@layer base { .issuer-tabs [role="tabpanel"] { display: block !important; margin-top: 2rem; } } .issuer-tabs [role="tablist"] { display: none !important; } .issuer-tabs .company-static-heading { display: block; margin: 1.5rem 0 1rem; }

Verimatrix S.A.

Verimatrix develops software that helps broadcasters and streaming services protect films, television and live sports from piracy.

VMX · Euronext Paris

Overview

Summary

Verimatrix helps television and streaming companies control who can watch their content and stop it being redistributed illegally. Its software sits behind the viewing experience, protecting subscriptions and the rights to show films or live sport.

The French listed group took its current name after Inside Secure acquired the US business Verimatrix in 2019. It sold its XTD mobile application security business in February 2026 and now focuses on video protection. Customers pay through subscriptions, maintenance, licences and related services.

Latest results

Reported in USD

Revenue

USD 32.1 million-11.6%

Jan–Sep 2026

Operating profit

-USD 1.6 millionLoss narrowed

Jan–Jun 2026 · Margin -7.3%

Cash held

USD 5.2 million-0.8%

At Jun 30, 2026

Financial debt

USD 25.9 million

At Jun 30, 2026

Latest financial publication

Oct 26, 2026 · Issuer publication

Third-quarter revenue 2026

Investment Thesis

A video-security turnaround with a tight cash position

European Tech Equities analysis · Oct 27, 2026

Protecting the business behind a stream

Verimatrix sells software that helps broadcasters and streaming services protect paid content. The opportunity is to earn more subscription income as customers move online and need protection against piracy. The investment case therefore depends on a smaller, focused video-security business growing enough to cover its costs after the XTD sale.

Sources[1][2]

A better third quarter after a weak first half

Anti-Piracy revenue rose 20% to $10.4m in Q3 2026 on a comparable basis. Higher licence sales did much of the work, while recurring revenue grew 5%. Yet nine-month Anti-Piracy sales remained 3% below the previous year. The improvement is encouraging, but one strong quarter does not establish a lasting recovery.

Sources[2]

Subscriptions and cloud television

Live sports customers and a first Counterspy contract with an existing customer helped subscription annual recurring revenue reach $16.6m, up 13%. This measure describes the annualised subscription base, not revenue already earned. Kaltura offers another route to cloud television customers, although its announced migration still needs to translate into commercial progress.

Sources[2][3]

Less loss, but cash still matters

The H1 2026 operating loss was $1.6m, against $62.0m a year earlier. Much of that improvement reflects the absence of the previous $60m non-cash goodwill charge, so it is not an equivalent improvement in cash earnings. At June, cash was $5.2m and financial debt including leases was $25.9m. The extended loan maturity gives the business more time, yet operating cash flow remained slightly negative.

Sources[4][5]

A small market value does not remove the risk

The shares represented roughly €21m of equity value in the dated market screen. That is not the cost of the whole business, because debt and cash also matter. A price-to-earnings ratio is unhelpful while the company is loss-making. The more useful question is whether subscription growth and lower costs can deliver lasting cash generation before further funding is needed.

Sources[6][4][2]

What would weaken the case

Subscription growth may not offset falling maintenance income and royalties.
A small cash balance leaves limited room for delays or weaker customer spending.
Security failures, changing piracy methods and competition can affect customer retention.

Sources

Financials

The business in numbers

Latest

RevenueOperating profitNet profit

Income statement

For the periodUSD million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Revenue	26.52	21.68
Gross profit	17.66	14.21
Gross margin	66.6%	65.5%
Operating profit (EBIT)	-61.98	-1.58
Operating margin	-233.7%	-7.3%
Net income	-65.01	-2.21
Earnings per share (USD)	-0.75	-0.03

Cash flow

For the periodUSD million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Operating cash flow	-3.62	-0.39
Capital expenditure	1.13	0.83
Free cash flow	-4.75	-1.21

Balance sheet

At period endUSD million	FY 2025Dec 31, 2025	H1 2026Jun 30, 2026
Cash & cash equivalents	7.15	5.24
Total debt	32.06	25.88
Net debt / (net cash)	24.92	20.64
Total assets	91.45	79.91
Total liabilities	56.85	47.91
Total equity	34.60	32.01

Sources and details

Additional figures

9M 2026 · Oct 26, 2026

Revenue: USD 32.1m

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

H1 2025 · Half-year report, consolidated statements pp.12–16 and debt note14; USD thousands converted to millions. H1 2025 comparator includes the USD60m goodwill impairment. Printed gross profit retained as published.

H1 2026 · Half-year report, consolidated statements pp.12–16 and debt note14; USD thousands converted to millions. H1 2025 comparator includes the USD60m goodwill impairment. Printed gross profit retained as published.

FY 2025 · 2025 universal registration document, consolidated statements pp.67–71; USD thousands converted to millions. Debt includes borrowings and leases. Cash capex is gross purchases of tangible and intangible assets.

Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.

