Q1 2026 report
REMOR SOLAR POLSKA to niewielki gracz NewConnect działający w segmencie farm fotowoltaicznych (EPC/montaż), z przychodami silnie skoncentrowanymi sezonowo — I kwartał tradycyjnie najsłabszy.
Sentiment
Cautious
No guidance change
RSP
Q1 2026 report
Revenue
8.48 m PLN
— YoY
Net income
-1.5 m PLN
— YoY
EBITDA
-1 m PLN
— YoY
FCF
-3.75 m PLN
— YoY
Summary
Investment thesis
- I kwartał 2026 przyniósł spadek przychodów o 32% r/r (8,48 mln zł vs 12,53 mln zł) i odwrócenie wyniku z zysku 137,8 tys. zł do straty netto 1,50 mln zł.
- Zawarta w styczniu 2026 r. ugoda z Atlas Energy Polska Ignasiak sp.k. kończy wieloletni spór sądowy, ale nakłada na spółkę zobowiązania gotówkowe rzędu 12,1 mln zł do realizacji w ciągu najbliższych ~15 miesięcy.
- Stan środków pieniężnych na koniec kwartału to zaledwie 100 tys. zł przy ujemnym OCF -3,73 mln zł — presja płynnościowa wymaga uważnej obserwacji kolejnych kwartałów.
- Spółka nie publikuje formalnych prognoz finansowych na 2026 r., co ogranicza możliwość oceny wiarygodności zapowiadanej „poprawy wyników w kolejnych kwartałach”.
Read the full analysis
Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.
Financials
BETA
RSP · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 8.48 | — | — | reported | — | 1.00 |
| EBITDA | -1 | — | — | reported | — | 0.90 |
| EBIT | -1.45 | — | — | reported | — | 1.00 |
| EBT | -1.5 | — | — | reported | — | 1.00 |
| Net income | -1.5 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.2 | — | — | derived | — | 0.60 |
| D&A | 0.45 | — | — | reported | — | 1.00 |
| Interest expense | 0.04 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 7.66 | — | — | reported | — | 0.90 |
| EBITDA margin | -11.74% | — | — | reported | — | 0.90 |
| EBIT margin | -17.07% | — | — | reported | — | 1.00 |
| EBT margin | -17.64% | — | — | reported | — | 1.00 |
| Net margin | -17.64% | — | — | reported | — | 1.00 |
| Cash | 0.1 | — | — | reported | — | 1.00 |
| Equity | 15.5 | — | — | reported | — | 1.00 |
| Total assets | 52.99 | — | — | reported | — | 1.00 |
| Working capital | 2.94 | — | — | reported | — | 1.00 |
| Current assets | 38.03 | — | — | reported | — | 1.00 |
| Current liabilities | 35.09 | — | — | reported | — | 1.00 |
| CFO | -3.73 | — | — | reported | — | 1.00 |
| CapEx | 0.02 | — | — | reported | — | 1.00 |
| FCF | -3.75 | — | — | reported | — | 1.00 |
| Current ratio | 1.08x | — | — | reported | — | 1.00 |
| Quick ratio | 0.68x | — | — | reported | — | 0.90 |
| Cash ratio | 0x | — | — | reported | — | 1.00 |
| Interest coverage | -39.23x | — | — | reported | — | 0.80 |
| Revenue growth (YoY) | -32.26% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -253.33% | — | — | reported | — | 0.50 |
| EBIT growth (YoY) | -922.37% | — | — | reported | — | 0.50 |
| Net income growth (YoY) | -1185.3% | — | — | reported | — | 0.50 |
| EPS growth (YoY) | -1185.3% | — | — | reported | — | 0.50 |
| EBIT margin Δ (YoY) | -18.47 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | -18.74 pp | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
8.48
—
8.48
—
- Q1 2025
- —
EBITDA
-1
—
-1
—
- Q1 2025
- —
EBIT
-1.45
—
-1.45
—
- Q1 2025
- —
EBT
-1.5
—
-1.5
—
- Q1 2025
- —
Net income
-1.5
—
-1.5
—
- Q1 2025
- —
EPS (basic)
(PLN)
-0.2
—
-0.2
—
- Q1 2025
- —
D&A
0.45
—
0.45
—
- Q1 2025
- —
Interest expense
0.04
—
0.04
—
- Q1 2025
- —
Shares (basic)
(m units)
7.66
—
7.66
—
- Q1 2025
- —
EBITDA margin
-11.74%
—
-11.74%
—
- Q1 2025
- —
EBIT margin
-17.07%
—
-17.07%
—
- Q1 2025
- —
EBT margin
-17.64%
—
-17.64%
—
- Q1 2025
- —
Net margin
-17.64%
—
-17.64%
—
- Q1 2025
- —
Cash
0.1
—
0.1
—
- Q1 2025
- —
Equity
15.5
—
15.5
—
- Q1 2025
- —
Total assets
52.99
—
52.99
—
- Q1 2025
- —
Working capital
2.94
—
2.94
—
- Q1 2025
- —
Current assets
38.03
—
38.03
—
- Q1 2025
- —
Current liabilities
35.09
—
35.09
—
- Q1 2025
- —
CFO
-3.73
—
-3.73
—
- Q1 2025
- —
CapEx
0.02
—
0.02
—
- Q1 2025
- —
FCF
-3.75
—
-3.75
—
- Q1 2025
- —
Current ratio
1.08x
—
1.08x
—
- Q1 2025
- —
Quick ratio
0.68x
—
0.68x
—
- Q1 2025
- —
Cash ratio
0x
—
0x
—
- Q1 2025
- —
Interest coverage
-39.23x
—
-39.23x
—
- Q1 2025
- —
Revenue growth (YoY)
-32.26%
—
-32.26%
—
- Q1 2025
- —
EBITDA growth (YoY)
-253.33%
—
-253.33%
—
- Q1 2025
- —
EBIT growth (YoY)
-922.37%
—
-922.37%
—
- Q1 2025
- —
Net income growth (YoY)
-1185.3%
—
-1185.3%
—
- Q1 2025
- —
EPS growth (YoY)
-1185.3%
—
-1185.3%
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-18.47 pp
—
-18.47 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-18.74 pp
—
-18.74 pp
—
- Q1 2025
- —