Q1 2026 report
Wydawca i producent gier na konsole (Nintendo Switch, PlayStation, Xbox) i PC, w trakcie przejścia od modelu portingowo-wydawniczego do własnych IP i modelu Free2Play.
Sentiment
Neutral
No guidance change
QUB
Q1 2026 report
Revenue
6.87 m PLN
— YoY
Net income
0.16 m PLN
— YoY
EBITDA
1.02 m PLN
— YoY
FCF
1 m PLN
— YoY
Summary
Investment thesis
- Q1 2026 pokazuje wyraźny spadek przychodów (-18,9% r/r) i EBIT (-68,3% r/r), spowodowany głównie zmianą algorytmu Nintendo eShop od maja 2025 r., a nie strukturalnym pogorszeniem popytu na produkty Spółki.
- Bilans pozostaje bezpieczny — pozycja gotówki netto, niskie zadłużenie odsetkowe, OCF wyraźnie przewyższający zysk netto.
- Nowa strategia 2026-2029 (własne IP, AI, platforma STEM, akwizycje) przyjęta uchwałą Zarządu 14.05.2026 r. jest na razie zbiorem założeń kierunkowych, bez wiążących zobowiązań finansowych czy prognoz liczbowych.
- Pierwsza własna gra Free2Play „Cup Heroes” pokazuje wczesny, ale konkretny dowód wykonania nowej strategii — 10% przychodów jednostkowych już w pierwszym pełnym kwartale sprzedaży.
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Financials
BETA
QUB · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 6.87 | — | — | reported | — | 1.00 |
| EBITDA | 1.02 | — | — | reported | — | 1.00 |
| EBIT | 0.1 | — | — | reported | — | 1.00 |
| EBT | 0.14 | — | — | reported | — | 1.00 |
| Net income | 0.16 | — | — | reported | — | 1.00 |
| EPS (basic) | 0.02 | — | — | reported | — | 0.50 |
| D&A | 0.92 | — | — | reported | — | 1.00 |
| Interest expense | 0.01 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 9.7 | — | — | reported | — | 0.90 |
| EBITDA margin | 14.87% | — | — | reported | — | 0.95 |
| EBIT margin | 1.5% | — | — | reported | — | 0.95 |
| EBT margin | 2.08% | — | — | reported | — | 0.95 |
| Net margin | 2.34% | — | — | reported | — | 0.95 |
| D&A margin | 13.37% | — | — | reported | — | 0.95 |
| Cash | 4.04 | — | — | reported | — | 1.00 |
| Total debt | 0.83 | — | — | reported | — | 0.70 |
| Net debt | -3.21 | — | — | reported | — | 0.70 |
| Equity | 6.5 | — | — | reported | — | 1.00 |
| Total assets | 15.37 | — | — | reported | — | 1.00 |
| Working capital | 1.89 | — | — | reported | — | 0.85 |
| Current assets | 8.83 | — | — | reported | — | 1.00 |
| Current liabilities | 6.94 | — | — | reported | — | 0.85 |
| Goodwill | 5.16 | — | — | reported | — | 0.90 |
| CFO | 1.27 | — | — | reported | — | 1.00 |
| CapEx | 0.27 | — | — | reported | — | 1.00 |
| FCF | 1 | — | — | reported | — | 0.95 |
| FCF conversion | 97.85% | — | — | reported | — | 0.90 |
| CFO conversion | 124.28% | — | — | reported | — | 0.90 |
| Current ratio | 1.27x | — | — | reported | — | 0.80 |
