NCL NOCTILUCA Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 10, 2026

H1 2026 report

Noctiluca to spółka R&D na wczesnym etapie komercjalizacji materiałów OLED (emitery TADF, warstwy EIL/ETL), notowana na rynku głównym GPW od grudnia 2024 r.

Sentiment

Positive No guidance change

Website

NCL H1 2026 report

Revenue

1.47 m PLN

— YoY

Net income

-2.1 m PLN

— YoY

EBITDA

-1.65 m PLN

— YoY

FCF

-2.83 m PLN

— YoY

Summary

Investment thesis

W I półroczu 2026 r. spółka domknęła w 100% 30-punktową checklistę kwalifikacji przemysłowej materiału NCEIL u kluczowego chińskiego producenta urządzeń telekomunikacyjnych — kluczowy kamień milowy przed wejściem na masową linię produkcyjną w IV kw. 2026 r.
Przychody rosną (+36,5% r/r do 2,01 mln zł), a strata EBITDA zawęża się kwartał do kwartału (-1,36 mln zł w Q1 do -0,89 mln zł w Q2), z zapowiadanym progiem rentowności EBITDA w IV kw. 2026 r.
Środki pieniężne skurczyły się o 81% w ciągu półrocza (z 4,92 mln zł do 0,91 mln zł) przy ujemnym OCF (-2,77 mln zł) i rosnącym CAPEX (1,23 mln zł) — spółka pozostaje uzależniona od zewnętrznego finansowania (emisje akcji, pożyczki od Synthex/Rubicon/R Ventures, dotacje).
Portfel grantowy (12 projektów, ok. 29,9 mln zł, w tym 19,7 mln zł dofinansowania) i nowy grant PARP ok. 9,4 mln zł (wrzesień 2026) na infrastrukturę PVD ograniczają presję na dalsze rozwodnienie kapitału, ale komercjalizacja pozostaje wieloetapowa i niepewna.

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Financials

BETA

H1 2026

NCL · H1 2026

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

Revenue	3.64	3.64	+0%	1.47	−59.6%	reported	—	1.00
EBITDA	-3.32	—	—	-1.65	—	derived	—	0.90
EBIT	-3.83	-3.83	+0%	-1.88	+50.8%	reported	—	1.00
EBT	-2.46	-4.02	+38.8%	-2.46	+38.8%	reported	—	1.00
Net income	-4.04	-4.04	+0%	-2.1	+47.9%	reported	—	1.00
EPS (basic) (PLN)	-2.33	-2.33	—	-1.33	—	reported	—	1.00
D&A	0.23	0.51	−54.9%	0.23	−54.9%	reported	—	1.00
Income tax	0	0	—	0	—	reported	—	1.00
Shares (basic) (m units)	1.97	—	—	—	—	reported	—	1.00

EBITDA margin	-111.95%	-91.08%	−20.9 pp	-111.95%	−20.9 pp	reported	—	0.90
EBIT margin	-128.1%	-105.2%	−22.9 pp	-128.1%	−22.9 pp	reported	—	0.95
Net margin	-143.03%	-111.02%	−32 pp	-143.03%	−32 pp	reported	—	0.95

Cash	4.92	4.92	+0%	—	—	reported	—	1.00
Total debt	0.01	0	—	—	—	reported	—	0.80
Net debt	-0.9	-4.92	+81.6%	—	—	reported	—	0.80
Equity	9.14	9.14	+0%	—	—	reported	—	1.00
Total assets	7.72	10.18	−24.1%	—	—	reported	—	1.00
Working capital	2.08	6.21	−66.5%	—	—	reported	—	0.90
Current assets	3.12	7.18	−56.5%	—	—	reported	—	1.00
Current liabilities	1.04	0.97	+7.1%	—	—	reported	—	0.95
Non-current liabilities	0	0	—	—	—	reported	—	1.00
Inventory	0.58	0.37	+57.1%	—	—	reported	—	1.00
Trade receivables	1.53	0.6	+156.9%	—	—	reported	—	0.90
Goodwill	0.13	0	+3711.4%	—	—	reported	—	0.90

CFO	-5.92	-5.92	+0%	-2.83	+52.2%	reported	—	1.00
CapEx	0.63	0.63	+0%	0	−100%	reported	—	1.00
FCF	-6.55	-6.55	+0%	-2.83	+56.8%	derived	—	0.90

Current ratio	3x	7.38x	−4.38x	—	—	reported	—	0.90
Quick ratio	2.44x	7x	−4.56x	—	—	reported	—	0.85
Cash ratio	0.87x	5.06x	−4.19x	—	—	reported	—	0.90

Debt / equity	0x	0x	+0x	—	—	reported	—	0.75
Debt / assets	0x	0x	+0x	—	—	reported	—	0.75
Net debt / equity	-0.14x	-0.54x	+0.41x	—	—	reported	—	0.75

