Memscap: Revenue Up 27.1% in Third Quarter, Operating Result Close to First Half Level
MEMSCAP released its unaudited third quarter accounts on October 26, 2026. The operating result for the period stood at 498 k€, nearly equivalent to the entire first half (511 k€). Revenue increased by 27.1%, while operating expenses rose by 7.1%.
This different pace between revenues and costs is the central feature of the publication: of the 711 k€ in additional revenue, 348 k€ materialized in operating result. Net income grew more slowly (+66.4%), as it includes a negative financial result of 205 k€ linked to exchange effects.
Revenue Up 27.1%, All Segments Show Growth
The MEMS pressure sensor designer achieved consolidated revenue of 3,333 k€ in the third quarter of 2026, compared with 2,622 k€ a year earlier. Over the first nine months, revenue reached 10,272 k€, up 17.2% from 8,766 k€ in the same period of 2025.
Aeronautics, representing 70% of quarterly sales, grew 22.8% to 2,347 k€, driven notably by avionics applications. Over nine months, the segment's growth was 7.9%, reaching 7,162 k€: growth therefore accelerated in the latest period.
Medical showed the most pronounced change, with revenue of 534 k€ compared to 297 k€ (+80.1%), and 1,560 k€ over nine months (+63.4%). The group attributes this to the return of sustained activity levels in the historical markets for invasive blood pressure measurement and the development of surgical monitoring applications.
Optical communications advanced 7.6% in the quarter, to 423 k€, and 32.7% over nine months, to 1,474 k€. The quarter marked a return to normal delivery rates following a second quarter affected by industrial transition. Over nine months, medical and optical now account for 29.5% of revenue, versus 23.6% a year earlier.
Operating Margin Rises from 5.7% to 14.9% of Revenue
The quarter's gross margin stood at 1,472 k€, or 44.2% of revenue, compared with 40.4% in the third quarter of 2025. The rate improved in each quarter of the fiscal year: 38.8% in the first, 40.0% in the second, then 44.2% in the third.
Over nine months, however, the gross margin rate stands at 41.0%, compared with 41.4% a year earlier. The company attributes this level to unfavorable exchange effects recorded in the first half.
Operating expenses net of research and development subsidies reached 974 k€, compared with 909 k€. Operating result thus came in at 498 k€ (14.9% of revenue), versus 151 k€ (5.7%). Adjusted EBITDA increased 59% to 552 k€, representing a margin of 16.6% versus 13.2%.
Below operating result, the financial result, which includes transactional exchange variations, shifted from a gain of 26 k€ to a loss of 205 k€. No tax charge was recorded. Net result stood at 293 k€ (8.8% of revenue), compared with 176 k€ (6.7%). According to the group, unlike the first half, where the increase in net income stemmed primarily from favorable exchange effects, the third quarter's growth is entirely operational.
MEMSCAP Confirms Profitable Growth Trajectory for 2026
MEMSCAP indicated it is approaching the fourth quarter with confidence and confirmed its profitable growth trajectory for the full 2026 fiscal year. CEO and founder Jean Michel Karam highlighted the conversion of growth into operational profitability and balance sheet strength.
The group stated that the development of "Engine control" and "Fluidic systems" activities is proceeding according to the planned schedule. These programs, backed by long-term contractual commitments, are presented as medium-term growth drivers.
The consensus established on October 20, 2026, based on a single analyst, anticipated revenue of 14 M€ for fiscal 2026, versus 12 M€ in 2025, and earnings per share of 0.22 €, compared with 0.12 €. The next publication, covering the fourth quarter, is scheduled for January 28, 2027.
Over the first nine months of 2026, operating result reached 1,009 k€ (9.8% of revenue), up 47.5% from 684 k€ (7.8%) in the same period of 2025.
