MLM MILISYSTEM NewConnect · Quarterly · publ. August 14, 2026

Q2 2026 report

Spółka technologii obronnych i szkoleniowych (trenażery strzeleckie, system WISŁA SP) z bardzo małą, kurczącą się bazą przychodów.

Sentiment

Cautious No guidance change

Website

MLM Q2 2026 report

Revenue

3,178 PLN

— YoY

Net income

-442,005 PLN

— YoY

EBITDA

-508,447 PLN

— YoY

CFO

-611,285 PLN

— YoY

Summary

Investment thesis

Przychody H1 2026 spadły o 82% r/r, a w samym II kwartale niemal do zera (3 178 zł) — praktyczny brak sprzedaży w kwartale.
Silna pozycja gotówkowa (6,3 mln zł) pochodząca z emisji akcji z 2025 r., nie z działalności operacyjnej.
Pożyczki udzielone w lutym 2026 r. dwóm znaczącym akcjonariuszom (Centurion Finance ASI S.A., Ragnar Trade sp. z o.o.), w pełni spłacone przed końcem kwartału.
Nierozstrzygnięty spór z partnerem Sunway Network S.A. dotyczący certyfikacji systemu i skuteczności wypowiedzenia umowy.

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Financials

BETA

Q2 2026

MLM · Q2 2026

Metric	Q2 2026	Q2 2025	Δ YoY	YTD 2026	Δ YoY	Value type	Segment	Conf.

Revenue	3,178	—	—	101,103	—	reported	—	1.00
EBITDA	-508,447	—	—	-946,322	—	reported	—	0.70
EBIT	-518,493	—	—	-966,413	—	reported	—	1.00
EBT	-450,932	—	—	-884,435	—	reported	—	1.00
Net income	-442,005	—	—	-791,304	—	reported	—	1.00
D&A	10,046	—	—	20,091	—	reported	—	1.00
Interest expense	24,772	—	—	27,120	—	reported	—	1.00
Income tax	—	—	—	0	—	reported	—	1.00

EBITDA margin	—	—	—	-936%	—	reported	—	0.70
EBIT margin	—	—	—	-955.9%	—	reported	—	0.70
Net margin	—	—	—	-782.7%	—	reported	—	0.70

Cash	6,319,638	—	—	—	—	reported	—	1.00
Equity	10,942,348	—	—	—	—	reported	—	1.00
Total assets	11,233,420	—	—	—	—	reported	—	1.00
Working capital	10,357,430	—	—	—	—	reported	—	0.90
Current assets	10,644,499	—	—	—	—	reported	—	1.00
Current liabilities	287,069	—	—	—	—	reported	—	1.00
Non-current liabilities	0	—	—	—	—	reported	—	1.00
Inventory	284,111	—	—	—	—	reported	—	1.00
Trade receivables	904,846	—	—	—	—	reported	—	1.00
Goodwill	404,415	—	—	—	—	reported	—	1.00
Tangible equity	10,537,933	—	—	—	—	reported	—	0.90

CFO	-611,285	—	—	-2,125,936	—	reported	—	1.00

Current ratio	37.1x	—	—	—	—	reported	—	0.90
Quick ratio	36.1x	—	—	—	—	reported	—	0.90
Cash ratio	22x	—	—	—	—	reported	—	0.90

Revenue growth (YoY)	-99.3%	—	—	-82.3%	—	reported	—	0.90
EBITDA growth (YoY)	—	—	—	-251.3%	—	reported	—	0.70
EBIT growth (YoY)	—	—	—	-197%	—	reported	—	0.80
Net income growth (YoY)	—	—	—	-125.6%	—	reported	—	0.80

Q2 2026 · Δ YoY

Revenue

3,178 —

Q2 2025: —
YTD 2026: 101,103
Δ YoY: —

EBITDA

-508,447 —

Q2 2025: —
YTD 2026: -946,322
Δ YoY: —

EBIT

-518,493 —

Q2 2025: —
YTD 2026: -966,413
Δ YoY: —

EBT

-450,932 —

Q2 2025: —
YTD 2026: -884,435
Δ YoY: —

Net income

-442,005 —

Q2 2025: —
YTD 2026: -791,304
Δ YoY: —

D&A

10,046 —

Q2 2025: —
YTD 2026: 20,091
Δ YoY: —

Interest expense

24,772 —

Q2 2025: —
YTD 2026: 27,120
Δ YoY: —

Income tax

— —

Q2 2025: —
YTD 2026: 0
Δ YoY: —

EBITDA margin

— —

Q2 2025: —
YTD 2026: -936%
Δ YoY: —

EBIT margin

— —

Q2 2025: —
YTD 2026: -955.9%
Δ YoY: —

Net margin

— —

Q2 2025: —
YTD 2026: -782.7%
Δ YoY: —

Cash

6,319,638 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Equity

10,942,348 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total assets

11,233,420 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Working capital

10,357,430 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current assets

10,644,499 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

287,069 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

0 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Inventory

284,111 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

904,846 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

404,415 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Tangible equity

10,537,933 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

CFO

-611,285 —

Q2 2025: —
YTD 2026: -2,125,936
Δ YoY: —

Current ratio

37.1x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

36.1x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

22x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-99.3% —

Q2 2025: —
YTD 2026: -82.3%
Δ YoY: —

EBITDA growth (YoY)

— —

Q2 2025: —
YTD 2026: -251.3%
Δ YoY: —

EBIT growth (YoY)

— —

Q2 2025: —
YTD 2026: -197%
Δ YoY: —

Net income growth (YoY)

— —

Q2 2025: —
YTD 2026: -125.6%
Δ YoY: —