Q2 2026 report
Mikroskalowa spółka NewConnect (suma bilansowa 3,68 mln zł) w trakcie deklarowanej transformacji z modelu B2C na B2B, ale bez ujawnionych konkretnych kontraktów potwierdzających nowy model.
Sentiment
Cautious
No guidance change
P24
Q2 2026 report
Revenue
8,709 PLN
— YoY
Net income
-43,717 PLN
— YoY
EBITDA
-54,791 PLN
— YoY
Summary
Investment thesis
- Przychody Q2 2026 spadły o ok. 93% r/r do 8,7 tys. zł w wyniku świadomego wygaszania sprzedaży B2C przy jeszcze nierozwiniętej sprzedaży B2B.
- Bilans wolny od zadłużenia oprocentowanego i z wysoką płynnością formalną, ale istotna część aktywów obrotowych (1,65 mln zł) to długoterminowe pożyczki udzielone poza podstawową działalnością.
- Ujemne przepływy operacyjne (-104,6 tys. zł w I półroczu) przy zerowym CAPEX mimo narracji o uruchomieniu nowego parku maszynowego - niejasne finansowanie inwestycji.
- Zarząd deklaruje osiągnięcie pełnej skali operacyjnej dopiero w I kw. 2027 r. - długi horyzont bez gwarancji wykonania przy zatrudnieniu na poziomie 1,5 etatu.
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Financials
BETA
P24 · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8,709 | — | — | 98,552 | — | reported | — | 1.00 |
| EBITDA | -54,791 | — | — | -30,524 | — | derived | — | 0.90 |
| EBIT | -55,852 | — | — | -32,648 | — | reported | — | 1.00 |
| Net income | -43,717 | — | — | -13,510 | — | reported | — | 1.00 |
| D&A | 1,062 | — | — | 2,124 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 60 | — | — | — | — | reported | — | 0.80 |
| EBITDA margin | -629.09% | — | — | -30.97% | — | derived | — | 0.90 |
| EBIT margin | -641.31% | — | — | -33.13% | — | derived | — | 0.90 |
| Net margin | -501.9% | — | — | -13.71% | — | derived | — | 0.90 |
| Cash | 52,131 | — | — | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | — | — | reported | — | 0.90 |
| Net debt | -52,131 | — | — | — | — | derived | — | 0.90 |
| Equity | 3,586,490 | — | — | — | — | reported | — | 1.00 |
| Total assets | 3,676,703 | — | — | — | — | reported | — | 1.00 |
| Current assets | 1,774,920 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 90,212 | — | — | — | — | reported | — | 1.00 |
| Inventory | 132,156 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 1,590,632 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 65,132 | — | — | — | — | reported | — | 1.00 |
| CFO | — | — | — | -104,550 | — | reported | — | 1.00 |
| CapEx | — | — | — | 0 | — | reported | — | 0.90 |
| FCF | — | — | — | -104,550 | — | derived | — | 0.90 |
| Current ratio | 19.67x | — | — | — | — | derived | — | 0.90 |
| Quick ratio | 18.21x | — | — | — | — | derived | — | 0.90 |
| Cash ratio | 0.58x | — | — | — | — | derived | — | 0.90 |
| Debt / equity | 0x | — | — | — | — | derived | — | 0.90 |
| Net debt / equity | -0.01x | — | — | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | -92.87% | — | — | -59.39% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | -210.02% | — | — | -157.12% | — | derived | — | 0.85 |
| EBIT growth (YoY) | -219.68% | — | — | -166.31% | — | derived | — | 0.90 |
| Net income growth (YoY) | -191.79% | — | — | -125.42% | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -540.89 pp | — | — | -35.61 pp | — | derived | — | 0.85 |
Q2 2026 · Δ YoY
Revenue
8,709
—
8,709
—
- Q2 2025
- —
- YTD 2026
- 98,552
- Δ YoY
- —
EBITDA
-54,791
—
-54,791
—
- Q2 2025
- —
- YTD 2026
- -30,524
- Δ YoY
- —
EBIT
-55,852
—
-55,852
—
- Q2 2025
- —
- YTD 2026
- -32,648
- Δ YoY
- —
Net income
-43,717
—
-43,717
—
- Q2 2025
- —
- YTD 2026
- -13,510
- Δ YoY
- —
D&A
1,062
—
1,062
—
- Q2 2025
- —
- YTD 2026
- 2,124
- Δ YoY
- —
Shares (basic)
(m units)
60
—
60
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
-629.09%
—
-629.09%
—
- Q2 2025
- —
- YTD 2026
- -30.97%
- Δ YoY
- —
EBIT margin
-641.31%
—
-641.31%
—
- Q2 2025
- —
- YTD 2026
- -33.13%
- Δ YoY
- —
Net margin
-501.9%
—
-501.9%
—
- Q2 2025
- —
- YTD 2026
- -13.71%
- Δ YoY
- —
Cash
52,131
—
52,131
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
0
—
0
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-52,131
—
-52,131
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
3,586,490
—
3,586,490
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
3,676,703
—
3,676,703
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
1,774,920
—
1,774,920
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
90,212
—
90,212
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
132,156
—
132,156
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
1,590,632
—
1,590,632
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
65,132
—
65,132
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
—
—
—
—
- Q2 2025
- —
- YTD 2026
- -104,550
- Δ YoY
- —
CapEx
—
—
—
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
FCF
—
—
—
—
- Q2 2025
- —
- YTD 2026
- -104,550
- Δ YoY
- —
Current ratio
19.67x
—
19.67x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
18.21x
—
18.21x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.58x
—
0.58x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0x
—
0x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.01x
—
-0.01x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-92.87%
—
-92.87%
—
- Q2 2025
- —
- YTD 2026
- -59.39%
- Δ YoY
- —
EBITDA growth (YoY)
-210.02%
—
-210.02%
—
- Q2 2025
- —
- YTD 2026
- -157.12%
- Δ YoY
- —
EBIT growth (YoY)
-219.68%
—
-219.68%
—
- Q2 2025
- —
- YTD 2026
- -166.31%
- Δ YoY
- —
Net income growth (YoY)
-191.79%
—
-191.79%
—
- Q2 2025
- —
- YTD 2026
- -125.42%
- Δ YoY
- —
Net margin Δ (YoY)
-540.89 pp
—
-540.89 pp
—
- Q2 2025
- —
- YTD 2026
- -35.61 pp
- Δ YoY
- —