Q1 2026 report
Dojrzały segment Unsolved generuje wysoką marżę brutto (88,5%) i wciąż solidną EBITDA, ale przychody kurczą się drugi rok z rzędu (-7% r/r) przez umocnienie złotego i trudny rynek reklamy online
Sentiment
Neutral
No guidance change
ART
Q1 2026 report
Revenue
24.72 m PLN
— YoY
Net income
5.3 m PLN
— YoY
EBITDA
7.86 m PLN
— YoY
Gross margin
88.51%
— YoY
Summary
Investment thesis
- Cała przyszłość wzrostu spółki jest postawiona na Void Hunters — 72,5 mln zł skapitalizowanych kosztów, gra wciąż w fazie alfa, premiera globalna planowana na I kw. 2027
- Operacyjny cash flow jest ujemny (-2,2 mln zł) mimo dodatniego zysku netto (5,3 mln zł) — cała luka to nakłady na rozwój gier prezentowane w działalności operacyjnej
- Spółka jest praktycznie bezdłużna (jedyne zobowiązania to leasing nieruchomości) i dysponuje 27,6 mln zł w gotówce i obligacjach
- Testy alfa Void Hunters przyciągnęły znacznie więcej uczestników niż zakładano (13 tys. z 17 tys. społeczności Discord), co jest wczesnym, ale nie rozstrzygającym sygnałem potencjału komercyjnego
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Financials
BETA
ART · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 24.72 | — | — | reported | — | 1.00 |
| Gross profit | 21.88 | — | — | reported | — | 1.00 |
| EBITDA | 7.86 | — | — | reported | — | 1.00 |
| EBIT | 6.19 | — | — | reported | — | 1.00 |
| EBT | 5.84 | — | — | reported | — | 1.00 |
| Net income | 5.3 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.45 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.45 | — | — | reported | — | 1.00 |
| D&A | 1.67 | — | — | reported | — | 0.90 |
| Interest expense | 0.02 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 11.89 | — | — | reported | — | 1.00 |
| Gross margin | 88.51% | — | — | reported | — | 1.00 |
| EBITDA margin | 31.8% | — | — | reported | — | 1.00 |
| EBIT margin | 25.05% | — | — | reported | — | 1.00 |
| Net margin | 21.43% | — | — | reported | — | 1.00 |
| Cash | 11.11 | — | — | reported | — | 1.00 |
| Total debt | 4.85 | — | — | reported | — | 0.90 |
| Net debt | -6.26 | — | — | derived | — | 0.90 |
| Equity | 139.85 | — | — | reported | — | 1.00 |
| Total assets | 161.97 | — | — | reported | — | 1.00 |
| Current assets | 151.14 | — | — | reported | — | 1.00 |
| Current liabilities | 16.96 | — | — | reported | — | 1.00 |
| Goodwill | 107.41 | — | — | reported | — | 0.60 |
| CFO | -2.18 | — | — | reported | — | 1.00 |
| CapEx | 8.39 | — | — | reported | — | 0.80 |
| FCF | -10.56 | — | — | derived | — | 0.70 |
| CFO conversion | -27.67% | — | — | reported | — | 0.90 |
| Current ratio | 8.91x | — | — | reported | — | 1.00 |
| Cash ratio | 0.66x | — | — | reported | — | 1.00 |
| Interest coverage | 285.9x | — | — | reported | — | 0.80 |
| Net debt / equity | -0.04x | — | — | reported | — | 0.80 |
| Revenue growth (YoY) | -7.31% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -11.41% | — | — | reported | — | 0.90 |
| EBIT growth (YoY) | -19.55% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | -37.98% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | -37.5% | — | — | reported | — | 1.00 |
| Gross margin Δ (YoY) | -1.28 pp | — | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | -3.81 pp | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | -10.6 pp | — | — | reported | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
24.72
—
24.72
—
- Q1 2025
- —
Gross profit
21.88
—
21.88
—
- Q1 2025
- —
EBITDA
7.86
—
7.86
—
- Q1 2025
- —
EBIT
6.19
—
6.19
—
- Q1 2025
- —
EBT
5.84
—
5.84
—
- Q1 2025
- —
Net income
5.3
—
5.3
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.45
—
0.45
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.45
—
0.45
—
- Q1 2025
- —
D&A
1.67
—
1.67
—
- Q1 2025
- —
Interest expense
0.02
—
0.02
—
- Q1 2025
- —
Shares (basic)
(m units)
11.89
—
11.89
—
- Q1 2025
- —
Gross margin
88.51%
—
88.51%
—
- Q1 2025
- —
EBITDA margin
31.8%
—
31.8%
—
- Q1 2025
- —
EBIT margin
25.05%
—
25.05%
—
- Q1 2025
- —
Net margin
21.43%
—
21.43%
—
- Q1 2025
- —
Cash
11.11
—
11.11
—
- Q1 2025
- —
Total debt
4.85
—
4.85
—
- Q1 2025
- —
Net debt
-6.26
—
-6.26
—
- Q1 2025
- —
Equity
139.85
—
139.85
—
- Q1 2025
- —
Total assets
161.97
—
161.97
—
- Q1 2025
- —
Current assets
151.14
—
151.14
—
- Q1 2025
- —
Current liabilities
16.96
—
16.96
—
- Q1 2025
- —
Goodwill
107.41
—
107.41
—
- Q1 2025
- —
CFO
-2.18
—
-2.18
—
- Q1 2025
- —
CapEx
8.39
—
8.39
—
- Q1 2025
- —
FCF
-10.56
—
-10.56
—
- Q1 2025
- —
CFO conversion
-27.67%
—
-27.67%
—
- Q1 2025
- —
Current ratio
8.91x
—
8.91x
—
- Q1 2025
- —
Cash ratio
0.66x
—
0.66x
—
- Q1 2025
- —
Interest coverage
285.9x
—
285.9x
—
- Q1 2025
- —
Net debt / equity
-0.04x
—
-0.04x
—
- Q1 2025
- —
Revenue growth (YoY)
-7.31%
—
-7.31%
—
- Q1 2025
- —
EBITDA growth (YoY)
-11.41%
—
-11.41%
—
- Q1 2025
- —
EBIT growth (YoY)
-19.55%
—
-19.55%
—
- Q1 2025
- —
Net income growth (YoY)
-37.98%
—
-37.98%
—
- Q1 2025
- —
EPS growth (YoY)
-37.5%
—
-37.5%
—
- Q1 2025
- —
Gross margin Δ (YoY)
-1.28 pp
—
-1.28 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-3.81 pp
—
-3.81 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-10.6 pp
—
-10.6 pp
—
- Q1 2025
- —