Kalray: Revenue Down by 34%, but EBITDA Shifts from -€8.2M to +€4.6M
On Thursday, Kalray announced its 2025 results, marked by a major turnaround: an EBITDA of €4.6 million compared to a loss of €8.2 million a year earlier. Despite this dramatic profitability improvement, there was a 34% drop in consolidated revenue, from €24.8 million to €16.5 million. This decline reflects the voluntary divestment of a business unit and a shift in the business model of the semiconductor technology provider.
New Positioning in the Semiconductor Sector
Kalray's new positioning in the semiconductor sector has had direct effects on its core business. Within the 'semiconductor' perimeter alone, revenue quadrupled, reaching €14.3 million in 2025 compared to €3.6 million in 2024. This spectacular growth results from the change in business model and the partnership with Openchip. However, the consolidated revenue of €16.5 million masks this dynamic. It reflects the divestment of the 'Data Acceleration Platform' branch in February 2025, which had generated €21.219 million in 2024 and contributed to the 2025 results for only one month of revenue (€2.176 million). The gross margin rate stands at 93.3% on the new set, a significant improvement from 51.5% in 2024, demonstrating the profitability of the new strategy.
EBITDA and Financial Performance
In the new semiconductor perimeter, EBITDA amounted to €6.3 million in 2025, compared to a loss of €3.9 million in 2024. This €10.1 million difference marks the effectiveness of the strategic reorientation. On a consolidated scale, EBITDA turned positive at €4.6 million compared to a loss of €8.2 million a year earlier, representing a recovery of €12.8 million. Free cash flow also showed a decisive turnaround: €2.272 million generated in 2025, against a consumption of (€21.084 million) in 2024. This improvement includes proceeds from asset disposals (€13.3 million) and liability repayments (€6.8 million). Financial debts decreased from €4.7 million to €8.3 million. Available cash stood at €3.0 million at the end of 2025 compared to €1.7 million a year earlier. Net income also improved: a loss of €4.5 million in 2025 compared to €23.3 million in 2024.
Major Contract Framework and Partnerships
Kalray is currently finalizing a major framework contract with a leader in AI and HPC infrastructures. This agreement includes a license for Kalray's technologies and service provisions for the development of a new generation of high-performance chips. The contract is worth over €10 million over the next 18 months, with additional royalties on final products. Simultaneously, the partnership with Openchip is extended for at least an additional 12 months (July 2026 to July 2027), with the deployment of a team of about twenty Kalray experts. The two companies will enhance their cooperation in DPUs and AI systems, as well as jointly submit several European projects. Given these dynamics, the group anticipates double-digit revenue growth in 2026, coupled with further EBITDA improvement. No specific guidance figures have been provided for the upcoming fiscal year.
