Virtualware (MLVIR) H1 2025 earnings summary

Executive summary

• Consolidated accounts for the six months ended 30 June 2025 reflect the group's financial position and performance in accordance with Spanish accounting standards.

• The group operates on a going concern basis, with no reasonable doubts about its continued operation.

• Strategic consolidation in international markets, especially the U.S., and technological reinforcement of the VIROO platform marked the first half of 2025.

• The company listed on Euronext Growth, enhancing liquidity and international investor access.

• Signed the largest contract in its history, worth over €5 million, for 66 VET Centres in Spain.

Financial highlights

• Total assets as of 30 June 2025 amounted to €7,753,783.90.

• Net equity stood at €2,123,247.88, with non-current liabilities of €2,198,037.68 and current liabilities of €3,432,498.34.

• Net turnover for the period was €1,572,368.53, with an operating loss of €271,870.25 and a net loss of €299,081.72.

• Revenues for H1 2025 declined 22% year-over-year due to seasonality and multi-year contract cycles.

• Gross margin improved to 95% from 85% in H1 2024, driven by a shift away from hardware-related services.

Segment performance

• The main revenue stream was from the provision of services, with no reported inventory changes or in-house asset work.

• VIROO platform chosen for a national vocational training modernization project in Spain, expanding its deployment to 66 new centers.

• Simumatik integration is advancing, contributing to product development.

• Personnel costs totaled €1,593,072.47, and other operating expenses were €652,250.97.