Kalray Returns to Profitability in First Half 2026 with EBITDA of 5.1 M€
Kalray published its first half 2026 results on September 24, 2026, marked by EBITDA of 5,123 K€ compared to 253 K€ a year earlier and net income returned to positive territory.
The Grenoble-based semiconductor designer for artificial intelligence attributes this development to the transition of its business model towards monetizing its technologies through licenses and customer-funded developments. The contracts signed with Openchip and then Bull constitute the first illustrations of this approach.
Revenue Up 58% on a Comparable Basis
Over the first six months of 2026, Kalray recorded consolidated revenue of 8,503 K€, compared to 5,366 K€ in the first half of 2025 on a comparable basis for semiconductor activity, representing growth of 58%. Relative to consolidated revenue in the first half of 2025, which still included the Enterprise business divested in February 2025, growth stands at 7.7%.
Total operating income amounts to 13,710 K€, compared to 14,489 K€ on June 30, 2025. According to the company, the decline in capitalized R&D reflects the shift in the business model toward developments increasingly financed by customers.
Current operating expenses fell to 8,481 K€, compared to 13,195 K€ in the first half of 2025, a movement the company attributes to the adaptation of its cost structure, efficiency measures implemented, and the effect of personnel delegation to Openchip. This effect is limited to the first half, as personnel were brought back within Kalray in July.
Positive Net Income and Improved Self-Financing Capacity
EBITDA stands at 5,123 K€ in the first half of 2026, compared to 253 K€ a year earlier. After depreciation and provisions, operating income is -1,361 K€. After accounting for the Research Tax Credit of 1,511 K€, adjusted operating income is slightly positive, according to the company.
Net income reaches 776 K€, compared to a loss of 2,115 K€ in the first half of 2025. Shareholders' equity increases to 33,674 K€ on June 30, 2026, compared to 32,673 K€ on December 31, 2025.
Self-financing capacity stands at 4,635 K€ on June 30, 2026, compared to 813 K€ on December 31, 2025. Cash flows from operations amount to 2,401 K€, compared to 1,972 K€. Accounts payable and related accounts decrease from 11,173 K€ to 8,631 K€, and financial borrowings decrease from 2,979 K€ to 2,448 K€. Available cash stands at 2,179 K€ on June 30, 2026, compared to 2,952 K€ on December 31, 2025, with the company noting that the Bull contract was signed in July.
2026 Outlook Confirmed: Double-Digit Growth and EBITDA Improvement
Kalray has confirmed its financial outlook for fiscal year 2026, namely double-digit revenue growth coupled with further EBITDA improvement compared to 2025.
The company attributes this trajectory to agreements signed with Openchip and then Bull, presented as the first applications of its business model based on monetizing its technologies through hardware and software licenses, complemented by customer-funded developments and, depending on programs, royalties linked to the commercialization of developed products.
The 2026 interim financial report, including consolidated accounts as of June 30, 2026, will be made available no later than October 31, 2026 on the company's website.
