i2S: Revenue Up 12% in First Half, Losses Reduced
Bordeaux-based imaging solutions manufacturer i2S Innovative Imaging Solutions published its first half 2026 accounts on September 24, 2026.
Revenue increased by 12% to €8,378.4k, driven by a second quarter up 22.5% and by exports. The main result aggregates remain negative due to seasonality effects, but all improve compared to the first half of 2025.
Revenue of €8.4m, Driven by Exports and Second Quarter Performance
During the first six months of 2026, i2S achieved revenue of €8,378.4k, compared to €7,463.3k a year earlier, representing growth of 12%. The share achieved on exports increased by 20%, bringing its contribution to 74% of consolidated revenue for the half-year, compared to 69% in the first half of 2025.
The second quarter showed growth of 22.5%. The group also reported order backlogs improving across several business lines, which, according to the company, suggests a second half characterized by the consolidation of this momentum.
Result Aggregates Improve Despite Continued Losses
Operating income came in at -€244k, compared to -€345k in the first half of 2025, an improvement of €101k. Current income before taxes stands at -€249k, up €85k. Net income reached -€191k (-2% of revenue), compared to -€333k a year earlier (-5% of revenue), improving by €142k, thanks in particular to a €20k increase in Research Tax Credit (CIR) and Innovation Tax Credit (CII) compared to 2025.
Earnings Before Interest, Taxes, Depreciation and Amortization remains negative at -€135k, improving by €237k year-on-year. The gross margin rate declined from 58% to 51% over the half-year, which the company attributes in part to expenditure on special studies, notably the Medcare projects, with corresponding customer invoicing due in the second half of 2026.
Personnel costs came to €3,152k, down €104k, with average headcount for the half-year falling from 81.8 to 74.9. General expenses declined by 2%, from 13.5% to 11.8% of revenue.
Cash Position of €4.2m and Continued External Growth Strategy
Shareholders' equity stands at €11,911k. Gross financial debt, including €168k of state-guaranteed loans, amounts to €1,053k, representing 8.8% of equity. With cash of €4,171k, net financial debt comes to -26.2% of shareholders' equity, compared to -28.7% at end 2025.
The group continued its research and development efforts to finalize specific studies undertaken for medical devices, an effort from which it expects a dual impact on profitability from 2027 onwards, through increased revenue generated by the launch of these products and the reduction of temporary R&D expenditure.
i2S also indicates it is continuing to identify new acquisition targets as part of its external growth strategy. The next financial appointment is scheduled for October 15, 2026, with the publication of revenue for the first nine months of 2026.
