Q1 2026 report
Model biznesowy oparty na opłatach licencyjnych od operatora platformy GAMIVO.com generuje bardzo wysoką rentowność operacyjną (marża EBIT ok. 38%) przy minimalnym majątku trwałym i zerowym zadłużeniu oprocentowanym.
Sentiment
Positive
No guidance change
GMV
Q1 2026 report
Revenue
4,011,369 PLN
— YoY
Net income
1,293,259 PLN
— YoY
EBITDA
1,623,832 PLN
— YoY
FCF
2,423,017 PLN
— YoY
Summary
Investment thesis
- Przychody rosną r/r (+7%), ale dynamika jest znacznie skromniejsza niż w okresie 2021-2023, gdy Grupa generowała kwartalnie 10-12 mln zł przychodu, przed zmianą modelu na czysto licencyjny.
- Zysk netto (+87% r/r) i EBITDA (+37% r/r) rosną szybciej niż przychody dzięki dźwigni operacyjnej niskich kosztów stałych — Grupa utrzymuje zaledwie 4 etaty.
- Gotówka netto (ok. 7,9 mln zł, brak zadłużenia oprocentowanego) w połączeniu z aktywnym programem skupu i umarzania akcji (nowe upoważnienie do 250 548 akcji do 2029 r.) wskazuje na zwrot kapitału do akcjonariuszy jako główny kierunek alokacji.
- Bardzo wysoka koncentracja akcjonariatu (63,35% u jednego inwestora — Tar Heel Capital Pathfinder MT Limited) oraz brak formalnych prognoz finansowych ograniczają przejrzystość dla mniejszościowych akcjonariuszy.
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Financials
BETA
GMV · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 4,011,369 | — | — | reported | — | 1.00 |
| EBITDA | 1,623,832 | — | — | reported | — | 0.90 |
| EBIT | 1,539,187 | — | — | reported | — | 1.00 |
| EBT | 1,574,509 | — | — | reported | — | 1.00 |
| Net income | 1,293,259 | — | — | reported | — | 1.00 |
| D&A | 79,919 | — | — | reported | — | 1.00 |
| Interest expense | 84 | — | — | reported | — | 1.00 |
| EBITDA margin | 40.48% | — | — | reported | — | 0.90 |
| EBIT margin | 38.37% | — | — | reported | — | 1.00 |
| EBT margin | 39.25% | — | — | reported | — | 1.00 |
| Net margin | 32.25% | — | — | reported | — | 1.00 |
| D&A margin | 1.99% | — | — | reported | — | 1.00 |
| Cash | 7,855,766 | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | derived | — | 0.90 |
| Net debt | -7,855,766 | — | — | derived | — | 0.90 |
| Equity | 12,875,974 | — | — | reported | — | 1.00 |
| Total assets | 13,390,773 | — | — | reported | — | 1.00 |
| Working capital | 8,851,475 | — | — | reported | — | 0.90 |
| Current assets | 9,366,273 | — | — | reported | — | 1.00 |
| Current liabilities | 514,799 | — | — | reported | — | 0.90 |
| Goodwill | 0 | — | — | reported | — | 1.00 |
| Tangible equity | 12,875,974 | — | — | reported | — | 1.00 |
| CFO | 2,423,017 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 1.00 |
| FCF | 2,423,017 | — | — | reported | — | 1.00 |
| FCF conversion | 149.27% | — | — | reported | — | 0.85 |
| CFO conversion | 149.27% | — | — | reported | — | 0.85 |
| Current ratio | 18.19x | — | — | reported | — | 0.90 |
| Quick ratio | 18.19x | — | — | reported | — | 0.90 |
| Cash ratio | 15.26x | — | — | reported | — | 0.90 |
| Interest coverage | 18323.66x | — | — | reported | — | 0.60 |
| Debt / equity | 0x | — | — | reported | — | 0.90 |
| Debt / assets | 0x | — | — | reported | — | 0.90 |
| Net debt / equity | -0.61x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | 7.32% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 36.72% | — | — | reported | — | 0.85 |
| EBIT growth (YoY) | 63.01% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 86.51% | — | — | reported | — | 1.00 |
| FCF growth (YoY) | 25.57% | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | 8.7 pp | — | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | 13.11 pp | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | 13.7 pp | — | — | reported | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
4,011,369
—
4,011,369
—
- Q1 2025
- —
EBITDA
1,623,832
—
1,623,832
—
- Q1 2025
- —
EBIT
1,539,187
—
1,539,187
—
- Q1 2025
- —
EBT
1,574,509
—
1,574,509
—
- Q1 2025
- —
Net income
1,293,259
—
1,293,259
—
- Q1 2025
- —
D&A
79,919
—
79,919
—
- Q1 2025
- —
Interest expense
84
—
84
—
- Q1 2025
- —
EBITDA margin
40.48%
—
40.48%
—
- Q1 2025
- —
EBIT margin
38.37%
—
38.37%
—
- Q1 2025
- —
EBT margin
39.25%
—
39.25%
—
- Q1 2025
- —
Net margin
32.25%
—
32.25%
—
- Q1 2025
- —
D&A margin
1.99%
—
1.99%
—
- Q1 2025
- —
Cash
7,855,766
—
7,855,766
—
- Q1 2025
- —
Total debt
0
—
0
—
- Q1 2025
- —
Net debt
-7,855,766
—
-7,855,766
—
- Q1 2025
- —
Equity
12,875,974
—
12,875,974
—
- Q1 2025
- —
Total assets
13,390,773
—
13,390,773
—
- Q1 2025
- —
Working capital
8,851,475
—
8,851,475
—
- Q1 2025
- —
Current assets
9,366,273
—
9,366,273
—
- Q1 2025
- —
Current liabilities
514,799
—
514,799
—
- Q1 2025
- —
Goodwill
0
—
0
—
- Q1 2025
- —
Tangible equity
12,875,974
—
12,875,974
—
- Q1 2025
- —
CFO
2,423,017
—
2,423,017
—
- Q1 2025
- —
CapEx
0
—
0
—
- Q1 2025
- —
FCF
2,423,017
—
2,423,017
—
- Q1 2025
- —
FCF conversion
149.27%
—
149.27%
—
- Q1 2025
- —
CFO conversion
149.27%
—
149.27%
—
- Q1 2025
- —
Current ratio
18.19x
—
18.19x
—
- Q1 2025
- —
Quick ratio
18.19x
—
18.19x
—
- Q1 2025
- —
Cash ratio
15.26x
—
15.26x
—
- Q1 2025
- —
Interest coverage
18323.66x
—
18323.66x
—
- Q1 2025
- —
Debt / equity
0x
—
0x
—
- Q1 2025
- —
Debt / assets
0x
—
0x
—
- Q1 2025
- —
Net debt / equity
-0.61x
—
-0.61x
—
- Q1 2025
- —
Revenue growth (YoY)
7.32%
—
7.32%
—
- Q1 2025
- —
EBITDA growth (YoY)
36.72%
—
36.72%
—
- Q1 2025
- —
EBIT growth (YoY)
63.01%
—
63.01%
—
- Q1 2025
- —
Net income growth (YoY)
86.51%
—
86.51%
—
- Q1 2025
- —
FCF growth (YoY)
25.57%
—
25.57%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
8.7 pp
—
8.7 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
13.11 pp
—
13.11 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
13.7 pp
—
13.7 pp
—
- Q1 2025
- —