XTP XTPL Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 28, 2026

H1 2026 report

Pipeline komercjalizacji nabiera wiarygodności szybciej niż przychody: pierwsze wdrożenie w Chinach przeszło z jednorazowego projektu do powtarzalnego zamówienia (kolejne 10 modułów UPD), a Japonia i Tajwan otwierają nowe, równoległe ścieżki sprzedaży.

Sentiment

Cautious Guidance maintained

Website

XTP H1 2026 report

Revenue

3.3 m PLN

— YoY

Net income

-11.85 m PLN

— YoY

EBITDA

-7.59 m PLN

— YoY

Gross margin

-96.96%

— YoY

Summary

Investment thesis

Mimo tego przychody komercyjne skurczyły się o 70% r/r (do 1,5 mln zł), a strata netto Grupy sięgnęła 11,8 mln zł — spółka wciąż jest przed skalą, nie w fazie wzrostu przychodów.
Marcowa emisja akcji serii Y (19,5 mln zł brutto) odwróciła bilans z długu netto na gotówkę netto, ale zarząd sam przyznaje, że nadal istnieje 'luka finansowania w 2026 roku', pokrywana równolegle długiem, dotacjami, inwestorem strategicznym i kolejną emisją (seria Z, NWZ 19.10.2026).
Przy obecnym tempie spalania gotówki (ok. -1,2 mln zł miesięcznie) bufor 16,3 mln zł starcza na ok. 13-14 miesięcy bez dodatkowego finansowania — zbieżne z deklaracją zarządu o 12-miesięcznym zabezpieczeniu, ale z niewielkim marginesem bezpieczeństwa.
Poślizg harmonogramu pierwszego systemu ODRA (z IV kw. 2026 na I kw. 2027) i rosnąca koncentracja przychodu u jednego klienta (33,3% od partnera z Izraela) to sygnały, że tempo konwersji pipeline'u na przychody pozostaje poza pełną kontrolą spółki.

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Financials

BETA

H1 2026

XTP · H1 2026

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

Revenue	3,295	15,608	−78.9%	3,295	−78.9%	reported	—	1.00
Gross profit	-3,195	-1,843	−73.4%	-3,195	−73.4%	reported	—	1.00
EBITDA	-7,594	-16,320	+53.5%	-7,594	+53.5%	derived	—	0.90
EBIT	-11,087	-22,279	+50.2%	-11,087	+50.2%	reported	—	1.00
EBT	-11,846	-23,329	+49.2%	-11,846	+49.2%	reported	—	1.00
Net income	-11,846	-23,329	+49.2%	-11,846	+49.2%	reported	—	1.00
EPS (basic) (PLN)	-4.03	-8.8	—	-4.03	—	reported	—	1.00
EPS (diluted) (PLN)	-4.03	-8.8	—	-4.03	—	reported	—	1.00
D&A	3,493	5,954	−41.3%	3,493	−41.3%	reported	—	1.00
Income tax	0	0	—	0	—	reported	—	1.00
Shares (basic) (m units)	2.95	2.65	—	—	—	reported	—	1.00

Gross margin	-96.96%	-11810000%	+11809903 pp	-96.96%	+11809903 pp	derived	—	0.95
EBITDA margin	-230.47%	-104600000%	+104599769.5 pp	-230.47%	+104599769.5 pp	derived	—	0.90
EBIT margin	-336.42%	-142740000%	+142739663.6 pp	-336.42%	+142739663.6 pp	derived	—	0.95
Net margin	-359.48%	-149470%	+149110.5 pp	-359.48%	+149110.5 pp	derived	—	0.95
D&A margin	106.01%	38150000%	−38149894 pp	106.01%	−38149894 pp	derived	—	0.95

Cash	16,312	6,642	+145.6%	—	—	reported	—	1.00
Total debt	16,148	16,716	−3.4%	—	—	derived	—	0.90
Net debt	-164	10,074	−101.6%	—	—	derived	—	0.85
Equity	26,130	19,404	+34.7%	—	—	reported	—	1.00
Total assets	52,013	47,005	+10.7%	—	—	reported	—	1.00
Working capital	12,311	5,585	+120.4%	—	—	derived	—	0.95
Current assets	23,146	16,067	+44.1%	—	—	reported	—	1.00
Current liabilities	10,835	10,482	+3.4%	—	—	reported	—	1.00
Non-current liabilities	15,049	17,119	−12.1%	—	—	reported	—	1.00
Inventory	4,273	4,252	+0.5%	—	—	reported	—	1.00
Trade receivables	1,082	3,047	−64.5%	—	—	reported	—	1.00
Trade payables	1,579	3,634	−56.5%	—	—	reported	—	1.00
Tangible equity	16,157	8,357	+93.3%	—	—	derived	—	0.60