Revenue growth (YoY)	36.53%	48.04%	—	—	—	reported	—	0.95
EBITDA growth (YoY)	-36.08%	23.72%	—	—	—	reported	—	0.85
EBIT growth (YoY)	-31.2%	27.7%	—	—	—	reported	—	0.90
Net income growth (YoY)	-17.09%	26.11%	—	—	—	reported	—	0.90
EPS growth (YoY)	6.02%	32.66%	—	—	—	reported	—	0.90
EBITDA margin Δ (YoY)	0.37 pp	0 pp	—	—	—	reported	—	0.85
EBIT margin Δ (YoY)	4.99 pp	0 pp	—	—	—	reported	—	0.90
Net margin Δ (YoY)	20.35 pp	0 pp	—	—	—	reported	—	0.90

H1 2026 · Δ YoY

Revenue

3.64 +0%

H1 2025: 3.64
YTD 2026: 1.47
Δ YoY: −59.6%

EBITDA

-3.32 —

H1 2025: —
YTD 2026: -1.65
Δ YoY: —

EBIT

-3.83 +0%

H1 2025: -3.83
YTD 2026: -1.88
Δ YoY: +50.8%

EBT

-2.46 +38.8%

H1 2025: -4.02
YTD 2026: -2.46
Δ YoY: +38.8%

Net income

-4.04 +0%

H1 2025: -4.04
YTD 2026: -2.1
Δ YoY: +47.9%

EPS (basic) (PLN)

-2.33 —

H1 2025: -2.33
YTD 2026: -1.33
Δ YoY: —

D&A

0.23 −54.9%

H1 2025: 0.51
YTD 2026: 0.23
Δ YoY: −54.9%

Income tax

0 —

H1 2025: 0
YTD 2026: 0
Δ YoY: —

Shares (basic) (m units)

1.97 —

H1 2025: —
YTD 2026: —
Δ YoY: —

EBITDA margin

-111.95% −20.9 pp

H1 2025: -91.08%
YTD 2026: -111.95%
Δ YoY: −20.9 pp

EBIT margin

-128.1% −22.9 pp

H1 2025: -105.2%
YTD 2026: -128.1%
Δ YoY: −22.9 pp

Net margin

-143.03% −32 pp

H1 2025: -111.02%
YTD 2026: -143.03%
Δ YoY: −32 pp

Cash

4.92 +0%

H1 2025: 4.92
YTD 2026: —
Δ YoY: —

Total debt

0.01 —

H1 2025: 0
YTD 2026: —
Δ YoY: —

Net debt

-0.9 +81.6%

H1 2025: -4.92
YTD 2026: —
Δ YoY: —

Equity

9.14 +0%

H1 2025: 9.14
YTD 2026: —
Δ YoY: —

Total assets

7.72 −24.1%

H1 2025: 10.18
YTD 2026: —
Δ YoY: —

Working capital

2.08 −66.5%

H1 2025: 6.21
YTD 2026: —
Δ YoY: —

Current assets

3.12 −56.5%

H1 2025: 7.18
YTD 2026: —
Δ YoY: —

Current liabilities

1.04 +7.1%

H1 2025: 0.97
YTD 2026: —
Δ YoY: —

Non-current liabilities

0 —

H1 2025: 0
YTD 2026: —
Δ YoY: —

Inventory

0.58 +57.1%

H1 2025: 0.37
YTD 2026: —
Δ YoY: —

Trade receivables

1.53 +156.9%

H1 2025: 0.6
YTD 2026: —
Δ YoY: —

Goodwill

0.13 +3711.4%

H1 2025: 0
YTD 2026: —
Δ YoY: —

CFO

-5.92 +0%

H1 2025: -5.92
YTD 2026: -2.83
Δ YoY: +52.2%

CapEx

0.63 +0%

H1 2025: 0.63
YTD 2026: 0
Δ YoY: −100%

FCF

-6.55 +0%

H1 2025: -6.55
YTD 2026: -2.83
Δ YoY: +56.8%

Current ratio

3x −4.38x

H1 2025: 7.38x
YTD 2026: —
Δ YoY: —

Quick ratio

2.44x −4.56x

H1 2025: 7x
YTD 2026: —
Δ YoY: —

Cash ratio

0.87x −4.19x

H1 2025: 5.06x
YTD 2026: —
Δ YoY: —

Debt / equity

0x +0x

H1 2025: 0x
YTD 2026: —
Δ YoY: —

Debt / assets

0x +0x

H1 2025: 0x
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.14x +0.41x

H1 2025: -0.54x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

36.53% —

H1 2025: 48.04%
YTD 2026: —
Δ YoY: —

EBITDA growth (YoY)

-36.08% —

H1 2025: 23.72%
YTD 2026: —
Δ YoY: —

EBIT growth (YoY)

-31.2% —

H1 2025: 27.7%
YTD 2026: —
Δ YoY: —

Net income growth (YoY)

-17.09% —

H1 2025: 26.11%
YTD 2026: —
Δ YoY: —

EPS growth (YoY)

6.02% —

H1 2025: 32.66%
YTD 2026: —
Δ YoY: —

EBITDA margin Δ (YoY)

0.37 pp —

H1 2025: 0 pp
YTD 2026: —
Δ YoY: —

EBIT margin Δ (YoY)

4.99 pp —

H1 2025: 0 pp
YTD 2026: —
Δ YoY: —

Net margin Δ (YoY)

20.35 pp —

H1 2025: 0 pp
YTD 2026: —
Δ YoY: —