Q1 2026 report
Przychody wzrosły o 132% r/r do 23,4 mln zł, ale marża brutto na sprzedaży zapadła się z 30,7% do 4,5%, prowadząc do straty operacyjnej i netto
Sentiment
Neutral
No guidance change
ENP
Q1 2026 report
Revenue
23,373 k PLN
— YoY
Net income
-323 k PLN
— YoY
EBITDA
-9 k PLN
— YoY
Gross margin
4.51%
— YoY
Summary
Investment thesis
- Przepływy operacyjne mocno ujemne (-9,6 mln zł) — efekt rozliczenia dużego kontraktu budowlano-montażowego (spłata zobowiązań i rozliczeń międzyokresowych z końca 2025 r.), a nie organicznej erozji gotówki
- Gotówka spadła do 50 tys. zł, wymuszając podwyższenie limitu kredytowego w rachunku bieżącym do 10 mln zł (zdarzenie po dniu bilansowym)
- Niski poziom zadłużenia odsetkowego (dług/kapitał własny ~0,15x) i rosnący kapitał własny łagodzą ryzyko bilansowe mimo słabego kwartału
- Decyzja KSSE o wsparciu nowej inwestycji produkcyjnej (do 6,25 mln zł pomocy publicznej) sygnalizuje plany ekspansji zdolności produkcyjnych w obszarze OZE/infrastruktury elektroenergetycznej
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Financials
BETA
ENP · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 23,373 | — | — | reported | — | 1.00 |
| Gross profit | 1,055 | — | — | reported | — | 1.00 |
| EBITDA | -9 | — | — | reported | — | 0.90 |
| EBIT | -244 | — | — | reported | — | 1.00 |
| EBT | -370 | — | — | reported | — | 1.00 |
| Net income | -323 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.02 | — | — | derived | — | 0.90 |
| D&A | 235 | — | — | reported | — | 1.00 |
| Interest expense | 17 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 19.68 | — | — | reported | — | 1.00 |
| Gross margin | 4.51% | — | — | reported | — | 1.00 |
| EBITDA margin | -0.04% | — | — | reported | — | 0.90 |
| EBIT margin | -1.04% | — | — | reported | — | 1.00 |
| EBT margin | -1.58% | — | — | reported | — | 1.00 |
| Net margin | -1.38% | — | — | reported | — | 1.00 |
| D&A margin | 1.01% | — | — | reported | — | 1.00 |
| Cash | 50 | — | — | reported | — | 1.00 |
| Total debt | 4,061 | — | — | reported | — | 0.90 |
| Net debt | 4,011 | — | — | derived | — | 0.90 |
| Equity | 27,025 | — | — | reported | — | 1.00 |
| Total assets | 43,387 | — | — | reported | — | 1.00 |
| Working capital | 22,212 | — | — | derived | — | 0.80 |
| Current assets | 37,756 | — | — | reported | — | 1.00 |
| Current liabilities | 15,544 | — | — | derived | — | 0.80 |
| Goodwill | 0 | — | — | reported | — | 1.00 |
| CFO | -9,645 | — | — | reported | — | 1.00 |
| CapEx | 23 | — | — | reported | — | 0.90 |
| FCF | -9,668 | — | — | derived | — | 0.85 |
| Current ratio | 2.43x | — | — | reported | — | 0.80 |
| Quick ratio | 1.6x | — | — | reported | — | 0.80 |
| Cash ratio | 0x | — | — | reported | — | 0.80 |
| Interest coverage | -14.35x | — | — | reported | — | 0.90 |
| Debt / equity | 0.15x | — | — | reported | — | 0.85 |
| Debt / assets | 0.09x | — | — | reported | — | 0.85 |
| Net debt / equity | 0.15x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | 132.32% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | -114.98% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | -121.32% | — | — | reported | — | 1.00 |
| Gross margin Δ (YoY) | -26.19 pp | — | — | reported | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
23,373
—
23,373
—
- Q1 2025
- —
Gross profit
1,055
—
1,055
—
- Q1 2025
- —
EBITDA
-9
—
-9
—
- Q1 2025
- —
EBIT
-244
—
-244
—
- Q1 2025
- —
EBT
-370
—
-370
—
- Q1 2025
- —
Net income
-323
—
-323
—
- Q1 2025
- —
EPS (basic)
(PLN)
-0.02
—
-0.02
—
- Q1 2025
- —
D&A
235
—
235
—
- Q1 2025
- —
Interest expense
17
—
17
—
- Q1 2025
- —
Shares (basic)
(m units)
19.68
—
19.68
—
- Q1 2025
- —
Gross margin
4.51%
—
4.51%
—
- Q1 2025
- —
EBITDA margin
-0.04%
—
-0.04%
—
- Q1 2025
- —
EBIT margin
-1.04%
—
-1.04%
—
- Q1 2025
- —
EBT margin
-1.58%
—
-1.58%
—
- Q1 2025
- —
Net margin
-1.38%
—
-1.38%
—
- Q1 2025
- —
D&A margin
1.01%
—
1.01%
—
- Q1 2025
- —
Cash
50
—
50
—
- Q1 2025
- —
Total debt
4,061
—
4,061
—
- Q1 2025
- —
Net debt
4,011
—
4,011
—
- Q1 2025
- —
Equity
27,025
—
27,025
—
- Q1 2025
- —
Total assets
43,387
—
43,387
—
- Q1 2025
- —
Working capital
22,212
—
22,212
—
- Q1 2025
- —
Current assets
37,756
—
37,756
—
- Q1 2025
- —
Current liabilities
15,544
—
15,544
—
- Q1 2025
- —
Goodwill
0
—
0
—
- Q1 2025
- —
CFO
-9,645
—
-9,645
—
- Q1 2025
- —
CapEx
23
—
23
—
- Q1 2025
- —
FCF
-9,668
—
-9,668
—
- Q1 2025
- —
Current ratio
2.43x
—
2.43x
—
- Q1 2025
- —
Quick ratio
1.6x
—
1.6x
—
- Q1 2025
- —
Cash ratio
0x
—
0x
—
- Q1 2025
- —
Interest coverage
-14.35x
—
-14.35x
—
- Q1 2025
- —
Debt / equity
0.15x
—
0.15x
—
- Q1 2025
- —
Debt / assets
0.09x
—
0.09x
—
- Q1 2025
- —
Net debt / equity
0.15x
—
0.15x
—
- Q1 2025
- —
Revenue growth (YoY)
132.32%
—
132.32%
—
- Q1 2025
- —
EBIT growth (YoY)
-114.98%
—
-114.98%
—
- Q1 2025
- —
Net income growth (YoY)
-121.32%
—
-121.32%
—
- Q1 2025
- —
Gross margin Δ (YoY)
-26.19 pp
—
-26.19 pp
—
- Q1 2025
- —