Virtualware achieves 90% EBITDA growth in 2024, driven by SaaS expansion in North America and acquisitions in Europe

Bilbao, 6 February 2025.- Virtualware (EPA: MLVIR), a leading expert in 3D-driven enterprise software, reported a 90% increase in EBITDA to 806,000 euros, according to its unaudited results submitted today to Euronext.

This growth was driven by the expanded adoption of the company’s enterprise XR platform VIROO through its subscription-based model and new contracts secured in North America.

Since 2023, the Euronext-listed company has operated under three core pillars: expanding in the US and Canada, strengthening immersive and 3D-powered solutions, and pursuing inorganic growth to accelerate revenue.

In 2024, Virtualware’s core XR unit registered 4.17 million euros in sales, up 13.5% from 2023.

Pre-tax profit climbed 760% to 561,864 euros.

Subscription-based services accounted for 41% of total revenue. VIROO XRaaS revenue grew from 590,555 euros in 2022 to 1,288,060 euros in 2023, reaching 1,725,719 euros by end of 2024 and marking a 192% increase over two years.

VIROO, Virtualware’s flagship product, is a ready-to-run XR solution that provides multiple, ready-to-use applications for users and tools for developers to create and distribute their own custom multi-user XR, simulation and digital twin applications, while ensuring security, scalability, and performance.

“We remain committed to sustainable growth while investing in technology,” said CEO Unai Extremo. “Once again, we’ve achieved double-digit expansion while strengthening our innovation capabilities and presence in new markets. These results validate our strategic plan.”

At the start of 2024, Virtualware launched a Strategic Plan to expand its North American footprint over the next three years. North American sales represented 36% of total revenue in 2024. The company continues to grow in the region, with team expansions in Orlando, US and Toronto, Canada, and 10 new channel partners.

The strategic partnership agreement established with HTC VIVE in October 2024 is now enabling Virtualware’s XR technology to enter the US market through HTC’s channels. Recently, both companies inaugurated their first Enterprise Simulation Lab at the HTC VIVE Americas Headquarters in Berkeley, California, reflecting their shared mission to accelerate the adoption of immersive technologies within the Americas market.

In Canada, the company partnered with Invest WindsorEssex and Nexstar Energy on a 3.5 million euros technical training program for battery manufacturing professionals, supported by the Canadian government. Virtualware plays an essential role in this partnership program by bringing its expertise in immersive technology. As a program partner, the company will design and deliver cutting-edge VR training modules in a custom-built VR room tailored for hands-on training, all powered by VIROO.

Initial round of acquisitions

Also in October 2024, Virtualware acquired Simumatik, a Swedish firm specializing in emulation software and digital twins, for 1.37 million euros. While the acquisition did not impact 2024 results, the company has already started generating new business opportunities with its industrial client base around Simumatik’s technology.

Virtualware remains open to exploring further inorganic growth via acquisitions in 2025.

Uplisting to Euronext Growth

Founded in 2004, the firm has traded on Euronext Paris’ Access segment since April 2023. Over the past 12 months, its shares have risen 23.33%. Last week, Virtualware announced its intention to uplist to Euronext Growth Paris in the first half of 2025.

Over the past two decades, Virtualware has built sophisticated enterprise solutions for global conglomerates and institutions, including GE Vernova, Petronas, Volvo, Gestamp, Alstom, ADIF, Bosh, Biogen, Kessler Foundation, Invest Windsor Essex, McMaster University, and the Spanish Ministry of Defense.

The company’s headquarters are in Bilbao, Spain, with offices in Orlando, US, Toronto, Canada, and in Skövde, Sweden.

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