Q1 2026 report
Spółka jest w trakcie transformacji po sprzedaży ok. 2/3 dawnych przychodów (biznes systemów oddymiania i wentylacji pożarowej, zbyty 01.10.2025 wraz z marką Mercor) - pozostały biznes rośnie przychodowo (+26% r/r) i zwęża stratę operacyjną, ale jeszcze nie jest w pełni rentowny (EBITDA ledwo dodatnie, marża 1,3%).
Sentiment
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MCR
Q1 2026 report
Revenue
56,962 k PLN
— YoY
Net income
-5,775 k PLN
— YoY
EBITDA
754 k PLN
— YoY
Gross margin
17.49%
— YoY
Summary
Investment thesis
- Bilans jest bardzo mocny: pozycja gotówki netto ok. 29 mln PLN, płynność bieżąca 3,86x, konsekwentna spłata kredytów - to daje spółce czas i bufor na dokończenie transformacji modelu biznesowego.
- Wynik netto ogółem spadł do straty (-5.434 tys. PLN wobec +742 tys. PLN rok wcześniej), ale to głównie efekt zaniku jednorazowo wysokiego zysku z już sprzedanej działalności zaniechanej, a nie pogorszenia bieżącego biznesu.
- Dwa istotne, nierozstrzygnięte wątki mogą materialnie wpłynąć na przyszłe wyniki: spór o do 90 mln PLN odroczonej ceny sprzedaży (kwestionowany przez Zarząd) oraz kontrola celno-skarbowa na 1,6 mln PLN.
- Ujemna efektywna stopa podatkowa (-50,07%) pogłębiła stratę netto z działalności kontynuowanej mimo poprawy na poziomie operacyjnym - kluczowe pytanie to trwałość tego efektu w kolejnych kwartałach.
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Financials
BETA
MCR · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 56,962 | — | — | reported | — | 1.00 |
| Gross profit | 9,965 | — | — | reported | — | 1.00 |
| EBITDA | 754 | — | — | adjusted | — | 0.90 |
| EBIT | -2,870 | — | — | reported | — | 1.00 |
| EBT | -3,415 | — | — | reported | — | 1.00 |
| Net income | -5,775 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.6 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.6 | — | — | reported | — | 1.00 |
| D&A | 3,604 | — | — | reported | — | 1.00 |
| Interest expense | 915 | — | — | reported | — | 1.00 |
| Income tax | 1,813 | — | — | reported | — | 1.00 |
| Shares (basic) (units) | 9,020,433 | — | — | reported | — | 1.00 |
| Shares (diluted) (units) | 9,020,433 | — | — | reported | — | 0.90 |
| Gross margin | 17.49% | — | — | reported | — | 0.90 |
| EBITDA margin | 1.32% | — | — | reported | — | 0.85 |
| EBIT margin | -5.04% | — | — | reported | — | 0.90 |
| EBT margin | -6% | — | — | reported | — | 0.90 |
| Net margin | -10.14% | — | — | reported | — | 0.80 |
| D&A margin | 6.33% | — | — | reported | — | 0.90 |
| Cash | 48,293 | — | — | reported | — | 1.00 |
| Total debt | 19,319 | — | — | reported | — | 1.00 |
| Net debt | -28,974 | — | — | reported | — | 0.95 |
| Equity | 285,687 | — | — | reported | — | 1.00 |
| Total assets | 391,513 | — | — | reported | — | 1.00 |
| Working capital | 178,144 | — | — | reported | — | 0.95 |
| Current assets | 240,522 | — | — | reported | — | 1.00 |
| Current liabilities | 62,378 | — | — | reported | — | 1.00 |
| Non-current liabilities | 43,448 | — | — | reported | — | 1.00 |
| Inventory | 25,625 | — | — | reported | — | 1.00 |
| Trade receivables | 62,676 | — | — | reported | — | 1.00 |
| Trade payables | 48,626 | — | — | reported | — | 1.00 |
| Goodwill | 49,344 | — | — | reported | — | 1.00 |
| Tangible equity | 236,343 | — | — | reported | — | 0.90 |
| CFO | 1,410 | — | — | reported | — | 1.00 |
| CapEx | 3,672 | — | — | reported | — | 1.00 |
| FCF | -2,262 | — | — | reported | — | 0.90 |
| FCF conversion | -300% | — | — | reported | — | 0.40 |
| CFO conversion | 187% | — | — | reported | — | 0.40 |
