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.