Q1 2026 report
Emplocity sfinalizowało w styczniu 2026 r. przejęcie 100% udziałów Bulletprove (sektor obronny/kosmiczny/przemysłowy) o wartości godziwej ok. 9,6 mln zł, opłacone w całości akcjami — bez gotówki i bez długu.
Sentiment
Neutral
No guidance change
EMP
Q1 2026 report
Revenue
0.47 m PLN
— YoY
Net income
-0.7 m PLN
— YoY
EBITDA
-0.46 m PLN
— YoY
FCF
-0.65 m PLN
— YoY
Summary
Investment thesis
- Skonsolidowane przychody Grupy w I kw. 2026 (465,9 tys. zł) są niemal trzykrotnie wyższe niż same przychody Emplocity (125,8 tys. zł), ale Grupa wciąż generuje głęboką stratę operacyjną (696,5 tys. zł) i ujemny OCF (-627,5 tys. zł).
- Jednostkowe przychody Emplocity spadły o 9,8% r/r, a strata netto pogłębiła się o 35,8% r/r, mimo wzrostu kosztów operacyjnych o 16,8% (głównie marketing i wdrożenia).
- Gotówka spółki matki na koniec kwartału to zaledwie 5 311,07 zł — praktyczny brak bufora płynnościowego na poziomie jednostkowym, mimo dopływu 348 tys. zł z nowego finansowania w kwartale.
- Wartość firmy (goodwill) na poziomie skonsolidowanym wynosi 0 zł mimo transakcji o wartości godziwej ok. 9,6 mln zł — wymaga wyjaśnienia w kolejnych raportach.
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Financials
BETA
EMP · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 0.47 | — | — | reported | — | 1.00 |
|
Revenue
standalone
|
0.13 | — | — | reported | standalone | 1.00 |
| EBITDA | -0.46 | — | — | derived | — | 0.90 |
|
EBITDA
standalone
|
-0.33 | — | — | derived | standalone | 0.90 |
| EBIT | -0.7 | — | — | reported | — | 1.00 |
|
EBIT
standalone
|
-0.51 | — | — | reported | standalone | 1.00 |
| Net income | -0.7 | — | — | reported | — | 1.00 |
|
Net income
standalone
|
-0.51 | — | — | reported | standalone | 1.00 |
| D&A | 0.23 | — | — | reported | — | 1.00 |
| EBITDA margin | -99.24% | — | — | reported | — | 0.60 |
| EBIT margin | -149.5% | — | — | reported | — | 0.60 |
| Net margin | -150.07% | — | — | reported | — | 0.60 |
| Cash | 0.63 | — | — | reported | — | 1.00 |
|
Cash
standalone
|
0.01 | — | — | reported | standalone | 1.00 |
| Total debt | 0.69 | — | — | reported | — | 0.80 |
| Net debt | 0.06 | — | — | derived | — | 0.70 |
| Equity | 4.35 | — | — | reported | — | 1.00 |
|
Equity
standalone
|
10.86 | — | — | reported | standalone | 1.00 |
| Total assets | 7.67 | — | — | reported | — | 1.00 |
|
Total assets
standalone
|
13.35 | — | — | reported | standalone | 1.00 |
| Current assets | 4.28 | — | — | reported | — | 1.00 |
|
Current assets
standalone
|
0.66 | — | — | reported | standalone | 1.00 |
| Current liabilities | 2.61 | — | — | reported | — | 1.00 |
|
Current liabilities
standalone
|
1.78 | — | — | reported | standalone | 1.00 |
| Goodwill | 2.15 | — | — | reported | — | 1.00 |
| CFO | -0.63 | — | — | reported | — | 1.00 |
|
CFO
standalone
|
-0.47 | — | — | reported | standalone | 1.00 |
| CapEx | 0.02 | — | — | reported | — | 1.00 |
|