| Quick ratio | 1.27x | — | — | reported | — | 0.80 |
| Cash ratio | 0.58x | — | — | reported | — | 0.80 |
| Interest coverage | 14.34x | — | — | reported | — | 0.95 |
| Debt / equity | 0.13x | — | — | reported | — | 0.70 |
| Debt / assets | 0.05x | — | — | reported | — | 0.70 |
| Net debt / equity | -0.49x | — | — | reported | — | 0.70 |
| Revenue growth (YoY) | -18.94% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | -23.55% | — | — | reported | — | 0.95 |
| EBIT growth (YoY) | -68.33% | — | — | reported | — | 0.95 |
| Net income growth (YoY) | -7.63% | — | — | reported | — | 0.95 |
| FCF growth (YoY) | 2.21% | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | -0.9 pp | — | — | reported | — | 0.95 |
| EBIT margin Δ (YoY) | -2.35 pp | — | — | reported | — | 0.95 |
| Net margin Δ (YoY) | 0.29 pp | — | — | reported | — | 0.95 |
Q1 2026 · Δ YoY
Revenue
6.87
—
6.87
—
- Q1 2025
- —
EBITDA
1.02
—
1.02
—
- Q1 2025
- —
EBIT
0.1
—
0.1
—
- Q1 2025
- —
EBT
0.14
—
0.14
—
- Q1 2025
- —
Net income
0.16
—
0.16
—
- Q1 2025
- —
EPS (basic)
0.02
—
0.02
—
- Q1 2025
- —
D&A
0.92
—
0.92
—
- Q1 2025
- —
Interest expense
0.01
—
0.01
—
- Q1 2025
- —
Shares (basic)
(m units)
9.7
—
9.7
—
- Q1 2025
- —
EBITDA margin
14.87%
—
14.87%
—
- Q1 2025
- —
EBIT margin
1.5%
—
1.5%
—
- Q1 2025
- —
EBT margin
2.08%
—
2.08%
—
- Q1 2025
- —
Net margin
2.34%
—
2.34%
—
- Q1 2025
- —
D&A margin
13.37%
—
13.37%
—
- Q1 2025
- —
Cash
4.04
—
4.04
—
- Q1 2025
- —
Total debt
0.83
—
0.83
—
- Q1 2025
- —
Net debt
-3.21
—
-3.21
—
- Q1 2025
- —
Equity
6.5
—
6.5
—
- Q1 2025
- —
Total assets
15.37
—
15.37
—
- Q1 2025
- —
Working capital
1.89
—
1.89
—
- Q1 2025
- —
Current assets
8.83
—
8.83
—
- Q1 2025
- —
Current liabilities
6.94
—
6.94
—
- Q1 2025
- —
Goodwill
5.16
—
5.16
—
- Q1 2025
- —
CFO
1.27
—
1.27
—
- Q1 2025
- —
CapEx
0.27
—
0.27
—
- Q1 2025
- —
FCF
1
—
1
—
- Q1 2025
- —
FCF conversion
97.85%
—
97.85%
—
- Q1 2025
- —
CFO conversion
124.28%
—
124.28%
—
- Q1 2025
- —
Current ratio
1.27x
—
1.27x
—
- Q1 2025
- —
Quick ratio
1.27x
—
1.27x
—
- Q1 2025
- —
Cash ratio
0.58x
—
0.58x
—
- Q1 2025
- —
Interest coverage
14.34x
—
14.34x
—
- Q1 2025
- —
Debt / equity
0.13x
—
0.13x
—
- Q1 2025
- —
Debt / assets
0.05x
—
0.05x
—
- Q1 2025
- —
Net debt / equity
-0.49x
—
-0.49x
—
- Q1 2025
- —
Revenue growth (YoY)
-18.94%
—
-18.94%
—
- Q1 2025
- —
EBITDA growth (YoY)
-23.55%
—
-23.55%
—
- Q1 2025
- —
EBIT growth (YoY)
-68.33%
—
-68.33%
—
- Q1 2025
- —
Net income growth (YoY)
-7.63%
—
-7.63%
—
- Q1 2025
- —
FCF growth (YoY)
2.21%
—
2.21%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-0.9 pp
—
-0.9 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-2.35 pp
—
-2.35 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
0.29 pp
—
0.29 pp
—
- Q1 2025
- —