Virtualware Reports Audited 2025 Results: Margin Improvement and Record Bookings
Gross margin rises to 93.7%, EBITDA reaches €672K (15.53% margin), and the company moves to a pro forma net cash position
Bilbao, March 30, 2026.- Virtualware (Euronext Growth Paris: ALVIR) closed 2025 with a gross margin of 93.7%, up from 86.8% in the prior year, and EBITDA of €672,626 (15.53% margin), according to audited annual results filed today with Euronext.
The figures confirm the operational picture outlined in the February preliminary communication and show margin improvement, reflecting discipline and resilience throughout the year.
Audited revenues reached €4.32 million, in line with the preliminary figure. The EBITDA improvement from the €598,500 (13.8%) reported in the unaudited release reflects the final allocation of depreciation and subsidy recognition under the audited close.
The gross margin expansion was driven by the growing weight of software and XRaaS in the revenue mix and a reduction in direct costs.
The VIROO XRaaS line, which includes the international commercialization of the company’s proprietary VIROO platform, contributed €1.95 million. Annual bookings reached a record of over €8 million, driven primarily by government and nuclear projects.
“The audited results confirm that our model delivers both operational discipline and financial flexibility. We enter 2026 with the strongest liquidity position in our history, a record backlog, and expanding margins. This combination allows us to invest selectively while maintaining the financial sustainability that has defined our trajectory,” said Unai Extremo, CEO of Virtualware.
Net financial debt was approximately €2.70 million as of year-end 2025. However, a €6.22 million payment received on January 8, 2026, corresponding to a receivable on the balance sheet, enabled the company to repay debt and move to a pro forma net cash position.
This post-closing event normalizes working capital and strengthens financial flexibility for selective growth. It does not affect the 2025 income statement.
In June 2025, Virtualware uplisted to Euronext Growth Paris under the ticker ALVIR, broadening its market access and investor visibility.
The company enters the final year of its 2024-2026 Strategic Plan supported by a record backlog, expanding gross margin, operational discipline, and a post-collection cash position that enables selective investment and prudent capital allocation.
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.
Investors can consult the company’s Equity Story by clicking on the following link: https://virtualwareco.com/ir/equity-story-virtualware.pdf
An investor conference will take place on April 14th online. Investors can join the following link: https://virtualwareco.com/investors/call/
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
