LightOn (ALTAI) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 increased 15% to €709k, driven by a fivefold rise in Paradigm license sales and strong commercial momentum in secure AI solutions.

• Major updates to the Paradigm platform, including advanced agentic capabilities and Visual RAG integration, enhanced document interaction and fixed assets.

• Key commercial wins with Europrop International and LBP AM; partnership signed with Bearing Point for public sector needs.

• Participation in the OpenEuroLLM consortium to develop open-source multilingual language models in Europe.

• Headcount rose from 30 to 50, reflecting investment in R&D, sales, and support.

Financial highlights

• Revenue for H1 2025 reached €709k, up 15% year-over-year, mainly from France.

• Paradigm license sales grew fivefold to €655k; Forge service sales dropped from €452k to €53k, reflecting SaaS transition.

• Other operating income rose to €1,754k, driven by capitalized development (€1,372k) and increased grants (€381k).

• Personnel expenses rose 88% to €3,034k due to R&D and commercial team expansion.

• Operating loss widened to €3,855k (vs. €2,312k in H1 2024); net loss at €3,678k (vs. €2,088k); EBITDA deficit at -€4.9M (vs. -€2.4M); gross margin fell to 15% (from 37%).

Outlook and guidance

• ARR reached €1.51M by September 2025, up 23% in three months; expected to reach €3–4M by year-end, a 156% to 241% increase over December 2024, but below the initial €6M target.

• ARR growth is hindered by complex and lengthy sales cycles, including tenders and pilot phases.