Q2 2026 report
Podstawowy biznes (produkcja stacji transformatorowych i infrastruktury elektroenergetycznej) kurczy się – przychody Grupy spadły o 39% r/r w II kw. 2026, a EBIT i wynik netto zanotowały głęboką stratę.
Sentiment
Cautious
No guidance change
ELQ
Q2 2026 report
Revenue
16.07 m PLN
— YoY
Net income
-2.72 m PLN
— YoY
EBITDA
-2.23 m PLN
— YoY
FCF
-1.54 m PLN
— YoY
Summary
Investment thesis
- Bilans napompowany o 74,6 mln zł 'innych rozliczeń międzyokresowych' z tytułu zakupu licencji na wynalazek dot. konstrukcji nośnych dla baterii/PV – nietypowa klasyfikacja i brak widocznej amortyzacji budzą poważne wątpliwości co do jakości tego aktywa.
- Płynność jest krytycznie niska – 99,6 tys. zł gotówki wobec 111,7 mln zł zobowiązań krótkoterminowych, wskaźnik płynności bieżącej ok. 0,37x.
- Zarząd komunikuje szereg niewiążących listów intencyjnych i porozumień ramowych dot. projektów SMR/energetyki jądrowej na Ukrainie – potencjalnie duża opcjonalność, ale zerowe zobowiązania kapitałowe i wysokie ryzyko geopolityczne/wykonawcze.
- Struktura akcjonariatu jest silnie skoncentrowana w rękach prezesa (pośrednio i bezpośrednio ok. 93,3% głosów), co ogranicza mechanizmy kontroli nad transakcjami z podmiotami powiązanymi.
Read the full analysis
Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.
Financials
BETA
ELQ · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16.07 | — | — | 32.76 | — | reported | — | 1.00 |
| EBITDA | -2.23 | — | — | -2.84 | — | derived | — | 0.80 |
| EBIT | -2.53 | — | — | -3.44 | — | reported | — | 1.00 |
| Net income | -2.72 | — | — | -3.75 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.03 | — | — | -0.04 | — | derived | — | 0.60 |
| D&A | 0.3 | — | — | 0.61 | — | reported | — | 1.00 |
| Interest expense | 0.18 | — | — | 0.31 | — | reported | — | 1.00 |
| Income tax | -0.01 | — | — | -0.02 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 100 | — | — | — | — | reported | — | 0.70 |
| EBITDA margin | -13.86% | — | — | -8.66% | — | reported | — | 0.80 |
| EBIT margin | -15.74% | — | — | -10.5% | — | reported | — | 1.00 |
| Net margin | -16.95% | — | — | -11.43% | — | reported | — | 1.00 |
| Cash | 0.1 | — | — | — | — | reported | — | 1.00 |
| Equity | 5.98 | — | — | — | — | reported | — | 1.00 |
| Total assets | 132.1 | — | — | — | — | reported | — | 1.00 |
| Working capital | -70.89 | — | — | — | — | reported | — | 0.90 |
| Current assets | 40.85 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 111.73 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 7.99 | — | — | — | — | reported | — | 1.00 |
| Inventory | 25.38 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 10.25 | — | — | — | — | reported | — | 1.00 |
| CFO | -1.54 | — | — | -2.19 | — | reported | — | 1.00 |
| CapEx | 0 | — | — | 0 | — | reported | — | 1.00 |
| FCF | -1.54 | — | — | -2.2 | — | derived | — | 0.90 |
| Current ratio | 0.37x | — | — | — | — | reported | — | 0.90 |
| Quick ratio | 0.14x | — | — | — | — | reported | — | 0.90 |
| Cash ratio | 0x | — | — | — | — | reported | — | 0.90 |
| Interest coverage | -13.75x | — | — | -11.25x | — | reported | — | 0.90 |
| Revenue growth (YoY) | -39.05% | — | — | -26.83% | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -153.64% | — | — | -163.9% | — | reported | — | 0.80 |
| EBIT growth (YoY) | -163.48% | — | — | -183.08% | — | reported | — | 1.00 |
| Net income growth (YoY) | -192.68% | — | — | -236.62% | — | reported | — | 1.00 |
Q2 2026 · Δ YoY
Revenue
16.07
—
16.07
—
- Q2 2025
- —
- YTD 2026
- 32.76
- Δ YoY
- —
EBITDA
-2.23
—
-2.23
—
- Q2 2025
- —
- YTD 2026
- -2.84
- Δ YoY
- —
EBIT
-2.53
—
-2.53
—
- Q2 2025
- —
- YTD 2026
- -3.44
- Δ YoY
- —
Net income
-2.72
—
-2.72
—
- Q2 2025
- —
- YTD 2026
- -3.75
- Δ YoY
- —
EPS (basic)
(PLN)
-0.03
—
-0.03
—
- Q2 2025
- —
- YTD 2026
- -0.04
- Δ YoY
- —
D&A
0.3
—
0.3
—
- Q2 2025
- —
- YTD 2026
- 0.61
- Δ YoY
- —
Interest expense
0.18
—
0.18
—
- Q2 2025
- —
- YTD 2026
- 0.31
- Δ YoY
- —
Income tax
-0.01
—
-0.01
—
- Q2 2025
- —
- YTD 2026
- -0.02
- Δ YoY
- —
Shares (basic)
(m units)
100
—
100
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
-13.86%
—
-13.86%
—
- Q2 2025
- —
- YTD 2026
- -8.66%
- Δ YoY
- —
EBIT margin
-15.74%
—
-15.74%
—
- Q2 2025
- —
- YTD 2026
- -10.5%
- Δ YoY
- —
Net margin
-16.95%
—
-16.95%
—
- Q2 2025
- —
- YTD 2026
- -11.43%
- Δ YoY
- —
Cash
0.1
—
0.1
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
5.98
—
5.98
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
132.1
—
132.1
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
-70.89
—
-70.89
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
40.85
—
40.85
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
111.73
—
111.73
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
7.99
—
7.99
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
25.38
—
25.38
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
10.25
—
10.25
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-1.54
—
-1.54
—
- Q2 2025
- —
- YTD 2026
- -2.19
- Δ YoY
- —
CapEx
0
—
0
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
FCF
-1.54
—
-1.54
—
- Q2 2025
- —
- YTD 2026
- -2.2
- Δ YoY
- —
Current ratio
0.37x
—
0.37x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.14x
—
0.14x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0x
—
0x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
-13.75x
—
-13.75x
—
- Q2 2025
- —
- YTD 2026
- -11.25x
- Δ YoY
- —
Revenue growth (YoY)
-39.05%
—
-39.05%
—
- Q2 2025
- —
- YTD 2026
- -26.83%
- Δ YoY
- —
EBITDA growth (YoY)
-153.64%
—
-153.64%
—
- Q2 2025
- —
- YTD 2026
- -163.9%
- Δ YoY
- —
EBIT growth (YoY)
-163.48%
—
-163.48%
—
- Q2 2025
- —
- YTD 2026
- -183.08%
- Δ YoY
- —
Net income growth (YoY)
-192.68%
—
-192.68%
—
- Q2 2025
- —
- YTD 2026
- -236.62%
- Δ YoY
- —