Virtualware Returns to Profit as First-Half Revenue Grows 65%
Subscription and services growth across VIROO and Simumatik lifts EBITDA to €375,323, from a negative €61,785 a year earlier
Bilbao, July 28, 2026.- Virtualware (EPA: ALVIR), the European enterprise software company specializing in immersive and 3D technologies, reported revenues of €2,600,346 for the first half of 2026, a 65.38% increase over the €1,572,369 posted in the same period of 2025. The company recorded a net income of €132,680, compared with a net loss of €299,082 a year earlier.
EBITDA reached €375,323, against a negative €61,785 in the first half of 2025. Operating income turned positive at €152,935, from a loss of €271,980.
The results come amid growing adoption of extended reality (XR) in defense and nuclear. The military simulation and virtual training market is valued at around $13.9 billion in 2026 and is projected to reach $17.7 billion by 2030, according to The Business Research Company.
In nuclear, the International Energy Agency expects capacity to reach record levels, with major economies investing in both new builds and the life extension of existing plants. Virtualware closed 2025 with record bookings exceeding €8 million, derived primarily from government and nuclear projects.
Growth came from both of the company’s products. VIROO, its flagship XR platform, generated €1,254,498 in subscriptions, up 43.17%, and €1,063,761 in services, a 100.47% increase.
Simumatik, the digital twin and emulation platform added to Virtualware's portfolio after the acquisition of the Swedish company in October 2024, posted €58,472 in subscriptions, up 264.79%, and €223,615 in services, up 101.04%.
Subscription revenue across both platforms exceeded €1.3 million and accounted for half of total revenues in the period.
The revenue increase came with a contained cost base. Personnel expenses rose 2.98% to €1,640,582, while gross margin stood at 91.04%, compared with 96.38% a year earlier.
Virtualware ended the period with negative net debt of €1,915,216, equivalent to a net cash position, and a net debt to adjusted EBITDA ratio of -18.71%.
“Immersive technology is becoming standard infrastructure in defense and nuclear, two sectors entering long investment cycles. Organizations in regulated industries need simulation they can deploy under full control of their data and technology stack. The first half shows Virtualware turning that demand into profitable growth,” said Unai Extremo, CEO of Virtualware.
Virtualware guided in February for organic revenue growth of more than 30% in 2026, with EBITDA margins in the 20% to 25% range.
During 2026, the company has also strengthened its International Advisory Board. In January it appointed Stephanie Smith, a Canadian nuclear engineer with more than 35 years of experience and former Chief Nuclear Engineer at CANDU Energy (AtkinsRéalis).
In June, the board added Jason Paltrowitz, founder of New York-based Crossbridge Advisors and former Executive Vice President at OTC Markets Group, who advises the company on U.S. market access and capital markets strategy.
Virtualware also recently announced that its VIROO platform is adding support for Unreal Engine. Through the VIROO Studio SDK, developers will be able to build multiuser, multidevice XR applications and deploy them from public and private clouds to on-premises and air-gapped networks.
Founded in 2004 and listed on Euronext Growth Paris since June 2025, Virtualware is one of the leading European companies in enterprise software based on immersive and 3D technologies.
The company serves mission-critical industries and support modern education systems, including global organizations and institutions such as GE Vernova, Volvo, Gestamp, Alstom, ADIF, Bosch, Biogen, Invest Windsor Essex, Ohio University, the Spanish Ministry of Defense and the Basque Government.
Virtualware is headquartered in Bilbao, Spain, with subsidiaries in the United Kingdom, Canada, the United States, and Sweden.
Press and investors contacts
Press: Aida Otaola: aotaola@virtualwareco.com
Investor Relations: ir@virtualwareco.com
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