CRQ CREOTECH QUANTUM Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 30, 2026

H1 2026 report

Spółka wydzielona z Creotech Instruments 1 kwietnia 2026 r.; debiut na GPW 17 kwietnia 2026 r. – pierwsza notowana spółka w Europie skoncentrowana na technologiach kwantowych.

Sentiment

Cautious No guidance change

Website

CRQ H1 2026 report

Revenue

7.99 m PLN

— YoY

Net income

981 k PLN

— YoY

EBITDA

1.54 m PLN

— YoY

FCF

-5.82 m PLN

— YoY

Summary

Investment thesis

Po emisji akcji serii D (81,2 mln zł brutto po 232 zł) spółka ma 83,0 mln zł gotówki, tj. ok. 82% aktywów, przy niemal zerowym zadłużeniu odsetkowym – bilans nie jest ograniczeniem w najbliższych kwartałach.
Przychody ze sprzedaży wzrosły o 58% r/r do 8,0 mln zł, ale wynik operacyjny 0,8 mln zł zawdzięcza się dotacjom (5,4 mln zł); bez nich działalność byłaby na minusie.
Wartość rynkowa opiera się na przyszłej komercjalizacji systemu QKD (wejście do sprzedaży planowane w 2. połowie 2026 r.), a nie na obecnych przychodach.
Wyniki historyczne pochodzą z modelowych sprawozdań carve-out, więc pierwszy wiarygodny obraz kosztów da dopiero pełny rok 2026.

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

H1 2026

CRQ · H1 2026

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

Revenue	7,991	17,517	−54.4%	7,991	−54.4%	reported	—	1.00
EBITDA	1,542	-7,249	+121.3%	1,542	+121.3%	adjusted	—	0.90
EBIT	788	-8,345	+109.4%	788	+109.4%	reported	—	1.00
EBT	868	-7,839	+111.1%	868	+111.1%	reported	—	1.00
Net income	981	-7,839	+112.5%	981	+112.5%	reported	—	1.00
EPS (basic) (PLN)	0.34	-2.75	—	0.34	—	reported	—	1.00
EPS (diluted) (PLN)	0.34	—	—	0.34	—	reported	—	1.00
D&A	755	1,096	−31.1%	755	−31.1%	reported	—	1.00
Interest expense	33	—	—	33	—	reported	—	1.00
Income tax	-113	0	—	-113	—	reported	—	1.00
Shares (basic) (units)	2,864,069	2,854,347	—	2,864,069	—	reported	—	1.00

EBITDA margin	19.3%	-41.38%	+60.7 pp	19.3%	+60.7 pp	derived	—	0.70
EBIT margin	9.86%	-47.64%	+57.5 pp	9.86%	+57.5 pp	derived	—	0.70
Net margin	12.28%	-44.75%	+57 pp	12.28%	+57 pp	derived	—	0.70
D&A margin	9.45%	6.26%	+3.2 pp	9.45%	+3.2 pp	derived	—	0.70

Cash	82,960	11,913	+596.4%	—	—	reported	—	1.00
Total debt	1,822	0	—	—	—	reported	—	0.90
Net debt	-81,138	-11,913	−581.1%	—	—	reported	—	1.00
Equity	89,702	10,518	+752.8%	—	—	reported	—	1.00
Total assets	101,262	21,234	+376.9%	—	—	reported	—	1.00
Current assets	96,406	18,571	+419.1%	—	—	reported	—	1.00
Current liabilities	7,321	4,099	+78.6%	—	—	reported	—	1.00
Non-current liabilities	4,239	6,617	−35.9%	—	—	reported	—	1.00
Inventory	4,422	3,894	+13.6%	—	—	reported	—	1.00
Trade receivables	6,280	1,908	+229.1%	—	—	reported	—	0.90
Trade payables	6,222	3,306	+88.2%	—	—	reported	—	0.90
Goodwill	2,124	2,220	−4.3%	—	—	reported	—	1.00

CFO	-4,988	-350	−1325.1%	-4,988	−1325.1%	reported	—	1.00
CapEx	836	220	+280%	836	+280%	reported	—	1.00
FCF	-5,824	—	—	-5,824	—	derived	—	0.70

Current ratio	13.17x	4.53x	+8.64x	—	—	derived	—	0.70
Quick ratio	12.56x	3.58x	+8.98x	—	—	derived	—	0.70
Cash ratio	11.33x	2.91x	+8.42x	—	—	derived	—	0.70

Debt / equity	0.02x	0x	+0.02x	—	—	derived	—	0.70
Debt / assets	0.02x	0x	+0.02x	—	—	derived	—	0.70
Net debt / equity	-0.9x	-1.13x	+0.23x	—	—	derived	—	0.70