CapEx
standalone
|
0 | — | — | reported | standalone | 1.00 |
| FCF | -0.65 | — | — | derived | — | 0.90 |
|
FCF
standalone
|
-0.47 | — | — | derived | standalone | 0.90 |
| Current ratio | 1.64x | — | — | reported | — | 0.80 |
| Quick ratio | 1.19x | — | — | reported | — | 0.70 |
| Cash ratio | 0.24x | — | — | reported | — | 0.80 |
| Debt / equity | 0.16x | — | — | reported | — | 0.70 |
| Revenue growth (YoY) | -9.81% | — | — | reported | — | 0.90 |
| EBITDA growth (YoY) | -100.1% | — | — | reported | — | 0.70 |
| EBIT growth (YoY) | -36.97% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | -35.82% | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | -145.96 pp | — | — | reported | — | 0.60 |
| EBIT margin Δ (YoY) | -139.08 pp | — | — | reported | — | 0.60 |
| Net margin Δ (YoY) | -137.5 pp | — | — | reported | — | 0.60 |
Q1 2026 · Δ YoY
Revenue
0.47
—
0.47
—
- Q1 2025
- —
Revenue
standalone
0.13
—
standalone
0.13
—
- Q1 2025
- —
EBITDA
-0.46
—
-0.46
—
- Q1 2025
- —
EBITDA
standalone
-0.33
—
standalone
-0.33
—
- Q1 2025
- —
EBIT
-0.7
—
-0.7
—
- Q1 2025
- —
EBIT
standalone
-0.51
—
standalone
-0.51
—
- Q1 2025
- —
Net income
-0.7
—
-0.7
—
- Q1 2025
- —
Net income
standalone
-0.51
—
standalone
-0.51
—
- Q1 2025
- —
D&A
0.23
—
0.23
—
- Q1 2025
- —
EBITDA margin
-99.24%
—
-99.24%
—
- Q1 2025
- —
EBIT margin
-149.5%
—
-149.5%
—
- Q1 2025
- —
Net margin
-150.07%
—
-150.07%
—
- Q1 2025
- —
Cash
0.63
—
0.63
—
- Q1 2025
- —
Cash
standalone
0.01
—
standalone
0.01
—
- Q1 2025
- —
Total debt
0.69
—
0.69
—
- Q1 2025
- —
Net debt
0.06
—
0.06
—
- Q1 2025
- —
Equity
4.35
—
4.35
—
- Q1 2025
- —
Equity
standalone
10.86
—
standalone
10.86
—
- Q1 2025
- —
Total assets
7.67
—
7.67
—
- Q1 2025
- —
Total assets
standalone
13.35
—
standalone
13.35
—
- Q1 2025
- —
Current assets
4.28
—
4.28
—
- Q1 2025
- —
Current assets
standalone
0.66
—
standalone
0.66
—
- Q1 2025
- —
Current liabilities
2.61
—
2.61
—
- Q1 2025
- —
Current liabilities
standalone
1.78
—
standalone
1.78
—
- Q1 2025
- —
Goodwill
2.15
—
2.15
—
- Q1 2025
- —
CFO
-0.63
—
-0.63
—
- Q1 2025
- —
CFO
standalone
-0.47
—
standalone
-0.47
—
- Q1 2025
- —
CapEx
0.02
—
0.02
—
- Q1 2025
- —
CapEx
standalone
0
—
standalone
0
—
- Q1 2025
- —
FCF
-0.65
—
-0.65
—
- Q1 2025
- —
FCF
standalone
-0.47
—
standalone
-0.47
—
- Q1 2025
- —
Current ratio
1.64x
—
1.64x
—
- Q1 2025
- —
Quick ratio
1.19x
—
1.19x
—
- Q1 2025
- —
Cash ratio
0.24x
—
0.24x
—
- Q1 2025
- —
Debt / equity
0.16x
—
0.16x
—
- Q1 2025
- —
Revenue growth (YoY)
-9.81%
—
-9.81%
—
- Q1 2025
- —
EBITDA growth (YoY)
-100.1%
—
-100.1%
—
- Q1 2025
- —
EBIT growth (YoY)
-36.97%
—
-36.97%
—
- Q1 2025
- —
Net income growth (YoY)
-35.82%
—
-35.82%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-145.96 pp
—
-145.96 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-139.08 pp
—
-139.08 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-137.5 pp
—
-137.5 pp
—
- Q1 2025
- —