Q1 2026 report
Aiton Caldwell to mała spółka telekomunikacyjna z NewConnect, której tradycyjny biznes (centrale wirtualne FCN, Call-eX) kurczy się od kilku lat, ale nowy produkt Datera (AI do obsługi rozmów) rośnie dwucyfrowo.
Sentiment
Cautious
No guidance change
AIT
Q1 2026 report
Revenue
2.31 m PLN
— YoY
Net income
-0.13 m PLN
— YoY
EBITDA
0.17 m PLN
— YoY
FCF
0.12 m PLN
— YoY
Summary
Investment thesis
- Przychody spadły 14,0% r/r i 5,9% kw/kw — piąty kwartał z rzędu erozji sprzedaży w segmencie MŚP.
- Dyscyplina kosztowa (koszty operacyjne -14,5% r/r) pozwala zawężać stratę r/r, ale strata netto wciąż się utrzymuje i pogłębiła się kw/kw.
- Bilans jest czysty — zero zadłużenia odsetkowego i gotówka netto 851 tys. zł — co daje spółce czas na dokończenie transformacji produktowej.
- CAPEX (21 tys. zł) drastycznie odstaje od amortyzacji (292 tys. zł) — sygnał, że baza aktywów rozwojowych może się kurczyć, jeśli tempo inwestycji się nie zmieni.
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Financials
BETA
AIT · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 2.31 | — | — | reported | — | 1.00 |
| EBITDA | 0.17 | — | — | derived | — | 0.90 |
| EBIT | -0.17 | — | — | reported | — | 1.00 |
| EBT | -0.14 | — | — | reported | — | 1.00 |
| Net income | -0.13 | — | — | reported | — | 1.00 |
| D&A | 0.29 | — | — | reported | — | 1.00 |
| Interest expense | 0 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 12.44 | — | — | reported | — | 1.00 |
| EBITDA margin | 7.57% | — | — | reported | — | 0.90 |
| EBIT margin | -7.12% | — | — | reported | — | 1.00 |
| EBT margin | -7.19% | — | — | reported | — | 1.00 |
| Net margin | -6.57% | — | — | reported | — | 1.00 |
| Cash | 0.85 | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | reported | — | 0.90 |
| Net debt | -0.85 | — | — | reported | — | 0.90 |
| Equity | 2.71 | — | — | reported | — | 1.00 |
| Total assets | 4.34 | — | — | reported | — | 1.00 |
| Working capital | 0.92 | — | — | reported | — | 1.00 |
| Current assets | 1.61 | — | — | reported | — | 1.00 |
| Current liabilities | 0.69 | — | — | reported | — | 1.00 |
| Goodwill | 1.99 | — | — | reported | — | 1.00 |
| CFO | -0.28 | — | — | reported | — | 1.00 |
| CapEx | 0.02 | — | — | reported | — | 1.00 |
| FCF | 0.12 | — | — | derived | — | 0.90 |
| FCF conversion | 76.6% | — | — | reported | — | 0.80 |
| CFO conversion | 90.5% | — | — | reported | — | 0.80 |
| Current ratio | 2.32x | — | — | reported | — | 1.00 |
| Quick ratio | 2.3x | — | — | reported | — | 1.00 |
| Cash ratio | 1.23x | — | — | reported | — | 1.00 |
| Debt / equity | 0x | — | — | reported | — | 0.90 |
| Net debt / equity | -0.31x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | -14.04% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -10.52% | — | — | reported | — | 0.80 |
| EBIT growth (YoY) | 15.33% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 1.68% | — | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | 0.3 pp | — | — | reported | — | 0.80 |
| EBIT margin Δ (YoY) | 0.11 pp | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | -0.83 pp | — | — | reported | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
2.31
—
2.31
—
- Q1 2025
- —
EBITDA
0.17
—
0.17
—
- Q1 2025
- —
EBIT
-0.17
—
-0.17
—
- Q1 2025
- —
EBT
-0.14
—
-0.14
—
- Q1 2025
- —
Net income
-0.13
—
-0.13
—
- Q1 2025
- —
D&A
0.29
—
0.29
—
- Q1 2025
- —
Interest expense
0
—
0
—
- Q1 2025
- —
Shares (basic)
(m units)
12.44
—
12.44
—
- Q1 2025
- —
EBITDA margin
7.57%
—
7.57%
—
- Q1 2025
- —
EBIT margin
-7.12%
—
-7.12%
—
- Q1 2025
- —
EBT margin
-7.19%
—
-7.19%
—
- Q1 2025
- —
Net margin
-6.57%
—
-6.57%
—
- Q1 2025
- —
Cash
0.85
—
0.85
—
- Q1 2025
- —
Total debt
0
—
0
—
- Q1 2025
- —
Net debt
-0.85
—
-0.85
—
- Q1 2025
- —
Equity
2.71
—
2.71
—
- Q1 2025
- —
Total assets
4.34
—
4.34
—
- Q1 2025
- —
Working capital
0.92
—
0.92
—
- Q1 2025
- —
Current assets
1.61
—
1.61
—
- Q1 2025
- —
Current liabilities
0.69
—
0.69
—
- Q1 2025
- —
Goodwill
1.99
—
1.99
—
- Q1 2025
- —
CFO
-0.28
—
-0.28
—
- Q1 2025
- —
CapEx
0.02
—
0.02
—
- Q1 2025
- —
FCF
0.12
—
0.12
—
- Q1 2025
- —
FCF conversion
76.6%
—
76.6%
—
- Q1 2025
- —
CFO conversion
90.5%
—
90.5%
—
- Q1 2025
- —
Current ratio
2.32x
—
2.32x
—
- Q1 2025
- —
Quick ratio
2.3x
—
2.3x
—
- Q1 2025
- —
Cash ratio
1.23x
—
1.23x
—
- Q1 2025
- —
Debt / equity
0x
—
0x
—
- Q1 2025
- —
Net debt / equity
-0.31x
—
-0.31x
—
- Q1 2025
- —
Revenue growth (YoY)
-14.04%
—
-14.04%
—
- Q1 2025
- —
EBITDA growth (YoY)
-10.52%
—
-10.52%
—
- Q1 2025
- —
EBIT growth (YoY)
15.33%
—
15.33%
—
- Q1 2025
- —
Net income growth (YoY)
1.68%
—
1.68%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
0.3 pp
—
0.3 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
0.11 pp
—
0.11 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-0.83 pp
—
-0.83 pp
—
- Q1 2025
- —