STRONG IMPROVEMENT IN H1 2026 RESULTS - OUTLOOK FOR 2026 CONFIRMED
- Consolidated revenue of €8.5 million in H1 2026, compared to €5.4 million in H1 2025 on a like-for-like basis (+58%);
- EBITDA[1] of €5.1 million, compared to €0.3 million in H1 2025;
- Net income of €0.8 million, compared to a net loss of €2.1 million in H1 2025;
- Signing of a strategic agreement with Bull covering the licensing of Kalray's technology for Bull's next-generation components targeting AI infrastructure;
- Confirmation of the 2026 financial outlook: double-digit revenue growth and improved EBITDA for 2026 fiscal year.
Grenoble, September 24, 2026 – Kalray (Euronext Growth Paris: ALKAL), a technology company specializing in semiconductors and high-performance data processing for artificial intelligence, develops and licenses hardware and software technologies at the heart of next-generation AI infrastructure. The company today announced its H1 2026 results. The financial statements were approved by the Executive Board, following review by the Supervisory Board, on September 22, 2026, and were subject to a limited review by the statutory auditors.
Éric Baissus, Chairman of Kalray's Management Board, stated:
“The results for the first half of 2026 confirm the transformation Kalray has been undergoing for several months. From a commercial standpoint, following Openchip, the contract signed with Bull represents further validation of our business model: monetizing our technologies through licensing while supporting our customers in their development projects—financed by themselves—and demonstrating our ability to build long-term relationships with our customers.
Our priorities are now clear: to successfully execute these programs, continue to develop our technologies —which will be at the core of tomorrow's AI challenges — and promote them to new customers, while continuing to improve our financial profile. We thus confirm our outlook for 2026 of double-digit revenue growth and a further improvement in EBITDA.”
STRONG GROWTH IN EBITDA AND POSITIVE NET INCOME IN H1 2026
At the end of H1 2026, Kalray reported consolidated revenue of 8,503 K€, compared to 5,366 K€ in the first half of 2025 on a like-for-like basis for the semiconductor business, representing growth of +58%. Compared to consolidated revenue for the first half of 2025 - which still included the “Enterprise business” divested in February 2025 - growth stood at +7.7%.
Total operating revenue was 13,710 K€, compared to 14,489 K€ as of June 30, 2025. The decrease in capitalized R&D reflects the gradual shift in the business model toward more customer-funded development and greater monetization of Kalray's technologies.
Current operating expenses totaled 8,481 K€ in H1 2026, compared with 13,195 K€ in H1 2025, reflecting the adjustment of the cost structure to the Group's new scope of operations, the efficiency measures implemented, and the impact of the temporary transfer of staff to Openchip during the period. It should be noted that this latter effect is limited to the first half of 2026 and will not impact the second half following the return of the staff to Kalray in July.
EBITDA came in at 5,123 K€ in the first half of 2026, compared to 253 K€ in H1 2025.
After accounting for depreciation, amortization, and provisions, operating net loss came in at (1,361) K€. After accounting for the Research Tax Credit (CIR) of 1511 K€, operating income adjusted for the CIR was slightly positive. Net income reached 776 K€, compared to a loss of (2,115) K€ in the first half of 2025.
BALANCE SHEET POSITION
Kalray's shareholders' equity increased slightly to 33,674 K€ as of June 30, 2026 (compared to 32,673 K€ as of December 31, 2025).
Cash flow from operations rose significantly over the period to 4,635K€ as of June 30, 2026, compared to 813 K€ as of December 31, 2025, reflecting the effects of the new model. After taking into account the change in working capital, cash flow from operating activities amounted to 2,401 K€ as of June 30, 2026, compared to 1,972 K€ as of December 31, 2025.
On the balance sheet, Kalray continued to reduce its liabilities, with a further decline in accounts payable and related items (from 11,173 K€ as of December 31, 2025, to 8,631 K€ as of June 30, 2026). At the same time, bank loans decreased from 2,979 K€ as of December 31, 2025, to 2,448 K€ as of June 30, 2026.
As of June 30, 2026, available cash remained stable at 2,179 K€, compared to 2,952 K€ as of December 31, 2025, taking into account the signing date of the strategic agreement with Bull at beginning of H2.
