Streamwide: Revenue up 12% in first half, net income down
Streamwide published its first-half 2026 accounts on September 21, 2026, marked by a 12% increase in revenue to €12.8 million.
At the same time, net income declined by €1.3 million to €0.8 million, due to an increase in depreciation linked to the commissioning of U.S. technical infrastructure and exceptional legal fees related to an ongoing dispute.
Growth driven by SaaS FirstNet and Legacy activities
Over the first six months of 2026, revenue stands at €12.8 million, up €1.3 million (+12%) compared to the first half of 2025. Both business lines are progressing: Platforms activity increases by €0.5 million (+6%) to €9.3 million, and Legacy activity by €0.8 million (+30%) to €3.5 million.
Growth in Platforms is primarily driven by recurring SaaS revenue related to the FirstNet Fusion application, which tripled over the period. The group indicates that this momentum is supported by sustained activity in North America and Asia-Pacific.
EBITDA stable, but operating income declining
EBITDA stands at €6.3 million, down €0.1 million, with an EBITDA margin of 49% compared to 56% in the first half of 2025. This change reflects the increase in operating costs, which rose to €6.5 million compared to €5.1 million a year earlier. Before capitalization of personnel costs related to product development, personnel expenses amount to €9.3 million, up €1.1 million, with 12 net hires during the semester.
Operating income (EBIT) declined by €1.0 million to €1.7 million, due to an increase of €0.9 million in depreciation, to €4.6 million, mainly linked to U.S. technical infrastructure commissioned as part of the SaaS contract with AT&T-FirstNet. The group notes that this base effect will no longer apply in the second half of 2026.
Exceptional legal fees and FirstNet service entry
Net income stands at €0.8 million, down €1.3 million compared to the first half of 2025, after accounting for €1.0 million in exceptional legal fees in the United States. These fees are related to proceedings before a Texas court concerning intellectual property rights, in which Streamwide, through its U.S. subsidiary, sought to intervene alongside its client AT&T. The group indicates that it has not made any provision for litigation risk and says it is confident in its ability to defend its interests. Excluding non-recurring items, adjusted net income stands at €1.8 million, representing an adjusted net margin of 14%.
Net cash (gross cash reduced by financial debt excluding lease liabilities) reached €8.4 million on June 30, 2026, with equity increasing to €32.9 million. Regarding outlook, the Fusion solution entered service with AT&T-FirstNet in July 2026, and the group expects first invoices beyond guaranteed minimums from the fourth quarter of the current fiscal year. Streamwide also indicates anticipating a slight decline in operating margins in 2026, while maintaining them at high levels, as expected revenue growth is not expected to fully offset the increase in annual costs.
