Q1 2026 report
Pierwszy kwartał z realnymi przychodami komercyjnymi (86,4 tys. zł) i dodatnim wynikiem netto (37,3 tys. zł) po serii strat
Sentiment
Positive
No guidance change
VAI
Q1 2026 report
Revenue
86.43 k PLN
— YoY
Net income
37.29 k PLN
— YoY
EBITDA
74.96 k PLN
— YoY
FCF
1.91 k PLN
— YoY
Summary
Investment thesis
- Wzrost przychodów liczony jest od praktycznie zerowej bazy (1,9 tys. zł rok wcześniej) — procentowa dynamika nie jest miarodajna
- Bilans jest bardzo napięty: wskaźnik płynności bieżącej 0,18x, ujemny kapitał obrotowy -543,2 tys. zł, gotówka na koniec kwartału to 528,95 zł
- Spółka nie zatrudnia nikogo na umowę o pracę, co rodzi pytania o sposób realizacji prac rozwojowych nad platformami
- Dwa nowe produkty SaaS (Volaria.ART, VAI Legal) uruchomione w jednym kwartale dają optionalność wzrostu, ale skala biznesu wciąż jest mikroskopijna
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Financials
BETA
VAI · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 86.43 | — | — | reported | — | 1.00 |
| EBITDA | 74.96 | — | — | derived | — | 0.90 |
| EBIT | 40.75 | — | — | reported | — | 1.00 |
| EBT | 37.29 | — | — | reported | — | 1.00 |
| Net income | 37.29 | — | — | reported | — | 1.00 |
| D&A | 34.21 | — | — | reported | — | 1.00 |
| Interest expense | 3.6 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 2.12 | — | — | reported | — | 1.00 |
| EBITDA margin | 86.73% | — | — | reported | — | 0.80 |
| EBIT margin | 47.14% | — | — | reported | — | 0.85 |
| Net margin | 43.14% | — | — | reported | — | 0.85 |
| Cash | 0.53 | — | — | reported | — | 1.00 |
| Total debt | 376.11 | — | — | reported | — | 1.00 |
| Net debt | 375.58 | — | — | derived | — | 0.90 |
| Equity | 133.96 | — | — | reported | — | 1.00 |
| Total assets | 811.38 | — | — | reported | — | 1.00 |
| Working capital | -543.21 | — | — | derived | — | 0.90 |
| Current assets | 117.22 | — | — | reported | — | 1.00 |
| Current liabilities | 660.43 | — | — | reported | — | 1.00 |
| Goodwill | 694.16 | — | — | reported | — | 1.00 |
| CFO | 1.91 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 1.00 |
| FCF | 1.91 | — | — | derived | — | 0.90 |
| Current ratio | 0.18x | — | — | reported | — | 0.95 |
| Quick ratio | 0.18x | — | — | reported | — | 0.90 |
| Cash ratio | 0x | — | — | reported | — | 0.95 |
| Debt / equity | 2.81x | — | — | reported | — | 0.90 |
| Net debt / equity | 2.8x | — | — | reported | — | 0.85 |
Q1 2026 · Δ YoY
Revenue
86.43
—
86.43
—
- Q1 2025
- —
EBITDA
74.96
—
74.96
—
- Q1 2025
- —
EBIT
40.75
—
40.75
—
- Q1 2025
- —
EBT
37.29
—
37.29
—
- Q1 2025
- —
Net income
37.29
—
37.29
—
- Q1 2025
- —
D&A
34.21
—
34.21
—
- Q1 2025
- —
Interest expense
3.6
—
3.6
—
- Q1 2025
- —
Shares (basic)
(m units)
2.12
—
2.12
—
- Q1 2025
- —
EBITDA margin
86.73%
—
86.73%
—
- Q1 2025
- —
EBIT margin
47.14%
—
47.14%
—
- Q1 2025
- —
Net margin
43.14%
—
43.14%
—
- Q1 2025
- —
Cash
0.53
—
0.53
—
- Q1 2025
- —
Total debt
376.11
—
376.11
—
- Q1 2025
- —
Net debt
375.58
—
375.58
—
- Q1 2025
- —
Equity
133.96
—
133.96
—
- Q1 2025
- —
Total assets
811.38
—
811.38
—
- Q1 2025
- —
Working capital
-543.21
—
-543.21
—
- Q1 2025
- —
Current assets
117.22
—
117.22
—
- Q1 2025
- —
Current liabilities
660.43
—
660.43
—
- Q1 2025
- —
Goodwill
694.16
—
694.16
—
- Q1 2025
- —
CFO
1.91
—
1.91
—
- Q1 2025
- —
CapEx
0
—
0
—
- Q1 2025
- —
FCF
1.91
—
1.91
—
- Q1 2025
- —
Current ratio
0.18x
—
0.18x
—
- Q1 2025
- —
Quick ratio
0.18x
—
0.18x
—
- Q1 2025
- —
Cash ratio
0x
—
0x
—
- Q1 2025
- —
Debt / equity
2.81x
—
2.81x
—
- Q1 2025
- —
Net debt / equity
2.8x
—
2.8x
—
- Q1 2025
- —