LightOn (ALTAI) H1 2026 earnings summary

Executive summary

• H1 revenue rose 51% YoY to €1.07m, led by Paradigm licence sales; net loss widened to €3.96m from €3.68m.

• Gross margin improved to 28% from 15%, while adjusted EBITDA improved by €0.4m to -€3.1m.

• Strategic focus shifted toward Search and LightOn Suite, with a clarified offer and increased sales effort.

• A new CEO began reviewing positioning and commercial targets to align resources with higher-potential segments.

Financial highlights

• Revenue was €1.07m, up 51% YoY; licence sales were €849k and related services €220k. France contributed €1.05m and international revenue €20k.

• Operating loss was €3.86m versus €3.86m in H1 2025; net loss was €3.96m versus €3.68m.

• Other operating income rose to €2.08m from €1.75m, including €1.62m of capitalised development costs and €465k of grants.

• Employee costs were €3.41m, up 12% YoY; other operating costs declined 3% to €2.84m.

• Operating cash outflow was €5.08m and free cash flow was -€5.09m, versus -€2.99m and -€3.04m, respectively, in H1 2025.

Outlook and guidance

• Strategic action plan targets improved technology monetisation, a Search-focused LightOn Suite offer, stronger sales execution and user-led product development.

• A new website and commercial offer focused on higher-value customer use cases were planned for the coming weeks.

• Recurring revenue growth, expansion within existing accounts and commercial conversion are priorities; industrialised deployments are targeted for 2027.

• Going-concern projections assume cost reductions begun in July 2026, growth from the new offer, bond compliance and subscription of a further €1.8m of simple bonds; some projected revenue was uncontracted at period-end.