Virtualware (MLVIR) H1 2024 earnings summary

Executive summary

• Revenue reached €2.034 million in 1H2024, up 28.09% year-over-year, driven by a shift to a SaaS model and expansion of the customer base through technology partners.

• Net profit was €199,164 in 1H2024, reversing a loss of €25,759 in 1H2023, reflecting improved operational efficiency and strategic execution.

• EBITDA rose to €344,539, a 299.16% increase compared to €86,317 in 1H2023.

• VIROO, the flagship SaaS platform, is gaining global traction, now used by over 40 organizations and recently won Best Training Solution at the 2024 XR Awards.

• Appointment of John A. Cunningham as President of U.S. operations supports international growth ambitions.

Financial highlights

• Gross profit for 1H2024 was €2.033 million, up from €1.647 million in 1H2023.

• Personnel expenses remained stable at €1.26 million versus €1.28 million year-over-year.

• Other operating expenses increased to €577,514 from €489,577 in 1H2023.

• Financial result was negative at €(29,252), compared to €(10,298) in 1H2023.

Outlook and guidance

• Management anticipates continued growth and margin improvement in the next six months, building on the momentum from the SaaS transition.