SZR SZAR NewConnect · Quarterly · publ. August 08, 2026

H1 2026 report

Suma bilansowa skurczyła się o ok. 84% r/r (z 12,67 mln zł do 1,99 mln zł) bez jakiegokolwiek wyjaśnienia w raporcie — to centralne, niewyjaśnione zdarzenie okresu.

Sentiment

Cautious No guidance change

Website

SZR H1 2026 report

Revenue

3,586,877 PLN

— YoY

Net income

-501,534 PLN

— YoY

Gross margin

-3.02%

— YoY

FCF

-29,000 PLN

— YoY

Summary

Investment thesis

Kapitał własny stopniał do 313,7 tys. zł wobec kapitału podstawowego 11 mln zł — spółka jest bliska granicy ujemnych kapitałów własnych.
Przychody spadły o 33,8% r/r, a marża brutto na sprzedaży pozostaje ujemna w obu porównywanych okresach, choć się poprawia.
Skrajna koncentracja głosów (77,05%) w rękach dwóch spokrewnionych akcjonariuszy dzięki uprzywilejowanym akcjom serii A.
Raport zawiera wewnętrzne niespójności liczbowe (bilans za 2025 nie sumuje się, rozbieżny wynik netto 2025 między tabelami), co obniża wiarygodność części danych porównawczych.

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Financials

BETA

H1 2026

SZR · H1 2026

Metric	H1 2026	H1 2025	Δ YoY	YTD 2026	Δ YoY	Value type	Segment	Conf.

Revenue	3,586,877	13,273,047	−73%	3,586,877	−73%	reported	—	1.00
Gross profit	-108,181	-3,419,660	+96.8%	-108,181	+96.8%	reported	—	1.00
EBIT	-488,085	-10,115,050	+95.2%	-488,085	+95.2%	reported	—	1.00
EBT	-501,534	-10,060,494	+95%	-501,534	+95%	reported	—	1.00
Net income	-501,534	-10,060,494	+95%	-501,534	+95%	reported	—	0.90
Interest expense	15,090	60,481	−75.1%	15,090	−75.1%	reported	—	1.00

Gross margin	-3.02%	-50.95%	+47.9 pp	-3.02%	+47.9 pp	reported	—	0.90
EBIT margin	-13.61%	-150.7%	+137.1 pp	-13.61%	+137.1 pp	reported	—	0.90
Net margin	-13.98%	-149.89%	+135.9 pp	-13.98%	+135.9 pp	reported	—	0.90

Cash	3,633	16,616	−78.1%	—	—	reported	—	1.00
Total debt	106,386	355,242	−70.1%	—	—	reported	—	0.80
Net debt	102,753	338,626	−69.7%	—	—	reported	—	0.70
Equity	313,674	815,208	−61.5%	—	—	reported	—	1.00
Total assets	1,991,645	2,156,232	−7.6%	—	—	reported	—	0.90
Working capital	-508,201	-208,131	−144.2%	—	—	reported	—	0.90
Current assets	1,063,734	1,124,756	−5.4%	—	—	reported	—	1.00
Current liabilities	1,571,936	1,332,887	+17.9%	—	—	reported	—	1.00

CFO	18,000	-987,554	+101.8%	18,000	+101.8%	reported	—	0.90
CapEx	47,000	0	—	47,000	—	reported	—	0.60
FCF	-29,000	-987,554	+97.1%	-29,000	+97.1%	reported	—	0.60

Revenue growth (YoY)	-33.83%	-49430000%	—	-33.83%	—	reported	—	0.90
EBIT growth (YoY)	27.68%	-480030000%	—	27.68%	—	reported	—	0.80

H1 2026 · Δ YoY

Revenue

3,586,877 −73%

H1 2025: 13,273,047
YTD 2026: 3,586,877
Δ YoY: −73%

Gross profit

-108,181 +96.8%

H1 2025: -3,419,660
YTD 2026: -108,181
Δ YoY: +96.8%

EBIT

-488,085 +95.2%

H1 2025: -10,115,050
YTD 2026: -488,085
Δ YoY: +95.2%

EBT

-501,534 +95%

H1 2025: -10,060,494
YTD 2026: -501,534
Δ YoY: +95%

Net income

-501,534 +95%

H1 2025: -10,060,494
YTD 2026: -501,534
Δ YoY: +95%

Interest expense

15,090 −75.1%

H1 2025: 60,481
YTD 2026: 15,090
Δ YoY: −75.1%

Gross margin

-3.02% +47.9 pp

H1 2025: -50.95%
YTD 2026: -3.02%
Δ YoY: +47.9 pp

EBIT margin

-13.61% +137.1 pp

H1 2025: -150.7%
YTD 2026: -13.61%
Δ YoY: +137.1 pp

Net margin

-13.98% +135.9 pp

H1 2025: -149.89%
YTD 2026: -13.98%
Δ YoY: +135.9 pp

Cash

3,633 −78.1%

H1 2025: 16,616
YTD 2026: —
Δ YoY: —

Total debt

106,386 −70.1%

H1 2025: 355,242
YTD 2026: —
Δ YoY: —

Net debt

102,753 −69.7%

H1 2025: 338,626
YTD 2026: —
Δ YoY: —

Equity

313,674 −61.5%

H1 2025: 815,208
YTD 2026: —
Δ YoY: —

Total assets

1,991,645 −7.6%

H1 2025: 2,156,232
YTD 2026: —
Δ YoY: —

Working capital

-508,201 −144.2%

H1 2025: -208,131
YTD 2026: —
Δ YoY: —

Current assets

1,063,734 −5.4%

H1 2025: 1,124,756
YTD 2026: —
Δ YoY: —

Current liabilities

1,571,936 +17.9%

H1 2025: 1,332,887
YTD 2026: —
Δ YoY: —

CFO

18,000 +101.8%

H1 2025: -987,554
YTD 2026: 18,000
Δ YoY: +101.8%

CapEx

47,000 —

H1 2025: 0
YTD 2026: 47,000
Δ YoY: —

FCF

-29,000 +97.1%

H1 2025: -987,554
YTD 2026: -29,000
Δ YoY: +97.1%

Revenue growth (YoY)

-33.83% —

H1 2025: -49430000%
YTD 2026: -33.83%
Δ YoY: —

EBIT growth (YoY)

27.68% —

H1 2025: -480030000%
YTD 2026: 27.68%
Δ YoY: —