Broadpeak: Revenue down 20.9% in first half, but recurring revenues advance
Broadpeak published its first-half accounts on October 1st, 2026, marked by revenue of €17.1m, down 20.9% year-on-year. The video streaming software publisher attributes this decline to an atypical comparison base, while confirming its financial targets for 2027.
Behind the revenue decline, the progression of recurring business activity and the maintenance of medium-term targets structure a contrasting publication.
Decline concentrated in second quarter, recurring revenues up 8.7%
Half-year revenue came in at €17.1m, compared to €21.7m a year earlier, representing a decline of 20.9% (18.9% at constant exchange rates). The group specifies that this decline was entirely concentrated in the second quarter (-34.1%), as the second quarter of 2025 benefited from a multi-million euro Cloud PVR contract with a European operator.
By activity, Licenses and Services fell 42.9% to €5.6m and Equipment declined 51.4% to €1.1m. At the same time, recurring revenues (Maintenance and SaaS) increased 8.7% to €10.4m.
By region, EMEA contracted 37.3% to €9.0m following a rise of 88.2% in the first half of 2025, and APAC declined 47.0% to €1.1m. The Americas region progressed 34.5% to €7.0m, supported by several major contracts.
EBITDA at -€2.3m, gross margin brought to 74.3%
Gross margin stood at €12.7m, representing 74.3% of revenue, compared to 78.6% a year earlier. The group attributes this change to the business mix, with the decline in Licenses and Services (the main margin contributor) weighing on the rate.
EBITDA came in at -€2.3m, compared to +€0.8m in the first half of 2025. Adjusted EBITDA, which includes research tax credit of €2.0m for the period, stood at -€0.2m, compared to +€2.9m a year earlier. The group indicates it contained the impact of the business decline through cost control, with personnel expenses declining 9% to €12.0m.
Operating loss reached -€5.9m (compared to -€2.9m a year earlier) and net loss stood at -€4.3m (compared to -€1.5m). Free cash flow improved to -€1.2m, compared to -€2.2m in the first half of 2025, driven by the decline in trade receivables (-40% to €8.9m). Net debt reached €6.8m as of June 30th, 2026, with available cash of €2.4m and financial debt reduced to €9.2m, compared to €10.2m at the end of 2025.
2027 targets confirmed: revenue over €50m and EBITDA margin of approximately 15%
For the second half of 2026, Broadpeak anticipates a return to sustained revenue growth, which it attributes to new solutions (anti-piracy, CDNaaS, Multiview) and traditional offerings, with two contracts signed during the summer: with Simba for the deployment of the Advanced CDN solution on the Brazilian market, and with Swiss operator Sunrise for the Multicast ABR offering.
The group expects significantly positive EBITDA for the entire 2026 fiscal year, citing visibility on business activity and a traditional seasonal effect that is more favorable in the second half.
Broadpeak confirms all of its 2027 targets, with expected revenue exceeding €50m, of which 50% recurring revenues, and an EBITDA margin of approximately 15%. The next publication, third-quarter 2026 revenue, is scheduled for October 27th, 2026 after market close.
