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OML ONE MORE LEVEL Giełda Papierów Wartościowych w Warszawie · quarterly · publ. June 01, 2026

Q1 2026 report

Early-stage but well-capitalized gamedev studio in the final stretch of producing 'Valor Mortis' (autumn 2026 release), with production and marketing costs covered contractually by co-publisher Lyrical Games LLC

Sentiment
No guidance change
Website
OML Q1 2026 report
Revenue
0.32 m PLN
— YoY
Net income
-1.37 m PLN
— YoY
EBITDA
-1.22 m PLN
— YoY
Gross margin
100%
— YoY

Summary

Investment thesis
  • Quarterly P&L is structurally lossmaking pre-launch (-1.37 mln PLN net loss, widened 12% YoY) and should not be judged YoY against a steady-state business - the investment case hinges almost entirely on Valor Mortis's commercial reception post-launch
  • Balance sheet carries no meaningful bank debt, but working capital is deeply negative (-18.3 mln PLN), reflecting 22.06 mln PLN of advance-payment liabilities from two publisher counterparties (Take-Two legacy, Lyrical Games) that must be earned out from future game sales
  • 67.6% of total assets (26.9 mln PLN) is capitalized, unamortized development cost for the single unreleased title Valor Mortis - a real asset whose recoverability is entirely untested until launch
  • Legacy title Ghostrunner 2 generates a small recurring royalty stream, and a newly signed PARP grant (10.17 mln PLN) for an AI/NPC R&D project diversifies funding beyond the single-title bet

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