VVD
VIVID GAMES
Giełda Papierów Wartościowych w Warszawie · skrócone śródroczne sprawozdanie finansowe jednostkowe (standalone, brak grupy kapitałowej) · publ. September 17, 2026
H1 2026 report
Vivid Games jest producentem gier mobilnych (marka Real Boxing, ponad 165 mln pobrań), którego przyszłość zależy krytycznie od udanej globalnej premiery Real Boxing 3 — wciąż bez wyznaczonej daty.
Sentiment
Cautious
No guidance change
VVD
H1 2026 report
Revenue
4.2 m PLN
— YoY
Net income
-1.3 m PLN
— YoY
EBITDA
-129.02 k PLN
— YoY
FCF
-3.71 m PLN
— YoY
Summary
Investment thesis
- Przychody ze sprzedaży spadły o 16% r/r (z 5,0 mln do 4,2 mln zł), głównie z powodu ograniczonych inwestycji w pozyskiwanie użytkowników (UA) i braku nowych premier w okresie.
- Mniejsza strata netto r/r (-1,3 mln vs -2,0 mln zł) to efekt braku odpisu wartości aktywów, który obciążył wynik H1 2025 — nie efekt poprawy operacyjnej; strata na sprzedaży wzrosła ponad dwukrotnie.
- Gotówka na rachunkach bankowych spadła do 292 tys. zł (z 3,49 mln zł na koniec 2025 r.), a Spółka nie spełniła jednego z kowenantów kredytowych (średniomiesięczne wpływy) na 30.06.2026.
- Jedynym aktywnym źródłem zewnętrznego finansowania poza niewielkim kredytem bankowym jest pożyczka konwertowalna od powiązanego kapitałowo podmiotu (Gemini Grupe UAB, Litwa), z rosnącym kosztem (12% rocznie) i opcją konwersji na akcje.
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Financials
BETA
VVD · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,199.73 | 9,168.47 | −54.2% | 4,199.73 | −54.2% | reported | — | 1.00 |
| EBITDA | -129.02 | -2,119.04 | +93.9% | -129.02 | +93.9% | reported | — | 1.00 |
| EBIT | -648.1 | -4,096.78 | +84.2% | -648.1 | +84.2% | reported | — | 1.00 |
| Net income | -1,303.57 | -4,496.29 | +71% | -1,303.57 | +71% | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.02 | -0.08 | — | -0.02 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.02 | — | — | -0.02 | — | reported | — | 1.00 |
| D&A | -519.08 | 1,977.74 | −126.2% | -519.08 | −126.2% | reported | — | 1.00 |
| Interest expense | -656.29 | — | — | -656.29 | — | reported | — | 0.90 |
| Income tax | 0 | 14.01 | −100% | 0 | −100% | reported | — | 1.00 |
| Shares (basic) (m units) | 55.54 | 55.54 | — | — | — | reported | — | 1.00 |
| EBITDA margin | -3.07% | -23.11% | +20 pp | -3.07% | +20 pp | reported | — | 0.90 |
| EBIT margin | -15.43% | -44.68% | +29.3 pp | -15.43% | +29.3 pp | reported | — | 0.90 |
| Net margin | -31.04% | -49.04% | +18 pp | -31.04% | +18 pp | reported | — | 0.90 |
| Cash | 292.16 | 3,487.76 | −91.6% | — | — | reported | — | 1.00 |
| Total debt | 10,031.02 | 8,877.25 | +13% | — | — | reported | — | 1.00 |
| Net debt | 9,738.86 | 5,389.49 | +80.7% | — | — | derived | — | 0.85 |
| Equity | 3,327.51 | 4,631.09 | −28.1% | — | — | reported | — | 1.00 |
| Total assets | 17,914.84 | 18,047.5 | −0.7% | — | — | reported | — | 1.00 |
| Current assets | 1,691.24 | 4,769.18 | −64.5% | — | — | reported | — | 1.00 |
| Current liabilities | 4,809.57 | 4,012.64 | +19.9% | — | — | reported | — | 1.00 |
| Non-current liabilities | 9,777.76 | 9,403.77 | +4% | — | — | reported | — | 1.00 |
| CFO | -244.19 | 410.39 | −159.5% | -244.19 | −159.5% | reported | — | 1.00 |
| CapEx | 3,464.36 | 6,047.29 | −42.7% | 3,464.36 | −42.7% | reported | — | 1.00 |
| FCF | -3,708.55 | -5,636.9 | +34.2% | -3,708.55 | +34.2% | derived | — | 0.90 |
| Current ratio | 0.35x | 1.19x | −0.84x | — | — | reported | — | 0.95 |
| Debt / equity | 3.01x | 1.92x | +1.09x | — | — | reported | — | 0.90 |
| Debt / assets | 0.56x | 0.49x | +0.07x | — | — | reported | — | 0.90 |
