Q1 2026 report
Kapitał własny spadł do 107 134,58 zł, czyli poniżej połowy kapitału zakładowego (2 343 000,00 zł) — ustawowy próg z art. 397 KSH wymagający decyzji walnego zgromadzenia o dalszym istnieniu spółki.
Sentiment
Cautious
No guidance change
KLN
Q1 2026 report
Revenue
1,016,035 PLN
— YoY
Net income
-167,520 PLN
— YoY
EBITDA
-76,963 PLN
— YoY
FCF
1,316,205 PLN
— YoY
Summary
Investment thesis
- Przychody ze sprzedaży zapadły się o 82,5% r/r (z 5,80 mln zł do 1,02 mln zł) w ramach deklarowanego przejścia z produkcji tarcicy na handel drewnem.
- EBITDA przeszła z dodatnich 293 596,96 zł na ujemne -76 963,25 zł mimo znacznie niższej amortyzacji — realne, nie księgowe pogorszenie rentowności operacyjnej.
- Dodatnie przepływy operacyjne (+1 316 205,28 zł) to efekt jednorazowej likwidacji należności i zapasów z poprzedniego modelu biznesowego, a nie bieżącej rentowności.
- Gotówka na koniec kwartału to zaledwie 4 380,72 zł — praktycznie zerowa poduszka płynnościowa przy zobowiązaniach krótkoterminowych 2,93 mln zł.
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Financials
BETA
KLN · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 1,016,035 | — | — | reported | — | 1.00 |
| EBITDA | -76,963 | — | — | derived | — | 0.90 |
| EBIT | -150,665 | — | — | reported | — | 1.00 |
| EBT | -167,520 | — | — | reported | — | 1.00 |
| Net income | -167,520 | — | — | reported | — | 1.00 |
| EPS (basic) | -0.01 | — | — | derived | — | 0.80 |
| D&A | 73,702 | — | — | reported | — | 1.00 |
| Interest expense | 28,453 | — | — | reported | — | 1.00 |
| Shares (basic) (units) | 23,430,000 | — | — | reported | — | 1.00 |
| EBITDA margin | -7.58% | — | — | reported | — | 0.80 |
| EBIT margin | -14.83% | — | — | reported | — | 0.90 |
| Net margin | -16.49% | — | — | reported | — | 0.90 |
| Cash | 4,381 | — | — | reported | — | 1.00 |
| Total debt | 2,696,976 | — | — | derived | — | 0.85 |
| Net debt | 2,692,595 | — | — | derived | — | 0.85 |
| Equity | 107,135 | — | — | reported | — | 1.00 |
| Total assets | 4,422,413 | — | — | reported | — | 1.00 |
| Working capital | -1,040,216 | — | — | derived | — | 0.90 |
| Current assets | 1,890,451 | — | — | reported | — | 1.00 |
| Current liabilities | 2,930,668 | — | — | reported | — | 1.00 |
| CFO | 1,316,205 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 1.00 |
| FCF | 1,316,205 | — | — | derived | — | 0.90 |
| Current ratio | 0.65x | — | — | reported | — | 0.90 |
| Quick ratio | 0.63x | — | — | reported | — | 0.70 |
| Cash ratio | 0x | — | — | reported | — | 0.90 |
| Interest coverage | -5.3x | — | — | reported | — | 0.80 |
| Debt / equity | 25.18x | — | — | reported | — | 0.50 |
| Net debt / equity | 25.14x | — | — | reported | — | 0.50 |
| Revenue growth (YoY) | -82.49% | — | — | reported | — | 0.90 |
| EBITDA growth (YoY) | -126.21% | — | — | reported | — | 0.80 |
| EBIT growth (YoY) | -56.55% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | 38.06% | — | — | reported | — | 0.90 |
| EPS growth (YoY) | 38.06% | — | — | reported | — | 0.70 |
| FCF growth (YoY) | 1210.31% | — | — | reported | — | 0.60 |
| EBITDA margin Δ (YoY) | -12.64 pp | — | — | reported | — | 0.70 |
| Net margin Δ (YoY) | -11.83 pp | — | — | reported | — | 0.80 |
Q1 2026 · Δ YoY
Revenue
1,016,035
—
1,016,035
—
- Q1 2025
- —
EBITDA
-76,963
—
-76,963
—
- Q1 2025
- —
EBIT
-150,665
—
-150,665
—
- Q1 2025
- —
EBT
-167,520
—
-167,520
—
- Q1 2025
- —
Net income
-167,520
—
-167,520
—
- Q1 2025
- —
EPS (basic)
-0.01
—
-0.01
—
- Q1 2025
- —
D&A
73,702
—
73,702
—
- Q1 2025
- —
Interest expense
28,453
—
28,453
—
- Q1 2025
- —
Shares (basic)
(units)
23,430,000
—
23,430,000
—
- Q1 2025
- —
EBITDA margin
-7.58%
—
-7.58%
—
- Q1 2025
- —
EBIT margin
-14.83%
—
-14.83%
—
- Q1 2025
- —
Net margin
-16.49%
—
-16.49%
—
- Q1 2025
- —
Cash
4,381
—
4,381
—
- Q1 2025
- —
Total debt
2,696,976
—
2,696,976
—
- Q1 2025
- —
Net debt
2,692,595
—
2,692,595
—
- Q1 2025
- —
Equity
107,135
—
107,135
—
- Q1 2025
- —
Total assets
4,422,413
—
4,422,413
—
- Q1 2025
- —
Working capital
-1,040,216
—
-1,040,216
—
- Q1 2025
- —
Current assets
1,890,451
—
1,890,451
—
- Q1 2025
- —
Current liabilities
2,930,668
—
2,930,668
—
- Q1 2025
- —
CFO
1,316,205
—
1,316,205
—
- Q1 2025
- —
CapEx
0
—
0
—
- Q1 2025
- —
FCF
1,316,205
—
1,316,205
—
- Q1 2025
- —
Current ratio
0.65x
—
0.65x
—
- Q1 2025
- —
Quick ratio
0.63x
—
0.63x
—
- Q1 2025
- —
Cash ratio
0x
—
0x
—
- Q1 2025
- —
Interest coverage
-5.3x
—
-5.3x
—
- Q1 2025
- —
Debt / equity
25.18x
—
25.18x
—
- Q1 2025
- —
Net debt / equity
25.14x
—
25.14x
—
- Q1 2025
- —
Revenue growth (YoY)
-82.49%
—
-82.49%
—
- Q1 2025
- —
EBITDA growth (YoY)
-126.21%
—
-126.21%
—
- Q1 2025
- —
EBIT growth (YoY)
-56.55%
—
-56.55%
—
- Q1 2025
- —
Net income growth (YoY)
38.06%
—
38.06%
—
- Q1 2025
- —
EPS growth (YoY)
38.06%
—
38.06%
—
- Q1 2025
- —
FCF growth (YoY)
1210.31%
—
1210.31%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-12.64 pp
—
-12.64 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-11.83 pp
—
-11.83 pp
—
- Q1 2025
- —