Cabasse Reports a Revenue of 4.7 Million Euros in 2025, Down 30%

Financial Performance in a Challenging Environment

Cabasse achieved a consolidated revenue of 4.7 million euros for the fiscal year ending December 31, 2025, marking a 30% decline from the previous year's 6.7 million euros. This performance continues the trend observed in the first half of 2025, in a difficult economic environment. The slowdown in consumption, both in France and internationally, has led to high inventory levels remaining at distributors. The company's activity was also hindered by supply difficulties, mainly due to cash flow pressures and the tightening of terms by some of its major Asian suppliers. Additionally, the fiscal year 2025 suffered from an unfavorable base effect related to OEM activity, which had been particularly strong in 2024, with a negative impact of 0.4 million euros compared to 2024. This OEM activity is expected to be strong again in 2026 with the anticipated launch of the second product for a major luxury house. Despite these challenges, Cabasse continues to expand its range of Luxury Wireless Audio products. Two new systems were introduced during the fiscal year: LA SPHERE EVO, a prestigious stereo system, and THE PEARL THEATER 5.1, an ultra-compact wireless home cinema solution. The commercial launch of LA SPHERE EVO started in early 2026, while the marketing of THE PEARL THEATER 5.1 will begin in the second half of 2026.

Strengthening the Team and Expanding Internationally

Cabasse strengthened its team in the second half of 2025 with the appointment of Romain Vet as Director of Business Development and International Expansion, and Arnaud Hendoux as Deputy General Manager. This new team has already achieved significant results internationally. In the United States, a distribution contract was concluded with a new distributor who created Cabasse Americas and took over the entire stock of the former partner. New distribution agreements are being finalized in the Asia-Pacific region, particularly in China, Australia, and India. Concurrently, four new products under development will be launched in 2026, between the second and fourth quarters. The brand partnership and acoustic engineering agreement with a major luxury house continues with the launch of the industrialization and production phase of the second product. In terms of financing, Cabasse signed a financing contract in March 2025 for the issuance of convertible bonds with a maximum amount of 2.5 million euros. As of February 3, 2026, 50 convertible bonds have been issued since March 2025, strengthening the available cash by 1.25 million euros. The evolution of the financial situation remains conditional on the favorable outcome of discussions with financial partners regarding debt rescheduling and sufficient liquidity of Cabasse shares on the Euronext Growth market.

Outlook for 2026 Heavily Dependent on Market Conditions

The evolution of activity in 2026 will remain heavily dependent on the dynamics of consumption and the implementation of new distribution agreements abroad. Tensions affecting the company's cash flow continue to penalize relationships with certain Asian suppliers and subcontractors, affecting their supply capacity and hardening their payment terms, with potential impacts on the availability of certain products at distributors and thus on Cabasse's activity. The publication of the 2025 annual results is scheduled for Wednesday, April 22, 2026.