Q1 2026 report
Przychody rosną dwucyfrowo (+13% r/r) dzięki subskrypcjom cyfrowym i modelowi autoodnawialnemu, ale grupa wciąż nie jest rentowna operacyjnie.
Sentiment
Neutral
No guidance change
GME
Q1 2026 report
Revenue
25,362 k PLN
— YoY
Net income
-1,889 k PLN
— YoY
EBITDA
895 k PLN
— YoY
Gross margin
42.62%
— YoY
Summary
Investment thesis
- EBITDA poprawia się wyraźnie (+63% r/r), lecz strata operacyjna pogłębia się z powodu wyższej amortyzacji prac rozwojowych z IV kwartału 2025 r.
- Bilans jest bez długu bankowego, z pozycją gotówki netto dodatnią — poduszka bezpieczeństwa istnieje, mimo topniejącego kapitału własnego.
- Struktura akcjonariatu jest silnie skoncentrowana (PTWP + KCI = ok. 85,7% kapitału), a transakcja sprzedaży aktywów do spółki z Grupy PTWP wymaga wyjaśnienia ceny.
- Rzeczpospolita i Parkiet utrzymują wiodącą pozycję rynkową (opiniotwórczość, prenumerata), co daje fundament pod dalszy rozwój segmentu subskrypcyjnego.
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Financials
BETA
GME · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 25,362 | — | — | reported | — | 1.00 |
| Gross profit | 10,809 | — | — | reported | — | 1.00 |
| EBITDA | 895 | — | — | reported | — | 1.00 |
| EBIT | -2,296 | — | — | reported | — | 1.00 |
| EBT | -2,489 | — | — | reported | — | 1.00 |
| Net income | -1,889 | — | — | reported | — | 1.00 |
| D&A | 3,191 | — | — | reported | — | 1.00 |
| Interest expense | 224 | — | — | reported | — | 0.70 |
| Gross margin | 42.62% | — | — | reported | — | 0.90 |
| EBITDA margin | 3.53% | — | — | reported | — | 0.90 |
| EBIT margin | -9.05% | — | — | reported | — | 0.90 |
| Net margin | -7.45% | — | — | reported | — | 0.90 |
| D&A margin | 12.58% | — | — | reported | — | 0.90 |
| Cash | 10,356 | — | — | reported | — | 1.00 |
| Total debt | 9,289 | — | — | reported | — | 0.90 |
| Net debt | -1,067 | — | — | derived | — | 0.90 |
| Equity | 79,292 | — | — | reported | — | 1.00 |
| Total assets | 128,082 | — | — | reported | — | 1.00 |
| Current assets | 33,183 | — | — | reported | — | 1.00 |
| Current liabilities | 37,371 | — | — | reported | — | 1.00 |
| Goodwill | 83,757 | — | — | reported | — | 0.90 |
| CFO | 3,376 | — | — | reported | — | 1.00 |
| CapEx | 1,303 | — | — | reported | — | 1.00 |
| FCF | 2,073 | — | — | reported | — | 0.90 |
| Current ratio | 0.89x | — | — | reported | — | 0.90 |
| Quick ratio | 0.89x | — | — | reported | — | 0.85 |
| Cash ratio | 0.28x | — | — | reported | — | 0.90 |
| Debt / equity | 0.12x | — | — | reported | — | 0.85 |
| Debt / assets | 0.07x | — | — | reported | — | 0.85 |
| Net debt / equity | -0.01x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | 12.63% | — | — | reported | — | 0.90 |
| EBITDA growth (YoY) | 63.32% | — | — | reported | — | 0.90 |
| EBIT growth (YoY) | -56.51% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | -13.93% | — | — | reported | — | 0.90 |
| FCF growth (YoY) | 45.58% | — | — | reported | — | 0.80 |
| Gross margin Δ (YoY) | -2.11 pp | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | 1.1 pp | — | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | -2.54 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | -0.09 pp | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
25,362
—
25,362
—
- Q1 2025
- —
Gross profit
10,809
—
10,809
—
- Q1 2025
- —
EBITDA
895
—
895
—
- Q1 2025
- —
EBIT
-2,296
—
-2,296
—
- Q1 2025
- —
EBT
-2,489
—
-2,489
—
- Q1 2025
- —
Net income
-1,889
—
-1,889
—
- Q1 2025
- —
D&A
3,191
—
3,191
—
- Q1 2025
- —
Interest expense
224
—
224
—
- Q1 2025
- —
Gross margin
42.62%
—
42.62%
—
- Q1 2025
- —
EBITDA margin
3.53%
—
3.53%
—
- Q1 2025
- —
EBIT margin
-9.05%
—
-9.05%
—
- Q1 2025
- —
Net margin
-7.45%
—
-7.45%
—
- Q1 2025
- —
D&A margin
12.58%
—
12.58%
—
- Q1 2025
- —
Cash
10,356
—
10,356
—
- Q1 2025
- —
Total debt
9,289
—
9,289
—
- Q1 2025
- —
Net debt
-1,067
—
-1,067
—
- Q1 2025
- —
Equity
79,292
—
79,292
—
- Q1 2025
- —
Total assets
128,082
—
128,082
—
- Q1 2025
- —
Current assets
33,183
—
33,183
—
- Q1 2025
- —
Current liabilities
37,371
—
37,371
—
- Q1 2025
- —
Goodwill
83,757
—
83,757
—
- Q1 2025
- —
CFO
3,376
—
3,376
—
- Q1 2025
- —
CapEx
1,303
—
1,303
—
- Q1 2025
- —
FCF
2,073
—
2,073
—
- Q1 2025
- —
Current ratio
0.89x
—
0.89x
—
- Q1 2025
- —
Quick ratio
0.89x
—
0.89x
—
- Q1 2025
- —
Cash ratio
0.28x
—
0.28x
—
- Q1 2025
- —
Debt / equity
0.12x
—
0.12x
—
- Q1 2025
- —
Debt / assets
0.07x
—
0.07x
—
- Q1 2025
- —
Net debt / equity
-0.01x
—
-0.01x
—
- Q1 2025
- —
Revenue growth (YoY)
12.63%
—
12.63%
—
- Q1 2025
- —
EBITDA growth (YoY)
63.32%
—
63.32%
—
- Q1 2025
- —
EBIT growth (YoY)
-56.51%
—
-56.51%
—
- Q1 2025
- —
Net income growth (YoY)
-13.93%
—
-13.93%
—
- Q1 2025
- —
FCF growth (YoY)
45.58%
—
45.58%
—
- Q1 2025
- —
Gross margin Δ (YoY)
-2.11 pp
—
-2.11 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
1.1 pp
—
1.1 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-2.54 pp
—
-2.54 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-0.09 pp
—
-0.09 pp
—
- Q1 2025
- —