Q1 2026 report
26 marca 2026 r. zarząd złożył wniosek o ogłoszenie upadłości spółki z powodu niewypłacalności — sprawozdanie sporządzono na zasadzie braku kontynuacji działalności.
Sentiment
Negative
No guidance change
CHP
Q1 2026 report
Revenue
194 k PLN
— YoY
Net income
-87 k PLN
— YoY
EBITDA
-23 k PLN
— YoY
Gross margin
86.6%
— YoY
Summary
Investment thesis
- Kluczowa gra spółki, "Angst: A Tale of Survival", generuje przychody znacznie poniżej oczekiwań mimo dobrych recenzji, nie pokrywając bieżących kosztów działalności.
- Negocjacje połączenia z Event Horizon S.A., które miały być scenariuszem ratunkowym, zostały zerwane 27 kwietnia 2026 r.
- Kapitał własny (258 tys. zł) jest ułamkiem zadłużenia kredytowego (1 167 tys. zł) — dług/kapitał własny ok. 4,5x, a środki pieniężne na koniec kwartału to zaledwie 24 tys. zł.
- Cały skład rady nadzorczej zrezygnował z końcem kwietnia 2026 r., a zespół spółki skurczył się do jednej osoby (prezes zarządu).
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Financials
BETA
CHP · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 194 | — | — | reported | — | 1.00 |
| Gross profit | 168 | — | — | reported | — | 1.00 |
| EBITDA | -23 | — | — | reported | — | 1.00 |
| EBIT | -30 | — | — | reported | — | 1.00 |
| Net income | -87 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.06 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.06 | — | — | reported | — | 1.00 |
| D&A | 7 | — | — | reported | — | 1.00 |
| Interest expense | 35 | — | — | reported | — | 0.70 |
| Shares (basic) (m units) | 1.38 | — | — | reported | — | 0.80 |
| Gross margin | 86.6% | — | — | derived | — | 0.95 |
| EBITDA margin | -11.86% | — | — | derived | — | 0.95 |
| EBIT margin | -15.46% | — | — | derived | — | 0.95 |
| Net margin | -44.85% | — | — | derived | — | 0.95 |
| Cash | 24 | — | — | reported | — | 1.00 |
| Total debt | 1,167 | — | — | reported | — | 0.95 |
| Net debt | 1,143 | — | — | derived | — | 0.90 |
| Equity | 258 | — | — | reported | — | 1.00 |
| Total assets | 1,910 | — | — | reported | — | 1.00 |
| Working capital | -827 | — | — | derived | — | 0.95 |
| Current assets | 83 | — | — | reported | — | 1.00 |
| Current liabilities | 910 | — | — | reported | — | 1.00 |
| Goodwill | 1,804 | — | — | reported | — | 1.00 |
| CFO | -119 | — | — | reported | — | 1.00 |
| CapEx | 44 | — | — | reported | — | 0.95 |
| FCF | -163 | — | — | derived | — | 0.90 |
| Current ratio | 0.09x | — | — | derived | — | 0.95 |
| Cash ratio | 0.03x | — | — | derived | — | 0.95 |
| Interest coverage | -0.86x | — | — | derived | — | 0.60 |
| Debt / equity | 4.52x | — | — | derived | — | 0.90 |
| Net debt / equity | 4.43x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | -20.49% | — | — | derived | — | 0.95 |
| EBITDA growth (YoY) | 45.24% | — | — | derived | — | 0.90 |
| EBIT growth (YoY) | 52.38% | — | — | derived | — | 0.90 |
| Net income growth (YoY) | 4.4% | — | — | derived | — | 0.90 |
| FCF growth (YoY) | 67.53% | — | — | derived | — | 0.85 |
| Gross margin Δ (YoY) | -13.4 pp | — | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | 5.35 pp | — | — | derived | — | 0.85 |
| EBIT margin Δ (YoY) | 10.36 pp | — | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -7.63 pp | — | — | derived | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
194
—
194
—
- Q1 2025
- —
Gross profit
168
—
168
—
- Q1 2025
- —
EBITDA
-23
—
-23
—
- Q1 2025
- —
EBIT
-30
—
-30
—
- Q1 2025
- —
Net income
-87
—
-87
—
- Q1 2025
- —
EPS (basic)
(PLN)
-0.06
—
-0.06
—
- Q1 2025
- —
EPS (diluted)
(PLN)
-0.06
—
-0.06
—
- Q1 2025
- —
D&A
7
—
7
—
- Q1 2025
- —
Interest expense
35
—
35
—
- Q1 2025
- —
Shares (basic)
(m units)
1.38
—
1.38
—
- Q1 2025
- —
Gross margin
86.6%
—
86.6%
—
- Q1 2025
- —
EBITDA margin
-11.86%
—
-11.86%
—
- Q1 2025
- —
EBIT margin
-15.46%
—
-15.46%
—
- Q1 2025
- —
Net margin
-44.85%
—
-44.85%
—
- Q1 2025
- —
Cash
24
—
24
—
- Q1 2025
- —
Total debt
1,167
—
1,167
—
- Q1 2025
- —
Net debt
1,143
—
1,143
—
- Q1 2025
- —
Equity
258
—
258
—
- Q1 2025
- —
Total assets
1,910
—
1,910
—
- Q1 2025
- —
Working capital
-827
—
-827
—
- Q1 2025
- —
Current assets
83
—
83
—
- Q1 2025
- —
Current liabilities
910
—
910
—
- Q1 2025
- —
Goodwill
1,804
—
1,804
—
- Q1 2025
- —
CFO
-119
—
-119
—
- Q1 2025
- —
CapEx
44
—
44
—
- Q1 2025
- —
FCF
-163
—
-163
—
- Q1 2025
- —
Current ratio
0.09x
—
0.09x
—
- Q1 2025
- —
Cash ratio
0.03x
—
0.03x
—
- Q1 2025
- —
Interest coverage
-0.86x
—
-0.86x
—
- Q1 2025
- —
Debt / equity
4.52x
—
4.52x
—
- Q1 2025
- —
Net debt / equity
4.43x
—
4.43x
—
- Q1 2025
- —
Revenue growth (YoY)
-20.49%
—
-20.49%
—
- Q1 2025
- —
EBITDA growth (YoY)
45.24%
—
45.24%
—
- Q1 2025
- —
EBIT growth (YoY)
52.38%
—
52.38%
—
- Q1 2025
- —
Net income growth (YoY)
4.4%
—
4.4%
—
- Q1 2025
- —
FCF growth (YoY)
67.53%
—
67.53%
—
- Q1 2025
- —
Gross margin Δ (YoY)
-13.4 pp
—
-13.4 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
5.35 pp
—
5.35 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
10.36 pp
—
10.36 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-7.63 pp
—
-7.63 pp
—
- Q1 2025
- —