OVI OVID WORKS NewConnect · Quarterly · publ. August 14, 2026

H1 2026 report

Ovid Works to spółka w trakcie głębokiej restrukturyzacji po połączeniu z Hyperbook S.A. i podziale The Dust S.A., z widoczną poprawą operacyjną w II kw. 2026 r. (pierwsza dodatnia EBITDA).

Sentiment

Negative No guidance change

Website

OVI H1 2026 report

Revenue

0.35 m PLN

— YoY

Net income

-0.67 m PLN

— YoY

EBITDA

-0.38 m PLN

— YoY

Gross margin

-95.78%

— YoY

Summary

Investment thesis

Biegły rewident wskazał w opinii z 23.06.2026 r. do sprawozdania za 2025 r. na istotną niepewność co do zdolności kontynuowania działalności — WZA podjęła uchwałę w trybie art. 397 KSH.
Gotówka na koniec kwartału (72,6 tys. zł) jest bardzo niska przy głęboko ujemnych przepływach operacyjnych (-1,25 mln zł narastająco) — krótkoterminowe ryzyko płynności.
Kapitał własny odbudowano emisjami akcji (seria J bezgotówkowo z podziału The Dust S.A., seria K prywatną emisją), ale skumulowana strata z lat ubiegłych sięga już 6,45 mln zł.
Nowe kontrakty gamingowe (Shiftborn, dofinansowanie Venexii z Kreatywnej Europy MEDIA) i restrukturyzacja kredytu ING dają konkretne podstawy planu naprawczego, którego skuteczność nie jest jeszcze potwierdzona.

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Financials

BETA

H1 2026

OVI · H1 2026

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

Revenue	0.26	2.64	−90.1%	0.35	−86.7%	reported	—	0.90
Gross profit	-0.11	—	—	-0.34	—	reported	—	0.90
EBITDA	-0.23	-1.99	+88.2%	-0.38	+80.7%	reported	—	0.90
EBIT	-0.37	-2.55	+85.4%	-0.66	+74.2%	reported	—	0.90
Net income	-0.37	-2.71	+86.2%	-0.67	+75.4%	reported	—	0.90
D&A	0.14	0.56	−75.5%	0.27	−51.3%	reported	—	0.90
Interest expense	0.03	0.23	−89.2%	0.06	−74.5%	reported	—	1.00
Income tax	0	—	—	0	—	reported	—	1.00

Gross margin	-40.91%	—	—	-95.78%	—	derived	—	0.80
EBITDA margin	-89.43%	-75080000%	+75079910.6 pp	-109.27%	+75079890.7 pp	derived	—	0.80
EBIT margin	-142.18%	-96400000%	+96399857.8 pp	-187.53%	+96399812.5 pp	derived	—	0.80
Net margin	-143.02%	-102570000%	+102569857 pp	-190.02%	+102569810 pp	derived	—	0.80

Cash	0.01	0.38	−97.2%	—	—	reported	—	0.90
Total debt	0.82	0.68	+20.8%	—	—	reported	—	0.80
Net debt	0.81	0.3	+166.2%	—	—	derived	—	0.80
Equity	0.48	0.54	−11.1%	—	—	reported	—	0.90
Total assets	2.02	2.74	−26.1%	—	—	reported	—	0.90
Current assets	1.14	1.63	−30.3%	—	—	reported	—	0.90
Current liabilities	1.29	1.9	−32.2%	—	—	reported	—	0.90
Non-current liabilities	0	—	—	—	—	reported	—	0.90
Inventory	0	—	—	—	—	reported	—	0.90
Trade receivables	0.2	—	—	—	—	reported	—	0.90
Trade payables	0.28	—	—	—	—	reported	—	0.90
Goodwill	0.86	0.79	+8.6%	—	—	reported	—	0.90
Tangible equity	-0.38	—	—	—	—	derived	—	0.90

CFO	-0.13	0.52	−125.9%	-0.47	−191.9%	reported	—	0.90
CapEx	0	0.02	−100%	0.02	+1.4%	reported	—	1.00
FCF	-0.37	0.49	−174.5%	-0.5	−200.9%	derived	—	1.00

Current ratio	0.88x	856000x	−855999.12x	—	—	derived	—	0.90
Quick ratio	0.88x	—	—	—	—	derived	—	0.90
Cash ratio	0.01x	—	—	—	—	derived	—	0.90

Debt / equity	1.71x	—	—	—	—	derived	—	0.80
Debt / assets	0.41x	—	—	—	—	derived	—	0.80
Net debt / equity	1.69x	—	—	—	—	derived	—	0.80

