Q1 2026 report
Deficytowa mikrospółka NewConnect, której poprawa wyniku netto w I kw. 2026 wynika z redukcji kosztów wynagrodzeń, nie ze wzrostu realnej sprzedaży
Sentiment
Neutral
No guidance change
MDT
Q1 2026 report
Revenue
368.3 k PLN
— YoY
Net income
-349.01 k PLN
— YoY
EBITDA
-334.5 k PLN
— YoY
FCF
-1,391.27 k PLN
— YoY
Summary
Investment thesis
- Rzeczywista sprzedaż towarów spadła o 96% r/r — cały nominalny wzrost przychodów to kapitalizacja produkcji w toku
- Gotówka skurczyła się o 84% w kwartale, a operacyjne przepływy pieniężne pogłębiły się do -1,39 mln zł
- Zakup zapasów pod przyszłe kontrakty sfinansowany kredytem kupieckim, nie własną gotówką
- Spółka jednocześnie prowadzi akwizycję, dwa projekty AI oraz nowe umowy dystrybucyjne przy zaledwie 3 etatach — ryzyko rozproszenia zasobów
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Financials
BETA
MDT · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 368.3 | — | — | reported | — | 1.00 |
| EBITDA | -334.5 | — | — | derived | — | 0.90 |
| EBIT | -349.35 | — | — | reported | — | 1.00 |
| Net income | -349.01 | — | — | reported | — | 1.00 |
| D&A | 14.85 | — | — | reported | — | 1.00 |
| Interest expense | 0 | — | — | reported | — | 0.90 |
| EBITDA margin | -90.85% | — | — | reported | — | 0.70 |
| EBIT margin | -94.85% | — | — | reported | — | 0.70 |
| Net margin | -94.76% | — | — | reported | — | 0.70 |
| Cash | 268.87 | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | reported | — | 0.90 |
| Net debt | -268.87 | — | — | derived | — | 0.90 |
| Equity | 2,365.66 | — | — | reported | — | 1.00 |
| Total assets | 4,275.71 | — | — | reported | — | 1.00 |
| Working capital | 2,127.7 | — | — | derived | — | 0.90 |
| Current assets | 4,037.76 | — | — | reported | — | 1.00 |
| Current liabilities | 1,910.06 | — | — | reported | — | 0.90 |
| CFO | -1,386.04 | — | — | reported | — | 1.00 |
| CapEx | 5.23 | — | — | reported | — | 0.80 |
| FCF | -1,391.27 | — | — | derived | — | 0.80 |
| Current ratio | 2.11x | — | — | reported | — | 0.85 |
| Net debt / equity | -0.11x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | 258.57% | — | — | reported | — | 0.90 |
| EBIT growth (YoY) | 27.03% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | 27.1% | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
368.3
—
368.3
—
- Q1 2025
- —
EBITDA
-334.5
—
-334.5
—
- Q1 2025
- —
EBIT
-349.35
—
-349.35
—
- Q1 2025
- —
Net income
-349.01
—
-349.01
—
- Q1 2025
- —
D&A
14.85
—
14.85
—
- Q1 2025
- —
Interest expense
0
—
0
—
- Q1 2025
- —
EBITDA margin
-90.85%
—
-90.85%
—
- Q1 2025
- —
EBIT margin
-94.85%
—
-94.85%
—
- Q1 2025
- —
Net margin
-94.76%
—
-94.76%
—
- Q1 2025
- —
Cash
268.87
—
268.87
—
- Q1 2025
- —
Total debt
0
—
0
—
- Q1 2025
- —
Net debt
-268.87
—
-268.87
—
- Q1 2025
- —
Equity
2,365.66
—
2,365.66
—
- Q1 2025
- —
Total assets
4,275.71
—
4,275.71
—
- Q1 2025
- —
Working capital
2,127.7
—
2,127.7
—
- Q1 2025
- —
Current assets
4,037.76
—
4,037.76
—
- Q1 2025
- —
Current liabilities
1,910.06
—
1,910.06
—
- Q1 2025
- —
CFO
-1,386.04
—
-1,386.04
—
- Q1 2025
- —
CapEx
5.23
—
5.23
—
- Q1 2025
- —
FCF
-1,391.27
—
-1,391.27
—
- Q1 2025
- —
Current ratio
2.11x
—
2.11x
—
- Q1 2025
- —
Net debt / equity
-0.11x
—
-0.11x
—
- Q1 2025
- —
Revenue growth (YoY)
258.57%
—
258.57%
—
- Q1 2025
- —
EBIT growth (YoY)
27.03%
—
27.03%
—
- Q1 2025
- —
Net income growth (YoY)
27.1%
—
27.1%
—
- Q1 2025
- —