Q1 2026 report
Przychody wzrosły niemal trzykrotnie r/r (+193%) dzięki monetyzacji portfolio gier VR oraz kontynuacji zamówień od wydawcy azjatyckiego, a zysk netto wzrósł o 64% r/r do 1,10 mln zł.
Sentiment
Positive
No guidance change
VFA
Q1 2026 report
Revenue
2.94 m PLN
— YoY
Net income
1.1 m PLN
— YoY
EBITDA
1.05 m PLN
— YoY
FCF
1 m PLN
— YoY
Summary
Investment thesis
- Nierozliczona opinia biegłego rewidenta z zastrzeżeniem — brak odpisu na przeterminowane należności w wysokości 4 567 tys. zł, czyli ok. 35% raportowanych kapitałów własnych — to najważniejsze ryzyko w tym raporcie i podważa jakość bilansu.
- Marża EBIT skurczyła się z ok. 78% do ok. 35% r/r w wyniku ok. 300-krotnego wzrostu kosztów usług obcych, niewyjaśnionego szczegółowo przez zarząd.
- Nowa umowa na projekt Sniper-X VR (symulator obronny z elementami AI) otwiera potencjalną dywersyfikację w kierunku technologii obronnych, ale finansowanie do 8 mln zł jest na razie niezabezpieczone.
- Struktura akcjonariatu skomplikowała się w marcu 2026 r. — cztery zawiadomienia w trybie art. 69, w tym o domniemanym porozumieniu między głównym akcjonariuszem SimFabric S.A. a zarządem spółki.
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Financials
BETA
VFA · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 2.94 | — | — | reported | — | 1.00 |
| EBITDA | 1.05 | — | — | derived | — | 0.90 |
| EBIT | 1.02 | — | — | reported | — | 1.00 |
| EBT | 1.1 | — | — | reported | — | 1.00 |
| Net income | 1.1 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.69 | — | — | derived | — | 0.50 |
| D&A | 0.04 | — | — | reported | — | 1.00 |
| Interest expense | 0.01 | — | — | reported | — | 0.85 |
| Shares (basic) (m units) | 1.61 | — | — | reported | — | 0.85 |
| EBITDA margin | 35.83% | — | — | reported | — | 0.85 |
| EBIT margin | 34.59% | — | — | reported | — | 0.90 |
| EBT margin | 37.44% | — | — | reported | — | 0.90 |
| Net margin | 37.45% | — | — | reported | — | 0.90 |
| D&A margin | 1.24% | — | — | reported | — | 0.90 |
| Cash | 6.29 | — | — | reported | — | 0.95 |
| Equity | 13.02 | — | — | reported | — | 0.90 |
| Total assets | 17.06 | — | — | reported | — | 1.00 |
| Working capital | 8.64 | — | — | derived | — | 0.90 |
| Current assets | 12.66 | — | — | reported | — | 1.00 |
| Current liabilities | 4.03 | — | — | reported | — | 1.00 |
| CFO | 1.05 | — | — | reported | — | 1.00 |
| CapEx | 0.05 | — | — | reported | — | 1.00 |
| FCF | 1 | — | — | derived | — | 0.95 |
| FCF conversion | 94.78% | — | — | reported | — | 0.80 |
| CFO conversion | 99.42% | — | — | reported | — | 0.80 |
| Current ratio | 3.15x | — | — | reported | — | 0.90 |
| Quick ratio | 3.15x | — | — | reported | — | 0.90 |
| Cash ratio | 1.56x | — | — | reported | — | 0.85 |
| Interest coverage | 149.46x | — | — | reported | — | 0.60 |
| Revenue growth (YoY) | 193.45% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | 5.81% | — | — | reported | — | 0.85 |
| EBIT growth (YoY) | 29.72% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | 63.82% | — | — | reported | — | 0.90 |
| EPS growth (YoY) | 63.82% | — | — | reported | — | 0.50 |
| FCF growth (YoY) | 1.91% | — | — | reported | — | 0.80 |
| EBITDA margin Δ (YoY) | -63.54 pp | — | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | -43.65 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | -29.63 pp | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
2.94
—
2.94
—
- Q1 2025
- —
EBITDA
1.05
—
1.05
—
- Q1 2025
- —
EBIT
1.02
—
1.02
—
- Q1 2025
- —
EBT
1.1
—
1.1
—
- Q1 2025
- —
Net income
1.1
—
1.1
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.69
—
0.69
—
- Q1 2025
- —
D&A
0.04
—
0.04
—
- Q1 2025
- —
Interest expense
0.01
—
0.01
—
- Q1 2025
- —
Shares (basic)
(m units)
1.61
—
1.61
—
- Q1 2025
- —
EBITDA margin
35.83%
—
35.83%
—
- Q1 2025
- —
EBIT margin
34.59%
—
34.59%
—
- Q1 2025
- —
EBT margin
37.44%
—
37.44%
—
- Q1 2025
- —
Net margin
37.45%
—
37.45%
—
- Q1 2025
- —
D&A margin
1.24%
—
1.24%
—
- Q1 2025
- —
Cash
6.29
—
6.29
—
- Q1 2025
- —
Equity
13.02
—
13.02
—
- Q1 2025
- —
Total assets
17.06
—
17.06
—
- Q1 2025
- —
Working capital
8.64
—
8.64
—
- Q1 2025
- —
Current assets
12.66
—
12.66
—
- Q1 2025
- —
Current liabilities
4.03
—
4.03
—
- Q1 2025
- —
CFO
1.05
—
1.05
—
- Q1 2025
- —
CapEx
0.05
—
0.05
—
- Q1 2025
- —
FCF
1
—
1
—
- Q1 2025
- —
FCF conversion
94.78%
—
94.78%
—
- Q1 2025
- —
CFO conversion
99.42%
—
99.42%
—
- Q1 2025
- —
Current ratio
3.15x
—
3.15x
—
- Q1 2025
- —
Quick ratio
3.15x
—
3.15x
—
- Q1 2025
- —
Cash ratio
1.56x
—
1.56x
—
- Q1 2025
- —
Interest coverage
149.46x
—
149.46x
—
- Q1 2025
- —
Revenue growth (YoY)
193.45%
—
193.45%
—
- Q1 2025
- —
EBITDA growth (YoY)
5.81%
—
5.81%
—
- Q1 2025
- —
EBIT growth (YoY)
29.72%
—
29.72%
—
- Q1 2025
- —
Net income growth (YoY)
63.82%
—
63.82%
—
- Q1 2025
- —
EPS growth (YoY)
63.82%
—
63.82%
—
- Q1 2025
- —
FCF growth (YoY)
1.91%
—
1.91%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-63.54 pp
—
-63.54 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-43.65 pp
—
-43.65 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-29.63 pp
—
-29.63 pp
—
- Q1 2025
- —