Q1 2026 report
Producent gier premium simulation z dwoma ścieżkami rozwoju: Prodigy Track (Bus Simulator 27 z Astragon/Team17, premiera II poł. 2026) i North Star Track (własne IP, m.in. niezapowiedziany projekt Bronco).
Sentiment
Cautious
No guidance change
SMT
Q1 2026 report
Revenue
2.48 m PLN
— YoY
Net income
0.11 m PLN
— YoY
EBITDA
0.24 m PLN
— YoY
FCF
-1.6 m PLN
— YoY
Summary
Investment thesis
- Powrót do rentowności w I kw. 2026 (zysk netto 108,1 tys. zł, EBIT 146,7 tys. zł) po stracie operacyjnej rok wcześniej, ale przy głęboko ujemnym operacyjnym cash flow (-1,55 mln zł).
- Krytyczne ryzyko kontrahenta: wydawca Nacon SAS wszedł w postępowanie naprawcze we Francji, zamrażając należność Spółki w kwocie 345 743,21 EUR bez utworzonego odpisu.
- Płynność ratowana świeżo uruchomionym kredytem w rachunku bieżącym w mBanku (895 tys. zł) obok istniejącego limitu w Alior Banku (800 tys. zł) — środki pieniężne na koniec kwartału to 7,2 tys. zł.
- Projekt DUST (Ścieżka SMART) ma zapewnione dofinansowanie z EFRR (4,15 mln zł) i rozwija technologię wykorzystywaną w obu ścieżkach produktowych Spółki.
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Financials
BETA
SMT · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 2.48 | — | — | reported | — | 1.00 |
| EBITDA | 0.24 | — | — | reported | — | 0.70 |
| EBIT | 0.15 | — | — | reported | — | 1.00 |
| EBT | 0.11 | — | — | reported | — | 1.00 |
| Net income | 0.11 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.09 | — | — | derived | — | 0.50 |
| D&A | 0.1 | — | — | reported | — | 1.00 |
| Interest expense | 0.04 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 1.22 | — | — | reported | — | 0.90 |
| EBITDA margin | 9.81% | — | — | reported | — | 0.70 |
| EBIT margin | 5.92% | — | — | reported | — | 0.90 |
| EBT margin | 4.36% | — | — | reported | — | 0.90 |
| Net margin | 4.36% | — | — | reported | — | 0.90 |
| D&A margin | 3.9% | — | — | reported | — | 0.90 |
| Cash | 0.01 | — | — | reported | — | 1.00 |
| Total debt | 0.87 | — | — | derived | — | 0.70 |
| Net debt | 0.87 | — | — | derived | — | 0.70 |
| Equity | 7.99 | — | — | reported | — | 1.00 |
| Total assets | 12.65 | — | — | reported | — | 1.00 |
| Working capital | 7.26 | — | — | reported | — | 0.60 |
| Current assets | 11.43 | — | — | reported | — | 1.00 |
| Current liabilities | 4.17 | — | — | derived | — | 0.60 |
| Goodwill | 0.52 | — | — | reported | — | 1.00 |
| Tangible equity | 7.47 | — | — | reported | — | 0.90 |
| CFO | -1.55 | — | — | reported | — | 1.00 |
| CapEx | 0.05 | — | — | reported | — | 1.00 |
| FCF | -1.6 | — | — | reported | — | 0.90 |
| FCF conversion | -657.8% | — | — | reported | — | 0.50 |
| CFO conversion | -636.3% | — | — | reported | — | 0.50 |
| Current ratio | 2.74x | — | — | reported | — | 0.60 |
| Quick ratio | 1.94x | — | — | reported | — | 0.60 |
| Cash ratio | 0x | — | — | reported | — | 0.60 |
| Interest coverage | 4.09x | — | — | reported | — | 0.90 |
| Debt / equity | 0.11x | — | — | reported | — | 0.60 |
| Debt / assets | 0.07x | — | — | reported | — | 0.60 |
| Net debt / equity | 0.11x | — | — | reported | — | 0.60 |
| Revenue growth (YoY) | 16.4% | — | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | 10.3 pp | — | — | reported | — | 0.60 |
| EBIT margin Δ (YoY) | 14.45 pp | — | — | reported | — | 0.80 |
| Net margin Δ (YoY) | 15.06 pp | — | — | reported | — | 0.80 |
Q1 2026 · Δ YoY
Revenue
2.48
—
2.48
—
- Q1 2025
- —
EBITDA
0.24
—
0.24
—
- Q1 2025
- —
EBIT
0.15
—
0.15
—
- Q1 2025
- —
EBT
0.11
—
0.11
—
- Q1 2025
- —
Net income
0.11
—
0.11
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.09
—
0.09
—
- Q1 2025
- —
D&A
0.1
—
0.1
—
- Q1 2025
- —
Interest expense
0.04
—
0.04
—
- Q1 2025
- —
Shares (basic)
(m units)
1.22
—
1.22
—
- Q1 2025
- —
EBITDA margin
9.81%
—
9.81%
—
- Q1 2025
- —
EBIT margin
5.92%
—
5.92%
—
- Q1 2025
- —
EBT margin
4.36%
—
4.36%
—
- Q1 2025
- —
Net margin
4.36%
—
4.36%
—
- Q1 2025
- —
D&A margin
3.9%
—
3.9%
—
- Q1 2025
- —
Cash
0.01
—
0.01
—
- Q1 2025
- —
Total debt
0.87
—
0.87
—
- Q1 2025
- —
Net debt
0.87
—
0.87
—
- Q1 2025
- —
Equity
7.99
—
7.99
—
- Q1 2025
- —
Total assets
12.65
—
12.65
—
- Q1 2025
- —
Working capital
7.26
—
7.26
—
- Q1 2025
- —
Current assets
11.43
—
11.43
—
- Q1 2025
- —
Current liabilities
4.17
—
4.17
—
- Q1 2025
- —
Goodwill
0.52
—
0.52
—
- Q1 2025
- —
Tangible equity
7.47
—
7.47
—
- Q1 2025
- —
CFO
-1.55
—
-1.55
—
- Q1 2025
- —
CapEx
0.05
—
0.05
—
- Q1 2025
- —
FCF
-1.6
—
-1.6
—
- Q1 2025
- —
FCF conversion
-657.8%
—
-657.8%
—
- Q1 2025
- —
CFO conversion
-636.3%
—
-636.3%
—
- Q1 2025
- —
Current ratio
2.74x
—
2.74x
—
- Q1 2025
- —
Quick ratio
1.94x
—
1.94x
—
- Q1 2025
- —
Cash ratio
0x
—
0x
—
- Q1 2025
- —
Interest coverage
4.09x
—
4.09x
—
- Q1 2025
- —
Debt / equity
0.11x
—
0.11x
—
- Q1 2025
- —
Debt / assets
0.07x
—
0.07x
—
- Q1 2025
- —
Net debt / equity
0.11x
—
0.11x
—
- Q1 2025
- —
Revenue growth (YoY)
16.4%
—
16.4%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
10.3 pp
—
10.3 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
14.45 pp
—
14.45 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
15.06 pp
—
15.06 pp
—
- Q1 2025
- —