Q1 2026 report
Baza zainstalowanych urządzeń z technologią Silvair rośnie o 36% r/r (>122 tys. w Q1 2026) i przekroczyła symboliczny próg 1 mln urządzeń tuż po dacie bilansowej
Sentiment
Positive
No guidance change
SVRS
Q1 2026 report
Revenue
733 k USD
— YoY
Net income
-336 k USD
— YoY
EBITDA
342 k USD
— YoY
Gross margin
21.01%
— YoY
Summary
Investment thesis
- Mimo rosnącej adopcji przychody w Q1 2026 spadły o 29% r/r, a marża brutto zapadła się z 54% do 21% — model monetyzacji nie nadąża jeszcze za skalą wdrożeń
- Cała pula obligacji zamiennych (4,8 mln USD) stała się zobowiązaniem krótkoterminowym przy gotówce 1,1 mln USD i ujemnym kapitale obrotowym (-4,6 mln USD)
- Spółka finansuje deficyt gotówkowy głównie emisją kolejnych transz obligacji zamiennych, nie generowaną gotówką operacyjną (FCF ujemny -171 tys. USD)
- 83% aktywów to skapitalizowane, niepłynne nakłady na prace rozwojowe — bez przesłanek do odpisu w tym kwartale, ale duża koncentracja ryzyka wyceny
Read the full analysis
Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.
Financials
BETA
SVRS · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 733 | — | — | reported | — | 1.00 |
| Gross profit | 154 | — | — | reported | — | 1.00 |
| EBITDA | 342 | — | — | derived | — | 0.85 |
| EBIT | -275 | — | — | reported | — | 1.00 |
| EBT | -329 | — | — | reported | — | 1.00 |
| Net income | -336 | — | — | reported | — | 1.00 |
| EPS (basic) (USD) | -0.02 | — | — | reported | — | 1.00 |
| EPS (diluted) (USD) | -0.02 | — | — | reported | — | 1.00 |
| D&A | 617 | — | — | reported | — | 1.00 |
| Interest expense | 54 | — | — | reported | — | 0.90 |
| Shares (basic) (m units) | 17.48 | — | — | reported | — | 1.00 |
| Gross margin | 21.01% | — | — | reported | — | 0.95 |
| EBITDA margin | 46.66% | — | — | reported | — | 0.85 |
| EBIT margin | -37.52% | — | — | reported | — | 0.95 |
| Net margin | -45.84% | — | — | reported | — | 0.95 |
| Cash | 1,107 | — | — | reported | — | 1.00 |
| Total debt | 5,050 | — | — | derived | — | 0.90 |
| Net debt | 3,943 | — | — | derived | — | 0.90 |
| Equity | 8,869 | — | — | reported | — | 1.00 |
| Total assets | 15,765 | — | — | reported | — | 1.00 |
| Working capital | -4,555 | — | — | derived | — | 0.95 |
| Current assets | 1,870 | — | — | reported | — | 1.00 |
| Current liabilities | 6,425 | — | — | reported | — | 1.00 |
| CFO | 414 | — | — | reported | — | 1.00 |
| CapEx | 585 | — | — | reported | — | 1.00 |
| FCF | -171 | — | — | derived | — | 0.90 |
| FCF conversion | -50% | — | — | reported | — | 0.80 |
| CFO conversion | 121.05% | — | — | reported | — | 0.80 |
| Current ratio | 0.29x | — | — | reported | — | 0.95 |
| Quick ratio | 0.29x | — | — | reported | — | 0.90 |
| Cash ratio | 0.17x | — | — | reported | — | 0.95 |
| Debt / equity | 0.57x | — | — | reported | — | 0.85 |
| Net debt / equity | 0.44x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | -29.04% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | -52.23% | — | — | reported | — | 0.80 |
| EBIT growth (YoY) | -221.68% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | -296.49% | — | — | reported | — | 0.90 |
| EPS growth (YoY) | -300% | — | — | reported | — | 0.85 |
| Gross margin Δ (YoY) | -33.2 pp | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | -22.65 pp | — | — | reported | — | 0.80 |
| EBIT margin Δ (YoY) | -59.4 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | -62.39 pp | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
733
—
733
—
- Q1 2025
- —
Gross profit
154
—
154
—
- Q1 2025
- —
EBITDA
342
—
342
—
- Q1 2025
- —
EBIT
-275
—
-275
—
- Q1 2025
- —
EBT
-329
—
-329
—
- Q1 2025
- —
Net income
-336
—
-336
—
- Q1 2025
- —
EPS (basic)
(USD)
-0.02
—
-0.02
—
- Q1 2025
- —
EPS (diluted)
(USD)
-0.02
—
-0.02
—
- Q1 2025
- —
D&A
617
—
617
—
- Q1 2025
- —
Interest expense
54
—
54
—
- Q1 2025
- —
Shares (basic)
(m units)
17.48
—
17.48
—
- Q1 2025
- —
Gross margin
21.01%
—
21.01%
—
- Q1 2025
- —
EBITDA margin
46.66%
—
46.66%
—
- Q1 2025
- —
EBIT margin
-37.52%
—
-37.52%
—
- Q1 2025
- —
Net margin
-45.84%
—
-45.84%
—
- Q1 2025
- —
Cash
1,107
—
1,107
—
- Q1 2025
- —
Total debt
5,050
—
5,050
—
- Q1 2025
- —
Net debt
3,943
—
3,943
—
- Q1 2025
- —
Equity
8,869
—
8,869
—
- Q1 2025
- —
Total assets
15,765
—
15,765
—
- Q1 2025
- —
Working capital
-4,555
—
-4,555
—
- Q1 2025
- —
Current assets
1,870
—
1,870
—
- Q1 2025
- —
Current liabilities
6,425
—
6,425
—
- Q1 2025
- —
CFO
414
—
414
—
- Q1 2025
- —
CapEx
585
—
585
—
- Q1 2025
- —
FCF
-171
—
-171
—
- Q1 2025
- —
FCF conversion
-50%
—
-50%
—
- Q1 2025
- —
CFO conversion
121.05%
—
121.05%
—
- Q1 2025
- —
Current ratio
0.29x
—
0.29x
—
- Q1 2025
- —
Quick ratio
0.29x
—
0.29x
—
- Q1 2025
- —
Cash ratio
0.17x
—
0.17x
—
- Q1 2025
- —
Debt / equity
0.57x
—
0.57x
—
- Q1 2025
- —
Net debt / equity
0.44x
—
0.44x
—
- Q1 2025
- —
Revenue growth (YoY)
-29.04%
—
-29.04%
—
- Q1 2025
- —
EBITDA growth (YoY)
-52.23%
—
-52.23%
—
- Q1 2025
- —
EBIT growth (YoY)
-221.68%
—
-221.68%
—
- Q1 2025
- —
Net income growth (YoY)
-296.49%
—
-296.49%
—
- Q1 2025
- —
EPS growth (YoY)
-300%
—
-300%
—
- Q1 2025
- —
Gross margin Δ (YoY)
-33.2 pp
—
-33.2 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-22.65 pp
—
-22.65 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-59.4 pp
—
-59.4 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-62.39 pp
—
-62.39 pp
—
- Q1 2025
- —