24.01.2024 08:10:00

Virtualware Reports (MLVIR.PA) Record €4.52 Million Revenue in 2023, a 40% Surge from Previous Year

Bilbao, January 24 - European Virtual Reality company Virtualware (MLVIR.PA) (EPA:MLVIR), reported record total revenues of €4.52 million in 2023, 40% more than in the previous year, just nine months after its IPO on Euronext Access Paris.

This growth is mainly attributed to the increased adoption of its VR as a Service (VRaaS) subscription plans and the adoption of its core technology VIROO, which generated revenues of €1.3 million, a significant increase of 118.26% compared to the previous year

VIROO enables developers around the world and of any size to easily generate and deploy virtual reality applications. It is currently used by companies on three continents, including large global conglomerates and public institutions.

"Over the next two years, we will channel our resources and expertise to further position VIROO as the most widespread VR development platform. We want to ensure that everything we offer the industry remains at the forefront of innovation. We want to consolidate Virtualware at the forefront of European virtual reality," said Unai Extremo, CEO.

Additionally, the company reported the following relevant data:

  • In 2023, the company recorded a consolidation of its VRaaS model, which has grown in just three years to contribute 35% of the company's annual revenue.
    Services linked to VIROO, which include the installation of physical multi-user virtual reality rooms and the creation of immersive content, contributed €2.15 million, accounting for 58% of this segment.
  • According to the 2023 earnings preview presented to the market today, the company's gross profit margin for 2023 increased to 81%, up from 76% in 2022, indicating continued improvement in operating efficiency.
  • For the period, Virtualware's EBITDA for 2023 was €355,000, showing a growth of 8.47% compared to the previous year.
  • After excluding one-off expenses related to the IPO, adjusted EBITDA for the period was €192,000. This represents a substantial recovery from the negative €293,000 in 2022.
  • The company's salary expenses, including extraordinary employee share awards related to the IPO itself, amounted to €3.06 million, reflecting a year-on-year growth of 25.08%.
  • This increase in salary expenses is due to a 12% increase resulting from salary increases and staff expansion and a 13% increase attributed to employee share compensation linked to the listing.
  • During the period, the company's debt was reduced by approximately €400,000, bringing net debt to €1.3 million. This represents a reduction of 23% compared to 2022 levels.
    In 2023, Virtualware signed contracts worth €5.6 million, of which 43% came from North America (USA and Canada), 33% from EMEA (mainly Spain) and 24% from Latin America, mainly El Salvador.

About Virtualware

Headquartered in Bilbao with offices in Toronto, Virtualware is one of the pioneering companies in the field of European virtual reality.

All its work is focused on developing virtual reality technologies oriented to industry, education, and critical sectors such as energy, transportation and defense.
Founded in 2004, the company was recognized in 2021 as the world's most innovative virtual reality company at the VR Awards.

Its VIROO technology is one of the first SaaS technologies worldwide adapted to the field of virtual reality, and is already used by companies on three continents.

Precisely, its strategic focus for Virtualware in the coming year is on expanding VIROO globally, enhancing VRaaS offerings, promoting sustainability and social impact, and attracting the best talent in the industry to maintain its leadership in the evolving virtual reality market.

Its client portfolio includes major conglomerates GE Hitachi Nuclear Energy, Ontario Power Generation, Petronas, Iberdrola, Alstom, Guardian Glass, Gestamp, Danone, Johnson & Johnson, Biogen, Bayer, ADIF, the Spanish Ministry of Defense, the Canadian automotive cluster Invest WindsorEssex, McMaster University, the University of El Salvador and EAN University.

Recently, the company announced the appointment of a new International Board of Advisors, to boost its presence in the United States market.

The company went public on Euronext Access Paris in April 2023, where its shares are currently trading at €7.50 a share under the ticker MLVIR and a valuation of close to €34 million.

FULL EARNINGS RELEASE:
https://www.virtualwareco.com/news/reports-solid-growth-2023/

VIRTUALWARE ON EURONEXT
https://live.euronext.com/en/product/equities/ES0105704003-XMLI

FURTHER INFO

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.


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