QNT
QUANTUM SOFTWARE
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 18, 2026
H1 2026 report
Mała spółka software'owa (ERP/MES Qguar) z rosnącym udziałem wysokomarżowej sprzedaży własnego oprogramowania (86,2% przychodów) i poprawiającą się marżą brutto (+4,3 pp r/r).
Sentiment
Neutral
No guidance change
QNT
H1 2026 report
Revenue
28.05 m PLN
— YoY
Net income
0.4 m PLN
— YoY
EBITDA
0.96 m PLN
— YoY
Gross margin
27.97%
— YoY
Summary
Investment thesis
- Wyraźne odwrócenie przepływów pieniężnych z operacyjnych — z -1,12 mln zł do +1,88 mln zł r/r, choć przy bardzo niskiej bazie i częściowo dzięki jednorazowo niskiemu zapłaconemu podatkowi.
- Bilans praktycznie bez długu bankowego, wysoka płynność (3,65x) i pozycja gotówki netto -7,7 mln zł.
- Nierozwiązana zagadka struktury zysku: 51% skonsolidowanego zysku netto trafia do udziałów niedających kontroli mimo deklarowanej wysokiej kontroli nad większością spółek zależnych.
- Bezpośrednia ekspozycja na wojnę w Ukrainie (spółka zależna w Kijowie) oraz silna koncentracja głosów u jednego akcjonariusza (77,8% głosów) to kluczowe czynniki ryzyka do monitorowania.
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Financials
BETA
QNT · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 28.05 | 56.81 | −50.6% | 28.05 | −50.6% | reported | — | 1.00 |
| Gross profit | 7.84 | — | — | 7.84 | — | reported | — | 1.00 |
| EBITDA | 0.96 | 6.32 | −84.9% | 0.96 | −84.9% | derived | — | 0.85 |
| EBIT | 0.58 | 5.51 | −89.5% | 0.58 | −89.5% | reported | — | 1.00 |
| EBT | 0.86 | 5.65 | −84.8% | 0.86 | −84.8% | reported | — | 1.00 |
| Net income | 0.4 | 5.65 | −92.9% | 0.4 | −92.9% | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.6 | 4.14 | — | 0.6 | — | reported | — | 0.85 |
| EPS (diluted) (PLN) | 0.6 | — | — | 0.6 | — | reported | — | 0.85 |
| D&A | 0.38 | — | — | 0.38 | — | reported | — | 1.00 |
| Interest expense | 0.03 | — | — | 0.03 | — | reported | — | 0.70 |
| Income tax | 0.04 | — | — | 0.04 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 1.36 | 1.36 | — | 1.36 | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 1.36 | — | — | 1.36 | — | reported | — | 1.00 |
| Gross margin | 27.97% | — | — | 27.97% | — | derived | — | 0.90 |
| EBITDA margin | 3.41% | 11.13% | −7.7 pp | 3.41% | −7.7 pp | derived | — | 0.80 |
| EBIT margin | 2.06% | 9.7% | −7.6 pp | 2.06% | −7.6 pp | derived | — | 0.90 |
| EBT margin | 3.07% | — | — | 3.07% | — | derived | — | 0.90 |
| Net margin | 1.42% | 9.94% | −8.5 pp | 1.42% | −8.5 pp | derived | — | 0.85 |
| Cash | 8.35 | 9.12 | −8.5% | — | — | reported | — | 1.00 |
| Total debt | 0.62 | — | — | — | — | reported | — | 0.95 |
| Net debt | -7.73 | — | — | — | — | derived | — | 0.90 |
| Equity | 21.32 | 23.46 | −9.1% | — | — | reported | — | 1.00 |
| Total assets | 29.55 | 31.91 | −7.4% | — | — | reported | — | 1.00 |
| Working capital | 19.38 | 21 | −7.7% | — | — | derived | — | 0.90 |
| Current assets | 26.69 | 28.64 | −6.8% | — | — | reported | — | 1.00 |
| Current liabilities | 7.31 | 7.64 | −4.3% | — | — | reported | — | 1.00 |
| Non-current liabilities | 0.92 | 0.8 | +14.1% | — | — | reported | — | 1.00 |
