Virtualware to Double Down on North America, now 40% of 2025 Revenue
The enterprise software company specializing in XR technologies closes 2025 with record bookings of over €8 million and projects 30% organic revenue growth for 2026
Bilbao, April 16, 2026.- Virtualware (EPA: ALVIR), the European pioneer in 3D-driven enterprise software, disclosed during its investor call on April 14 that the North American market represented 40% of its consolidated revenue in 2025. The figure marks a shift in the company’s geographic profile since the launch of its 2024-2026 Strategic Plan.
The company, which maintains offices in Toronto and Orlando alongside its Bilbao headquarters and a presence in Skövde, Sweden, reported consolidated revenues of €4.32 million for fiscal year 2025, a 3% increase over the prior year.
Unai Extremo, CEO and founder of Virtualware, stated that the company expects North America to represent 50% to 60% of total revenues in the coming years, driven by continued investment in business development, strategic customers, and university partnerships across the United States and Canada.
“We are investing in North America because it is our highest-potential growth market. We have teams on the ground in both the U.S. and Canada doing business development and client support, and we are opening new verticals including defense and energy,” said Extremo during the call.
The expansion is underpinned by concrete deployments. In Canada, an XR training program developed with Invest Windsor Essex has trained over 400 workers preparing for the Nextstar Energy gigafactory in Ontario.
Virtualware also announced last week the inauguration of a new VR lab at the University of Lethbridge in Alberta.
In the United States, the company is deploying VR labs at three universities, UCLA, the University of North Carolina at Greensboro, and Illinois Tech, as part of an initiative to bring immersive training technology to surrounding industries. Ohio University already operates two VR rooms powered by VIROO, Virtualware’s XR infrastructure platform, and Simumatik, its industrial emulation platform.
The North American push sits within a broader set of strategic priorities outlined for the company’s next phase. Virtualware identified six growth vectors for its upcoming 2027-2029 Strategic Plan: nuclear energy, defense, education, North American expansion, inorganic growth, and digital sovereignty.
The nuclear sector already contributes a material share of revenue. Virtualware recently added Stephanie Smith, a senior figure in nuclear energy, to its advisory board to accelerate positioning in a sector the company describes as undergoing a global renaissance.
On defense, the company will exhibit at Eurosatory, the leading international defense and security show to be held in Paris in June, and in the Canadian defense market it will attend CANSEC 2026, the country’s main industry event, taking place on May 27–28 in Ottawa.
The company closed 2025 with record annual bookings exceeding €8 million, of which 93% were linked to the VIROO platform and associated services. First-quarter 2026 bookings reached approximately €2.5 million, with 29% originating in the United States.
Virtualware has guided for approximately 30% organic revenue growth in 2026, targeting €5.7 to €6 million in revenue and an EBITDA margin of 20% to 25%, equivalent to approximately €1.2 million.
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, Alstom, ADIF, Bosch, 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.
Investor call recording available here: https://virtualwareco.com/investors/call/
