Qwamplify: Revenue down 2.5% in third quarter, rebound expected in fourth quarter
Qwamplify published on October 20, 2026 revenue of €5.6 million for the third quarter of 2026, down 2.5%, as the group had returned to slight organic growth in the second quarter. The company attributes this decline to lower deliverability of email campaigns and a contraction in consumer spending during the July sales period. Over the first nine months, the decline on a comparable basis remains contained for revenue (−2%), but is more pronounced for gross margin (−5.5%). Management anticipates a return to growth in the fourth quarter, which it presents as the most significant contributor of the fiscal year.
Gross margin of €4.1 million in third quarter, down 3.2%
In the third quarter (July to September), gross margin stood at €4.1 million, down 3.2% on a comparable basis. Revenue reached €5.6 million, down 2.5%. For reference, consolidated revenue and gross margin published for the third quarter of 2025, which still included Qwamplify Pro, amounted to €6.1 million and €4.4 million respectively. Over the first nine months, revenue stands at €17 million, down 2% on a comparable basis. Gross margin reaches €12.1 million: it declines 5.5% on a comparable basis and 17.1% in published data. The gap between these two readings stems from disposals made by the group: Nordic subsidiaries were sold on July 1, 2025 and the Qwamplify Pro activity on January 1, 2026. These activities are fully deconsolidated from the figures as of September 30, 2026. The published data from a year earlier, which included them, showed revenue of €20.4 million and gross margin of €14.5 million.
Email deliverability and media budgets under pressure during summer
According to the group, the July sales period was disrupted by lower deliverability of email campaigns and by a contraction in consumer spending, affected by inflation, which weighed on advertisers' media budgets. These two factors were already among the risks cited by the company during its semi-annual publication on September 15, 2026, which mentioned technical constraints on email activity deliverability and a contraction in advertiser budgets. Cédric Reny, CEO and founder, believes that "activity is gradually stabilizing". He points out that, without restrictions from Internet service providers on the distribution of email campaigns, activity would have been virtually flat in the third quarter, despite the decline in activity in the Search and Shopper divisions. The quarterly reading and the cumulative reading do not coincide: gross margin declines 3.2% in the third quarter alone, against 5.5% over nine months on a comparable basis. Over the cumulative period, it declines more than revenue (−5.5% versus −2%).
Return to growth expected in fourth quarter
Management anticipates a return to growth during the fourth quarter, relying on newly signed customers and on the timing of budgets from certain Media clients. As a reminder, over fiscal year 2025, the group achieved gross margin of €18.8 million for revenue of €27.1 million. The group indicates it is continuing its technological investments: its new Shopper cashback platform entered production in October. According to Cédric Reny, it should gradually open new opportunities in terms of data and automation. During its publication on September 15, 2026, Qwamplify had also indicated that a reorganization undertaken in the second quarter should generate approximately €1 million in savings on a full-year basis, with gradual ramp-up expected in the second half. The next update is scheduled for March 9, 2027, with the publication of annual gross margin and revenue for 2026. The fourth quarter will be added to cumulative gross margin of €12.1 million as of end September.