| Current ratio | 3.86x | — | — | reported | — | 0.95 |
| Quick ratio | 3.45x | — | — | reported | — | 0.95 |
| Cash ratio | 0.77x | — | — | reported | — | 0.95 |
| Interest coverage | -3.14x | — | — | reported | — | 0.85 |
| Debt / equity | 0.07x | — | — | reported | — | 0.90 |
| Debt / assets | 0.05x | — | — | reported | — | 0.90 |
| Net debt / equity | -0.1x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 25.93% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | 145.4% | — | — | reported | — | 0.80 |
| EBIT growth (YoY) | 33.27% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | -794.94% | — | — | reported | — | 0.50 |
| EPS growth (YoY) | -1300% | — | — | reported | — | 0.50 |
| FCF growth (YoY) | 94.85% | — | — | reported | — | 0.75 |
| Gross margin Δ (YoY) | 0.03 pp | — | — | reported | — | 0.85 |
| EBITDA margin Δ (YoY) | 4.99 pp | — | — | reported | — | 0.75 |
| EBIT margin Δ (YoY) | 4.47 pp | — | — | reported | — | 0.85 |
| Net margin Δ (YoY) | -11.98 pp | — | — | reported | — | 0.70 |
Q1 2026 · Δ YoY
Revenue
56,962
—
56,962
—
- Q1 2025
- —
Gross profit
9,965
—
9,965
—
- Q1 2025
- —
EBITDA
754
—
754
—
- Q1 2025
- —
EBIT
-2,870
—
-2,870
—
- Q1 2025
- —
EBT
-3,415
—
-3,415
—
- Q1 2025
- —
Net income
-5,775
—
-5,775
—
- Q1 2025
- —
EPS (basic)
(PLN)
-0.6
—
-0.6
—
- Q1 2025
- —
EPS (diluted)
(PLN)
-0.6
—
-0.6
—
- Q1 2025
- —
D&A
3,604
—
3,604
—
- Q1 2025
- —
Interest expense
915
—
915
—
- Q1 2025
- —
Income tax
1,813
—
1,813
—
- Q1 2025
- —
Shares (basic)
(units)
9,020,433
—
9,020,433
—
- Q1 2025
- —
Shares (diluted)
(units)
9,020,433
—
9,020,433
—
- Q1 2025
- —
Gross margin
17.49%
—
17.49%
—
- Q1 2025
- —
EBITDA margin
1.32%
—
1.32%
—
- Q1 2025
- —
EBIT margin
-5.04%
—
-5.04%
—
- Q1 2025
- —
EBT margin
-6%
—
-6%
—
- Q1 2025
- —
Net margin
-10.14%
—
-10.14%
—
- Q1 2025
- —
D&A margin
6.33%
—
6.33%
—
- Q1 2025
- —
Cash
48,293
—
48,293
—
- Q1 2025
- —
Total debt
19,319
—
19,319
—
- Q1 2025
- —
Net debt
-28,974
—
-28,974
—
- Q1 2025
- —
Equity
285,687
—
285,687
—
- Q1 2025
- —
Total assets
391,513
—
391,513
—
- Q1 2025
- —
Working capital
178,144
—
178,144
—
- Q1 2025
- —
Current assets
240,522
—
240,522
—
- Q1 2025
- —
Current liabilities
62,378
—
62,378
—
- Q1 2025
- —
Non-current liabilities
43,448
—
43,448
—
- Q1 2025
- —
Inventory
25,625
—
25,625
—
- Q1 2025
- —
Trade receivables
62,676
—
62,676
—
- Q1 2025
- —
Trade payables
48,626
—
48,626
—
- Q1 2025
- —
Goodwill
49,344
—
49,344
—
- Q1 2025
- —
Tangible equity
236,343
—
236,343
—
- Q1 2025
- —
CFO
1,410
—
1,410
—
- Q1 2025
- —
CapEx
3,672
—
3,672
—
- Q1 2025
- —
FCF
-2,262
—
-2,262
—
- Q1 2025
- —
FCF conversion
-300%
—
-300%
—
- Q1 2025
- —
CFO conversion
187%
—
187%
—
- Q1 2025
- —
Current ratio
3.86x
—
3.86x
—
- Q1 2025
- —
Quick ratio
3.45x
—
3.45x
—
- Q1 2025
- —
Cash ratio
0.77x
—
0.77x
—
- Q1 2025
- —
Interest coverage
-3.14x
—
-3.14x
—
- Q1 2025
- —
Debt / equity
0.07x
—
0.07x
—
- Q1 2025
- —
Debt / assets
0.05x
—
0.05x
—
- Q1 2025
- —
Net debt / equity
-0.1x
—
-0.1x
—
- Q1 2025
- —
Revenue growth (YoY)
25.93%
—
25.93%
—
- Q1 2025
- —
EBITDA growth (YoY)
145.4%
—
145.4%
—
- Q1 2025
- —
EBIT growth (YoY)
33.27%
—
33.27%
—
- Q1 2025
- —
Net income growth (YoY)
-794.94%
—
-794.94%
—
- Q1 2025
- —
EPS growth (YoY)
-1300%
—
-1300%
—
- Q1 2025
- —
FCF growth (YoY)
94.85%
—
94.85%
—
- Q1 2025
- —
Gross margin Δ (YoY)
0.03 pp
—
0.03 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
4.99 pp
—
4.99 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
4.47 pp
—
4.47 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-11.98 pp
—
-11.98 pp
—
- Q1 2025
- —