SED
Q1 2026 report
Revenue
4,261,408 PLN
— YoY
Net income
970,561 PLN
— YoY
FCF
-747,341 PLN
— YoY
CFO
-747,341 PLN
— YoY
Summary
Investment thesis
- Rekordowy zysk księgowy nie ma pokrycia w gotówce — operacyjny cash flow jest głęboko ujemny (-747 tys. zł) z powodu skokowego wzrostu należności handlowych.
- Spłata dużej pożyczki od akcjonariusza w 2025 r. istotnie poprawiła strukturę bilansu (current ratio 4,88x) i obniżyła koszty finansowe o 86% r/r.
- Rosnące zaangażowanie kapitałowe (ok. 275,7 tys. zł pożyczek) w niekonsolidowaną, deficytową spółkę zależną Concept Masters wymaga monitorowania.
- Plany ekspansji zagranicznej oraz komercjalizacji produktów AI (Navigator, ProcessGuard AI) od III/IV kw. 2026 to potencjalne katalizatory kolejnych kwartałów.
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Financials
BETA
SED · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 4,261,408 | — | — | reported | — | 1.00 |
| EBIT | 964,838 | — | — | reported | — | 1.00 |
| EBT | 970,014 | — | — | reported | — | 1.00 |
| Net income | 970,561 | — | — | reported | — | 1.00 |
| D&A | 332,042 | — | — | reported | — | 1.00 |
| Interest expense | 5,651 | — | — | reported | — | 1.00 |
| EBIT margin | 22.65% | — | — | reported | — | 1.00 |
| Net margin | 22.78% | — | — | reported | — | 1.00 |
| D&A margin | 7.79% | — | — | reported | — | 1.00 |
| Cash | 1,154,587 | — | — | reported | — | 1.00 |
| Total debt | 71,247 | — | — | reported | — | 0.75 |
| Net debt | -1,083,340 | — | — | reported | — | 0.75 |
| Equity | 9,150,541 | — | — | reported | — | 1.00 |
| Total assets | 10,361,351 | — | — | reported | — | 1.00 |
| Current assets | 5,461,318 | — | — | reported | — | 1.00 |
| Current liabilities | 1,118,751 | — | — | reported | — | 1.00 |
| CFO | -747,341 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 0.90 |
| FCF | -747,341 | — | — | reported | — | 0.90 |
| CFO conversion | -57.62% | — | — | reported | — | 0.85 |
| Current ratio | 4.88x | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | 55.13% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | 320.36% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 523.06% | — | — | reported | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
4,261,408
—
4,261,408
—
- Q1 2025
- —
EBIT
964,838
—
964,838
—
- Q1 2025
- —
EBT
970,014
—
970,014
—
- Q1 2025
- —
Net income
970,561
—
970,561
—
- Q1 2025
- —
D&A
332,042
—
332,042
—
- Q1 2025
- —
Interest expense
5,651
—
5,651
—
- Q1 2025
- —
EBIT margin
22.65%
—
22.65%
—
- Q1 2025
- —
Net margin
22.78%
—
22.78%
—
- Q1 2025
- —
D&A margin
7.79%
—
7.79%
—
- Q1 2025
- —
Cash
1,154,587
—
1,154,587
—
- Q1 2025
- —
Total debt
71,247
—
71,247
—
- Q1 2025
- —
Net debt
-1,083,340
—
-1,083,340
—
- Q1 2025
- —
Equity
9,150,541
—
9,150,541
—
- Q1 2025
- —
Total assets
10,361,351
—
10,361,351
—
- Q1 2025
- —
Current assets
5,461,318
—
5,461,318
—
- Q1 2025
- —
Current liabilities
1,118,751
—
1,118,751
—
- Q1 2025
- —
CFO
-747,341
—
-747,341
—
- Q1 2025
- —
CapEx
0
—
0
—
- Q1 2025
- —
FCF
-747,341
—
-747,341
—
- Q1 2025
- —
CFO conversion
-57.62%
—
-57.62%
—
- Q1 2025
- —
Current ratio
4.88x
—
4.88x
—
- Q1 2025
- —
Revenue growth (YoY)
55.13%
—
55.13%
—
- Q1 2025
- —
EBIT growth (YoY)
320.36%
—
320.36%
—
- Q1 2025
- —
Net income growth (YoY)
523.06%
—
523.06%
—
- Q1 2025
- —