Wallix: positive free cash-flow in first half of 2026, net loss reduced to 0.9 M€
Wallix ended the first half of 2026 with positive free cash-flow of 0.2 M€, compared to -1.5 M€ a year earlier, and a net result brought to -0.9 M€ compared to -3.1 M€. The cybersecurity software publisher confirmed its 2026 targets, which provide for positive operating income and free cash-flow over the full year.
In the accounts published on October 8, 2026, revenues grew faster than costs. Revenue increased by 2.6 M€ over the half-year, operating expenses by 1.6 M€. Operating income remains negative at -1.2 M€, after -3.0 M€ in the first half of 2025.
Revenue up 14.2% to 20.6 M€, of which 81% recurring
Consolidated revenue stood at 20.6 M€ in the first half of 2026, up 14.2%. Recurring revenues (subscriptions and maintenance) now represent 81% of the total, compared to 74% in the first half of 2025.
Monthly recurring revenue, a non-GAAP metric calculated on contracts in force at the closing date, reached 2.8 M€ on June 30, 2026, up 19.4% over twelve months. Annual recurring revenue came in at 33.1 M€ at end of June.
According to the company, the first quarter was marked by a complex geopolitical context in the Middle East, before a return of commercial momentum from the second quarter onwards. Chief Executive Officer Jean-Noël de Galzain stated: "The first half results are on track and are fully in line with the trajectory we announced for the full year."
Operating cash-flow of 4.0 M€ and gross cash position of 12.5 M€
The increase in operating expenses, limited to 1.6 M€, stems primarily from personnel costs (+8.5%). It reflects the strengthening of teams by 11 full-time equivalents in product innovation, notably including the integration of Malizen since November 2025, as well as in commercial and support functions. Other operating expenses increased by 5.3%.
The financial result came close to equilibrium: an interest expense of 0.2 M€ was offset by a foreign exchange gain of 0.2 M€. After an exceptional loss of -0.2 M€ and a tax benefit of 0.5 M€ linked to the research tax credit, net income reached -0.9 M€.
What the figures really reveal lies on the side of cash flows. Operating cash-flow amounted to 4.0 M€, compared to 1.4 M€ a year earlier, driven by both a gross operating margin of 2.3 M€ and a reduction in working capital requirement of 1.8 M€. After 3.8 M€ in R&D investments, free cash-flow came in at +0.2 M€.
On June 30, 2026, gross cash stood at 12.5 M€, compared to 12.1 M€ on December 31, 2025. Gross financial debt was 8.0 M€ (8.2 M€ at end 2025), of which 5.0 M€ in convertible bonds, and shareholders' equity of 10.0 M€ compared to 10.7 M€.
25 M€ financing in July and 2026 targets confirmed
After the close, Wallix secured non-dilutive financing of 25 M€ in July 2026, which could be increased to 65 M€ subject to conditions. It comprises 16 M€ with a maturity of over six years and 9 M€ amortizable over six years, which extends the maturity of the debt. It involves BNP Paribas and Société Générale, as well as LCL, Caisse d'Épargne Île-de-France and debt funds Socadif and Sienna.
In August 2026, the conversion of the bond loan subscribed with Nextstage AM strengthened shareholders' equity by 5.0 M€ and reduced financial debt by the same amount. The group indicates that these transactions should support organic as well as external growth, around its Wallix One platform, large accounts and Europe. The entry of Deloitte Germany into its alliances program aims notably at the DACH region.
For 2026, based on the first half and on a "strong momentum" observed in the third quarter, Wallix confirmed its targets for "hyper growth" of recurring revenues, combined with positive operating income and free cash-flow over the full year. Before the publication, analysts anticipated annual revenue of 48 M€ and earnings per share of 0.27 €.
Third quarter revenue will be published on October 22, 2026. On June 30, the starting point for the annual target was operating income of -1.2 M€ for the half-year.
