Virtualware (MLVIR) H2 2023 earnings summary

Executive summary

• 2023 revenue reached €4.52m, up 40% YoY, driven mainly by VIROO adoption and growth in VRaaS subscriptions.

• Contracts signed totaled €5.6m, with 43% from North America, 33% from EMEA and 24% from Latin America.

Financial highlights

• EBITDA was €355k, up 8.47% YoY; adjusted EBITDA, excluding IPO-related one-off expenses, was €192k versus negative €293k in 2022.

• Net income was €36,243 in 2023 versus €398,596 in 2022; operating income was €83,104 versus €28,186.

• Adjusted operating income was €425,968, with adjustments for non-cash expenses and stock-based compensation.

Outlook and guidance

• Over the next two years, resources and expertise are to focus on positioning VIROO as a widely adopted VR development platform and sustaining innovation.

• Strategic priorities include global VIROO expansion, stronger VRaaS offerings, sustainability and social impact, and attracting industry talent.