Revenue growth (YoY)	57.86%	10.82%	—	57.86%	—	derived	—	0.70
EBITDA margin Δ (YoY)	73.07 pp	—	—	73.07 pp	—	derived	—	0.70
EBIT margin Δ (YoY)	79.36 pp	-32.45 pp	—	79.36 pp	—	derived	—	0.70

H1 2026 · Δ YoY

Revenue

7,991 −54.4%

H1 2025: 17,517
YTD 2026: 7,991
Δ YoY: −54.4%

EBITDA

1,542 +121.3%

H1 2025: -7,249
YTD 2026: 1,542
Δ YoY: +121.3%

EBIT

788 +109.4%

H1 2025: -8,345
YTD 2026: 788
Δ YoY: +109.4%

EBT

868 +111.1%

H1 2025: -7,839
YTD 2026: 868
Δ YoY: +111.1%

Net income

981 +112.5%

H1 2025: -7,839
YTD 2026: 981
Δ YoY: +112.5%

EPS (basic) (PLN)

0.34 —

H1 2025: -2.75
YTD 2026: 0.34
Δ YoY: —

EPS (diluted) (PLN)

0.34 —

H1 2025: —
YTD 2026: 0.34
Δ YoY: —

D&A

755 −31.1%

H1 2025: 1,096
YTD 2026: 755
Δ YoY: −31.1%

Interest expense

33 —

H1 2025: —
YTD 2026: 33
Δ YoY: —

Income tax

-113 —

H1 2025: 0
YTD 2026: -113
Δ YoY: —

Shares (basic) (units)

2,864,069 —

H1 2025: 2,854,347
YTD 2026: 2,864,069
Δ YoY: —

EBITDA margin

19.3% +60.7 pp

H1 2025: -41.38%
YTD 2026: 19.3%
Δ YoY: +60.7 pp

EBIT margin

9.86% +57.5 pp

H1 2025: -47.64%
YTD 2026: 9.86%
Δ YoY: +57.5 pp

Net margin

12.28% +57 pp

H1 2025: -44.75%
YTD 2026: 12.28%
Δ YoY: +57 pp

D&A margin

9.45% +3.2 pp

H1 2025: 6.26%
YTD 2026: 9.45%
Δ YoY: +3.2 pp

Cash

82,960 +596.4%

H1 2025: 11,913
YTD 2026: —
Δ YoY: —

Total debt

1,822 —

H1 2025: 0
YTD 2026: —
Δ YoY: —

Net debt

-81,138 −581.1%

H1 2025: -11,913
YTD 2026: —
Δ YoY: —

Equity

89,702 +752.8%

H1 2025: 10,518
YTD 2026: —
Δ YoY: —

Total assets

101,262 +376.9%

H1 2025: 21,234
YTD 2026: —
Δ YoY: —

Current assets

96,406 +419.1%

H1 2025: 18,571
YTD 2026: —
Δ YoY: —

Current liabilities

7,321 +78.6%

H1 2025: 4,099
YTD 2026: —
Δ YoY: —

Non-current liabilities

4,239 −35.9%

H1 2025: 6,617
YTD 2026: —
Δ YoY: —

Inventory

4,422 +13.6%

H1 2025: 3,894
YTD 2026: —
Δ YoY: —

Trade receivables

6,280 +229.1%

H1 2025: 1,908
YTD 2026: —
Δ YoY: —

Trade payables

6,222 +88.2%

H1 2025: 3,306
YTD 2026: —
Δ YoY: —

Goodwill

2,124 −4.3%

H1 2025: 2,220
YTD 2026: —
Δ YoY: —

CFO

-4,988 −1325.1%

H1 2025: -350
YTD 2026: -4,988
Δ YoY: −1325.1%

CapEx

836 +280%

H1 2025: 220
YTD 2026: 836
Δ YoY: +280%

FCF

-5,824 —

H1 2025: —
YTD 2026: -5,824
Δ YoY: —

Current ratio

13.17x +8.64x

H1 2025: 4.53x
YTD 2026: —
Δ YoY: —

Quick ratio

12.56x +8.98x

H1 2025: 3.58x
YTD 2026: —
Δ YoY: —

Cash ratio

11.33x +8.42x

H1 2025: 2.91x
YTD 2026: —
Δ YoY: —

Debt / equity

0.02x +0.02x

H1 2025: 0x
YTD 2026: —
Δ YoY: —

Debt / assets

0.02x +0.02x

H1 2025: 0x
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.9x +0.23x

H1 2025: -1.13x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

57.86% —

H1 2025: 10.82%
YTD 2026: 57.86%
Δ YoY: —

EBITDA margin Δ (YoY)

73.07 pp —

H1 2025: —
YTD 2026: 73.07 pp
Δ YoY: —

EBIT margin Δ (YoY)

79.36 pp —

H1 2025: -32.45 pp
YTD 2026: 79.36 pp
Δ YoY: —