Q1 2026 report
Spółka porzuca dotychczasowy, nierentowny model produkcyjny (żywność funkcjonalna, przetwórstwo konopi włóknistych) na rzecz działalności typu virtual biotech w obszarze weterynarii, ale nowa strategia nie ma jeszcze żadnych ujawnionych szczegółów projektowych.
Sentiment
Cautious
No guidance change
GRZ
Q1 2026 report
Revenue
297,223 PLN
— YoY
Net income
-421,279 PLN
— YoY
EBITDA
-339,239 PLN
— YoY
FCF
-319,699 PLN
— YoY
Summary
Investment thesis
- Wynik netto poprawił się r/r o 12%, jednak wyłącznie dzięki redukcji kosztów operacyjnych — przychody pozostały praktycznie płaskie (297 tys. PLN).
- Przepływy pieniężne operacyjne pogorszyły się r/r, mimo węższej straty netto — jakość zysku w tym kwartale jest niska.
- Bilans jest relatywnie bezpieczny na dziś (dodatnia pozycja gotówkowa netto, zredukowane zobowiązania), ale tempo spalania gotówki (~341 tys. PLN/kwartał) sugeruje ograniczony czasowo bufor bez dodatkowego finansowania.
- Zaangażowanie kapitałowe głównego akcjonariusza (Kvarko Group ASI, 32,78%) oraz zarządu (CEO 14,84%) częściowo równoważy ryzyko braku transparentności co do konkretów nowej strategii.
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Financials
BETA
GRZ · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 297,223 | — | — | reported | — | 1.00 |
| EBITDA | -339,239 | — | — | reported | — | 0.70 |
| EBIT | -411,414 | — | — | reported | — | 1.00 |
| EBT | -417,805 | — | — | reported | — | 1.00 |
| Net income | -421,279 | — | — | reported | — | 1.00 |
| EPS (basic) | -0.26 | — | — | reported | — | 1.00 |
| D&A | 72,175 | — | — | reported | — | 1.00 |
| Interest expense | 4,581 | — | — | reported | — | 1.00 |
| Shares (basic) (units) | 1,586,568 | — | — | reported | — | 1.00 |
| EBITDA margin | -114.14% | — | — | reported | — | 0.70 |
| EBIT margin | -138.42% | — | — | reported | — | 0.90 |
| Net margin | -141.75% | — | — | reported | — | 0.90 |
| Cash | 601,347 | — | — | reported | — | 1.00 |
| Total debt | 155,156 | — | — | reported | — | 0.90 |
| Net debt | -446,192 | — | — | reported | — | 0.80 |
| Equity | 1,699,332 | — | — | reported | — | 1.00 |
| Total assets | 2,099,312 | — | — | reported | — | 1.00 |
| Working capital | 483,269 | — | — | reported | — | 0.90 |
| Current assets | 778,984 | — | — | reported | — | 1.00 |
| Current liabilities | 295,715 | — | — | reported | — | 1.00 |
| Goodwill | 0 | — | — | reported | — | 1.00 |
| CFO | -313,475 | — | — | reported | — | 1.00 |
| CapEx | 6,224 | — | — | reported | — | 1.00 |
| FCF | -319,699 | — | — | reported | — | 0.90 |
| Current ratio | 2.63x | — | — | reported | — | 0.90 |
| Quick ratio | 2.42x | — | — | reported | — | 0.90 |
| Cash ratio | 2.03x | — | — | reported | — | 0.90 |
| Debt / equity | 0.09x | — | — | reported | — | 0.80 |
| Debt / assets | 0.07x | — | — | reported | — | 0.80 |
| Net debt / equity | -0.26x | — | — | reported | — | 0.80 |
| Revenue growth (YoY) | -0.64% | — | — | reported | — | 0.90 |
| EBIT growth (YoY) | 8.3% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | 11.66% | — | — | reported | — | 0.90 |
| EPS growth (YoY) | 27.78% | — | — | reported | — | 0.90 |
| FCF growth (YoY) | -83.94% | — | — | reported | — | 0.70 |
Q1 2026 · Δ YoY
Revenue
297,223
—
297,223
—
- Q1 2025
- —
EBITDA
-339,239
—
-339,239
—
- Q1 2025
- —
EBIT
-411,414
—
-411,414
—
- Q1 2025
- —
EBT
-417,805
—
-417,805
—
- Q1 2025
- —
Net income
-421,279
—
-421,279
—
- Q1 2025
- —
EPS (basic)
-0.26
—
-0.26
—
- Q1 2025
- —
D&A
72,175
—
72,175
—
- Q1 2025
- —
Interest expense
4,581
—
4,581
—
- Q1 2025
- —
Shares (basic)
(units)
1,586,568
—
1,586,568
—
- Q1 2025
- —
EBITDA margin
-114.14%
—
-114.14%
—
- Q1 2025
- —
EBIT margin
-138.42%
—
-138.42%
—
- Q1 2025
- —
Net margin
-141.75%
—
-141.75%
—
- Q1 2025
- —
Cash
601,347
—
601,347
—
- Q1 2025
- —
Total debt
155,156
—
155,156
—
- Q1 2025
- —
Net debt
-446,192
—
-446,192
—
- Q1 2025
- —
Equity
1,699,332
—
1,699,332
—
- Q1 2025
- —
Total assets
2,099,312
—
2,099,312
—
- Q1 2025
- —
Working capital
483,269
—
483,269
—
- Q1 2025
- —
Current assets
778,984
—
778,984
—
- Q1 2025
- —
Current liabilities
295,715
—
295,715
—
- Q1 2025
- —
Goodwill
0
—
0
—
- Q1 2025
- —
CFO
-313,475
—
-313,475
—
- Q1 2025
- —
CapEx
6,224
—
6,224
—
- Q1 2025
- —
FCF
-319,699
—
-319,699
—
- Q1 2025
- —
Current ratio
2.63x
—
2.63x
—
- Q1 2025
- —
Quick ratio
2.42x
—
2.42x
—
- Q1 2025
- —
Cash ratio
2.03x
—
2.03x
—
- Q1 2025
- —
Debt / equity
0.09x
—
0.09x
—
- Q1 2025
- —
Debt / assets
0.07x
—
0.07x
—
- Q1 2025
- —
Net debt / equity
-0.26x
—
-0.26x
—
- Q1 2025
- —
Revenue growth (YoY)
-0.64%
—
-0.64%
—
- Q1 2025
- —
EBIT growth (YoY)
8.3%
—
8.3%
—
- Q1 2025
- —
Net income growth (YoY)
11.66%
—
11.66%
—
- Q1 2025
- —
EPS growth (YoY)
27.78%
—
27.78%
—
- Q1 2025
- —
FCF growth (YoY)
-83.94%
—
-83.94%
—
- Q1 2025
- —