CFO	-5,722	-17,666	+67.6%	-5,722	+67.6%	reported	—	1.00
CapEx	1,412	1,263	+11.8%	1,412	+11.8%	reported	—	1.00
FCF	-7,134	-18,929	+62.3%	-7,134	+62.3%	derived	—	0.95
Dividends paid	0	—	—	0	—	reported	—	1.00

Current ratio	2.14x	1530000x	−1529997.86x	—	—	derived	—	0.95
Quick ratio	1.74x	1130000x	−1129998.26x	—	—	derived	—	0.95
Cash ratio	1.51x	630000x	−629998.49x	—	—	derived	—	0.95

Debt / equity	0.62x	860000x	−859999.38x	—	—	derived	—	0.85
Debt / assets	0.31x	360000x	−359999.69x	—	—	derived	—	0.85
Net debt / equity	-0.01x	520000x	−520000.01x	—	—	derived	—	0.80

Revenue growth (YoY)	-45.11%	13890000%	—	-45.11%	—	derived	—	0.95
EBITDA growth (YoY)	21.76%	5000000%	—	21.76%	—	derived	—	0.85
EBIT growth (YoY)	11.2%	-2620%	—	11.2%	—	derived	—	0.90
Net income growth (YoY)	7.51%	-5700%	—	7.51%	—	derived	—	0.90
EPS growth (YoY)	16.56%	-5640%	—	16.56%	—	derived	—	0.90
FCF growth (YoY)	37.5%	—	—	37.5%	—	derived	—	0.85
Gross margin Δ (YoY)	-44.99 pp	22290000 pp	—	-44.99 pp	—	derived	—	0.85
EBITDA margin Δ (YoY)	-68.75 pp	20800000 pp	—	-68.75 pp	—	derived	—	0.80
EBIT margin Δ (YoY)	-128.42 pp	15680000 pp	—	-128.42 pp	—	derived	—	0.85
Net margin Δ (YoY)	-146.12 pp	11580000 pp	—	-146.12 pp	—	derived	—	0.85

H1 2026 · Δ YoY

Revenue

3,295 −78.9%

H1 2025: 15,608
YTD 2026: 3,295
Δ YoY: −78.9%

Gross profit

-3,195 −73.4%

H1 2025: -1,843
YTD 2026: -3,195
Δ YoY: −73.4%

EBITDA

-7,594 +53.5%

H1 2025: -16,320
YTD 2026: -7,594
Δ YoY: +53.5%

EBIT

-11,087 +50.2%

H1 2025: -22,279
YTD 2026: -11,087
Δ YoY: +50.2%

EBT

-11,846 +49.2%

H1 2025: -23,329
YTD 2026: -11,846
Δ YoY: +49.2%

Net income

-11,846 +49.2%

H1 2025: -23,329
YTD 2026: -11,846
Δ YoY: +49.2%

EPS (basic) (PLN)

-4.03 —

H1 2025: -8.8
YTD 2026: -4.03
Δ YoY: —

EPS (diluted) (PLN)

-4.03 —

H1 2025: -8.8
YTD 2026: -4.03
Δ YoY: —

D&A

3,493 −41.3%

H1 2025: 5,954
YTD 2026: 3,493
Δ YoY: −41.3%

Income tax

0 —

H1 2025: 0
YTD 2026: 0
Δ YoY: —

Shares (basic) (m units)

