Litchfield Hills Research reiterates buy recommendation at $10.00 per share

New York and Bilbao, Spain, 21 May - US equity research firm Litchfield Hills Research has just published a new analysis of Virtualware (ENXTPA: MLVIR), reiterating its Buy recommendation at $10.00 per share.

The report, signed by analyst Theodore R. O'Neill, reaffirms his ‘Buy’ recommendation and highlights the execution of the company's plan to achieve higher recurring revenue through SaaS subscriptions with the VIROO platform, along with its expansion in the US.

He notes that ‘VIROO is becoming a global benchmark for multi-user VR applications and its combination of security features and ease of operation are driving adoption. Virtualware is increasingly receiving larger contracts, such as the recent signing of 12 new VIROO rooms and a new 3-year subscription’.

The $10.00 per share price target is based on a discounted cash flow model, which projects the company's potential future earnings. Given the possibility of a global GDP slowdown, the report puts revenue estimates for 2025 at 5.4 million euros.

Virtualware was listed on the Euronext Access Paris exchange in April 2023 under the ticker MLVIR. It currently has a market capitalisation of EUR 37,244 million and a share price of EUR 8.20 per share.

Headquartered in Bilbao (Spain), the company is a global pioneer in the development of virtual reality solutions for large industrial, educational and healthcare conglomerates. Since its founding in 2004, the company has been widely recognised for its achievements.

In 2021, Virtualware was recognised as the world's most innovative VR company and since April 2023 is listed on the Euronext Access Paris stock exchange.

Virtualware's flagship product, VIROO, is redefining the field of enterprise VR, driving adoption by leveraging innovative and sustainable strategies. Recognised for its pioneering approach to immersive technology, VIROO is fast becoming the global reference for the development and deployment of multi-user VR applications in industry and education.

The VR-as-a-Service platform is already used by more than 40 companies and institutions worldwide, including GE Vernova, Ontario Power Generation, Gestamp, ADIF, the Spanish Ministry of Defence, Invest WindsorEssex, McMaster University, the University of El Salvador, Conalep and EAN University.

Theodore O'Neill, CEO of Litchfield Hills Research, is a two-time Wall Street Journal All-Star Analyst.

Litchfield Hills Research is an independent global equity research firm that provides quality research for institutional investors to companies seeking to increase their visibility with investors. Its reports are distributed on 24 platforms used by institutional investors in the US, EU and China.

For more information on Virtualware's investor relations, investors can visit: https://ir.virtualwareco.com/reports/

Investors can download the report at this link.

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.