| Inventory | 0.11 | 0.15 | −27.9% | — | — | reported | — | 1.00 |
| Trade receivables | 11 | 13.21 | −16.8% | — | — | reported | — | 1.00 |
| Trade payables | 2.96 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 0.14 | — | — | — | — | reported | — | 0.90 |
| Tangible equity | 21.19 | — | — | — | — | derived | — | 0.85 |
| CFO | 1.88 | — | — | 1.88 | — | reported | — | 1.00 |
| CapEx | 0.15 | — | — | 0.15 | — | reported | — | 1.00 |
| FCF | 1.73 | — | — | 1.73 | — | derived | — | 0.90 |
| FCF conversion | 180.84% | — | — | 180.84% | — | derived | — | 0.60 |
| CFO conversion | 196.34% | — | — | 196.34% | — | derived | — | 0.60 |
| Dividends paid | 2.46 | — | — | 2.46 | — | reported | — | 1.00 |
| Current ratio | 3.65x | 3.75x | −0.1x | — | — | derived | — | 0.90 |
| Quick ratio | 3.63x | 3.73x | −0.1x | — | — | derived | — | 0.90 |
| Cash ratio | 1.14x | — | — | — | — | derived | — | 0.90 |
| Interest coverage | 18.61x | — | — | 18.61x | — | derived | — | 0.60 |
| Debt / equity | 0.03x | — | — | — | — | derived | — | 0.85 |
| Debt / assets | 0.02x | — | — | — | — | derived | — | 0.85 |
| Net debt / equity | -0.36x | — | — | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | 9.6% | 5.8% | — | 9.6% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | 36.82% | 18.83% | — | 36.82% | — | derived | — | 0.75 |
| EBIT growth (YoY) | 108.3% | 21.87% | — | 108.3% | — | derived | — | 0.70 |
| Net income growth (YoY) | 1475.86% | 19.37% | — | 1475.86% | — | derived | — | 0.30 |
| EPS growth (YoY) | 361.54% | — | — | 361.54% | — | derived | — | 0.70 |
| FCF growth (YoY) | 232.03% | — | — | 232.03% | — | derived | — | 0.70 |
| Gross margin Δ (YoY) | 4.31 pp | — | — | 4.31 pp | — | derived | — | 0.85 |
| EBITDA margin Δ (YoY) | 0.68 pp | — | — | 0.68 pp | — | derived | — | 0.75 |
| EBIT margin Δ (YoY) | 0.98 pp | — | — | 0.98 pp | — | derived | — | 0.85 |
| Net margin Δ (YoY) | 1.54 pp | — | — | 1.54 pp | — | derived | — | 0.80 |
H1 2026 · Δ YoY
Revenue
28.05
−50.6%
28.05
−50.6%
- H1 2025
- 56.81
- YTD 2026
- 28.05
- Δ YoY
- −50.6%
Gross profit
7.84
—
7.84
—
- H1 2025
- —
- YTD 2026
- 7.84
- Δ YoY
- —
EBITDA
0.96
−84.9%
0.96
−84.9%
- H1 2025
- 6.32
- YTD 2026
- 0.96
- Δ YoY
- −84.9%
EBIT
0.58
−89.5%
0.58
−89.5%
- H1 2025
- 5.51
- YTD 2026
- 0.58
- Δ YoY
- −89.5%
EBT
0.86
−84.8%
0.86
−84.8%
- H1 2025
- 5.65
- YTD 2026
- 0.86
- Δ YoY
- −84.8%
Net income
0.4
−92.9%
0.4
−92.9%
- H1 2025
- 5.65
- YTD 2026
- 0.4
- Δ YoY
- −92.9%
EPS (basic)
(PLN)
0.6
—
0.6
—
- H1 2025
- 4.14
- YTD 2026
- 0.6
- Δ YoY
- —
EPS (diluted)
(PLN)
0.6
—
0.6
—
- H1 2025
- —
- YTD 2026
- 0.6
- Δ YoY
- —
D&A
0.38
—
0.38
—
- H1 2025
- —
- YTD 2026
- 0.38
- Δ YoY
- —
Interest expense
0.03
—
0.03
—
- H1 2025
- —
- YTD 2026
- 0.03
- Δ YoY
- —
Income tax
0.04
—
0.04
—
- H1 2025
- —
- YTD 2026
- 0.04
- Δ YoY
- —
Shares (basic)
(m units)
1.36
—
1.36
—
- H1 2025
- 1.36
- YTD 2026
- 1.36
- Δ YoY
- —
Shares (diluted)
(m units)
1.36
—
1.36
—
- H1 2025
- —
- YTD 2026
- 1.36
- Δ YoY
- —
Gross margin
27.97%
—
27.97%
—
- H1 2025
- —
- YTD 2026
- 27.97%
- Δ YoY
- —
EBITDA margin
3.41%
−7.7 pp
3.41%
−7.7 pp
- H1 2025
- 11.13%
- YTD 2026
- 3.41%
- Δ YoY
- −7.7 pp
EBIT margin
2.06%
−7.6 pp
2.06%
−7.6 pp
