Q1 2026 report
Unfold.vc to notowana na GPW alternatywna spółka inwestycyjna (VC) z portfelem 22 spółek (13 polskich, 9 zagranicznych) na etapach pre-seed/seed/start-up, z naciskiem na SaaS i nowe technologie.
Sentiment
Neutral
No guidance change
UNF
Q1 2026 report
Revenue
0 PLN
— YoY
Net income
-327,495 PLN
— YoY
FCF
-424,398 PLN
— YoY
CFO
-424,398 PLN
— YoY
Summary
Investment thesis
- W I kw. 2026 r. nie rozpoznano żadnych zysków z wyceny portfela (przychody z działalności podstawowej = 0 zł), mimo wyraźnie pozytywnych zdarzeń operacyjnych w spółkach portfelowych (Tequipy, Intelliseq).
- Bilans jest praktycznie bezdłużny — zero zobowiązań finansowych, spółka finansuje nowe inwestycje z własnej gotówki (887 584 zł w nowe udziały/SAFE w Q1 2026).
- Bardzo wysoka koncentracja akcjonariatu: porozumienie trzech osób (Sitarz, Jarzębowski, Ciepły) kontroluje 87,84% kapitału i głosów.
- Wartość aktywów netto na akcję spadła r/r z 1,81 zł do 1,64 zł (-9,4%), głównie w efekcie kumulacji kwartalnych strat księgowych, nie utraty wartości portfela.
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Financials
BETA
UNF · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 0 | — | — | reported | — | 1.00 |
| EBIT | -476,086 | — | — | reported | — | 0.80 |
| EBT | -370,183 | — | — | reported | — | 1.00 |
| Net income | -327,495 | — | — | reported | — | 1.00 |
| EPS (basic) | -0.01 | — | — | reported | — | 1.00 |
| D&A | 3,390 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 30.3 | — | — | reported | — | 1.00 |
| Cash | 6,244,427 | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | reported | — | 1.00 |
| Net debt | -6,244,427 | — | — | derived | — | 1.00 |
| Equity | 49,756,406 | — | — | reported | — | 1.00 |
| Total assets | 50,012,766 | — | — | reported | — | 1.00 |
| Working capital | 8,297,194 | — | — | derived | — | 1.00 |
| Current assets | 8,464,122 | — | — | reported | — | 1.00 |
| Current liabilities | 166,928 | — | — | reported | — | 1.00 |
| Goodwill | 0 | — | — | reported | — | 1.00 |
| CFO | -424,398 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 1.00 |
| FCF | -424,398 | — | — | derived | — | 1.00 |
| Net acquisitions | 887,584 | — | — | reported | — | 1.00 |
| Current ratio | 50.71x | — | — | reported | — | 1.00 |
| Quick ratio | 50.71x | — | — | reported | — | 1.00 |
| Cash ratio | 37.41x | — | — | reported | — | 1.00 |
| Debt / equity | 0x | — | — | reported | — | 1.00 |
| Debt / assets | 0x | — | — | reported | — | 1.00 |
| Net debt / equity | -0.13x | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | -100% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | -103.47% | — | — | reported | — | 0.80 |
| Net income growth (YoY) | -7.23% | — | — | reported | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
0
—
0
—
- Q1 2025
- —
EBIT
-476,086
—
-476,086
—
- Q1 2025
- —
EBT
-370,183
—
-370,183
—
- Q1 2025
- —
Net income
-327,495
—
-327,495
—
- Q1 2025
- —
EPS (basic)
-0.01
—
-0.01
—
- Q1 2025
- —
D&A
3,390
—
3,390
—
- Q1 2025
- —
Shares (basic)
(m units)
30.3
—
30.3
—
- Q1 2025
- —
Cash
6,244,427
—
6,244,427
—
- Q1 2025
- —
Total debt
0
—
0
—
- Q1 2025
- —
Net debt
-6,244,427
—
-6,244,427
—
- Q1 2025
- —
Equity
49,756,406
—
49,756,406
—
- Q1 2025
- —
Total assets
50,012,766
—
50,012,766
—
- Q1 2025
- —
Working capital
8,297,194
—
8,297,194
—
- Q1 2025
- —
Current assets
8,464,122
—
8,464,122
—
- Q1 2025
- —
Current liabilities
166,928
—
166,928
—
- Q1 2025
- —
Goodwill
0
—
0
—
- Q1 2025
- —
CFO
-424,398
—
-424,398
—
- Q1 2025
- —
CapEx
0
—
0
—
- Q1 2025
- —
FCF
-424,398
—
-424,398
—
- Q1 2025
- —
Net acquisitions
887,584
—
887,584
—
- Q1 2025
- —
Current ratio
50.71x
—
50.71x
—
- Q1 2025
- —
Quick ratio
50.71x
—
50.71x
—
- Q1 2025
- —
Cash ratio
37.41x
—
37.41x
—
- Q1 2025
- —
Debt / equity
0x
—
0x
—
- Q1 2025
- —
Debt / assets
0x
—
0x
—
- Q1 2025
- —
Net debt / equity
-0.13x
—
-0.13x
—
- Q1 2025
- —
Revenue growth (YoY)
-100%
—
-100%
—
- Q1 2025
- —
EBIT growth (YoY)
-103.47%
—
-103.47%
—
- Q1 2025
- —
Net income growth (YoY)
-7.23%
—
-7.23%
—
- Q1 2025
- —