Virtualware reports record bookings of over €8 million in 2025

Virtualware (EPA: ALVIR), a leading expert in virtual reality for industry, listed on Euronext Growth Paris, closed 2025 with record bookings, exceeding €8 million.

These bookings, derived primarily from government and nuclear projects, will enable the company to consolidate its position in the coming years.

The company, which today presented its yearly unaudited results to Euronext, reported €4.32 million in revenue in 2025, a 2.85% increase YoY, with reported EBITDA of €598,509 (13.8% margin).

The company’s VIROO XRaaS line, which includes the international commercialisation of its proprietary VIROO platform, closed at €1.95 million, up from €1.73 million in 2024, reflecting the consolidation of the company’s business model and alignment with its last two strategic plans.

These results confirm the strength of the current business model and the company’s ability to absorb expansion costs with discipline—translating growth into value for shareholders—and show it is ready for selective inorganic opportunities.

Operating costs were managed with discipline despite a 22.55% increase in personnel expenses to €3.20 million (from €2.61 million in 2024), attributable to inorganic growth, namely the acquisition of Simumatik.

Virtualware is a leading European provider of virtual reality technologies for global corporations, focused on developing its own technology, VIROO, which enables the seamless deployment of virtual reality applications and is used by energy companies, nuclear plant manufacturers, and the defense and training industries.

“These results confirm that we can integrate acquisitions and expand internationally while maintaining strong profitability. Virtualware is entirely capable of handling growth efficiently and keeps working on VR and real-time 3D technologies that can make a dent in strategic industries. We are ready to move forward with new opportunities,” said Unai Extremo, CEO of Virtualware, who founded the company in 2004 with CTO Sergio Barrera.

“Virtualware is a resilient company, capable of maintaining a certain level of stability even in complex and unstable environments thanks to the business model it implemented in the 2021-2023 Business Plan, which we are currently consolidating in the present strategic plan,” he added.

At year-end, the company’s current assets stood at €9.09 million, with current liabilities at €6.85 million.

At the end of the fiscal year, the company’s net financial debt stood at €2.70 million (Net debt/EBITDA 4.53x). However, a €6.22 million payment received on January 10, 2026, from a major client resulted in a pro forma net cash position of approximately €3.51 million and a cash ratio of 0.97x, indicating robust financial health.

About Virtualware

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.

Press and investors contacts

Press: Aida Otaola: aotaola@virtualwareco.com

Investor Relations: ir@virtualwareco.com