AMA Corporation: Half-Year Net Loss Cut by Half, Revenue Down 37%
AMA Corporation, publisher of the XpertEye platform, published its half-year financial statements on 30 October 2026, showing two developments moving in opposite directions.
The consolidated net loss was reduced to €1,386k in the first half of 2026, compared with €2,905k a year earlier, due to lower personnel costs and an improved gross margin rate.
At the same time, revenue fell by 37% to €748k. The company states that its level of activity remains insufficient to cover its cost base, which led it to launch the new reorganisation announced on 1 October 2026 and to examine strategic alternatives.
Activity Down 37% in the Half-Year, Slight Increase in the Third Quarter
In the first half of 2026, ended 30 June, consolidated revenue amounted to €748k, compared with €1,178k a year earlier, a decline of 37% at current exchange rates. The decrease eased over the course of the half-year: -45% in the first quarter, then -21% in the second.
The third quarter shows a slight increase, with revenue of €404k compared with €369k a year earlier. Order intake in the second quarter reached €379k, up 51% from the same period of 2025.
The number of active clients, mainly large international groups, stood at 219 as of 30 June 2026, compared with 299 at the end of December 2025. The company attributes this situation to an insufficient level of renewals and new orders, in a context of long decision-making cycles and demanding approval procedures, particularly for artificial intelligence and cybersecurity.
Loss Reduced by 52% Thanks to Cost Measures and Software Mix
Adjusted gross margin amounted to €593k, or 79.3% of revenue, compared with €829k and 70.4% in the first half of 2025, an improvement of 8.9 points. The company explains this by a mix oriented towards software solutions, at the expense of third-party hardware.
Over the half-year, 53% of orders included artificial intelligence solutions, compared with 46% a year earlier. According to AMA, these platform developments do not yet translate into revenue sufficient to support its cost structure.
Personnel costs fell by 32% to €1,222k from €1,785k. Adjusted EBITDA came out at -€1,137k, compared with -€2,387k, and current operating income at -€1,382k, compared with -€2,741k.
As of 30 June 2026, cash stood at €1.2 million, compared with €2.1 million at 31 December 2025, and the net financial position moved from net cash of €0.4 million to net debt of €0.2 million. The group benefited from a €1 million waiver of a shareholder current account loan granted by its main shareholder, Guillemot Brothers SAS.
AMA also has €9.8 million of undrawn bank credit lines, guaranteed by Guillemot Brothers SAS. This amount is spread across four lines, two of which are currently being renewed.
Eight Positions Eliminated in France for Approximately €650k in Annual Savings
Following a series of adjustments initiated since 2024, AMA launched a new reorganisation on 1 October 2026, providing for the elimination of 8 positions in France. Upon completion, the group will retain 11 employees in France, spread across R&D, sales, customer support and central functions, as well as 4 employees in its subsidiaries in the United States and Germany.
The cost is estimated at approximately €400k. It forms part of a broader plan to reduce external expenses, covering premises, IT infrastructure, software, outsourced services and travel. The stated objective is to lower the break-even point and the group's financing requirements.
AMA states that it is concentrating its resources on the continuity of XpertEye, the maintenance of existing solutions and support for its clients. The group is actively examining strategic alternatives aimed at supporting its development and, where appropriate, maximising the value of its technological and commercial assets.
The half-year financial report will be made available no later than 6 November 2026. Following the reorganisation, annualised payroll is expected to decrease from approximately €2.1 million to €1.45 million, representing savings of approximately €650k per year, in addition to reductions in external expenses.
