Q1 2026 report
Cały ciężar przyszłości spółki spoczywa na jeszcze niewydanej grze „30 Days On Ship”, do której prawa majątkowe należą do PlayWay S.A., a nie do Emitenta
Sentiment
Cautious
No guidance change
MGS
Q1 2026 report
Revenue
425,341 PLN
— YoY
Net income
158,722 PLN
— YoY
EBITDA
158,158 PLN
— YoY
FCF
69,792 PLN
— YoY
Summary
Investment thesis
- Zysk netto rośnie r/r (+17,10%), ale znacząca część przychodów księgowych to niegotówkowa kapitalizacja kosztów produkcji (zmiana stanu produktów), nie realna sprzedaż
- Przepływy operacyjne odwróciły się z ujemnych na dodatnie r/r, a spółka nie ma żadnego zadłużenia finansowego
- Odpis aktualizacyjny 467 503,63 zł ujęty w sprawozdaniu za 2025 rok sygnalizuje ryzyko wcześniejszego przeszacowania wartości produkowanych gier
- Zarząd świadomie nie ujawnia harmonogramu premiery flagowego projektu, co ogranicza widoczność co do momentu realnej monetyzacji
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Financials
BETA
MGS · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 425,341 | — | — | reported | — | 1.00 |
| EBITDA | 158,158 | — | — | reported | — | 0.90 |
| EBIT | 158,158 | — | — | reported | — | 1.00 |
| EBT | 160,800 | — | — | reported | — | 1.00 |
| Net income | 158,722 | — | — | reported | — | 1.00 |
| D&A | 0 | — | — | reported | — | 1.00 |
| Interest expense | 0 | — | — | reported | — | 1.00 |
| EBIT margin | 37.19% | — | — | reported | — | 0.90 |
| EBT margin | 37.81% | — | — | reported | — | 0.90 |
| Net margin | 37.32% | — | — | reported | — | 0.90 |
| Cash | 86,649 | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | derived | — | 0.80 |
| Net debt | -86,649 | — | — | reported | — | 0.80 |
| Equity | 1,499,931 | — | — | reported | — | 1.00 |
| Total assets | 1,744,790 | — | — | reported | — | 1.00 |
| Current assets | 1,689,103 | — | — | reported | — | 1.00 |
| Current liabilities | 151,025 | — | — | reported | — | 1.00 |
| Goodwill | 0 | — | — | reported | — | 1.00 |
| CFO | 69,792 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 1.00 |
| FCF | 69,792 | — | — | reported | — | 0.90 |
| FCF conversion | 44.13% | — | — | reported | — | 0.70 |
| CFO conversion | 44.13% | — | — | reported | — | 0.70 |
| Dividends paid | 0 | — | — | reported | — | 1.00 |
| Buybacks | 0 | — | — | reported | — | 1.00 |
| Current ratio | 11.19x | — | — | reported | — | 0.90 |
| Cash ratio | 0.57x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | -31.04% | — | — | reported | — | 0.95 |
| EBIT growth (YoY) | 1.9% | — | — | reported | — | 0.95 |
| Net income growth (YoY) | 17.1% | — | — | reported | — | 0.95 |
Q1 2026 · Δ YoY
Revenue
425,341
—
425,341
—
- Q1 2025
- —
EBITDA
158,158
—
158,158
—
- Q1 2025
- —
EBIT
158,158
—
158,158
—
- Q1 2025
- —
EBT
160,800
—
160,800
—
- Q1 2025
- —
Net income
158,722
—
158,722
—
- Q1 2025
- —
D&A
0
—
0
—
- Q1 2025
- —
Interest expense
0
—
0
—
- Q1 2025
- —
EBIT margin
37.19%
—
37.19%
—
- Q1 2025
- —
EBT margin
37.81%
—
37.81%
—
- Q1 2025
- —
Net margin
37.32%
—
37.32%
—
- Q1 2025
- —
Cash
86,649
—
86,649
—
- Q1 2025
- —
Total debt
0
—
0
—
- Q1 2025
- —
Net debt
-86,649
—
-86,649
—
- Q1 2025
- —
Equity
1,499,931
—
1,499,931
—
- Q1 2025
- —
Total assets
1,744,790
—
1,744,790
—
- Q1 2025
- —
Current assets
1,689,103
—
1,689,103
—
- Q1 2025
- —
Current liabilities
151,025
—
151,025
—
- Q1 2025
- —
Goodwill
0
—
0
—
- Q1 2025
- —
CFO
69,792
—
69,792
—
- Q1 2025
- —
CapEx
0
—
0
—
- Q1 2025
- —
FCF
69,792
—
69,792
—
- Q1 2025
- —
FCF conversion
44.13%
—
44.13%
—
- Q1 2025
- —
CFO conversion
44.13%
—
44.13%
—
- Q1 2025
- —
Dividends paid
0
—
0
—
- Q1 2025
- —
Buybacks
0
—
0
—
- Q1 2025
- —
Current ratio
11.19x
—
11.19x
—
- Q1 2025
- —
Cash ratio
0.57x
—
0.57x
—
- Q1 2025
- —
Revenue growth (YoY)
-31.04%
—
-31.04%
—
- Q1 2025
- —
EBIT growth (YoY)
1.9%
—
1.9%
—
- Q1 2025
- —
Net income growth (YoY)
17.1%
—
17.1%
—
- Q1 2025
- —