- H1 2025
- 9.7%
- YTD 2026
- 2.06%
- Δ YoY
- −7.6 pp
EBT margin
3.07%
—
3.07%
—
- H1 2025
- —
- YTD 2026
- 3.07%
- Δ YoY
- —
Net margin
1.42%
−8.5 pp
1.42%
−8.5 pp
- H1 2025
- 9.94%
- YTD 2026
- 1.42%
- Δ YoY
- −8.5 pp
Cash
8.35
−8.5%
8.35
−8.5%
- H1 2025
- 9.12
- YTD 2026
- —
- Δ YoY
- —
Total debt
0.62
—
0.62
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-7.73
—
-7.73
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
21.32
−9.1%
21.32
−9.1%
- H1 2025
- 23.46
- YTD 2026
- —
- Δ YoY
- —
Total assets
29.55
−7.4%
29.55
−7.4%
- H1 2025
- 31.91
- YTD 2026
- —
- Δ YoY
- —
Working capital
19.38
−7.7%
19.38
−7.7%
- H1 2025
- 21
- YTD 2026
- —
- Δ YoY
- —
Current assets
26.69
−6.8%
26.69
−6.8%
- H1 2025
- 28.64
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
7.31
−4.3%
7.31
−4.3%
- H1 2025
- 7.64
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
0.92
+14.1%
0.92
+14.1%
- H1 2025
- 0.8
- YTD 2026
- —
- Δ YoY
- —
Inventory
0.11
−27.9%
0.11
−27.9%
- H1 2025
- 0.15
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
11
−16.8%
11
−16.8%
- H1 2025
- 13.21
- YTD 2026
- —
- Δ YoY
- —
Trade payables
2.96
—
2.96
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
0.14
—
0.14
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
21.19
—
21.19
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
1.88
—
1.88
—
- H1 2025
- —
- YTD 2026
- 1.88
- Δ YoY
- —
CapEx
0.15
—
0.15
—
- H1 2025
- —
- YTD 2026
- 0.15
- Δ YoY
- —
FCF
1.73
—
1.73
—
- H1 2025
- —
- YTD 2026
- 1.73
- Δ YoY
- —
FCF conversion
180.84%
—
180.84%
—
- H1 2025
- —
- YTD 2026
- 180.84%
- Δ YoY
- —
CFO conversion
196.34%
—
196.34%
—
- H1 2025
- —
- YTD 2026
- 196.34%
- Δ YoY
- —
Dividends paid
2.46
—
2.46
—
- H1 2025
- —
- YTD 2026
- 2.46
- Δ YoY
- —
Current ratio
3.65x
−0.1x
3.65x
−0.1x
- H1 2025
- 3.75x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
3.63x
−0.1x
3.63x
−0.1x
- H1 2025
- 3.73x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
1.14x
—
1.14x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
18.61x
—
18.61x
—
- H1 2025
- —
- YTD 2026
- 18.61x
- Δ YoY
- —
Debt / equity
0.03x
—
0.03x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.02x
—
0.02x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.36x
—
-0.36x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
9.6%
—
9.6%
—
- H1 2025
- 5.8%
- YTD 2026
- 9.6%
- Δ YoY
- —
EBITDA growth (YoY)
36.82%
—
36.82%
—
- H1 2025
- 18.83%
- YTD 2026
- 36.82%
- Δ YoY
- —
EBIT growth (YoY)
108.3%
—
108.3%
—
- H1 2025
- 21.87%
- YTD 2026
- 108.3%
- Δ YoY
- —
Net income growth (YoY)
1475.86%
—
1475.86%
—
- H1 2025
- 19.37%
- YTD 2026
- 1475.86%
- Δ YoY
- —
EPS growth (YoY)
361.54%
—
361.54%
—
- H1 2025
- —
- YTD 2026
- 361.54%
- Δ YoY
- —
FCF growth (YoY)
232.03%
—
232.03%
—
- H1 2025
- —
- YTD 2026
- 232.03%
- Δ YoY
- —
Gross margin Δ (YoY)
4.31 pp
—
4.31 pp
—
- H1 2025
- —
- YTD 2026
- 4.31 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
0.68 pp
—
0.68 pp
—
- H1 2025
- —
- YTD 2026
- 0.68 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
0.98 pp
—
0.98 pp
—
- H1 2025
- —
- YTD 2026
- 0.98 pp
- Δ YoY
- —
Net margin Δ (YoY)
1.54 pp
—
1.54 pp
—
- H1 2025
- —
- YTD 2026
- 1.54 pp
- Δ YoY
- —