| Net debt / equity | 2.93x | 1.16x | +1.77x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | -16.08% | -33.46% | — | -16.08% | — | reported | — | 0.95 |
| EBITDA growth (YoY) | 86.78% | -205.5% | — | 86.78% | — | reported | — | 0.85 |
| EBIT growth (YoY) | 67.78% | -552.9% | — | 67.78% | — | reported | — | 0.90 |
| Net income growth (YoY) | 35.57% | -395.1% | — | 35.57% | — | reported | — | 0.90 |
| EPS growth (YoY) | 50% | -166.67% | — | 50% | — | reported | — | 0.80 |
H1 2026 · Δ YoY
Revenue
4,199.73
−54.2%
4,199.73
−54.2%
- H1 2025
- 9,168.47
- YTD 2026
- 4,199.73
- Δ YoY
- −54.2%
EBITDA
-129.02
+93.9%
-129.02
+93.9%
- H1 2025
- -2,119.04
- YTD 2026
- -129.02
- Δ YoY
- +93.9%
EBIT
-648.1
+84.2%
-648.1
+84.2%
- H1 2025
- -4,096.78
- YTD 2026
- -648.1
- Δ YoY
- +84.2%
Net income
-1,303.57
+71%
-1,303.57
+71%
- H1 2025
- -4,496.29
- YTD 2026
- -1,303.57
- Δ YoY
- +71%
EPS (basic)
(PLN)
-0.02
—
-0.02
—
- H1 2025
- -0.08
- YTD 2026
- -0.02
- Δ YoY
- —
EPS (diluted)
(PLN)
-0.02
—
-0.02
—
- H1 2025
- —
- YTD 2026
- -0.02
- Δ YoY
- —
D&A
-519.08
−126.2%
-519.08
−126.2%
- H1 2025
- 1,977.74
- YTD 2026
- -519.08
- Δ YoY
- −126.2%
Interest expense
-656.29
—
-656.29
—
- H1 2025
- —
- YTD 2026
- -656.29
- Δ YoY
- —
Income tax
0
−100%
0
−100%
- H1 2025
- 14.01
- YTD 2026
- 0
- Δ YoY
- −100%
Shares (basic)
(m units)
55.54
—
55.54
—
- H1 2025
- 55.54
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
-3.07%
+20 pp
-3.07%
+20 pp
- H1 2025
- -23.11%
- YTD 2026
- -3.07%
- Δ YoY
- +20 pp
EBIT margin
-15.43%
+29.3 pp
-15.43%
+29.3 pp
- H1 2025
- -44.68%
- YTD 2026
- -15.43%
- Δ YoY
- +29.3 pp
Net margin
-31.04%
+18 pp
-31.04%
+18 pp
- H1 2025
- -49.04%
- YTD 2026
- -31.04%
- Δ YoY
- +18 pp
Cash
292.16
−91.6%
292.16
−91.6%
- H1 2025
- 3,487.76
- YTD 2026
- —
- Δ YoY
- —
Total debt
10,031.02
+13%
10,031.02
+13%
- H1 2025
- 8,877.25
- YTD 2026
- —
- Δ YoY
- —
Net debt
9,738.86
+80.7%
9,738.86
+80.7%
- H1 2025
- 5,389.49
- YTD 2026
- —
- Δ YoY
- —
Equity
3,327.51
−28.1%
3,327.51
−28.1%
- H1 2025
- 4,631.09
- YTD 2026
- —
- Δ YoY
- —
Total assets
17,914.84
−0.7%
17,914.84
−0.7%
- H1 2025
- 18,047.5
- YTD 2026
- —
- Δ YoY
- —
Current assets
1,691.24
−64.5%
1,691.24
−64.5%
- H1 2025
- 4,769.18
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
4,809.57
+19.9%
4,809.57
+19.9%
- H1 2025
- 4,012.64
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
9,777.76
+4%
9,777.76
+4%
- H1 2025
- 9,403.77
- YTD 2026
- —
- Δ YoY
- —
CFO
-244.19
−159.5%
-244.19
−159.5%
- H1 2025
- 410.39
- YTD 2026
- -244.19
- Δ YoY
- −159.5%
CapEx
3,464.36
−42.7%
3,464.36
−42.7%
- H1 2025
- 6,047.29
- YTD 2026
- 3,464.36
- Δ YoY
- −42.7%
FCF
-3,708.55
+34.2%
-3,708.55
+34.2%
- H1 2025
- -5,636.9
- YTD 2026
- -3,708.55
- Δ YoY
- +34.2%
Current ratio
0.35x
−0.84x
0.35x
−0.84x
- H1 2025
- 1.19x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
3.01x
+1.09x
3.01x
+1.09x
- H1 2025
- 1.92x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.56x
+0.07x
0.56x
+0.07x
- H1 2025
- 0.49x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
2.93x
+1.77x
2.93x
+1.77x
- H1 2025
- 1.16x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-16.08%
—
-16.08%
—
- H1 2025
- -33.46%
- YTD 2026
- -16.08%
- Δ YoY
- —
EBITDA growth (YoY)
86.78%
—
86.78%
—
- H1 2025
- -205.5%
- YTD 2026
- 86.78%
- Δ YoY
- —
EBIT growth (YoY)
67.78%
—
67.78%
—
- H1 2025
- -552.9%
- YTD 2026
- 67.78%
- Δ YoY
- —
Net income growth (YoY)
35.57%
—
35.57%
—
- H1 2025
- -395.1%
- YTD 2026
- 35.57%
- Δ YoY
- —
EPS growth (YoY)
50%
—
50%
—
- H1 2025
- -166.67%
- YTD 2026
- 50%
- Δ YoY
- —