Skip to main content

Analyst report highlights Q1 2026 bookings of c.€2.5 million, implying an annualised run-rate above €10 million

Written by Customer Service on . Posted in Public Companies.

Bilbao, May 28, 2026.- Virtualware (EPA: ALVIR), a leading expert in enterprise XR and industrial simulation software, listed on Euronext Growth Paris, has received an initiation of coverage report published on May 20 by LKS Next research team.

The report estimates a fair value range of €5.9–€6.5 per share, with a central value of c.€6.3, based on a combined DCF and peer-multiple approach. At the date of the report, the shares last traded at €5.95.

The report highlights that Q1 2026 bookings already reached c.€2.5 million, with c.29% generated in the US, implying an annualised booking run-rate above €10 million, ahead of the record €8 million achieved in full-year 2025.Revenue is projected to grow from €4.3 million in 2025 to €5.7 million in 2026 and €8.4 million by 2028.

EBITDA margins are expected to expand from 14.5% in 2025 to 25.6% in 2026 and 46.6% by 2028. Recurring subscription revenues (ARR) are forecast to reach €4.9 million by 2028, up from €1.9 million in 2025.

The full report is available on the company’s investor relations website.

Founded in 2004, Virtualware is one of the leading companies in enterprise software based on immersive and 3D technologies for industry and education.

Virtualware serves global organizations and institutions, including GE Vernova, Volvo, Gestamp, Alstom, ADIF, Bosch, Biogen, Kessler Foundation, Invest Windsor Essex, McMaster University, the University of El Salvador, Ohio University, the Spanish Ministry of Defense, or the Basque Government.

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

Press and investors contacts

Press: Aida Otaola: aotaola@virtualwareco.com

Investor Relations: ir@virtualwareco.com

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

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.