ASA
Q1 2026 report
Revenue
0.28 m PLN
— YoY
Net income
-0.04 m PLN
— YoY
FCF
-0.1 m PLN
— YoY
CFO
-0.1 m PLN
— YoY
Summary
Investment thesis
- Strata netto zawęża się r/r (+34,5%), a OCF poprawia się, ale to głównie efekt niższej skali działania, nie realnej poprawy rentowności (marża EBIT niemal bez zmian r/r)
- Stan gotówki na koniec I kw. 2026 spadł do 6,7 tys. zł (-98% r/r) przy zobowiązaniach krótkoterminowych 3,37 mln zł — kluczowe ryzyko płynności
- 81,7% aktywów to zapasy (produkty w toku/gotowe) — wynika ze specyfiki rozpoznawania przychodu dopiero po protokole odbioru, nie musi oznaczać zalegania towaru
- Ekstremalnie mała obsada kadrowa (1,13 etatu) budzi pytania o zdolności operacyjne przy majątku 13 mln zł
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Financials
BETA
ASA · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 0.28 | — | — | reported | — | 1.00 |
| EBIT | -0.04 | — | — | reported | — | 1.00 |
| EBT | -0.04 | — | — | reported | — | 1.00 |
| Net income | -0.04 | — | — | reported | — | 1.00 |
| D&A | 0.01 | — | — | reported | — | 0.60 |
| EBIT margin | -15.4% | — | — | reported | — | 0.90 |
| Net margin | -15.4% | — | — | reported | — | 0.90 |
| Cash | 0.01 | — | — | reported | — | 1.00 |
| Total debt | 0.47 | — | — | reported | — | 1.00 |
| Net debt | 0.46 | — | — | derived | — | 0.90 |
| Equity | 2.04 | — | — | reported | — | 1.00 |
| Total assets | 13.04 | — | — | reported | — | 1.00 |
| Working capital | 9.07 | — | — | reported | — | 0.90 |
| Current assets | 12.44 | — | — | reported | — | 1.00 |
| Current liabilities | 3.37 | — | — | reported | — | 1.00 |
| CFO | -0.1 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 1.00 |
| FCF | -0.1 | — | — | derived | — | 0.90 |
| Current ratio | 3.69x | — | — | reported | — | 0.90 |
| Quick ratio | 0.53x | — | — | reported | — | 0.90 |
| Cash ratio | 0x | — | — | reported | — | 0.90 |
| Net debt / equity | 0.23x | — | — | reported | — | 0.80 |
| Revenue growth (YoY) | -33.4% | — | — | reported | — | 0.90 |
| EBIT growth (YoY) | 30.5% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | 34.5% | — | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | -0.6 pp | — | — | reported | — | 0.80 |
| Net margin Δ (YoY) | 0.3 pp | — | — | reported | — | 0.80 |
Q1 2026 · Δ YoY
Revenue
0.28
—
0.28
—
- Q1 2025
- —
EBIT
-0.04
—
-0.04
—
- Q1 2025
- —
EBT
-0.04
—
-0.04
—
- Q1 2025
- —
Net income
-0.04
—
-0.04
—
- Q1 2025
- —
D&A
0.01
—
0.01
—
- Q1 2025
- —
EBIT margin
-15.4%
—
-15.4%
—
- Q1 2025
- —
Net margin
-15.4%
—
-15.4%
—
- Q1 2025
- —
Cash
0.01
—
0.01
—
- Q1 2025
- —
Total debt
0.47
—
0.47
—
- Q1 2025
- —
Net debt
0.46
—
0.46
—
- Q1 2025
- —
Equity
2.04
—
2.04
—
- Q1 2025
- —
Total assets
13.04
—
13.04
—
- Q1 2025
- —
Working capital
9.07
—
9.07
—
- Q1 2025
- —
Current assets
12.44
—
12.44
—
- Q1 2025
- —
Current liabilities
3.37
—
3.37
—
- Q1 2025
- —
CFO
-0.1
—
-0.1
—
- Q1 2025
- —
CapEx
0
—
0
—
- Q1 2025
- —
FCF
-0.1
—
-0.1
—
- Q1 2025
- —
Current ratio
3.69x
—
3.69x
—
- Q1 2025
- —
Quick ratio
0.53x
—
0.53x
—
- Q1 2025
- —
Cash ratio
0x
—
0x
—
- Q1 2025
- —
Net debt / equity
0.23x
—
0.23x
—
- Q1 2025
- —
Revenue growth (YoY)
-33.4%
—
-33.4%
—
- Q1 2025
- —
EBIT growth (YoY)
30.5%
—
30.5%
—
- Q1 2025
- —
Net income growth (YoY)
34.5%
—
34.5%
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-0.6 pp
—
-0.6 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
0.3 pp
—
0.3 pp
—
- Q1 2025
- —