Broadpeak: Finally Positive EBITDA, Yet Operational Loss Continues
Broadpeak released its annual results for 2025 on Wednesday, marking a significant milestone with a positive EBITDA of 3.7 million euros compared to a loss of 2.5 million euros the previous year. However, the streaming solutions provider still struggles to balance its operating account, recording an operational loss of 3.1 million euros, raising questions about the real trajectory of its financial recovery.
Revenue Growth and Product Mix
The annual revenue reached 44.4 million euros, up by 12.7% compared to 2024 (16.2% at constant exchange rates). This sustained growth was reflected in an increased diversification towards recurring revenues, which jumped 23.0% to 19.2 million euros, now representing 43% of total activity. Geographically, Broadpeak saw strong dynamics in EMEA with a 33.3% increase, while the APAC region grew by 18.2%. Conversely, the Americas declined by 14.7%, although the second half showed a rebound of 10.5%. In terms of product mix, non-equipment revenues (Licenses, Services, and SaaS) accounted for 88% of the activity, against equipment sales of 5.2 million euros, up by 47.7%. Meanwhile, the gross margin increased by 9.6% in absolute terms to 35.3 million euros, but the gross margin rate contracted to 79.5% from 81.7% a year earlier, reflecting a normalization of the activity mix following the increase in equipment sales.
Return to Positive EBITDA
The return to positive EBITDA marks the central point of the recovery. EBITDA stood at 3.7 million euros in 2025, reversing the deficit of 2.5 million euros in 2024. Adjusted for the Research Tax Credit (4.1 million euros), the adjusted EBITDA reached 7.9 million euros, up 296% compared to the 2.0 million euros in 2024. This improvement directly results from cost-saving measures implemented starting early 2024: the workforce decreased by 14 people to 282 employees (including external contractors), personnel expenses dropped by 3.1% to 24.8 million euros, and subcontracting expenses contracted by 21.4% to 7.2 million euros. However, the operating result stood at -3.1 million euros, compared to -7.9 million euros in 2024. This 4.8 million euros improvement resulted from the rise in EBITDA partially offset by an increase in depreciation and amortization provisions (6.9 million euros versus 5.6 million euros), mainly related to capitalized R&D investments. The net result, after integrating the CIR and financial charges (0.9 million euros including a significant exchange rate effect), came out almost balanced at -0.2 million euros, compared to a loss of 4.0 million euros in 2024.
Cash Flow Generation
Cash generation continued to improve, with free cash flow reaching 1.5 million euros in 2025 compared to 1.1 million euros in 2024. This improvement benefited from a further reduction in working capital requirements, notably due to the normalization of customer payment terms. Concurrently, financial debt decreased to 10.2 million euros (compared to 11.0 million euros), while available cash stood at 4.7 million euros, bringing the net debt to 5.5 million euros compared to 6.9 million euros a year earlier. Broadpeak reiterates its financial ambitions for 2027: a turnover exceeding 50 million euros, with 50% of recurring revenues, coupled with an EBITDA margin of around 15%. On the commercial front, the broadpeak.io SaaS platform recorded 41 new signings in 2025 (compared to 32 in 2024), fueled particularly by the success of Dynamic Ad Insertion and the launch of CDNaaS and Analytics solutions. The anti-piracy and Multiview solutions launched respectively in August and March 2025 also continue to attract significant customer interest.
