Q1 2026 report
Wydawca gier symulacyjnych z grupy PlayWay (65,29% akcjonariatu), przeszedł ze straty operacyjnej do zysku w I kw. 2026 dzięki wyraźnej dźwigni operacyjnej.
Sentiment
Neutral
No guidance change
CLA
Q1 2026 report
Revenue
667,921 PLN
— YoY
Net income
-5,775 PLN
— YoY
EBITDA
3,275 PLN
— YoY
FCF
64,700 PLN
— YoY
Summary
Investment thesis
- Przychody wzrosły o 9,0% r/r (727 930,16 zł), a koszty operacyjne pozostały praktycznie płaskie (-0,22% r/r), co przełożyło się na skok wyniku operacyjnego z -3 869,20 zł do 57 590,74 zł.
- 84,1% przychodów pochodzi od podmiotów powiązanych z grupą PlayWay — kluczowe ryzyko koncentracji i braku pełnej niezależności biznesowej.
- Bilans bez zadłużenia finansowego, pozycja gotówki netto, przepływy operacyjne (64 700,47 zł) przewyższają zysk netto — dobra jakość wyniku.
- Widoczny pipeline dziesięciu premier portów gier zaplanowanych na 2026 r. daje pewną widoczność co do przyszłych przychodów, ale spółka nie publikuje formalnych prognoz.
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Financials
BETA
CLA · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 667,921 | — | — | reported | — | 1.00 |
| EBITDA | 3,275 | — | — | derived | — | 0.90 |
| EBIT | -3,869 | — | — | reported | — | 1.00 |
| EBT | -7,967 | — | — | reported | — | 1.00 |
| Net income | -5,775 | — | — | reported | — | 1.00 |
| EPS (basic) | -0.01 | — | — | derived | — | 0.70 |
| D&A | 7,144 | — | — | reported | — | 1.00 |
| Interest expense | 174 | — | — | reported | — | 0.70 |
| Shares (basic) (m units) | 1 | — | — | reported | — | 1.00 |
| EBITDA margin | 0.49% | — | — | reported | — | 0.90 |
| EBIT margin | -0.58% | — | — | reported | — | 0.90 |
| Net margin | -0.86% | — | — | reported | — | 0.90 |
| Cash | 431,061 | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | reported | — | 0.90 |
| Net debt | -295,206 | — | — | derived | — | 0.90 |
| Equity | 1,711,729 | — | — | reported | — | 1.00 |
| Total assets | 2,327,717 | — | — | reported | — | 1.00 |
| Working capital | 1,605,622 | — | — | derived | — | 0.90 |
| Current assets | 2,248,337 | — | — | reported | — | 1.00 |
| Current liabilities | 203,297 | — | — | reported | — | 1.00 |
| CFO | 47,266 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 0.90 |
| FCF | 64,700 | — | — | derived | — | 0.90 |
| FCF conversion | 104.73% | — | — | reported | — | 0.80 |
| CFO conversion | 104.73% | — | — | reported | — | 0.80 |
| Current ratio | 5.55x | — | — | reported | — | 0.90 |
| Quick ratio | 2.32x | — | — | reported | — | 0.85 |
| Cash ratio | 0.84x | — | — | reported | — | 0.90 |
| Interest coverage | 391.4x | — | — | reported | — | 0.50 |
| Debt / equity | 0x | — | — | reported | — | 0.90 |
| Net debt / equity | -0.19x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 8.98% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | 1786.9% | — | — | reported | — | 0.40 |
| EBIT growth (YoY) | 1588.2% | — | — | reported | — | 0.40 |
| Net income growth (YoY) | 764% | — | — | reported | — | 0.40 |
| FCF growth (YoY) | 36.88% | — | — | reported | — | 0.80 |
| EBITDA margin Δ (YoY) | 8 pp | — | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | 8.49 pp | — | — | reported | — | 0.85 |
| Net margin Δ (YoY) | 6.13 pp | — | — | reported | — | 0.85 |
Q1 2026 · Δ YoY
Revenue
667,921
—
667,921
—
- Q1 2025
- —
EBITDA
3,275
—
3,275
—
- Q1 2025
- —
EBIT
-3,869
—
-3,869
—
- Q1 2025
- —
EBT
-7,967
—
-7,967
—
- Q1 2025
- —
Net income
-5,775
—
-5,775
—
- Q1 2025
- —
EPS (basic)
-0.01
—
-0.01
—
- Q1 2025
- —
D&A
7,144
—
7,144
—
- Q1 2025
- —
Interest expense
174
—
174
—
- Q1 2025
- —
Shares (basic)
(m units)
1
—
1
—
- Q1 2025
- —
EBITDA margin
0.49%
—
0.49%
—
- Q1 2025
- —
EBIT margin
-0.58%
—
-0.58%
—
- Q1 2025
- —
Net margin
-0.86%
—
-0.86%
—
- Q1 2025
- —
Cash
431,061
—
431,061
—
- Q1 2025
- —
Total debt
0
—
0
—
- Q1 2025
- —
Net debt
-295,206
—
-295,206
—
- Q1 2025
- —
Equity
1,711,729
—
1,711,729
—
- Q1 2025
- —
Total assets
2,327,717
—
2,327,717
—
- Q1 2025
- —
Working capital
1,605,622
—
1,605,622
—
- Q1 2025
- —
Current assets
2,248,337
—
2,248,337
—
- Q1 2025
- —
Current liabilities
203,297
—
203,297
—
- Q1 2025
- —
CFO
47,266
—
47,266
—
- Q1 2025
- —
CapEx
0
—
0
—
- Q1 2025
- —
FCF
64,700
—
64,700
—
- Q1 2025
- —
FCF conversion
104.73%
—
104.73%
—
- Q1 2025
- —
CFO conversion
104.73%
—
104.73%
—
- Q1 2025
- —
Current ratio
5.55x
—
5.55x
—
- Q1 2025
- —
Quick ratio
2.32x
—
2.32x
—
- Q1 2025
- —
Cash ratio
0.84x
—
0.84x
—
- Q1 2025
- —
Interest coverage
391.4x
—
391.4x
—
- Q1 2025
- —
Debt / equity
0x
—
0x
—
- Q1 2025
- —
Net debt / equity
-0.19x
—
-0.19x
—
- Q1 2025
- —
Revenue growth (YoY)
8.98%
—
8.98%
—
- Q1 2025
- —
EBITDA growth (YoY)
1786.9%
—
1786.9%
—
- Q1 2025
- —
EBIT growth (YoY)
1588.2%
—
1588.2%
—
- Q1 2025
- —
Net income growth (YoY)
764%
—
764%
—
- Q1 2025
- —
FCF growth (YoY)
36.88%
—
36.88%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
8 pp
—
8 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
8.49 pp
—
8.49 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
6.13 pp
—
6.13 pp
—
- Q1 2025
- —