BILBAO, Spain, July 18.- European Virtual Reality company Virtualware recorded revenues of €2.034 million in the first half of 2024, a growth of 28.09% over the same period last year.
According to unaudited results released this morning on Euronext Access Paris, the company's EBITDA in the first half amounted to €344,539.
This figure represents an improvement of 299.16% compared to €86,317 for the first half of 2023.
The net profit for the first half of 2024 was 199,164 euros, compared to a loss of 25,759 euros in the first half of 2023. This shows that the company's strategic decisions have ushered in a new phase of growth.
The results are the fruit of consolidating the company's new business model, which involves a shift to the SaaS model and the growth of its customer base through the induction of technology partners.
Unai Extremo, CEO of Virtualware, explained, "The significant and continued growth we are experiencing is good news, and the margin results reflect something we anticipated when we decided to radically change our business model and bet on the development of a SAAS platform such as VIROO."
"We hope to be able to continue this dynamic in terms of results over the next six months," he added.
Headquartered in Bilbao (Spain), Virtualware is a global pioneer in developing virtual reality solutions for large industrial, educational, and healthcare conglomerates.
Virtualware's flagship product, VIROO, facilitates the adoption of virtual reality in enterprises thanks to its ease of use, robustness, and scalability. Recognized as a pioneering XR platform for training, VIROO is fast becoming the global reference for developing and deploying multi-user VR applications in industry and education.
VIROO is already being used by more than 40 companies and institutions around the world, including GE Vernova, Ontario Power Generation, Gestamp, ADIF, the Spanish Ministry of Defense, Invest WindsorEssex, McMaster University, the University of El Salvador, Conalep and EAN University.
In May, it won the award for Best Training Solution at the 2024 XR Awards organized by XR Today.
Following the publication of its 2024-2026 Strategic Plan, the company announced the appointment of John A. Cunningham as President of its U.S. operations.
The company made its stock market debut on Euronext Access Paris in April 2023. Its shares are currently trading at €8.40 per share, reflecting a market capitalization of close to €38.153 million.
The market consensus currently stands at €10 per share, according to the most recent report published by Litchfield Hills Research.
Safe Harbor
This document is only provided for information purposes and does not constitute, nor should it be interpreted as, an offer to sell or exchange or acquire, or an invitation for offers to buy securities issued by any of the aforementioned companies. Any decision to buy or invest in securities in relation to a specific issue must be made solely and exclusively on the basis of the information set out in the pertinent prospectus filed by the company in relation to such specific issue. No one who becomes aware of the information contained in this report should regard it as definitive, because it is subject to changes and modifications.
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.
