Virtualware registered 91% EBITDA Growth and 0.5 Financial net debt to EBITDA ratio in 2024, as per audited results filed today before Euronext

Bilbao, 27 March 2025.  Virtualware (EPA: MLVIR), a leading expert in 3D-driven enterprise software, reported a 91% increase in EBITDA to 808,000 euros in its audited 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.

The company submitted its 2024 Audited Results today before Euronext, following up on the release of its unaudited results filed on February 6th. 

The company will present these results to the market on an Investors Call that will take place online on April 9th at 11.00 am EDT.

Virtualware operates under three pillars: expanding in the US and Canada, strengthening immersive and 3D-powered solutions, and pursuing inorganic growth to accelerate revenue.

Audits show that in 2024, Virtualware’s core XR unit registered 4.20 million euros in sales, or 30,000 euros more than initially reported. 

Pre-tax profit climbed 1712% to 598,000 euros, or 36,163 euros more than reported initially in February. 

Financial net debt to EBITDA ratio stood at 0.5 at the end of 2024. 

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 the 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. 

“These audited results prove that not only Virtualware is growing strong, but also that the way it conducts business is investor-oriented,” said CEO Unai Extremo. “We have gained the market’s trust for many years and intend to grow even further based on this.” 

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 14 new channel partners. 

Last October 2024, Virtualware bought Simumatik, a Swedish firm specializing in emulation software and digital twins, for 1.37 million euros. 

Founded in 2004, the corporation has been trading on Euronext Paris’ Access segment since April 2023. A few weeks ago, Virtualware announced its intention to uplist to Euronext Growth Paris in the second quarter of 2025. 

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

The company’s main office is in Bilbao, Spain, with additional offices in Orlando (USA), Toronto (Canada), and Skövde (Sweden).

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