Virtualware (MLVIR) H2 2024 earnings summary

Executive summary

• Achieved record financial results in 2024, with EBITDA margin at 19% (€808,000) and net profit of €544,000, marking a 750% increase year-over-year.

• Revenue reached €4.2 million, up 13.5% from 2023, with 36% of turnover from North America.

• Subscription revenues grew 33%, and recurring XRaaS revenue increased 192% over two years.

• Expanded product portfolio and market reach through the acquisition of Simumatik and a new US subsidiary.

• Strategic partnership with HTC VIVE to accelerate XR adoption in the Americas.

Financial highlights

• EBITDA up 90% to €808,000; net profit up 750% to €544,000 year-over-year.

• Sales rose to €4.2 million (+13.5% YoY); subscription-based services accounted for 41% of revenue.

• VIROO XRaaS revenue reached €1.73 million, up from €590,555 in 2022.

• Gross margin strengthened to 86%.

Outlook and guidance

• Focus on sustainable growth, double-digit EBITDA, and continued expansion in North America.

• Plans to launch VIROO 3.0 and move trading to Euronext Growth in 2025.

• Continued pursuit of both organic and inorganic growth, with further acquisitions possible.