Witbe: first positive operating result in the first half since its IPO
Witbe published on September 23, 2026 results for the first half of 2026 marked by a favorable evolution of its business mix and a reduction in its cost structure. The group specialized in video flow monitoring and automated testing achieved a positive operating result in the first half for the first time since its listing on the stock market, by combining increased activity and a reduction in expenses.
This recovery occurs while the company typically goes through its least contributive period of the year in the first half.
Revenue of €8.4 million, up 15% at constant exchange rates
In the first half of 2026, Witbe achieved consolidated revenue of €8.4 million, up 10% compared to the first half of 2025. At constant exchange rates, organic growth stands at 15%.
The two main geographic zones posted double-digit organic growth: 12% for the Americas at €4.9 million and 19% in EMEA (Europe, Middle East and Africa) at €3.4 million. Excluding Hardware product sales, revenue grew 25%, driven by Software and Services lines.
Recurring revenue stands at €3.1 million, up 4%, or 36% of the total compared to 38% a year earlier. The ARR level stands at €9.1 million as of June 30, 2026, compared to €8.8 million at the end of 2025.
EBITDA of €1.6 million and margin of 18.7% driven by lower expenses
Semi-annual EBITDA stood at €1.6 million, an improvement of €2.5 million compared to the first half of 2025. The EBITDA margin reaches 18.7% for the half-year, compared to 11.6% for the full year 2025.
This progression combines an increase in gross margin and a decrease in operating expenses. The gross margin rate stands at 93.6%, compared to 90.1% in the first half of 2025, due to lower Hardware sales contribution and the growth of Software and Services activities.
Operating expenses fell by €1.0 million (11%), with personnel costs declining 15%. At mid-2026, Witbe had 93 employees on average excluding VIE, compared to 115 at the end of 2025 and 135 at the end of 2024.
Operating profit is positive for the period, compared to an operating loss of €2.5 million a year earlier. Net profit reaches €1.1 million, including a positive financial result of €0.5 million and a tax benefit of €0.5 million related to research tax credit.
2026 revenue target of €22 million confirmed
Witbe confirmed its €22 million revenue target for 2026, compared to €19.6 million in 2025, with a lighter cost structure thanks to optimization measures implemented in 2024 and 2025.
Over the half-year, operating cash flow amounted to €2.1 million, compared to €1.3 million a year earlier, driven by improved operating profitability and the collection of €1.0 million in research tax credit. Investment flows, dedicated to R&D, reached €1.8 million, compared to €1.3 million in the first half of 2025.
As of June 30, 2026, available cash stands at €1.0 million and net financial debt at €1.6 million, compared to €1.9 million at the end of 2025, representing a net gearing ratio of 25%. The group also continued the deployment of its Witbe Agentic AI platform, while Witbe infrastructure and Witbe VLMs received two distinctions at the IBC 2026 exhibition in Amsterdam.
