Q1 2026 report
Spółka jest w trakcie strategicznego pivotu z wydawnictwa gier wideo (segment KLABATER) w kierunku technologii obronnych (segment DEFENCE.HUB), ogłoszonego w styczniu 2026 r.
Sentiment
Neutral
No guidance change
DFH
Q1 2026 report
Revenue
1.19 m PLN
— YoY
Net income
0.07 m PLN
— YoY
EBITDA
0.01 m PLN
— YoY
Gross margin
45.44%
— YoY
Summary
Investment thesis
- Segment KLABATER pozostaje zyskowny i samofinansujący się – zysk netto +47,6% r/r, dodatnie przepływy operacyjne bez zewnętrznego kapitału.
- Nowy segment DEFENCE.HUB w pierwszym „żywym” kwartale wygenerował stratę netto 319 tys. zł przy przychodzie 191 tys. zł – finansowany częściowo pożyczką od akcjonariusza.
- Kapitał własny całej spółki spadł r/r o 41,6% z powodu strat poniesionych w trakcie 2025 r. – ograniczony bufor kapitałowy na starcie kapitałochłonnego pivotu.
- Niewiążący term sheet zakłada możliwą sprzedaż segmentu gamingowego (Klabater P.S.A.) do Untold Tales – realizacja pozostawiłaby grupę wyłącznie z przedprzychodowym segmentem obronnym.
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Financials
BETA
DFH · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 1.19 | — | — | reported | — | 1.00 |
| EBITDA | 0.01 | — | — | derived | — | 0.80 |
| EBIT | -0.16 | — | — | reported | — | 1.00 |
| EBT | -0.12 | — | — | reported | — | 1.00 |
| Net income | 0.07 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.01 | — | — | derived | — | 0.80 |
| D&A | 0.17 | — | — | reported | — | 0.90 |
| Interest expense | 0 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 8.9 | — | — | reported | — | 1.00 |
| Gross margin | 45.44% | — | — | reported | — | 0.85 |
| EBITDA margin | 0.63% | — | — | reported | — | 0.75 |
| EBIT margin | -13.53% | — | — | reported | — | 0.90 |
| Net margin | 5.5% | — | — | reported | — | 0.90 |
| Cash | 1.12 | — | — | reported | — | 1.00 |
| Total debt | 0.65 | — | — | reported | — | 0.90 |
| Net debt | -0.47 | — | — | derived | — | 0.85 |
| Equity | 2.22 | — | — | reported | — | 1.00 |
| Total assets | 4.79 | — | — | reported | — | 1.00 |
| Current assets | 3.49 | — | — | reported | — | 1.00 |
| Current liabilities | 1.86 | — | — | reported | — | 1.00 |
| CFO | 0.11 | — | — | reported | — | 1.00 |
| CapEx | 0.01 | — | — | reported | — | 1.00 |
| FCF | 0.1 | — | — | derived | — | 0.90 |
| Current ratio | 1.88x | — | — | reported | — | 0.85 |
| Quick ratio | 0.98x | — | — | reported | — | 0.80 |
| Cash ratio | 0.6x | — | — | reported | — | 0.85 |
| Debt / equity | 0.29x | — | — | reported | — | 0.80 |
| Net debt / equity | -0.21x | — | — | reported | — | 0.80 |
| Revenue growth (YoY) | 48.13% | — | — | reported | — | 0.90 |
| EBITDA growth (YoY) | -97.63% | — | — | reported | — | 0.75 |
| Net income growth (YoY) | -75.61% | — | — | reported | — | 0.90 |
| EPS growth (YoY) | -75.61% | — | — | reported | — | 0.80 |
| Gross margin Δ (YoY) | -11.22 pp | — | — | reported | — | 0.80 |
| EBITDA margin Δ (YoY) | -38.58 pp | — | — | reported | — | 0.70 |
| EBIT margin Δ (YoY) | -32.48 pp | — | — | reported | — | 0.85 |
| Net margin Δ (YoY) | -27.9 pp | — | — | reported | — | 0.85 |
Q1 2026 · Δ YoY
Revenue
1.19
—
1.19
—
- Q1 2025
- —
EBITDA
0.01
—
0.01
—
- Q1 2025
- —
EBIT
-0.16
—
-0.16
—
- Q1 2025
- —
EBT
-0.12
—
-0.12
—
- Q1 2025
- —
Net income
0.07
—
0.07
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.01
—
0.01
—
- Q1 2025
- —
D&A
0.17
—
0.17
—
- Q1 2025
- —
Interest expense
0
—
0
—
- Q1 2025
- —
Shares (basic)
(m units)
8.9
—
8.9
—
- Q1 2025
- —
Gross margin
45.44%
—
45.44%
—
- Q1 2025
- —
EBITDA margin
0.63%
—
0.63%
—
- Q1 2025
- —
EBIT margin
-13.53%
—
-13.53%
—
- Q1 2025
- —
Net margin
5.5%
—
5.5%
—
- Q1 2025
- —
Cash
1.12
—
1.12
—
- Q1 2025
- —
Total debt
0.65
—
0.65
—
- Q1 2025
- —
Net debt
-0.47
—
-0.47
—
- Q1 2025
- —
Equity
2.22
—
2.22
—
- Q1 2025
- —
Total assets
4.79
—
4.79
—
- Q1 2025
- —
Current assets
3.49
—
3.49
—
- Q1 2025
- —
Current liabilities
1.86
—
1.86
—
- Q1 2025
- —
CFO
0.11
—
0.11
—
- Q1 2025
- —
CapEx
0.01
—
0.01
—
- Q1 2025
- —
FCF
0.1
—
0.1
—
- Q1 2025
- —
Current ratio
1.88x
—
1.88x
—
- Q1 2025
- —
Quick ratio
0.98x
—
0.98x
—
- Q1 2025
- —
Cash ratio
0.6x
—
0.6x
—
- Q1 2025
- —
Debt / equity
0.29x
—
0.29x
—
- Q1 2025
- —
Net debt / equity
-0.21x
—
-0.21x
—
- Q1 2025
- —
Revenue growth (YoY)
48.13%
—
48.13%
—
- Q1 2025
- —
EBITDA growth (YoY)
-97.63%
—
-97.63%
—
- Q1 2025
- —
Net income growth (YoY)
-75.61%
—
-75.61%
—
- Q1 2025
- —
EPS growth (YoY)
-75.61%
—
-75.61%
—
- Q1 2025
- —
Gross margin Δ (YoY)
-11.22 pp
—
-11.22 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-38.58 pp
—
-38.58 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-32.48 pp
—
-32.48 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-27.9 pp
—
-27.9 pp
—
- Q1 2025
- —