SVRS Silvair, Inc. Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 23, 2026

H1 2026 report

Przychody Grupy spadly o 12,3% r/r do 2,08 mln USD w I pol. 2026, mimo ze liczba zainstalowanych urzadzen wykorzystujacych technologie Silvair wzrosla o ponad 40% r/r (do ok. 252 tys.) - zarzad tlumaczy to zuzywaniem zapasow komponentow przez partnerow z wczesniejszych okresow wysokiej produkcji.

Sentiment

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Website

SVRS H1 2026 report

Revenue

2.08 m USD

— YoY

Net income

-225 k USD

— YoY

EBITDA

1.22 m USD

— YoY

Gross margin

44.57%

— YoY

Summary

Investment thesis

Zysk operacyjny skurczyl sie z 701 tys. USD do zaledwie 3 tys. USD, a marza brutto spadla z 58,8% do 44,6% - rentownosc praktycznie zniknela mimo utrzymania sprzedazy na poziomie ponad 2 mln USD.
Cala wartosc obligacji zamiennych na akcje (4,86 mln USD) trafila do zobowiazan krotkoterminowych z terminem konwersji do konca 2026 roku, a wskaznik plynnosci biezacej spadl do 0,32 przy gotowce zaledwie 963 tys. USD - to kluczowe ryzyko refinansowania na najblizsze kwartaly.
Aktywa Grupy w 83% to skapitalizowane koszty prac rozwojowych (13,07 mln USD); test na utrate wartosci (DCF na 10 lat, WACC 16,4%) wskazuje ponad 7-krotny margines bezpieczenstwa, ale opiera sie w calosci na wewnetrznych, niezweryfikowanych zewnetrznie prognozach.
Grupa nie publikuje prognoz na 2026 rok i nie planuje wyplaty dywidendy - caly wygenerowany kapital ma byc reinwestowany w rozwoj technologii Bluetooth Mesh i platformy Silvair.

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Financials

BETA

H1 2026

SVRS · H1 2026

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

Revenue	2,082	—	—	2,082	—	reported	—	1.00
Gross profit	928	—	—	928	—	reported	—	1.00
EBITDA	1,217	—	—	1,217	—	derived	—	0.85
EBIT	3	—	—	3	—	reported	—	1.00
EBT	-127	—	—	-127	—	reported	—	1.00
Net income	-225	—	—	-225	—	reported	—	1.00
EPS (basic) (USD)	-0.01	—	—	-0.01	—	reported	—	1.00
EPS (diluted) (USD)	-0.01	—	—	-0.01	—	reported	—	1.00
D&A	1,214	—	—	1,214	—	reported	—	1.00
Interest expense	130	—	—	130	—	reported	—	1.00
Income tax	98	—	—	98	—	reported	—	1.00
Shares (basic) (units)	17,547,405	—	—	—	—	reported	—	1.00
Shares (diluted) (units)	20,468,801	—	—	—	—	reported	—	1.00

Gross margin	44.57%	—	—	44.57%	—	derived	—	0.95
EBITDA margin	58.45%	—	—	58.45%	—	derived	—	0.85
EBIT margin	0.14%	—	—	0.14%	—	derived	—	0.95
EBT margin	-6.1%	—	—	-6.1%	—	derived	—	0.95
Net margin	-10.81%	—	—	-10.81%	—	derived	—	0.95
D&A margin	58.31%	—	—	58.31%	—	derived	—	0.90

Cash	963	—	—	—	—	reported	—	1.00
Total debt	5,085	—	—	—	—	reported	—	0.90
Net debt	4,122	—	—	—	—	derived	—	0.90
Equity	8,868	—	—	—	—	reported	—	1.00
Total assets	15,753	—	—	—	—	reported	—	1.00
Working capital	-4,412	—	—	—	—	derived	—	0.95
Current assets	2,040	—	—	—	—	reported	—	1.00
Current liabilities	6,452	—	—	—	—	reported	—	1.00
Non-current liabilities	433	—	—	—	—	reported	—	1.00
Inventory	14	—	—	—	—	reported	—	1.00
Trade receivables	876	—	—	—	—	reported	—	1.00
Trade payables	553	—	—	—	—	reported	—	0.70
Goodwill	13,096	—	—	—	—	reported	—	0.80

CFO	884	—	—	884	—	reported	—	1.00
CapEx	1,172	—	—	1,172	—	reported	—	0.95
FCF	-288	—	—	-288	—	derived	—	0.90
FCF conversion	-23.66%	—	—	-23.66%	—	derived	—	0.80
CFO conversion	72.64%	—	—	72.64%	—	derived	—	0.80

Current ratio	0.32x	—	—	—	—	derived	—	0.95
Quick ratio	0.31x	—	—	—	—	derived	—	0.90
Cash ratio	0.15x	—	—	—	—	derived	—	0.90

Debt / equity	0.57x	—	—	—	—	derived	—	0.85
Debt / assets	0.32x	—	—	—	—	derived	—	0.85
Net debt / equity	0.46x	—	—	—	—	derived	—	0.85

