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, 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.

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