Verimatrix (VMX) Q3 2026 TU earnings summary

Executive summary

• Anti-Piracy revenue returned to growth in Q3, rising 20% YoY to $10.4m on higher recurring revenue and license sales.

• Strategic priorities: refocus on the core business, innovate in core adjacencies, and win through partnerships, securing premium video across OTT, streaming, and digital platforms.

Financial highlights

• Q3 Anti-Piracy revenue was $10.4m versus $8.7m in Q3 2025; 2025 comparatives are restated to exclude the divested XTD product line.

• Q3 recurring revenue increased 5% YoY to $7.2m; subscriptions rose 5% to $3.9m and maintenance rose 7% to $3.3m.

• Q3 non-recurring revenue increased 73% YoY to $3.2m.

• Nine-month Anti-Piracy revenue declined 3% YoY to $31.6m, improving from an 11% decline in H1; recurring revenue was stable at $21.7m and non-recurring revenue fell 9% to $10.0m.

Outlook and guidance

• FY 2026 objectives confirmed: return to Anti-Piracy revenue growth, grow recurring revenue, and achieve Anti-Piracy EBITDA above $3m.

• The 2026–2028 roadmap targets business and EBITDA growth and positive free cash flow by 2028; FY 2026 outlook is aligned with the roadmap.