | reported | — | 0.90 |
| Net debt / EBITDA | -11.46x | — | — | reported | — | 0.50 |
| Debt / equity | 0.7x | — | — | reported | — | 0.85 |
| Debt / assets | 0.29x | — | — | reported | — | 0.85 |
| Net debt / equity | 0.68x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | 1.35% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | -19.04% | — | — | reported | — | 0.90 |
| EBIT growth (YoY) | -296.43% | — | — | reported | — | 0.85 |
| Net income growth (YoY) | -570.26% | — | — | reported | — | 0.85 |
| EPS growth (YoY) | -400% | — | — | reported | — | 0.80 |
| FCF growth (YoY) | -31.79% | — | — | reported | — | 0.85 |
| Gross margin Δ (YoY) | -8.13 pp | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | -5.04 pp | — | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | -3.64 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | -22.48 pp | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
13,610
—
13,610
—
- Q1 2025
- —
Revenue
Segment BCG
8,536
—
Segment BCG
8,536
—
- Q1 2025
- —
Revenue
Segment podstawowy
5,074
—
Segment podstawowy
5,074
—
- Q1 2025
- —
Gross profit
7,178
—
7,178
—
- Q1 2025
- —
EBITDA
2,722
—
2,722
—
- Q1 2025
- —
EBIT
-666
—
-666
—
- Q1 2025
- —
EBIT
Segment BCG
-412
—
Segment BCG
-412
—
- Q1 2025
- —
EBIT
Segment podstawowy
-254
—
Segment podstawowy
-254
—
- Q1 2025
- —
EBT
-4,143
—
-4,143
—
- Q1 2025
- —
Net income
-3,606
—
-3,606
—
- Q1 2025
- —
EPS (basic)
(PLN)
-0.05
—
-0.05
—
- Q1 2025
- —
EPS (diluted)
(PLN)
-0.05
—
-0.05
—
- Q1 2025
- —
D&A
3,388
—
3,388
—
- Q1 2025
- —
Interest expense
2,585
—
2,585
—
- Q1 2025
- —
Shares (basic)
(units)
75,770,575
—
75,770,575
—
- Q1 2025
- —
Shares (diluted)
(units)
75,770,575
—
75,770,575
—
- Q1 2025
- —
Gross margin
52.74%
—
52.74%
—
- Q1 2025
- —
EBITDA margin
20%
—
20%
—
- Q1 2025
- —
EBIT margin
-4.89%
—
-4.89%
—
- Q1 2025
- —
EBT margin
-30.44%
—
-30.44%
—
- Q1 2025
- —
Net margin
-26.49%
—
-26.49%
—
- Q1 2025
- —
D&A margin
24.89%
—
24.89%
—
- Q1 2025
- —
Cash
2,911
—
2,911
—
- Q1 2025
- —
Total debt
85,236
—
85,236
—
- Q1 2025
- —
Net debt
82,325
—
82,325
—
- Q1 2025
- —
Equity
121,230
—
121,230
—
- Q1 2025
- —
Total assets
297,735
—
297,735
—
- Q1 2025
- —
Working capital
-15,936
—
-15,936
—
- Q1 2025
- —
Current assets
117,717
—
117,717
—
- Q1 2025
- —
Current liabilities
133,653
—
133,653
—
- Q1 2025
- —
CFO
4,548
—
4,548
—
- Q1 2025
- —
CapEx
726
—
726
—
- Q1 2025
- —
FCF
3,822
—
3,822
—
- Q1 2025
- —
FCF conversion
140.41%
—
140.41%
—
- Q1 2025
- —
CFO conversion
167.08%
—
167.08%
—
- Q1 2025
- —
ROE
-18.7%
—
-18.7%
—
- Q1 2025
- —
ROA
-7.64%
—
-7.64%
—
- Q1 2025
- —
ROIC
-8.09%
—
-8.09%
—
- Q1 2025
- —
ROCE
-12.39%
—
-12.39%
—
- Q1 2025
- —
Current ratio
0.88x
—
0.88x
—
- Q1 2025
- —
Quick ratio
0.8x
—
0.8x
—
- Q1 2025
- —
Cash ratio
0.02x
—
0.02x
—
- Q1 2025
- —
Interest coverage
-0.26x
—
-0.26x
—
- Q1 2025
- —
Net debt / EBITDA
-11.46x
—
-11.46x
—
- Q1 2025
- —
Debt / equity
0.7x
—
0.7x
—
- Q1 2025
- —
Debt / assets
0.29x
—
0.29x
—
- Q1 2025
- —
Net debt / equity
0.68x
—
0.68x
—
- Q1 2025
- —
Revenue growth (YoY)
1.35%
—
1.35%
—
- Q1 2025
- —
EBITDA growth (YoY)
-19.04%
—
-19.04%
—
- Q1 2025
- —
EBIT growth (YoY)
-296.43%
—
-296.43%
—
- Q1 2025
- —
Net income growth (YoY)
-570.26%
—
-570.26%
—
- Q1 2025
- —
EPS growth (YoY)
-400%
—
-400%
—
- Q1 2025
- —
FCF growth (YoY)
-31.79%
—
-31.79%
—
- Q1 2025
- —
Gross margin Δ (YoY)
-8.13 pp
—
-8.13 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-5.04 pp
—
-5.04 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-3.64 pp
—
-3.64 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-22.48 pp
—
-22.48 pp
—
- Q1 2025
- —