LightOn: Revenue up 51% in First Half, Operating Loss Stable at -3.9 M€
LightOn published its first half 2026 results on September 29, 2026, marked by revenue growth of 51% and gross margin reaching 28%.
Beyond the figures, new Chief Executive Officer Jean-Philippe Baert, appointed in July, presented a roadmap that refocuses the group's offering around Search and its LightOn Suite platform, while maintaining an operating loss that remains stable from one half-year to the next.
Revenue Driven by Licenses, Operating Loss Stable
At June 30, 2026, revenue stands at 1.1 M€, up 51% compared to the first half of 2025 (0.7 M€), driven by Paradigm license sales up 34%. Activity is primarily conducted in France.
Gross margin stands at 28% of revenue, compared to 15% a year earlier. Personnel costs increased by 12%, due to recruitments made in the second half of 2025, with average headcount rising from 50 to 58 people. Other operating expenses declined by 3%, benefiting from infrastructure cost control.
Operating loss stands at 3.9 M€, stable compared to the first half of 2025. Adjusted EBITDA, including capitalized production, improved by 0.4 M€, to -3.1 M€ versus -3.5 M€ a year earlier. Net loss stands at 4 M€, compared to 3.7 M€ in 2025, including a financial charge of 0.2 M€ related to the redemption premium on the convertible bond issued in April 2026.
ARR Stable at 1.9 M€ and Cash Position of 2.7 M€
The conversion rate of commercial opportunities was mixed during the half-year. With new contracts signed offsetting contracts that reached maturity and were not renewed, ARR (annual recurring revenue) stands at 1.9 M€ at June 30, 2026, stable compared to December 31, 2025.
Net cash stands at 2.7 M€ at June 30, 2026, compared to 3.9 M€ at the end of 2025. This change is mainly explained by the convertible bond subscribed for 3.7 M€ and the half-year loss of 4 M€.
Shareholders' equity decreased by 1.2 M€, due to the share premium of 2.8 M€ resulting from the conversion of bonds and the half-year loss. Fixed assets increased by 0.9 M€, with the enhancement of the Paradigm platform and the development of LightOn Console.
Refocus on Search and Financing Through September 2027
LightOn has undertaken a commercial refocus toward Search, moving from a general-purpose generative AI platform centered on Paradigm to a structured offering around LightOn Suite, its technology foundation, and an orchestration layer intended for business use cases. The new revenue model is based on annual recurring licenses, application licenses, and a variable component linked to data volumes and API usage.
Since September 2026, the Company has entered an execution phase, with the strengthening of its sales organization. Starting in 2027, LightOn intends to accelerate commercial conversion and industrialize deployments, with the objective of reducing time to production.
The implementation of this roadmap will rely on the bond financing announced on September 23, 2026, with a nominal amount that could reach 4 M€, which extends the Company's cash horizon to September 2027.
