Kalray (ALKAL) H2 2025 TU earnings summary

Executive summary

• Revenue reached €16.5 million for 2025, aligning with expectations and reflecting a strategic refocus on DPU-based technologies and services.

• Shifted business model to licensing, co-development, and high value-added services, highlighted by a major partnership with Openchip.

• Disposed of the Data Acceleration Platform business in early 2025, resulting in a significant scope effect on reported revenue.

Financial highlights

• Consolidated revenue for 2025 was €16.5 million, down from €24.8 million in 2024 due to the business disposal.

• On a comparable scope, semiconductor revenue quadrupled year-over-year to €14.3 million from €3.6 million.

• EBITDA turned strongly positive in 2025, compared to €-8.2 million in 2024, with sequential improvement in the second half.

Outlook and guidance

• Management confirms a strongly positive EBITDA for full-year 2025 and expects to build on this momentum in 2026.

• Further details on 2026 outlook will be provided with the 2025 annual results.