Ateme Soars: EBITDA Multiplies by 8, Netflix and YouTube Approve
Ateme concludes 2025 on a positive note. The leader in video broadcasting solutions released its annual results on Thursday, marked by a dramatic increase in operational profitability and two major global technological validations. However, this performance masks a more complex reality: the economic environment is toughening. Rising IT costs, component shortages, and inflationary pressures on servers – external factors that could weaken margins and the execution of 2027 objectives.
Revenue and Profitability Surge
In terms of revenue, Ateme reported moderate growth: €95.6 million, up 2% (4% on a comparable basis). Monthly Recurring Revenue (MRR) also increased by 2% year-over-year, reaching €3.0 million in January 2026. This cautious top-line growth contrasts sharply with the trajectory of EBITDA. EBITDA for 2025 stood at €9.2 million, representing a margin of 9.7%, compared to just €1.1 million a year earlier. This 8.7-fold increase represents a historic peak for the company. This massive improvement stems from two levers: a 7% increase in gross margin (€58.2 million) and a 7% reduction in operating expenses, which fell to €54.3 million. The operating result amounted to €3.9 million and the net result to €1.0 million, compared to a loss of €5.4 million in 2024.
Financial Recovery Backed by Major Market Recognition
The financial turnaround is supported by significant market recognition. Netflix has selected Ateme's TITAN Live solution under a multi-year agreement to broadcast its direct streaming feeds in multiple compression standards. This technological validation has a strategic dimension: Netflix is preparing for the FIFA Women's World Cup 2027 and the deployment of linear TV channels (TF1, BBC) on its platform. YouTube has also approved TITAN encoding to enable content creators and broadcasters to produce secure, low-latency live streams. This recognition is embodied in concrete cases: CazéTV, a Brazilian YouTube channel, uses Ateme's technology to generate 5 of the 10 most-watched live events on the platform. Concurrently, Ateme is integrating generative artificial intelligence into its products, offering clients features such as automatic voice translation, multilingual transcription, and the generation of sports summaries.
Reaffirmation of Medium-Term Goals for 2027
Ateme reaffirms its medium-term objectives for 2027: an EBITDA of €22 million and a Monthly Recurring Revenue (MRR) of €4 million. This trajectory of doubling EBITDA over two years is based on the continuous improvement of profitability, a priority axis affirmed by the management. However, the group explicitly identifies two risks. First, the rise of AI leads to an acceleration of investments in data centers, causing an increase in demand for memory components, extended supply delays, and a rise in global server prices. These factors could cause delays in Ateme's projects and exert downward pressure on margins. Secondly, the announced merger between MediaKind and Harmonic is reshaping the competitive landscape: the integration of their redundant product portfolios is expected to create temporary disorganization among these two major players, creating a window of opportunity for Ateme. Overall, Ateme estimates that these two effects should offset each other. The company also benefits from a strengthened financial situation: net financial debt decreased from €23.0 million to €21.0 million, and the group has a preserved financing capacity of €6.0 million under its 2025 research tax credit. The challenge for investors will lie in Ateme's ability to maintain this profitability improvement despite the adverse economic winds.
