Q1 2026 report
Gaming Factory notuje wyraźny zwrot z ujemnej na dodatnią rentowność w I kw. 2026 r., napędzany premierami dwóch gier: „JDM: Japanese Drift Master” (PS5, luty 2026) i „Pizza Slice” (PC, marzec 2026).
Sentiment
Positive
No guidance change
GIF
Q1 2026 report
Revenue
4,094 k PLN
— YoY
Net income
1,081 k PLN
— YoY
EBITDA
2,625 k PLN
— YoY
FCF
1,465 k PLN
— YoY
Summary
Investment thesis
- Przychody wzrosły niemal 5-krotnie r/r (4 094 tys. zł wobec 877 tys. zł), a EBITDA prawie 18-krotnie (2 625 tys. zł wobec 147 tys. zł), choć w dużej mierze z bardzo niskiej bazy porównawczej.
- Grupa ma pozycję gotówki netto (ok. -2,06 mln zł długu netto) przy zadłużeniu odsetkowym ograniczonym wyłącznie do leasingu — bilans jest bezpieczny.
- Konwersja EBITDA na gotówkę operacyjną jest wysoka (90,7%), co potwierdza jakość wypracowanego wyniku, mimo dużej wagi amortyzacji skapitalizowanych kosztów produkcji w rachunku wyników.
- Trwałość obecnego tempa wzrostu zależy od utrzymania sprzedaży „JDM” po efekcie premierowym oraz od powodzenia zapowiedzianych produktów (tryb multiplayer, DLC „American Classics”, nowa gra w III kw. 2026 r.).
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Financials
BETA
GIF · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 4,094 | — | — | reported | — | 1.00 |
| EBITDA | 2,625 | — | — | reported | — | 1.00 |
| EBIT | 1,114 | — | — | reported | — | 1.00 |
| EBT | 1,050 | — | — | reported | — | 1.00 |
| Net income | 1,081 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.18 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.18 | — | — | reported | — | 1.00 |
| D&A | 1,511 | — | — | reported | — | 1.00 |
| Interest expense | 12 | — | — | reported | — | 0.90 |
| Shares (basic) (m units) | 6.08 | — | — | reported | — | 1.00 |
| EBITDA margin | 64.12% | — | — | reported | — | 1.00 |
| EBIT margin | 27.21% | — | — | reported | — | 1.00 |
| Net margin | 26.4% | — | — | reported | — | 1.00 |
| Cash | 2,708 | — | — | reported | — | 1.00 |
| Total debt | 651 | — | — | reported | — | 0.95 |
| Net debt | -2,057 | — | — | reported | — | 0.90 |
| Equity | 16,806 | — | — | reported | — | 1.00 |
| Total assets | 21,665 | — | — | reported | — | 1.00 |
| Current assets | 5,117 | — | — | reported | — | 1.00 |
| Current liabilities | 552 | — | — | reported | — | 1.00 |
| Goodwill | 14,489 | — | — | reported | — | 1.00 |
| Tangible equity | 2,317 | — | — | reported | — | 0.90 |
| CFO | 2,380 | — | — | reported | — | 1.00 |
| CapEx | 915 | — | — | reported | — | 1.00 |
| FCF | 1,465 | — | — | reported | — | 1.00 |
| FCF conversion | 55.81% | — | — | reported | — | 1.00 |
| CFO conversion | 90.67% | — | — | reported | — | 1.00 |
| Current ratio | 9.27x | — | — | reported | — | 1.00 |
| Cash ratio | 4.91x | — | — | reported | — | 1.00 |
| Interest coverage | 92.83x | — | — | reported | — | 0.85 |
| Debt / equity | 0.04x | — | — | reported | — | 0.90 |
| Net debt / equity | -0.12x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 366.93% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 1685.71% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | 635.58% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 297.62% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | 300% | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
4,094
—
4,094
—
- Q1 2025
- —
EBITDA
2,625
—
2,625
—
- Q1 2025
- —
EBIT
1,114
—
1,114
—
- Q1 2025
- —
EBT
1,050
—
1,050
—
- Q1 2025
- —
Net income
1,081
—
1,081
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.18
—
0.18
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.18
—
0.18
—
- Q1 2025
- —
D&A
1,511
—
1,511
—
- Q1 2025
- —
Interest expense
12
—
12
—
- Q1 2025
- —
Shares (basic)
(m units)
6.08
—
6.08
—
- Q1 2025
- —
EBITDA margin
64.12%
—
64.12%
—
- Q1 2025
- —
EBIT margin
27.21%
—
27.21%
—
- Q1 2025
- —
Net margin
26.4%
—
26.4%
—
- Q1 2025
- —
Cash
2,708
—
2,708
—
- Q1 2025
- —
Total debt
651
—
651
—
- Q1 2025
- —
Net debt
-2,057
—
-2,057
—
- Q1 2025
- —
Equity
16,806
—
16,806
—
- Q1 2025
- —
Total assets
21,665
—
21,665
—
- Q1 2025
- —
Current assets
5,117
—
5,117
—
- Q1 2025
- —
Current liabilities
552
—
552
—
- Q1 2025
- —
Goodwill
14,489
—
14,489
—
- Q1 2025
- —
Tangible equity
2,317
—
2,317
—
- Q1 2025
- —
CFO
2,380
—
2,380
—
- Q1 2025
- —
CapEx
915
—
915
—
- Q1 2025
- —
FCF
1,465
—
1,465
—
- Q1 2025
- —
FCF conversion
55.81%
—
55.81%
—
- Q1 2025
- —
CFO conversion
90.67%
—
90.67%
—
- Q1 2025
- —
Current ratio
9.27x
—
9.27x
—
- Q1 2025
- —
Cash ratio
4.91x
—
4.91x
—
- Q1 2025
- —
Interest coverage
92.83x
—
92.83x
—
- Q1 2025
- —
Debt / equity
0.04x
—
0.04x
—
- Q1 2025
- —
Net debt / equity
-0.12x
—
-0.12x
—
- Q1 2025
- —
Revenue growth (YoY)
366.93%
—
366.93%
—
- Q1 2025
- —
EBITDA growth (YoY)
1685.71%
—
1685.71%
—
- Q1 2025
- —
EBIT growth (YoY)
635.58%
—
635.58%
—
- Q1 2025
- —
Net income growth (YoY)
297.62%
—
297.62%
—
- Q1 2025
- —
EPS growth (YoY)
300%
—
300%
—
- Q1 2025
- —