Q1 2026 report
Wydawca i producent gier (franczyza „House Flipper”) kontrolowany w 76,03% przez Frozen District sp. z o.o.; przychody i zysk spadły ostro r/r w I kw. 2026 z powodu braku istotnych premier, co spółka wiarygodnie tłumaczy naturalną nierównomiernością przychodu w modelu projektowym.
Sentiment
Neutral
No guidance change
FRW
Q1 2026 report
Revenue
5,724,115 PLN
— YoY
Net income
2,050,127 PLN
— YoY
EBITDA
2,305,264 PLN
— YoY
FCF
1,423,097 PLN
— YoY
Summary
Investment thesis
- Kluczowy sygnał kwartału: dodatni zysk netto (607 963,64 zł) przy ujemnych przepływach operacyjnych (-17 411,65 zł) — rozjazd napędzany narastaniem zapasów (kapitalizowanych kosztów gier w produkcji) o 1 619 967,39 zł.
- Bilans bez zadłużenia finansowego, z gotówką netto ok. 5,4 mln zł i bardzo wysoką płynnością bieżącą (24,5x).
- Konkretny, bliski katalizator: jednoczesna premiera „House Flipper Remastered Collection” i wczesnego dostępu „Fish & Hike” zaplanowana na 4 czerwca 2026 r.
- Szeroki pipeline produkcyjny (Honeycomb: The World Beyond, Farmbotic, Builder Simulator 2) daje kilka kolejnych okien premierowych w 2026-2027, ale też koncentruje kapitał w niepewnych co do sukcesu projektach.
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Financials
BETA
FRW · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 5,724,115 | — | — | reported | — | 1.00 |
| EBITDA | 2,305,264 | — | — | derived | — | 0.90 |
| EBIT | 2,215,878 | — | — | reported | — | 1.00 |
| EBT | 2,047,410 | — | — | reported | — | 1.00 |
| Net income | 2,050,127 | — | — | reported | — | 1.00 |
| EPS (basic) | 1.95 | — | — | derived | — | 0.50 |
| D&A | 89,387 | — | — | reported | — | 1.00 |
| Interest expense | 0 | — | — | reported | — | 0.90 |
| Shares (basic) (m units) | 1.05 | — | — | reported | — | 1.00 |
| EBITDA margin | 40.27% | — | — | reported | — | 0.90 |
| EBIT margin | 38.71% | — | — | reported | — | 0.90 |
| Net margin | 35.82% | — | — | reported | — | 0.90 |
| Cash | 8,912,869 | — | — | reported | — | 0.90 |
| Total debt | 0 | — | — | reported | — | 0.90 |
| Net debt | -5,401,027 | — | — | derived | — | 0.90 |
| Equity | 19,751,873 | — | — | reported | — | 1.00 |
| Total assets | 24,108,321 | — | — | reported | — | 1.00 |
| Working capital | 21,163,277 | — | — | derived | — | 0.90 |
| Current assets | 23,196,181 | — | — | reported | — | 1.00 |
| Current liabilities | 1,192,753 | — | — | reported | — | 1.00 |
| Goodwill | 22,965 | — | — | reported | — | 0.90 |
| CFO | 1,454,837 | — | — | reported | — | 1.00 |
| CapEx | 31,740 | — | — | reported | — | 0.90 |
| FCF | 1,423,097 | — | — | derived | — | 0.90 |
| FCF conversion | -2.66% | — | — | reported | — | 0.85 |
| CFO conversion | 63.13% | — | — | reported | — | 0.85 |
| Current ratio | 24.53x | — | — | reported | — | 0.90 |
| Quick ratio | 7.17x | — | — | reported | — | 0.85 |
| Cash ratio | 6x | — | — | reported | — | 0.90 |
| Debt / equity | 0x | — | — | reported | — | 0.90 |
| Net debt / equity | -0.31x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | -57.33% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | -71.63% | — | — | reported | — | 0.85 |
| EBIT growth (YoY) | -71.4% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | -70.34% | — | — | reported | — | 0.90 |
| FCF growth (YoY) | -101.22% | — | — | reported | — | 0.85 |
| EBITDA margin Δ (YoY) | -20.8 pp | — | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | -19.84 pp | — | — | reported | — | 0.85 |
| Net margin Δ (YoY) | -17.71 pp | — | — | reported | — | 0.85 |
Q1 2026 · Δ YoY
Revenue
5,724,115
—
5,724,115
—
- Q1 2025
- —
EBITDA
2,305,264
—
2,305,264
—
- Q1 2025
- —
EBIT
2,215,878
—
2,215,878
—
- Q1 2025
- —
EBT
2,047,410
—
2,047,410
—
- Q1 2025
- —
Net income
2,050,127
—
2,050,127
—
- Q1 2025
- —
EPS (basic)
1.95
—
1.95
—
- Q1 2025
- —
D&A
89,387
—
89,387
—
- Q1 2025
- —
Interest expense
0
—
0
—
- Q1 2025
- —
Shares (basic)
(m units)
1.05
—
1.05
—
- Q1 2025
- —
EBITDA margin
40.27%
—
40.27%
—
- Q1 2025
- —
EBIT margin
38.71%
—
38.71%
—
- Q1 2025
- —
Net margin
35.82%
—
35.82%
—
- Q1 2025
- —
Cash
8,912,869
—
8,912,869
—
- Q1 2025
- —
Total debt
0
—
0
—
- Q1 2025
- —
Net debt
-5,401,027
—
-5,401,027
—
- Q1 2025
- —
Equity
19,751,873
—
19,751,873
—
- Q1 2025
- —
Total assets
24,108,321
—
24,108,321
—
- Q1 2025
- —
Working capital
21,163,277
—
21,163,277
—
- Q1 2025
- —
Current assets
23,196,181
—
23,196,181
—
- Q1 2025
- —
Current liabilities
1,192,753
—
1,192,753
—
- Q1 2025
- —
Goodwill
22,965
—
22,965
—
- Q1 2025
- —
CFO
1,454,837
—
1,454,837
—
- Q1 2025
- —
CapEx
31,740
—
31,740
—
- Q1 2025
- —
FCF
1,423,097
—
1,423,097
—
- Q1 2025
- —
FCF conversion
-2.66%
—
-2.66%
—
- Q1 2025
- —
CFO conversion
63.13%
—
63.13%
—
- Q1 2025
- —
Current ratio
24.53x
—
24.53x
—
- Q1 2025
- —
Quick ratio
7.17x
—
7.17x
—
- Q1 2025
- —
Cash ratio
6x
—
6x
—
- Q1 2025
- —
Debt / equity
0x
—
0x
—
- Q1 2025
- —
Net debt / equity
-0.31x
—
-0.31x
—
- Q1 2025
- —
Revenue growth (YoY)
-57.33%
—
-57.33%
—
- Q1 2025
- —
EBITDA growth (YoY)
-71.63%
—
-71.63%
—
- Q1 2025
- —
EBIT growth (YoY)
-71.4%
—
-71.4%
—
- Q1 2025
- —
Net income growth (YoY)
-70.34%
—
-70.34%
—
- Q1 2025
- —
FCF growth (YoY)
-101.22%
—
-101.22%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-20.8 pp
—
-20.8 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-19.84 pp
—
-19.84 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-17.71 pp
—
-17.71 pp
—
- Q1 2025
- —