(Boursier.com) — In the 3rd quarter, Verimatrix recorded revenue of $16 million, up +2.3% from $15.7 million last year. In line with the transformation of Verimatrix, this evolution is explained by the stability of maintenance revenue, in line with the previous quarters as expected, while the growth of subscription revenue is accelerating. Performance was driven by the completion of major operations such as the conclusion of the contract with the Mexican telecommunications company Izzi Telecom, which encompasses all of the Group’s solutions.
Year-to-date revenue was $44.9 million, down -12.3% from $51.2 million (excluding $16.6 million revenue from the NFC licensing program in 2021), showing a gradual improvement from -36.5% at the end of March and -18.6% at the end of June.
Total ARR reached $26.5 million, up +2.7% over one year and +12.5% compared to the end of the first half.
Solid financial structure
During the quarter, Verimatrix obtained additional secured financing in the form of “Prêt Participatif Relance” (PPR) for an amount of 2.8 million euros (approximately the same amount in US dollars). Added to the PPR of 4.5 ME (approximately $4.7 M) already collected in the 1st half, it strengthens the Group’s balance sheet and cash position, which allows it to execute the new strategic approach with even more flexibility. .
Confirmation of the annual objective
Thanks to a solid cash position and financial structure favorable to growth, the good commercial momentum of subscriptions, Verimatrix is on track to achieve the objectives announced for the full year and to achieve its 2025 strategic plan.