Revenue growth (YoY)	251.62%	46480000%	—	474.32%	—	derived	—	0.50
EBITDA growth (YoY)	117.94%	—	—	39.23%	—	derived	—	0.50
EBIT growth (YoY)	89.29%	—	—	42.42%	—	derived	—	0.50
Net income growth (YoY)	81.35%	-804000000%	—	11.66%	—	derived	—	0.50
Gross margin Δ (YoY)	35.08 pp	—	—	74.97 pp	—	derived	—	0.60
EBITDA margin Δ (YoY)	93.99 pp	—	—	97.71 pp	—	derived	—	0.60
EBIT margin Δ (YoY)	137.85 pp	—	—	168.73 pp	—	derived	—	0.60
Net margin Δ (YoY)	135.43 pp	—	—	160.79 pp	—	derived	—	0.60

H1 2026 · Δ YoY

Revenue

0.26 −90.1%

H1 2025: 2.64
YTD 2026: 0.35
Δ YoY: −86.7%

Gross profit

-0.11 —

H1 2025: —
YTD 2026: -0.34
Δ YoY: —

EBITDA

-0.23 +88.2%

H1 2025: -1.99
YTD 2026: -0.38
Δ YoY: +80.7%

EBIT

-0.37 +85.4%

H1 2025: -2.55
YTD 2026: -0.66
Δ YoY: +74.2%

Net income

-0.37 +86.2%

H1 2025: -2.71
YTD 2026: -0.67
Δ YoY: +75.4%

D&A

0.14 −75.5%

H1 2025: 0.56
YTD 2026: 0.27
Δ YoY: −51.3%

Interest expense

0.03 −89.2%

H1 2025: 0.23
YTD 2026: 0.06
Δ YoY: −74.5%

Income tax

0 —

H1 2025: —
YTD 2026: 0
Δ YoY: —

Gross margin

-40.91% —

H1 2025: —
YTD 2026: -95.78%
Δ YoY: —

EBITDA margin

-89.43% +75079910.6 pp

H1 2025: -75080000%
YTD 2026: -109.27%
Δ YoY: +75079890.7 pp

EBIT margin

-142.18% +96399857.8 pp

H1 2025: -96400000%
YTD 2026: -187.53%
Δ YoY: +96399812.5 pp

Net margin

-143.02% +102569857 pp

H1 2025: -102570000%
YTD 2026: -190.02%
Δ YoY: +102569810 pp

Cash

0.01 −97.2%

H1 2025: 0.38
YTD 2026: —
Δ YoY: —

Total debt

0.82 +20.8%

H1 2025: 0.68
YTD 2026: —
Δ YoY: —

Net debt

0.81 +166.2%

H1 2025: 0.3
YTD 2026: —
Δ YoY: —

Equity

0.48 −11.1%

H1 2025: 0.54
YTD 2026: —
Δ YoY: —

Total assets

2.02 −26.1%

H1 2025: 2.74
YTD 2026: —
Δ YoY: —

Current assets

1.14 −30.3%

H1 2025: 1.63
YTD 2026: —
Δ YoY: —

Current liabilities

1.29 −32.2%

H1 2025: 1.9
YTD 2026: —
Δ YoY: —

Non-current liabilities

0 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Inventory

0 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

0.2 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

0.28 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

0.86 +8.6%

H1 2025: 0.79
YTD 2026: —
Δ YoY: —

Tangible equity

-0.38 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

-0.13 −125.9%

H1 2025: 0.52
YTD 2026: -0.47
Δ YoY: −191.9%

CapEx

0 −100%

H1 2025: 0.02
YTD 2026: 0.02
Δ YoY: +1.4%

FCF

-0.37 −174.5%

H1 2025: 0.49
YTD 2026: -0.5
Δ YoY: −200.9%

Current ratio

0.88x −855999.12x

H1 2025: 856000x
YTD 2026: —
Δ YoY: —

Quick ratio

0.88x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.01x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / equity

1.71x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.41x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

1.69x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

251.62% —

H1 2025: 46480000%
YTD 2026: 474.32%
Δ YoY: —

EBITDA growth (YoY)

117.94% —

H1 2025: —
YTD 2026: 39.23%
Δ YoY: —

EBIT growth (YoY)

89.29% —

H1 2025: —
YTD 2026: 42.42%
Δ YoY: —

Net income growth (YoY)

81.35% —

H1 2025: -804000000%
YTD 2026: 11.66%
Δ YoY: —

Gross margin Δ (YoY)

35.08 pp —

H1 2025: —
YTD 2026: 74.97 pp
Δ YoY: —

EBITDA margin Δ (YoY)

93.99 pp —

H1 2025: —
YTD 2026: 97.71 pp
Δ YoY: —

EBIT margin Δ (YoY)

137.85 pp —

H1 2025: —
YTD 2026: 168.73 pp
Δ YoY: —

Net margin Δ (YoY)

135.43 pp —

H1 2025: —
YTD 2026: 160.79 pp
Δ YoY: —