Munic: Revenue divided by more than two in first half, gross margin at 53.1%
Munic published interim accounts on October 8, 2026, in which two movements overlap. Revenue was reduced from €7.0M to €3.1M, following a decline in orders from major customers. At the same time, margin rates improved, driven by the increased weight of services.
Net loss widened to €1.0M and available cash stood at €0.3M at end-June. The specialist in connected modules and automotive data, based in Villejuif, indicates that it has extended its cash horizon until July 2027 thanks to several financing operations concluded since the close.
Smart Dongles sales down 69%, services stable
For the first half of 2026, closed on June 30, Munic's revenue stood at €3.1M, compared with €7.0M a year earlier. The company attributes this decline primarily to reduced activity from major customers, who have significantly cut their orders, mainly in consumer markets. Smart Dongles product sales fell 69%, while service revenues remained stable.
These services now represent 42% of revenue, compared with 25% in fiscal year 2025. They notably include subscriptions to the Munic.io and Ekkofleet platforms, at the heart of the recurring revenue strategy highlighted by the company. The geographical distribution has also shifted: Europe accounts for 69% of sales (compared with 35% in 2025), the Americas 27% (compared with 65%) and the rest of the world 4%.
Adjusted EBITDA margin at 18.2%, net loss of €1.0M
Gross margin declined in absolute value to €1.6M, compared with €2.3M, a decrease of €0.8M, lower than that of revenue (€4.0M). As a percentage of sales, the gross margin rate increased from 33.4% to 53.1% from one half-year to the other. The company attributes this to the evolution of the mix, with an increasing share of services, and to the continuation of production optimization measures undertaken in 2025.
Adjusted EBITDA remains positive at €0.6M, compared with €1.0M in the first half of 2025. External charges declined 7% to €0.8M, personnel costs remained stable at €2.1M and other operating expenses decreased by €0.3M, mainly due to exchange gains. The adjusted EBITDA margin thus improved to 18.2%, compared with 13.7%.
Net depreciation and provisions, virtually stable at €1.3M and mainly composed of amortization of the Ekko platform, weigh on reduced revenue. Adjusted operating income came in at -€0.7M, compared with -€0.2M. After a financial result of -€0.2M, mainly composed of interest charges on convertible bonds, and a tax credit of €0.6M, net loss reached €1.0M, compared with €0.3M a year earlier.
Cash horizon extended to July 2027, focus on special vehicles
At June 30, 2026, available cash stood at €0.3M, compared with €0.7M at December 31, 2025. Financial debt was reduced to €3.3M, compared with €3.6M, and equity stood at €10.2M, compared with €11.2M. Net financial debt reached €3.0M, representing a net gearing of 29.5%, compared with 26% at end-2025.
In July 2026, Munic concluded an amendment deferring to July 2027 the maturity of the balance of its convertible bond loan, which amounted to €1.1M at end-June. The company also established a line of redeemable bonds in shares (ORA) with a maximum nominal amount of €1M, of which an initial tranche of €500k was issued in July, complemented by the incorporation into capital of part of the receivable held by Odyssée Venture, in the amount of €333k. This is supplemented by a €1M loan over seven years obtained from Bpifrance and a fourth tranche of subsidy of €0.6M which should be paid in the second half of 2026.
From a commercial perspective, the company does not anticipate a significant increase in purchases from customers whose orders have declined, but expects a substantial increase in orders from other strategic customers. It is conducting advanced discussions with new accounts in Europe and the United States. In special vehicles, a market it estimates at $5 billion per year in Europe and the United States, it has won business from one manufacturer, with volume deliveries planned from this year.
Munic also delivered initial pilots of its Smart Vision solution and signed an agreement with Bosch in March 2026 in remote diagnostics, with first sales occurring in 2026. Annual revenue for 2026 will be published on January 28, 2027. Until then, the cash horizon announced by the company is set at July 2027, a deadline now retained for the repayment of convertible bonds.
