Wallix: Revenue Up by 19% and Finally Positive Free Cash Flow
European cybersecurity specialist Wallix closed its 2025 fiscal year with a revenue of 40.6 million euros, up by 19.2%, and an operating result nearly balanced at -0.8 million euros, marking a decisive inflection after three years of financial discipline. The publisher also generated a positive free cash flow of 1 million euros, confirming a shift towards self-financed growth.
Significant Growth in Recurring Monthly Revenue
Wallix recorded a significant increase in its recurring monthly revenues to 2.6 million euros as of December 31, 2025, representing a 29.1% increase over twelve months. On an annual basis, recurring revenues reached 31.6 million euros and now account for 70.7% of the consolidated revenue, up from 67.7% a year earlier. This momentum reflects the redeployment of existing customers towards subscription contracts and the strength of the technological objects (OT) segment. Consolidated revenue amounted to 40.6 million euros, up 19.2% compared to 2024. Concurrently, operating expenses decreased by 0.6 million euros despite a strong revenue growth, thanks to efficient staff management and a 3.5% reduction in other operational expenses.
Substantial Improvement in Operating Result
The operating result for 2025 was -0.8 million euros compared to -5.7 million in 2024, indicating a substantial improvement. More significantly, the second half of the year showed an operating margin of 9.5%, compared to 2.9% in the second half of 2024. Adjusted for non-predictable items, including the impacts of currency exchange on North American currencies (-0.3 million euros), the cost of the free share plan (-0.2 million euros), and tax effects (-0.2 million euros), the adjusted operating result stood at -0.1 million euros. The annual free cash flow amounted to a positive 1 million euros, compared to -4.9 million in 2024, supported by an operational cash flow of 7.6 million euros. Gross cash reserves were 12.1 million euros as of December 31, 2025, compared to 11.2 million a year earlier, while gross financial debts remained stable at 8.3 million euros.
New Cycle of Profitable Growth in 2026
After three years of strict financial discipline, Wallix is embarking on a new cycle of profitable growth in 2026, combining the enrichment of its software suite and commercial acceleration with major accounts. The publisher aims to continue the hyper-growth of recurring revenues, strengthen its Enterprise teams in Europe, and maintain positive operating results and free cash flow. Six recruitments are planned in Europe, including a Vice President of Partnerships with international profiles, with a particular focus on Germany and the DACH region. The acquisition of Malizen in 2025, a French gem specializing in behavioral analysis, is a key step to integrate artificial intelligence and user behavior analytics (UEBA) capabilities into its products.