CONFIRMATION OF THE 2026 FINANCIAL OUTLOOK
Based on H1 results and the momentum of ongoing projects, the Group confirms its financial outlook for 2026, namely double-digit revenue growth coupled with a further improvement in EBITDA compared to 2025.
BULL AND OPENCHIP CONTRACTS: PROGRESSIVE VALIDATION OF THE SCALABILITY OF KALRAY'S NEW BUSINESS MODEL IN the RAPIDLY GROWING MARKET of SEMICONDUCTORS FOR AI INFRASTRUCTURE
The agreements signed with Openchip, followed by Bull, demonstrate the initial results of Kalray's new business model, which is based on monetizing its technologies through hardware and software licenses, supplemented by specific developments funded by customers. Depending on the program, this model also includes royalties tied to the commercialization of the developed products.
- Bull Agreement: Bull and Kalray have signed a licensing agreement for Kalray's “Networking Engine” technologies. Kalray's “Networking Engine” technology is designed to be at the heart of the components responsible for communications in AI and HPC data centers. This technology will be integrated into Bull's next-generation components, which are scheduled to be launched starting in 2028. This contract is expected to represent potential revenue of approximately €12 million for Kalray over the next 18 months[2] , in addition to royalties on each product sold once they are commercially available.
- Openchip Agreement: the collaboration with Openchip, which began in 2025, will soon continue with the development of Openchip's next-generation AI and HPC acceleration chips. This agreement demonstrates Kalray's ability to establish lasting technological relationships with its customers, extending beyond a single program or one-off development project. The extension currently under discussion is expected to represent potential revenue of approximately €5 million for Kalray over the next 12 months.
These two strategic agreements demonstrate Kalray's ability to address the technological needs of players in the rapidly growing AI infrastructure market, as well as the relevance of its cutting-edge technologies in this field. Kalray intends to continue leveraging its offering in this market and is actively working to replicate this model with other customers.
PUBLICATION OF THE 2026 HALF-YEAR FINANCIAL REPORT
The half financial report, including the consolidated financial statements as of June 30, 2026, and the appendix, will be available no later than October 31, 2026, in the “Financial Documents” section of the Company's website at www.kalray-bourse.com
ABOUT KALRAY
Kalray (Euronext Growth Paris – FR0010722819 – ALKAL) is a technology company specializing in semiconductors and high-performance computing for artificial intelligence.
Drawing on more than fifteen years of expertise in parallel computing architectures, as well as in the design of processors and complex high-performance computing systems, Kalray is a leading European technology player in technologies that are now at the heart of artificial intelligence infrastructures.
Kalray develops and licenses critical hardware and software technologies for new generations of semiconductors intended for AI infrastructure and, more broadly, for applications requiring the processing of massive volumes of data. These technologies enable, in particular, the efficient processing, movement, and orchestration of data between different computing resources and constitute essential building blocks of high-performance computing and AI architectures that optimize performance, energy consumption, and security.
Kalray's business model is based on monetizing its technologies through hardware and software IP licenses, combined with specific development projects funded by its customers. Kalray thus supports its customers from the definition of complex architectures through to their integration into new generations of semiconductors, combining its proprietary technologies, systems expertise, and know-how in silicon and complete system design. www.kalrayinc.com
Disclaimer
This press release may contain forward-looking statements by the Company regarding its objectives and outlook. These forward-looking statements are based on the current estimates and expectations of the Company's management and are subject to risks and uncertainties, including those described in Appendix 1 of the 2025 Management Board Report, published on the Company's website. The forward-looking statements mentioned in this press release may not be realized due to these factors or other risk factors and uncertainties that are unknown or that the Company does not currently consider material or specific.
