Verimatrix (VMX) H1 2026 earnings summary

Executive summary

• Refocused on Anti-Piracy following the February 2026 sale of XTD assets to Guardsquare; Anti-Piracy represented ~90% of total revenue.

• H1 consolidated revenue was $21.7M, down 18.2% YoY; Anti-Piracy revenue was $21.3M, down 11%.

• Subscription ARR grew 11% to $16.1M, while recurring subscription revenue rose 9% to $8.0M.

• Adjusted EBITDA was $1.9M (9% margin); IFRS net loss narrowed to $2.2M from $65.0M, including a $60.0M goodwill impairment in H1 2025.

Financial highlights

• Consolidated adjusted gross margin was $14.1M, or 65.0%, versus $17.7M, or 66.6%; gross margin was $13.8M, or 65.0%.

• Consolidated adjusted EBITDA was $1.8M versus $2.5M; adjusted net loss was $0.8M versus $3.1M.

• Cash and equivalents were $5.2M at June 30, 2026, versus $7.1M at year-end.

Outlook and guidance

• FY26 guidance targets 5% Anti-Piracy revenue growth and ~$4M Anti-Piracy EBITDA; full-year EBITDA target is above $3M.

• By 2028, objectives include sustained revenue and EBITDA growth, positive free cash flow, and 80% recurring revenue.

• FY26 priorities include subscription growth, new partnerships, wider geographic reach, and opportunities in sports and digital-content protection.