Q1 2026 report
Demolish Games to mikroskopijna spółka na NewConnect, praktycznie bez przychodów netto (linia sprzedaży ujemna po uwzględnieniu zmiany zapasów) i z powtarzalną, kilkusettysięczną roczną stratą.
Sentiment
Neutral
No guidance change
DGS
Q1 2026 report
Revenue
-40,587 PLN
— YoY
Net income
-146,164 PLN
— YoY
FCF
-47,931 PLN
— YoY
CFO
-47,931 PLN
— YoY
Summary
Investment thesis
- Tempo spalania gotówki wyraźnie zwolniło r/r (-47,9 tys. PLN vs -140,1 tys. PLN operacyjnie), ale przy kasie na poziomie 205,7 tys. PLN starczy jej na ok. rok bez dodatkowego finansowania.
- Zero zadłużenia odsetkowego i bardzo wysoka płynność krótkoterminowa dają pewien margines bezpieczeństwa, ale nie kompensują braku modelu przychodowego.
- Struktura akcjonariatu (Gaming Factory S.A. z 23,86% i prezes Dawid Sulkowski z 5,01%) sugeruje powiązania branżowe, które mogą mieć znaczenie dla dalszego finansowania lub konsolidacji.
- Brak formalnego zatrudnienia (0 etatów, 3 umowy cywilnoprawne) i brak prognoz na 2026 rok to sygnał, że spółka wciąż jest na wczesnym/przetrwaniowym etapie rozwoju, a nie w fazie skalowania.
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Financials
BETA
DGS · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | -40,587 | — | — | reported | — | 1.00 |
| EBIT | -154,106 | — | — | reported | — | 1.00 |
| EBT | -146,164 | — | — | reported | — | 1.00 |
| Net income | -146,164 | — | — | reported | — | 1.00 |
| EPS (basic) | -0.02 | — | — | reported | — | 0.90 |
| Interest expense | 28.52 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 8.47 | — | — | reported | — | 1.00 |
| Cash | 205,659 | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | reported | — | 1.00 |
| Net debt | -205,659 | — | — | reported | — | 1.00 |
| Equity | 1,693,826 | — | — | reported | — | 1.00 |
| Total assets | 1,722,860 | — | — | reported | — | 1.00 |
| Working capital | 1,693,826 | — | — | reported | — | 1.00 |
| Current assets | 1,722,860 | — | — | reported | — | 1.00 |
| Current liabilities | 29,034 | — | — | reported | — | 1.00 |
| CFO | -47,931 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 1.00 |
| FCF | -47,931 | — | — | derived | — | 0.95 |
| Dividends paid | 0 | — | — | reported | — | 1.00 |
| Current ratio | 59.34x | — | — | reported | — | 1.00 |
| Quick ratio | 11.31x | — | — | reported | — | 0.90 |
| Cash ratio | 7.08x | — | — | reported | — | 1.00 |
| Debt / equity | 0x | — | — | reported | — | 1.00 |
| Net debt / equity | -0.12x | — | — | reported | — | 0.95 |
| Revenue growth (YoY) | -147.2% | — | — | reported | — | 0.60 |
| EBIT growth (YoY) | -25.67% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | -2.6% | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
-40,587
—
-40,587
—
- Q1 2025
- —
EBIT
-154,106
—
-154,106
—
- Q1 2025
- —
EBT
-146,164
—
-146,164
—
- Q1 2025
- —
Net income
-146,164
—
-146,164
—
- Q1 2025
- —
EPS (basic)
-0.02
—
-0.02
—
- Q1 2025
- —
Interest expense
28.52
—
28.52
—
- Q1 2025
- —
Shares (basic)
(m units)
8.47
—
8.47
—
- Q1 2025
- —
Cash
205,659
—
205,659
—
- Q1 2025
- —
Total debt
0
—
0
—
- Q1 2025
- —
Net debt
-205,659
—
-205,659
—
- Q1 2025
- —
Equity
1,693,826
—
1,693,826
—
- Q1 2025
- —
Total assets
1,722,860
—
1,722,860
—
- Q1 2025
- —
Working capital
1,693,826
—
1,693,826
—
- Q1 2025
- —
Current assets
1,722,860
—
1,722,860
—
- Q1 2025
- —
Current liabilities
29,034
—
29,034
—
- Q1 2025
- —
CFO
-47,931
—
-47,931
—
- Q1 2025
- —
CapEx
0
—
0
—
- Q1 2025
- —
FCF
-47,931
—
-47,931
—
- Q1 2025
- —
Dividends paid
0
—
0
—
- Q1 2025
- —
Current ratio
59.34x
—
59.34x
—
- Q1 2025
- —
Quick ratio
11.31x
—
11.31x
—
- Q1 2025
- —
Cash ratio
7.08x
—
7.08x
—
- Q1 2025
- —
Debt / equity
0x
—
0x
—
- Q1 2025
- —
Net debt / equity
-0.12x
—
-0.12x
—
- Q1 2025
- —
Revenue growth (YoY)
-147.2%
—
-147.2%
—
- Q1 2025
- —
EBIT growth (YoY)
-25.67%
—
-25.67%
—
- Q1 2025
- —
Net income growth (YoY)
-2.6%
—
-2.6%
—
- Q1 2025
- —