Q1 2026 report
Przychody skonsolidowane spadły o ok. 42% r/r w I kw. 2026, głównie przez zapaść w segmencie usługowym (przesunięte inwestycje klientów).
Sentiment
Cautious
No guidance change
APS
Q1 2026 report
Revenue
4.93 m PLN
— YoY
Net income
-0.82 m PLN
— YoY
EBITDA
-0.74 m PLN
— YoY
FCF
-1.47 m PLN
— YoY
Summary
Investment thesis
- Segment handlowy pozostaje stabilny i lekko rośnie, częściowo amortyzując spadek w usługach.
- Bilans jest bardzo bezpieczny - 13,4 mln zł gotówki, brak widocznego zadłużenia bankowego, wskaźnik płynności bieżącej powyżej 5x.
- Spółka inwestuje w OZE (fotowoltaika i pompy ciepła) w ramach unijnego „Kredytu Ekologicznego”, co obciążyło CAPEX i przepływy operacyjne w kwartale.
- Zarząd nie publikuje prognozy finansowej na 2026 rok, co ogranicza widoczność co do oczekiwanej poprawy w kolejnych kwartałach.
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Financials
BETA
APS · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 4.93 | — | — | reported | — | 1.00 |
| EBITDA | -0.74 | — | — | reported | — | 0.90 |
| EBIT | -0.89 | — | — | reported | — | 1.00 |
| EBT | -0.82 | — | — | reported | — | 1.00 |
| Net income | -0.82 | — | — | reported | — | 1.00 |
| D&A | 0.15 | — | — | reported | — | 1.00 |
| Interest expense | 0.01 | — | — | reported | — | 1.00 |
| EBITDA margin | -14.99% | — | — | reported | — | 0.90 |
| EBIT margin | -18.05% | — | — | reported | — | 0.90 |
| Net margin | -16.56% | — | — | reported | — | 0.90 |
| Cash | 13.38 | — | — | reported | — | 1.00 |
| Equity | 18.8 | — | — | reported | — | 1.00 |
| Total assets | 26.66 | — | — | reported | — | 1.00 |
| Working capital | 15.68 | — | — | reported | — | 0.90 |
| Current assets | 19.07 | — | — | reported | — | 1.00 |
| Current liabilities | 3.39 | — | — | reported | — | 1.00 |
| CFO | -0.32 | — | — | reported | — | 1.00 |
| CapEx | 1.15 | — | — | reported | — | 1.00 |
| FCF | -1.47 | — | — | reported | — | 0.90 |
| Current ratio | 5.63x | — | — | reported | — | 0.90 |
| Quick ratio | 5.16x | — | — | reported | — | 0.90 |
| Cash ratio | 3.95x | — | — | reported | — | 0.90 |
| Interest coverage | -67.57x | — | — | reported | — | 0.60 |
| Revenue growth (YoY) | -42% | — | — | reported | — | 0.90 |
| EBITDA growth (YoY) | -70.1% | — | — | reported | — | 0.90 |
| EBIT growth (YoY) | -43.8% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | -89.2% | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
4.93
—
4.93
—
- Q1 2025
- —
EBITDA
-0.74
—
-0.74
—
- Q1 2025
- —
EBIT
-0.89
—
-0.89
—
- Q1 2025
- —
EBT
-0.82
—
-0.82
—
- Q1 2025
- —
Net income
-0.82
—
-0.82
—
- Q1 2025
- —
D&A
0.15
—
0.15
—
- Q1 2025
- —
Interest expense
0.01
—
0.01
—
- Q1 2025
- —
EBITDA margin
-14.99%
—
-14.99%
—
- Q1 2025
- —
EBIT margin
-18.05%
—
-18.05%
—
- Q1 2025
- —
Net margin
-16.56%
—
-16.56%
—
- Q1 2025
- —
Cash
13.38
—
13.38
—
- Q1 2025
- —
Equity
18.8
—
18.8
—
- Q1 2025
- —
Total assets
26.66
—
26.66
—
- Q1 2025
- —
Working capital
15.68
—
15.68
—
- Q1 2025
- —
Current assets
19.07
—
19.07
—
- Q1 2025
- —
Current liabilities
3.39
—
3.39
—
- Q1 2025
- —
CFO
-0.32
—
-0.32
—
- Q1 2025
- —
CapEx
1.15
—
1.15
—
- Q1 2025
- —
FCF
-1.47
—
-1.47
—
- Q1 2025
- —
Current ratio
5.63x
—
5.63x
—
- Q1 2025
- —
Quick ratio
5.16x
—
5.16x
—
- Q1 2025
- —
Cash ratio
3.95x
—
3.95x
—
- Q1 2025
- —
Interest coverage
-67.57x
—
-67.57x
—
- Q1 2025
- —
Revenue growth (YoY)
-42%
—
-42%
—
- Q1 2025
- —
EBITDA growth (YoY)
-70.1%
—
-70.1%
—
- Q1 2025
- —
EBIT growth (YoY)
-43.8%
—
-43.8%
—
- Q1 2025
- —
Net income growth (YoY)
-89.2%
—
-89.2%
—
- Q1 2025
- —