Revenue growth (YoY)	-12.3%	—	—	-12.3%	—	derived	—	0.95
EBITDA growth (YoY)	-31.51%	—	—	-31.51%	—	derived	—	0.80
EBIT growth (YoY)	-99.57%	—	—	-99.57%	—	derived	—	0.90
Net income growth (YoY)	-145.09%	—	—	-145.09%	—	derived	—	0.90
EPS growth (YoY)	-133.33%	—	—	-133.33%	—	derived	—	0.70
FCF growth (YoY)	-176.92%	—	—	-176.92%	—	derived	—	0.80
Gross margin Δ (YoY)	-14.19 pp	—	—	-14.19 pp	—	derived	—	0.90
EBITDA margin Δ (YoY)	-16.4 pp	—	—	-16.4 pp	—	derived	—	0.80
EBIT margin Δ (YoY)	-29.38 pp	—	—	-29.38 pp	—	derived	—	0.90
Net margin Δ (YoY)	-31.83 pp	—	—	-31.83 pp	—	derived	—	0.90

H1 2026 · Δ YoY

Revenue

2,082 —

H1 2025: —
YTD 2026: 2,082
Δ YoY: —

Gross profit

928 —

H1 2025: —
YTD 2026: 928
Δ YoY: —

EBITDA

1,217 —

H1 2025: —
YTD 2026: 1,217
Δ YoY: —

EBIT

3 —

H1 2025: —
YTD 2026: 3
Δ YoY: —

EBT

-127 —

H1 2025: —
YTD 2026: -127
Δ YoY: —

Net income

-225 —

H1 2025: —
YTD 2026: -225
Δ YoY: —

EPS (basic) (USD)

-0.01 —

H1 2025: —
YTD 2026: -0.01
Δ YoY: —

EPS (diluted) (USD)

-0.01 —

H1 2025: —
YTD 2026: -0.01
Δ YoY: —

D&A

1,214 —

H1 2025: —
YTD 2026: 1,214
Δ YoY: —

Interest expense

130 —

H1 2025: —
YTD 2026: 130
Δ YoY: —

Income tax

98 —

H1 2025: —
YTD 2026: 98
Δ YoY: —

Shares (basic) (units)

17,547,405 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Shares (diluted) (units)

20,468,801 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Gross margin

44.57% —

H1 2025: —
YTD 2026: 44.57%
Δ YoY: —

EBITDA margin

58.45% —

H1 2025: —
YTD 2026: 58.45%
Δ YoY: —

EBIT margin

0.14% —

H1 2025: —
YTD 2026: 0.14%
Δ YoY: —

EBT margin

-6.1% —

H1 2025: —
YTD 2026: -6.1%
Δ YoY: —

Net margin

-10.81% —

H1 2025: —
YTD 2026: -10.81%
Δ YoY: —

D&A margin

58.31% —

H1 2025: —
YTD 2026: 58.31%
Δ YoY: —

Cash

963 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total debt

5,085 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

4,122 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

8,868 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total assets

15,753 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Working capital

-4,412 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

2,040 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

6,452 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

433 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Inventory

14 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

876 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

553 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

13,096 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

884 —

H1 2025: —
YTD 2026: 884
Δ YoY: —

CapEx

1,172 —

H1 2025: —
YTD 2026: 1,172
Δ YoY: —

FCF

-288 —

H1 2025: —
YTD 2026: -288
Δ YoY: —

FCF conversion

-23.66% —

H1 2025: —
YTD 2026: -23.66%
Δ YoY: —

CFO conversion

72.64% —

H1 2025: —
YTD 2026: 72.64%
Δ YoY: —

Current ratio

0.32x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

0.31x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.15x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / equity

0.57x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.32x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

0.46x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-12.3% —

H1 2025: —
YTD 2026: -12.3%
Δ YoY: —

EBITDA growth (YoY)

-31.51% —

H1 2025: —
YTD 2026: -31.51%
Δ YoY: —

EBIT growth (YoY)

-99.57% —

H1 2025: —
YTD 2026: -99.57%
Δ YoY: —

Net income growth (YoY)

-145.09% —

H1 2025: —
YTD 2026: -145.09%
Δ YoY: —

EPS growth (YoY)

-133.33% —

H1 2025: —
YTD 2026: -133.33%
Δ YoY: —

FCF growth (YoY)

-176.92% —

H1 2025: —
YTD 2026: -176.92%
Δ YoY: —

Gross margin Δ (YoY)

-14.19 pp —

H1 2025: —
YTD 2026: -14.19 pp
Δ YoY: —

EBITDA margin Δ (YoY)

-16.4 pp —

H1 2025: —
YTD 2026: -16.4 pp
Δ YoY: —

EBIT margin Δ (YoY)

-29.38 pp —

H1 2025: —
YTD 2026: -29.38 pp
Δ YoY: —

Net margin Δ (YoY)

-31.83 pp —

H1 2025: —
YTD 2026: -31.83 pp
Δ YoY: —