Q2 2026 report
Duality S.A. to niewielki producent gier na NewConnect, którego jedynym realnym motorem wzrostu pozostaje Barn Finders 2 — sequel rozpoznawalnej marki, wciąż bez partnera wydawniczego.
Sentiment
Cautious
No guidance change
DUA
Q2 2026 report
Revenue
214,289 PLN
— YoY
Net income
29,313 PLN
— YoY
EBITDA
41,626 PLN
— YoY
FCF
1,537 PLN
— YoY
Summary
Investment thesis
- Przychody kurczą się (-39,8% r/r w II kw., -29,4% r/r narastająco), a Spółka żyje głównie ze sprzedaży istniejącego portfolio (Barn Finders, Accident, Plane Accident) i bundli promocyjnych typu Humble Bundle.
- Kapitał własny stopniał z 768,1 tys. zł do 120,4 tys. zł r/r — bufor bezpieczeństwa jest już bardzo cienki wobec skumulowanej straty -4,6 mln zł z lat ubiegłych.
- Brak jakiegokolwiek CAPEX i amortyzacji potwierdza, że Spółka nie posiada majątku trwałego — cała wartość tkwi w produkcji w toku (zapasach), które same w sobie skurczyły się ponad dwukrotnie r/r.
- Zysk netto (dodatni, 29,3 tys. zł w II kw.) jest w istotnym stopniu winą „pozostałych przychodów operacyjnych” (51,7 tys. zł w II kw.) — bez tej pozycji wynik na sprzedaży byłby ujemny.
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Financials
BETA
DUA · Q2 2026
| Metric | Q2 2026 | Q2 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 214,289 | — | — | 545,722 | — | reported | — | 1.00 |
| EBITDA | 41,626 | — | — | 130,476 | — | derived | — | 0.90 |
| EBIT | 41,626 | — | — | 130,476 | — | reported | — | 1.00 |
| EBT | 38,557 | — | — | 129,409 | — | reported | — | 1.00 |
| Net income | 29,313 | — | — | 120,165 | — | reported | — | 1.00 |
| D&A | 0 | — | — | 0 | — | reported | — | 1.00 |
| Interest expense | 3,969 | — | — | 6,441 | — | reported | — | 0.80 |
| Income tax | 9,244 | — | — | 9,244 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 4 | — | — | — | — | reported | — | 0.70 |
| EBITDA margin | 19.43% | — | — | 23.91% | — | derived | — | 0.90 |
| EBIT margin | 19.43% | — | — | 23.91% | — | derived | — | 0.90 |
| Net margin | 13.68% | — | — | 22.02% | — | derived | — | 0.90 |
| Cash | 79,733 | — | — | — | — | reported | — | 1.00 |
| Equity | 120,372 | — | — | — | — | reported | — | 1.00 |
| Total assets | 771,949 | — | — | — | — | reported | — | 1.00 |
| Working capital | 283,899 | — | — | — | — | derived | — | 0.90 |
| Current assets | 747,508 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 463,609 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 132,303 | — | — | — | — | reported | — | 1.00 |
| Inventory | 481,123 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 186,602 | — | — | — | — | reported | — | 1.00 |
| CFO | 1,537 | — | — | 63,732 | — | reported | — | 1.00 |
| CapEx | 0 | — | — | 0 | — | reported | — | 1.00 |
| FCF | 1,537 | — | — | 63,732 | — | derived | — | 0.90 |
| Current ratio | 1.61x | — | — | — | — | derived | — | 0.90 |
| Cash ratio | 0.17x | — | — | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | -39.79% | — | — | -29.37% | — | derived | — | 0.95 |
| EBIT growth (YoY) | -67.04% | — | — | -44.35% | — | derived | — | 0.90 |
| Net income growth (YoY) | -74.2% | — | — | -39.74% | — | derived | — | 0.90 |
Q2 2026 · Δ YoY
Revenue
214,289
—
214,289
—
- Q2 2025
- —
- YTD 2026
- 545,722
- Δ YoY
- —
EBITDA
41,626
—
41,626
—
- Q2 2025
- —
- YTD 2026
- 130,476
- Δ YoY
- —
EBIT
41,626
—
41,626
—
- Q2 2025
- —
- YTD 2026
- 130,476
- Δ YoY
- —
EBT
38,557
—
38,557
—
- Q2 2025
- —
- YTD 2026
- 129,409
- Δ YoY
- —
Net income
29,313
—
29,313
—
- Q2 2025
- —
- YTD 2026
- 120,165
- Δ YoY
- —
D&A
0
—
0
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Interest expense
3,969
—
3,969
—
- Q2 2025
- —
- YTD 2026
- 6,441
- Δ YoY
- —
Income tax
9,244
—
9,244
—
- Q2 2025
- —
- YTD 2026
- 9,244
- Δ YoY
- —
Shares (basic)
(m units)
4
—
4
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
19.43%
—
19.43%
—
- Q2 2025
- —
- YTD 2026
- 23.91%
- Δ YoY
- —
EBIT margin
19.43%
—
19.43%
—
- Q2 2025
- —
- YTD 2026
- 23.91%
- Δ YoY
- —
Net margin
13.68%
—
13.68%
—
- Q2 2025
- —
- YTD 2026
- 22.02%
- Δ YoY
- —
Cash
79,733
—
79,733
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
120,372
—
120,372
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
771,949
—
771,949
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
283,899
—
283,899
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
747,508
—
747,508
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
463,609
—
463,609
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
132,303
—
132,303
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
481,123
—
481,123
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
186,602
—
186,602
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
1,537
—
1,537
—
- Q2 2025
- —
- YTD 2026
- 63,732
- Δ YoY
- —
CapEx
0
—
0
—
- Q2 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
FCF
1,537
—
1,537
—
- Q2 2025
- —
- YTD 2026
- 63,732
- Δ YoY
- —
Current ratio
1.61x
—
1.61x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.17x
—
0.17x
—
- Q2 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-39.79%
—
-39.79%
—
- Q2 2025
- —
- YTD 2026
- -29.37%
- Δ YoY
- —
EBIT growth (YoY)
-67.04%
—
-67.04%
—
- Q2 2025
- —
- YTD 2026
- -44.35%
- Δ YoY
- —
Net income growth (YoY)
-74.2%
—
-74.2%
—
- Q2 2025
- —
- YTD 2026
- -39.74%
- Δ YoY
- —