Group accounts in USD millions; EPS in USD. Revenue includes the XTD business until its sale in February 2026. The Q3 release also gives Anti-Piracy figures on a narrower, comparable basis. Annual 2025 and H1 2025 reported losses include a USD60m non-cash goodwill impairment. Cash capital expenditure includes tangible and intangible asset purchases.

Annual

RevenueOperating profitNet profit

Revenue

FY 202457.2

FY 202546.5

Operating profit

FY 2024-5.6

FY 2025-73.1

Net profit

FY 2024-10.3

FY 2025-78.6

Income statement

For the periodUSD million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Revenue	57.21	46.51
Gross profit	38.92	29.53
Gross margin	68.0%	63.5%
Operating profit (EBIT)	-5.57	-73.08
Operating margin	-9.7%	-157.1%
Net income	-10.33	-78.59
Earnings per share (USD)	-0.12	-0.90

Cash flow

For the periodUSD million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Operating cash flow	-1.56	-0.29
Capital expenditure	2.10	2.03
Free cash flow	-3.66	-2.32

Balance sheet

At period endUSD million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Cash & cash equivalents	11.01	7.15
Total debt	32.27	32.06
Net debt / (net cash)	21.26	24.92
Total assets	171.93	91.45
Total liabilities	60.38	56.85
Total equity	111.55	34.60

Sources and details

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

FY 2024 · 2025 universal registration document, consolidated statements pp.67–71; USD thousands converted to millions. Debt includes borrowings and leases. Cash capex is gross purchases of tangible and intangible assets.

Half-year

RevenueOperating profitNet profit

Revenue

H1 202526.5

H1 202621.7

Operating profit

H1 2025-62

H1 2026-1.6

Net profit

H1 2025-65

H1 2026-2.2

Income statement

For the periodUSD million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Revenue	26.52	21.68
Gross profit	17.66	14.21
Gross margin	66.6%	65.5%
Operating profit (EBIT)	-61.98	-1.58
Operating margin	-233.7%	-7.3%
Net income	-65.01	-2.21
Earnings per share (USD)	-0.75	-0.03

Cash flow

For the periodUSD million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Operating cash flow	-3.62	-0.39
Capital expenditure	1.13	0.83
Free cash flow	-4.75	-1.21

Balance sheet

At period endUSD million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Cash & cash equivalents	5.28	5.24
Total debt	—	25.88
Net debt / (net cash)	—	20.64
Total assets	—	79.91
Total liabilities	—	47.91
Total equity	—	32.01

Sources and details

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

Quarterly

Revenue

Q3 20259.8

Q3 202610.4

Income statement

For the periodUSD million	Q3 2025Sep 30, 2025	Q3 2026Sep 30, 2026
Revenue	9.80	10.40

Sources and details

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

Q3 2025 · Q3 release p.2, consolidated group revenue including XTD where applicable. These are not the restated Anti-Piracy figures used for management’s 20% Q3 growth comparison. No quarterly profit, cash-flow or balance sheet is published in this sales update.

Q3 2026 · Q3 release p.2, consolidated group revenue including XTD where applicable. These are not the restated Anti-Piracy figures used for management’s 20% Q3 growth comparison. No quarterly profit, cash-flow or balance sheet is published in this sales update.

Year to date

Revenue

9M 202536.3

9M 202632.1

Income statement

For the periodUSD million	9M 2025Sep 30, 2025	9M 2026Sep 30, 2026
Revenue	36.30	32.10

Sources and details

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

9M 2025 · Q3 release p.2, consolidated group revenue including XTD where applicable. These are not the restated Anti-Piracy figures used for management’s 20% Q3 growth comparison. No quarterly profit, cash-flow or balance sheet is published in this sales update.

9M 2026 · Q3 release p.2, consolidated group revenue including XTD where applicable. These are not the restated Anti-Piracy figures used for management’s 20% Q3 growth comparison. No quarterly profit, cash-flow or balance sheet is published in this sales update.

Updated Oct 27, 2026

Overview

Summary

Customer value

What sets it apart

Growth plans

Latest results

Latest financial publication

Third-quarter revenue 2026

Investment Thesis

Protecting the business behind a stream

A better third quarter after a weak first half

Subscriptions and cloud television

Less loss, but cash still matters

A small market value does not remove the risk

What would weaken the case

Sources

Financials

The business in numbers

Latest

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Additional figures

Annual

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Half-year

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Quarterly

Revenue

Income statement

Year to date

Revenue

Income statement

Performance

Research & updates

Third-quarter revenue 2026

Kaltura and Verimatrix Partner to Strengthen Security for OTT and Cloud TV Services

Revenue and results Anti-Piracy for the first half of 2026

Half-year results 2026

New date: Webcast for the H1 2026 Revenue and Results: July 24th 2026 at 6pm CET

Company publications

Verimatrix Q3 2025 consolidated results

Verimatrix H1 2025 consolidated results

Verimatrix FY 2024 consolidated results

Interviews

Interviews are coming soon

Sources

Sources & data dates

Search companies & research