CONTACTS
| INVESTOR CONTACTS Eric BAISSUS contactinvestisseurs@kalrayinc.com Tel. +33 4 76 18 90 71 ACTUS Finance & Communication Anne-Pauline PETUREAUX kalray@actus.fr Tel. +33 1 53 67 36 72 | PRESS CONTACTS Ellyn Kalifa communication@kalrayinc.com Phone: +33 4 76 18 90 71 ACTUS Finance & Communication Serena BONI sboni@actus.fr Phone: +33 6 19 37 55 31 |
Appendices
EBITDA TO OPERATING INCOME RECONCILIATION TABLE
| in K€ - French accounting standards | H1 2026 |
| EBITDA | 5,123 |
| Depreciation and amortization of fixed assets, and provisions and impairment charges | (6,484) |
| Operating income | (1,361) |
| CIR | 1,511 |
| Operating income adjusted for the CIR* | 150 |
* Restated operating income: Operating income + Research Tax Credit
Data subject to a limited review by the statutory auditors
Income Statement
| K€ | June 30, 2025 Semiconductor (on a comparable basis) | June 30, 2025 | June 30, 2026 |
| Revenue | 5,366 | 7,542 | 8,503 |
| Grants | 1,763 | 1,763 | 2,071 |
| Capitalized Production (R&D) | 4,829 | 4,829 | 3,069 |
| Other revenue | 355 | 355 | 67 |
| OPERATING REVENUE | 12,313 | 14,489 | 13,710 |
| Purchases and changes in inventory | (556) | (1,042) | (106) |
| Operating expenses | (9,875) | (13,195) | (8,481) |
| of which personnel expenses | (7,615) | (9,386) | (4,893) |
| of which other external expenses | (2,260) | (3,809) | (3,588) |
| EBITDA | 1,883 | 253 | 5,123 |
| Depreciation, amortization, and provisions | (5,920) | (7,308) | (6,484) |
| OPERATING INCOME | (4,036) | (7,054) | (1,361) |
| RESEARCH TAX CREDIT | 2,696 | 3,122 | 1,511 |
| OPERATING INCOME BEFORE TAXES (including CIR)* | (1,341) | (3,933) | 150 |
| FINANCIAL INCOME | 912 | 69 | 62 |
| EXTRAORDINARY INCOME | 135 | 1,749 | 564 |
| NET INCOME | (294) | (2,115) | 776 |
*Restated operating income: Operating income + Research Tax Credit
Balance Sheet
| K€ ASSETS | December 31, 2025 | June 30, 2026 |
| Intangible Assets | 38,203 | 36,389 |
| Of which goodwill | - | - |
| Property, plant, and equipment | 2,593 | 1,594 |
| Financial assets | 462 | 871 |
| FIXED ASSETS | 41,258 | 38,854 |
| Inventories | 2,358 | 2,378 |
| Accounts Receivable | 1,644 | 3,995 |
| CIR, CICE, tax receivables & grants | 7,215 | 6,785 |
| Cash and cash equivalents | 2,952 | 2,179 |
| CURRENT ASSETS | 14,169 | 15,337 |
| Accrued and Deferred Items (CCA) | 981 | 457 |
| TOTAL ASSETS | 56,408 | 54,647 |
| K€ LIABILITIES | December 31, 2025 | June 30, 2026 | |
| EQUITY | 32,673 | 33,674 | |
| Provisions | 413 | 388 | |
| Conditional advances | 5,334 | 5,404 | |
| Bank loans | 2,979 | 2,448 | |
| Accounts payable and related accounts | 11,173 | 8,631 | |
| Tax and social security liabilities | 3,232 | 4,051 | |
| Other liabilities | 604 | 52 | |
| TOTAL LIABILITIES AND PROVISIONS | 23,735 | 20,974 | |
| Deferred Revenue | - | - | |
| TOTAL LIABILITIES | 56,408 | 54,647 | |
Cash Flow Statement
| Cash Flow Statement | December 31, 2025 | June 30, 2026 |
| Cash Flow from Operations | 813 | 4,635 |
| Change in Working Capital Requirements | 1,160 | (2,234) |
| Cash flows from operating activities | 1,972 | 2,401 |
| Fixed assets | (7,475) | (51) |
| Capitalized R&D | (8,528) | (3,082) |
| Capital grants | 3,028 | 226 |
| Proceeds from asset disposals | 13,275 | (384) |
| Cash flows from investing activities | 300 | (3,290) |
| FREE CASH FLOW | 2,272 | (889) |
| Net debt and financial liabilities | (1,996) | 44 |
| Conditional advances | 1,009 | 75 |
| Cash flows from financing activities | (987) | 120 |
| Foreign exchange variance | (31) | (4) |
| Change in cash and cash equivalents | 1,254 | (773) |
| Cash and cash equivalents at the beginning of the period | 1,698 | 2,952 |
| Cash at end of period | 2,952 | 2,179 |
[1] EBITDA: Operating income excluding depreciation and amortization of fixed assets and excluding provisions and impairment charges
[2] Of which €2.2 million in revenue has already been recognized in the first half of 2026