Q1 2026 report
Spadek przychodów o ok. 44% r/r w I kw. 2026 wynika w dużej mierze z przesunięcia rozliczeń dużych kontraktów eksportowych z marca na kwiecień, a nie z widocznej utraty popytu na produkty Spółki.
Sentiment
Cautious
No guidance change
CMI
Q1 2026 report
Revenue
3.51 m PLN
— YoY
Net income
-0.24 m PLN
— YoY
EBITDA
0.06 m PLN
— YoY
FCF
-0.68 m PLN
— YoY
Summary
Investment thesis
- Nowe zamówienia z rynku hiszpańskiego (ok. 849,99 tys. EUR z I kw. 2026, realizacja do grudnia 2026 r.) dają pewną widoczność przychodów na kolejne kwartały.
- Gotówka skurczyła się do 63,5 tys. zł, a kapitał obrotowy netto jest ujemny - płynność wymaga obserwacji w kolejnym raporcie.
- EBITDA spadła blisko zera (59,8 tys. zł), co oznacza brak marginesu bezpieczeństwa przy dalszym pogorszeniu sprzedaży.
- Brak w raporcie rozbicia zadłużenia odsetkowego uniemożliwia pełną ocenę profilu ryzyka finansowego Spółki.
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Financials
BETA
CMI · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 3.51 | — | — | reported | — | 1.00 |
| EBITDA | 0.06 | — | — | derived | — | 0.90 |
| EBIT | -0.14 | — | — | reported | — | 1.00 |
| EBT | -0.23 | — | — | reported | — | 1.00 |
| Net income | -0.24 | — | — | reported | — | 1.00 |
| EPS (basic) | -0.2 | — | — | reported | — | 0.60 |
| D&A | 0.2 | — | — | reported | — | 1.00 |
| Interest expense | 0.08 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 1.2 | — | — | reported | — | 0.70 |
| EBITDA margin | 1.7% | — | — | reported | — | 0.80 |
| EBIT margin | -4.02% | — | — | reported | — | 0.90 |
| EBT margin | -6.69% | — | — | reported | — | 0.90 |
| Net margin | -6.96% | — | — | reported | — | 0.90 |
| D&A margin | 5.73% | — | — | reported | — | 0.90 |
| Cash | 0.06 | — | — | reported | — | 1.00 |
| Equity | 6.39 | — | — | reported | — | 1.00 |
| Total assets | 16.5 | — | — | reported | — | 1.00 |
| Working capital | -0.7 | — | — | reported | — | 0.90 |
| Current assets | 6.01 | — | — | reported | — | 1.00 |
| Current liabilities | 6.7 | — | — | reported | — | 0.90 |
| Goodwill | 0.06 | — | — | reported | — | 1.00 |
| CFO | -0.68 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 1.00 |
| FCF | -0.68 | — | — | reported | — | 1.00 |
| Current ratio | 0.9x | — | — | reported | — | 0.90 |
| Quick ratio | 0.28x | — | — | reported | — | 0.90 |
| Cash ratio | 0.01x | — | — | reported | — | 0.90 |
| Interest coverage | -1.8x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | -44.22% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -90.28% | — | — | reported | — | 0.80 |
| EBIT growth (YoY) | -135.99% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | -262.66% | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
3.51
—
3.51
—
- Q1 2025
- —
EBITDA
0.06
—
0.06
—
- Q1 2025
- —
EBIT
-0.14
—
-0.14
—
- Q1 2025
- —
EBT
-0.23
—
-0.23
—
- Q1 2025
- —
Net income
-0.24
—
-0.24
—
- Q1 2025
- —
EPS (basic)
-0.2
—
-0.2
—
- Q1 2025
- —
D&A
0.2
—
0.2
—
- Q1 2025
- —
Interest expense
0.08
—
0.08
—
- Q1 2025
- —
Shares (basic)
(m units)
1.2
—
1.2
—
- Q1 2025
- —
EBITDA margin
1.7%
—
1.7%
—
- Q1 2025
- —
EBIT margin
-4.02%
—
-4.02%
—
- Q1 2025
- —
EBT margin
-6.69%
—
-6.69%
—
- Q1 2025
- —
Net margin
-6.96%
—
-6.96%
—
- Q1 2025
- —
D&A margin
5.73%
—
5.73%
—
- Q1 2025
- —
Cash
0.06
—
0.06
—
- Q1 2025
- —
Equity
6.39
—
6.39
—
- Q1 2025
- —
Total assets
16.5
—
16.5
—
- Q1 2025
- —
Working capital
-0.7
—
-0.7
—
- Q1 2025
- —
Current assets
6.01
—
6.01
—
- Q1 2025
- —
Current liabilities
6.7
—
6.7
—
- Q1 2025
- —
Goodwill
0.06
—
0.06
—
- Q1 2025
- —
CFO
-0.68
—
-0.68
—
- Q1 2025
- —
CapEx
0
—
0
—
- Q1 2025
- —
FCF
-0.68
—
-0.68
—
- Q1 2025
- —
Current ratio
0.9x
—
0.9x
—
- Q1 2025
- —
Quick ratio
0.28x
—
0.28x
—
- Q1 2025
- —
Cash ratio
0.01x
—
0.01x
—
- Q1 2025
- —
Interest coverage
-1.8x
—
-1.8x
—
- Q1 2025
- —
Revenue growth (YoY)
-44.22%
—
-44.22%
—
- Q1 2025
- —
EBITDA growth (YoY)
-90.28%
—
-90.28%
—
- Q1 2025
- —
EBIT growth (YoY)
-135.99%
—
-135.99%
—
- Q1 2025
- —
Net income growth (YoY)
-262.66%
—
-262.66%
—
- Q1 2025
- —