2.95 —

H1 2025: 2.65
YTD 2026: —
Δ YoY: —

Gross margin

-96.96% +11809903 pp

H1 2025: -11810000%
YTD 2026: -96.96%
Δ YoY: +11809903 pp

EBITDA margin

-230.47% +104599769.5 pp

H1 2025: -104600000%
YTD 2026: -230.47%
Δ YoY: +104599769.5 pp

EBIT margin

-336.42% +142739663.6 pp

H1 2025: -142740000%
YTD 2026: -336.42%
Δ YoY: +142739663.6 pp

Net margin

-359.48% +149110.5 pp

H1 2025: -149470%
YTD 2026: -359.48%
Δ YoY: +149110.5 pp

D&A margin

106.01% −38149894 pp

H1 2025: 38150000%
YTD 2026: 106.01%
Δ YoY: −38149894 pp

Cash

16,312 +145.6%

H1 2025: 6,642
YTD 2026: —
Δ YoY: —

Total debt

16,148 −3.4%

H1 2025: 16,716
YTD 2026: —
Δ YoY: —

Net debt

-164 −101.6%

H1 2025: 10,074
YTD 2026: —
Δ YoY: —

Equity

26,130 +34.7%

H1 2025: 19,404
YTD 2026: —
Δ YoY: —

Total assets

52,013 +10.7%

H1 2025: 47,005
YTD 2026: —
Δ YoY: —

Working capital

12,311 +120.4%

H1 2025: 5,585
YTD 2026: —
Δ YoY: —

Current assets

23,146 +44.1%

H1 2025: 16,067
YTD 2026: —
Δ YoY: —

Current liabilities

10,835 +3.4%

H1 2025: 10,482
YTD 2026: —
Δ YoY: —

Non-current liabilities

15,049 −12.1%

H1 2025: 17,119
YTD 2026: —
Δ YoY: —

Inventory

4,273 +0.5%

H1 2025: 4,252
YTD 2026: —
Δ YoY: —

Trade receivables

1,082 −64.5%

H1 2025: 3,047
YTD 2026: —
Δ YoY: —

Trade payables

1,579 −56.5%

H1 2025: 3,634
YTD 2026: —
Δ YoY: —

Tangible equity

16,157 +93.3%

H1 2025: 8,357
YTD 2026: —
Δ YoY: —

CFO

-5,722 +67.6%

H1 2025: -17,666
YTD 2026: -5,722
Δ YoY: +67.6%

CapEx

1,412 +11.8%

H1 2025: 1,263
YTD 2026: 1,412
Δ YoY: +11.8%

FCF

-7,134 +62.3%

H1 2025: -18,929
YTD 2026: -7,134
Δ YoY: +62.3%

Dividends paid

0 —

H1 2025: —
YTD 2026: 0
Δ YoY: —

Current ratio

2.14x −1529997.86x

H1 2025: 1530000x
YTD 2026: —
Δ YoY: —

Quick ratio

1.74x −1129998.26x

H1 2025: 1130000x
YTD 2026: —
Δ YoY: —

Cash ratio

1.51x −629998.49x

H1 2025: 630000x
YTD 2026: —
Δ YoY: —

Debt / equity

0.62x −859999.38x

H1 2025: 860000x
YTD 2026: —
Δ YoY: —

Debt / assets

0.31x −359999.69x

H1 2025: 360000x
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.01x −520000.01x

H1 2025: 520000x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-45.11% —

H1 2025: 13890000%
YTD 2026: -45.11%
Δ YoY: —

EBITDA growth (YoY)

21.76% —

H1 2025: 5000000%
YTD 2026: 21.76%
Δ YoY: —

EBIT growth (YoY)

11.2% —

H1 2025: -2620%
YTD 2026: 11.2%
Δ YoY: —

Net income growth (YoY)

7.51% —

H1 2025: -5700%
YTD 2026: 7.51%
Δ YoY: —

EPS growth (YoY)

16.56% —

H1 2025: -5640%
YTD 2026: 16.56%
Δ YoY: —

FCF growth (YoY)

37.5% —

H1 2025: —
YTD 2026: 37.5%
Δ YoY: —

Gross margin Δ (YoY)

-44.99 pp —

H1 2025: 22290000 pp
YTD 2026: -44.99 pp
Δ YoY: —

EBITDA margin Δ (YoY)

-68.75 pp —

H1 2025: 20800000 pp
YTD 2026: -68.75 pp
Δ YoY: —

EBIT margin Δ (YoY)

-128.42 pp —

H1 2025: 15680000 pp
YTD 2026: -128.42 pp
Δ YoY: —

Net margin Δ (YoY)

-146.12 pp —

H1 2025: 11580000 pp
YTD 2026: -146.12 pp
Δ YoY: —