Q1 2026 report
Spółka deep-tech materiałowa (materiały EIL/ETL dla wyświetlaczy OLED) w fazie przejścia z etapu R&D do przemysłowego, z 30-punktową listą kwalifikacyjną u kluczowego chińskiego partnera OEM ukończoną w ok. 90% (kwiecień 2026).
Sentiment
Positive
No guidance change
NCL
Q1 2026 report
Revenue
782,740 PLN
— YoY
Net income
-1,423,681 PLN
— YoY
FCF
-1,768,216 PLN
— YoY
CFO
-1,697,844 PLN
— YoY
Summary
Investment thesis
- Przychody wciąż mikroskopijne (0,78 mln zł/kwartał), w 84,8% od podmiotu powiązanego Synthex, częściowo księgowe (zmiana stanu produktów) a nie gotówkowe.
- Strata operacyjna pogłębiła się r/r o 8,9%, a spalanie gotówki na działalności operacyjnej przyspieszyło o 29,3% r/r.
- Kapitał własny wrócił na plus (7,72 mln zł) dzięki emisjom akcji z 2025 r.; gotówka 6,17 mln zł daje kilka kwartałów bufora operacyjnego.
- Zdywersyfikowane, częściowo bezzwrotne finansowanie R&D (granty, pipeline 15 partnerów, 2 JDP, rosnące portfolio patentowe) ogranicza zależność od jednego kontraktu, ale nie eliminuje ryzyka koncentracji wokół podmiotów powiązanych (Synthex, Rubicon Partners).
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Financials
BETA
NCL · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 782,740 | — | — | reported | — | 1.00 |
| EBIT | -1,460,447 | — | — | reported | — | 1.00 |
| EBT | -1,423,681 | — | — | reported | — | 1.00 |
| Net income | -1,423,681 | — | — | reported | — | 1.00 |
| EPS (basic) | -0.75 | — | — | reported | — | 1.00 |
| D&A | 104,271 | — | — | reported | — | 1.00 |
| Interest expense | 1,874 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 1.97 | — | — | reported | — | 1.00 |
| EBIT margin | -186.61% | — | — | reported | — | 0.50 |
| Net margin | -181.87% | — | — | reported | — | 0.50 |
| Cash | 6,167,443 | — | — | reported | — | 1.00 |
| Equity | 7,719,303 | — | — | reported | — | 1.00 |
| Total assets | 11,739,471 | — | — | reported | — | 1.00 |
| Current assets | 8,572,105 | — | — | reported | — | 1.00 |
| Current liabilities | 3,992,896 | — | — | reported | — | 1.00 |
| CFO | -1,697,844 | — | — | reported | — | 1.00 |
| CapEx | 70,372 | — | — | reported | — | 1.00 |
| FCF | -1,768,216 | — | — | derived | — | 0.90 |
| Current ratio | 2.15x | — | — | reported | — | 0.90 |
| Quick ratio | 2.05x | — | — | reported | — | 0.90 |
| Cash ratio | 1.54x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 89.21% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | -8.88% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | -1.6% | — | — | reported | — | 0.90 |
| EPS growth (YoY) | 15.73% | — | — | reported | — | 0.80 |
Q1 2026 · Δ YoY
Revenue
782,740
—
782,740
—
- Q1 2025
- —
EBIT
-1,460,447
—
-1,460,447
—
- Q1 2025
- —
EBT
-1,423,681
—
-1,423,681
—
- Q1 2025
- —
Net income
-1,423,681
—
-1,423,681
—
- Q1 2025
- —
EPS (basic)
-0.75
—
-0.75
—
- Q1 2025
- —
D&A
104,271
—
104,271
—
- Q1 2025
- —
Interest expense
1,874
—
1,874
—
- Q1 2025
- —
Shares (basic)
(m units)
1.97
—
1.97
—
- Q1 2025
- —
EBIT margin
-186.61%
—
-186.61%
—
- Q1 2025
- —
Net margin
-181.87%
—
-181.87%
—
- Q1 2025
- —
Cash
6,167,443
—
6,167,443
—
- Q1 2025
- —
Equity
7,719,303
—
7,719,303
—
- Q1 2025
- —
Total assets
11,739,471
—
11,739,471
—
- Q1 2025
- —
Current assets
8,572,105
—
8,572,105
—
- Q1 2025
- —
Current liabilities
3,992,896
—
3,992,896
—
- Q1 2025
- —
CFO
-1,697,844
—
-1,697,844
—
- Q1 2025
- —
CapEx
70,372
—
70,372
—
- Q1 2025
- —
FCF
-1,768,216
—
-1,768,216
—
- Q1 2025
- —
Current ratio
2.15x
—
2.15x
—
- Q1 2025
- —
Quick ratio
2.05x
—
2.05x
—
- Q1 2025
- —
Cash ratio
1.54x
—
1.54x
—
- Q1 2025
- —
Revenue growth (YoY)
89.21%
—
89.21%
—
- Q1 2025
- —
EBIT growth (YoY)
-8.88%
—
-8.88%
—
- Q1 2025
- —
Net income growth (YoY)
-1.6%
—
-1.6%
—
- Q1 2025
- —
EPS growth (YoY)
15.73%
—
15.73%
—
- Q1 2025
- —