Witbe: Revenue Declines by 12%, but EBITDA Increases by 48% Thanks to Record Margin
On Tuesday, Witbe released its annual results for 2025, showing an EBITDA increase to €2.3 million, supported by a record gross margin of 93.6% and structural savings of €2.5 million. Concurrently, revenue contracted to €19.6 million, a 12% decrease offset by a rebound in activity in the second half of the year, while the group aims for a return to growth in 2026 with the operational rollout of its Witbe Agentic AI platform.
Revenue Down, Gross Margin at an All-Time High
Witbe's consolidated revenue stood at €19.6 million in 2025, down 12% from €22.2 million in 2024 (or -10% at constant exchange rates). This contraction is focused on the Cloud segment (SaaS subscriptions), which declined by 13% over the year. The gross margin, however, reached a record level of 93.6% of revenue, up from 89.5% a year earlier, driven by a more favorable product mix combining more software license sales and an increase in maintenance services. The absolute gross margin came to €18.3 million, a limited decline of 8% despite the revenue contraction. In the second half, activity saw a sequential rebound of 54% between the first and second semesters, confirming the group's usual seasonality and indicating an end-of-year improvement. Geographically, the Americas accounted for 50% of billings, EMEA 47%, and Asia 3% of annual revenue.
Cost Optimization and EBITDA Growth
EBITDA stood at €2.3 million, up 48% compared to €1.5 million in 2024, while the EBITDA margin improved to 11.6% of revenue, up from 6.9% the previous year. This improvement is based on two distinct levers: the high gross margin on one hand, and the structural cost reduction on the other. Witbe achieved €2.5 million in annual savings in 2025, continuing measures initiated in 2024 (€1.1 million saved). Personnel expenses decreased by 13% (-€2.0 million), resulting from a 20% reduction in staff over two years: the company had 115 employees at the end of 2025 compared to 135 at the end of 2024 and 146 at the end of 2023. External expenses decreased by 9% (-€0.5 million). In the second semester, the EBITDA margin reached 26.6%, benefiting from the sequential activity rebound and the cumulative effects of the savings. Operating income improved to -€0.5 million compared to -€2.0 million a year earlier. After accounting for a financial result of -€1.5 million (including -€1.3 million of latent exchange losses), the net result attributable to the group stood at -€0.7 million, while the second semester generated a net profit of €1.6 million.
Stabilized Cash Flow and Launch of Witbe Agentic AI in 2026
Operating cash flow was positive at €4.9 million in 2025, fueled by optimized management of working capital needs (+€1.4 million) and the collection of a research tax credit of €0.9 million. Investments in R&D and product innovation amounted to €3.7 million. Cash flow variation was positive at €0.2 million, while available cash stood at €0.9 million as of December 31, 2025. Financial debts decreased to €2.7 million (€3.7 million at the end of 2024), including €0.8 million of PGE and €1.9 million of participatory loan relaunch. For 2026, Witbe is initiating a paradigm shift with the operational deployment phase of Witbe Agentic AI, its first AI-native infrastructure dedicated to automated testing and video stream monitoring. This platform uses a token system billed to clients, creating a new source of recurring revenue. The solution was presented at the NAB Show 2026 (April 18-22 in Las Vegas) and received a 'Best of Show Award 2026' from TV Technology. The group anticipates a return to growth in 2026, targeting a minimum revenue of €22 million, combined with a streamlined cost structure. This guidance is based on the commercial leverage of the Agentic AI platform among the existing customer base and the conquest of new strategic accounts.
