Q1 2026 report
Rdzeń biznesu (sprzedaż dóbr luksusowych w modelu omnichannel) się kurczy — przychody spadły o 42,7% r/r do 8,52 mln zł, głównie z powodu niższej bazy towarowej i zamknięcia trzech salonów stacjonarnych w 2025 r.
Sentiment
Neutral
No guidance change
MO2
Q1 2026 report
Revenue
8,524,213 PLN
— YoY
Net income
-2,567,929 PLN
— YoY
EBITDA
-2,343,649 PLN
— YoY
Gross margin
34.79%
— YoY
Summary
Investment thesis
- Mimo spadku przychodów spółka poprawiła rentowność jednostkową — marża brutto wzrosła o ok. 4 p.p., a strata EBITDA zawęziła się o 1,1 mln zł r/r do -2,34 mln zł.
- Kapitał własny skurczył się w jednym kwartale z 4,24 mln zł do 1,67 mln zł wobec skumulowanej straty z lat ubiegłych sięgającej -78,4 mln zł — przy utrzymaniu tempa strat kwartalnych bufor kapitałowy może zostać wyczerpany w najbliższych kwartałach.
- Spółka istotnie zredukowała zadłużenie kredytowe (-87% r/r) i zapasy (-50% r/r), ale kapitał obrotowy jest już ujemny, a wskaźnik szybkiej płynności wynosi zaledwie 0,24x.
- Poboczna, niekonsolidowana inwestycja w Rebel Tang (16,6% udziałów, food-tech) generuje dodatnią EBITDA, ale ma ujemny kapitał własny i ograniczone perspektywy wzrostu bez zewnętrznego finansowania.
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Financials
BETA
MO2 · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 8,524,213 | — | — | reported | — | 1.00 |
| Gross profit | 2,965,991 | — | — | derived | — | 0.80 |
| EBITDA | -2,343,649 | — | — | reported | — | 0.95 |
| EBIT | -2,529,014 | — | — | reported | — | 1.00 |
| EBT | -2,567,929 | — | — | reported | — | 1.00 |
| Net income | -2,567,929 | — | — | reported | — | 1.00 |
| D&A | 185,365 | — | — | reported | — | 1.00 |
| Interest expense | 52,503 | — | — | reported | — | 1.00 |
| Gross margin | 34.79% | — | — | reported | — | 0.75 |
| EBITDA margin | -27.49% | — | — | reported | — | 0.90 |
| EBIT margin | -29.67% | — | — | reported | — | 0.95 |
| Net margin | -30.13% | — | — | reported | — | 0.95 |
| Cash | 289,400 | — | — | reported | — | 1.00 |
| Total debt | 2,427,552 | — | — | reported | — | 0.90 |
| Net debt | 2,138,152 | — | — | reported | — | 0.85 |
| Equity | 1,670,385 | — | — | reported | — | 1.00 |
| Total assets | 21,640,561 | — | — | reported | — | 1.00 |
| Working capital | -1,555,688 | — | — | reported | — | 0.95 |
| Current assets | 16,252,078 | — | — | reported | — | 1.00 |
| Current liabilities | 17,807,767 | — | — | reported | — | 1.00 |
| Goodwill | 1,506,820 | — | — | reported | — | 0.90 |
| CFO | -435,489 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 0.90 |
| FCF | -435,489 | — | — | reported | — | 0.85 |
| Current ratio | 0.91x | — | — | reported | — | 0.95 |
| Quick ratio | 0.24x | — | — | reported | — | 0.90 |
| Cash ratio | 0.02x | — | — | reported | — | 0.90 |
| Debt / equity | 1.45x | — | — | reported | — | 0.85 |
| Debt / assets | 0.11x | — | — | reported | — | 0.85 |
| Net debt / equity | 1.28x | — | — | reported | — | 0.80 |
| Revenue growth (YoY) | -42.73% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 32.75% | — | — | reported | — | 0.70 |
| EBIT growth (YoY) | 34.36% | — | — | reported | — | 0.75 |
| Net income growth (YoY) | 40.98% | — | — | reported | — | 0.85 |
| Gross margin Δ (YoY) | 3.64 pp | — | — | reported | — | 0.70 |
Q1 2026 · Δ YoY
Revenue
8,524,213
—
8,524,213
—
- Q1 2025
- —
Gross profit
2,965,991
—
2,965,991
—
- Q1 2025
- —
EBITDA
-2,343,649
—
-2,343,649
—
- Q1 2025
- —
EBIT
-2,529,014
—
-2,529,014
—
- Q1 2025
- —
EBT
-2,567,929
—
-2,567,929
—
- Q1 2025
- —
Net income
-2,567,929
—
-2,567,929
—
- Q1 2025
- —
D&A
185,365
—
185,365
—
- Q1 2025
- —
Interest expense
52,503
—
52,503
—
- Q1 2025
- —
Gross margin
34.79%
—
34.79%
—
- Q1 2025
- —
EBITDA margin
-27.49%
—
-27.49%
—
- Q1 2025
- —
EBIT margin
-29.67%
—
-29.67%
—
- Q1 2025
- —
Net margin
-30.13%
—
-30.13%
—
- Q1 2025
- —
Cash
289,400
—
289,400
—
- Q1 2025
- —
Total debt
2,427,552
—
2,427,552
—
- Q1 2025
- —
Net debt
2,138,152
—
2,138,152
—
- Q1 2025
- —
Equity
1,670,385
—
1,670,385
—
- Q1 2025
- —
Total assets
21,640,561
—
21,640,561
—
- Q1 2025
- —
Working capital
-1,555,688
—
-1,555,688
—
- Q1 2025
- —
Current assets
16,252,078
—
16,252,078
—
- Q1 2025
- —
Current liabilities
17,807,767
—
17,807,767
—
- Q1 2025
- —
Goodwill
1,506,820
—
1,506,820
—
- Q1 2025
- —
CFO
-435,489
—
-435,489
—
- Q1 2025
- —
CapEx
0
—
0
—
- Q1 2025
- —
FCF
-435,489
—
-435,489
—
- Q1 2025
- —
Current ratio
0.91x
—
0.91x
—
- Q1 2025
- —
Quick ratio
0.24x
—
0.24x
—
- Q1 2025
- —
Cash ratio
0.02x
—
0.02x
—
- Q1 2025
- —
Debt / equity
1.45x
—
1.45x
—
- Q1 2025
- —
Debt / assets
0.11x
—
0.11x
—
- Q1 2025
- —
Net debt / equity
1.28x
—
1.28x
—
- Q1 2025
- —
Revenue growth (YoY)
-42.73%
—
-42.73%
—
- Q1 2025
- —
EBITDA growth (YoY)
32.75%
—
32.75%
—
- Q1 2025
- —
EBIT growth (YoY)
34.36%
—
34.36%
—
- Q1 2025
- —
Net income growth (YoY)
40.98%
—
40.98%
—
- Q1 2025
- —
Gross margin Δ (YoY)
3.64 pp
—
3.64 pp
—
- Q1 2025
- —