Virtualware (EPA:MLVIR) Announces record-breaking First-Half 2023 Results: VR SaaS Business Line Records Steady 208% Growth

BILBAO, Spain, July 18, 2023 (GLOBE NEWSWIRE) -- Virtualware (EPA:MLVIR), a pioneering VR company employing a SaaS business model, today announced record-breaking H1 2023 financial results, just three months after it went public in Euronext Access Paris.

In H1 2023, Virtualware reported total revenues of €2.149 million, indicating a 44.71% growth over the previous year. Most of this growth was fueled by subscription plan revenues accounting for €630,000, which show a substantial year-on-year increase of 208.23%.

The company's gross profit margin increased to 82%, up from 76% in H1 2022, demonstrating improved operational efficiency, according to unaudited results disclosed to the market.

Virtualware's EBITDA for the year's first half was €348,000, a significant increase from 2022. After adjustments for capitalized expenses, IPO-related extraordinary expenses, and extraordinary income, the EBITDA was €292,000. This is a considerable leap forward from the negative €293,000 EBITDA in H1 2022.

The wage expenses, which include one-time IPO-related employee share allocations, increased by 24.08% to €1.445 million. This rise is a combined result of salary increases and staff expansion, which accounted for 17% of the increase, and employee share remuneration due to the IPO, which comprised the remaining 7%.

External services expenditure was €507,228, up 35.17% year-on-year, including the IPO's extraordinary expenses. Excluding these, the year-on-year growth is 3.16%.

Headquartered in Bilbao, Spain, Virtualware is a global pioneer in developing virtual reality solutions for major industrial, educational, and healthcare conglomerates. Since its founding in 2004, the company has garnered widespread recognition for its accomplishments. In 2021, Virtualware was acknowledged as the world’s most Innovative VR Company.

Its flagship product, VIROO, is a VRaaS platform that has democratized Virtual Reality, making it accessible to companies and institutions of various sizes and sectors worldwide.

With a diverse client base that includes GE Hitachi Nuclear Energy, Ontario Power Generation, Petronas, Iberdrola, Alstom, Guardian Glass, Gestamp, Danone, Johnson & Johnson, Biogen, Bayer, ADIF, the Spanish Ministry of Defense, Invest WindsorEssex, McMaster University, University of El Salvador and EAN University, and a network of partners worldwide, Virtualware is poised for further global expansion.

The company went public on Euronext Access Paris in April 2023, where its stock currently trades at 7.00 euros a share and a market capitalisation close to 32 million euros.


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This document contains or may contain forward-looking statements regarding intentions, expectations or projections of Virtualware 2007, S.A. (“Virtualware” or the “Company”) or of its management on the date thereof, that refer to or incorporate various assumptions and projections, including projections about the future earnings of the business. The statements contained herein are based on our current projections, but the actual results may be substantially modified in the future by various risks and other factors that may cause the results or final decisions to differ from such intentions, projections or estimates. These factors include, without limitation, (1) the market situation, macroeconomic factors, regulatory, political or government guidelines, (2) domestic and international stock market movements, exchange rates and interest rates, (3) competitive pressures, (4) technological changes, (5) alterations in the financial situation, creditworthiness or solvency of our customers, debtors or counterparts. These factors could cause or result in actual events differing from the information and intentions stated, projected or forecast in this document or in other past or future documents. Virtualware does not undertake to publicly revise the contents of this or any other document, either if the events are not as described herein, or if such events lead to changes in the information contained in this document. This disclaimer needs to be taken into account by those persons which may take a decision over the base of this document or to elaborate or disseminate opinions based hereof. This document may contain summarised information or information that has not been audited. This document is confidential and it cannot be revealed or disclosed to third parties different from the original recipients, even partially, without Virtualware’s prior consent.


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