EKINOPS (EKI) Q3 2025 earnings summary

Executive summary

• Nine-month 2025 revenue totaled €79.5m, down 10% year-over-year, mainly due to a sharp decline in business with the largest customer.

• Excluding the largest customer, revenue grew 2% over the period.

• Software & Services segment grew 32% and now represents 23% of total revenue.

• Leadership transition: Didier Brédy stepped down as CEO; Philippe Moulin appointed interim CEO, and Hugues Lepic as interim Chairman.

Financial highlights

• Q3 2025 revenue was €22.3m, down 27% year-over-year; Olfeo contributed €1.6m to Q3 revenue.

• At constant scope and exchange rates, Q3 revenue declined 31%.

• Nine-month revenue from Olfeo was €2.1m.

Outlook and guidance

• Full-year 2025 revenue target of €110m–€120m will not be met.

• Sequential growth targeted for Q4 2025 versus Q3 2025, with intensified cost control.

• Market recovery expected to be gradual, with continued challenges through year-end and no rebound from the largest customer before 2026.

• Continued investment in product development, focusing on cybersecurity (SASE) and data center interconnection for 2026.