2025 revenue: 105 mEuro ARR of 15.8 mEuro as of December 31, 2025
MWN-AI** Summary
Ekinops, a key provider of optical transport and cybersecurity solutions, reported its consolidated revenue for fiscal year 2025, reflecting a total of €105 million. This represents an 11% decrease compared to the previous year, with a notable decline of 14% at constant scope and exchange rates. Despite this overall dip, the company's software and services segment demonstrated resilience, increasing by 27%, buoyed by the integration of Olfeo, a cybersecurity software provider acquired in June 2025. By year-end, Ekinops reported an Annual Recurring Revenue (ARR) of €15.8 million, indicating a shift towards more predictable revenue streams.
During the fourth quarter of 2025, Ekinops experienced a sequential revenue increase of 15% from the third quarter, reporting €25.6 million. However, when compared to Q4 2024, revenue fell by 14%. Olfeo contributed €1.6 million to Q4 results and €3.7 million for the full year.
The year was marked by a decrease in sales from Access equipment, particularly among Ekinops' largest customer, which impacted overall revenue negatively. The Optical Transport segment also faced a decline of 12%, primarily due to reduced investments in North America. However, the Q4 results showed a rebound in both segments, suggesting potential for recovery.
Ekinops expects gradual market improvement fueled by developments in AI and Cloud applications. The company's bridge strategic plan, which includes introducing new product offerings and optimizing go-to-market strategies, aims to position Ekinops competitively for high-growth markets in the coming years. As the company transitions to a new leadership structure, it continues to pursue ambitions for sustainable growth and innovation.
MWN-AI** Analysis
As of December 31, 2025, Ekinops reported a revenue of €105 million, reflecting a significant decline of 11% from the previous year. However, the company has shown resilience with a marked growth of 27% in its Software & Services segment, which accounts for 25% of total revenue and includes an ARR (Annual Recurring Revenue) of €15.8 million. This transition towards recurring revenue is promising for future stability and predictability in cash flows.
It’s crucial to note that the decline in overall revenue is primarily due to the underperformance in the Access and Optical Transport segments, which faced reduced demand and client-specific downturns, particularly in North America. Nevertheless, a sequential recovery in Q4 2025 with a 15% increase compared to Q3 signals potential for further stabilization as customer investments in Optical Transport are expected to normalize.
Investors should pay close attention to Ekinops' strategic initiatives, including the enhancement of its product lines, particularly in cybersecurity (SASE) and optical transport solutions, which are pivotal as they aim to capitalize on high-growth markets. The successful launch of these products in 2026, combined with the new leadership of CEO Lionel Chmilewsky, reinforces a renewed focus on sustainable growth.
Looking ahead, the company is poised for a moderate recovery fueled by ongoing technological advancements in AI and cloud applications, alongside effective go-to-market strategies. Ekinops’ ability to maintain its growth trajectory in the Software & Services sector amid challenges in traditional hardware sales could serve as an indicator of its adaptability and long-term viability.
In conclusion, while 2025 presented challenges, the strategic transitions and strong performance in new service offerings position Ekinops favorably for recovery. Investors should monitor the company's performance closely in 2026 for signs of sustained growth.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
PR Newswire
PARIS, Jan. 14, 2026 /PRNewswire/ -- EKINOPS (Euronext Paris - FR0011466069 - EKI), a leading supplier of optical transport, branch routing and cybersecurity SASE solutions for telecom operators and enterprises, today reports its consolidated revenue for FY 2025, ending on December 31, 2025.
m€ - IFRS | 2024 | 2025 | Change |
12-month revenue | 117.7 | 105.0 | -11 % |
Q4 revenue up +15% sequentially (vs. Q3 2025)
In Q4 2025, Ekinops reported consolidated revenue of 25.6 m€, down -14% compared to Q4 2024. On a sequential basis, Ekinops' Q4 revenue increased by +15% compared to Q3 2025, in line with the company's target set early October.
Olfeo, the French provider of SSE (Secure Service Edge) cybersecurity software, consolidated since June 1st 2025, contributed 1.6 m€ to Q4 2025 revenue.
Ekinops' 2025 consolidated revenue amounted to 105.0 m€, down -11% compared to the previous year
(-14% at constant scope and exchange rates). Olfeo contributed 3.7 m€ to the annual revenue.
Software & Services up +27% in 2025 - ARR of 15.8 m€ at year-end 2025
Software & Services revenue grew strongly by +27% in 2025, driven notably by the increase in Ekinops' service offerings and Olfeo's contribution.
This segment now represents 25% of Ekinops' total revenue, vs. 18% a year earlier.
A significant portion of the Software & Services revenue is recurring, which leads the Group to start reporting its ARR (Annual Recurring Revenue) from 2026. This metric reflects the annualized value of subscriptions and support contracts, excluding non-recurring components (professional services, hardware sales, perpetual software licenses, or any other non-recurring revenue). ARR will monitor the ramp-up of the Group's recurring revenue, in line with the ambitions of the Bridge strategic plan.
As of December 31, 2025, Ekinops' ARR amounted to 15.8 m€.
Decline in Access and Optical Transport in 2025
At the end of FY 2025, Access equipment sales decreased by -15%, impacted by lower sales to the Group's largest customer in France (-30% for the year 2025 following a strong +21% growth in 2024). Excluding this customer's impact, Ekinops' Access revenue would have remained stable Y-o-Y.
The end of the year saw more dynamic activity in the Access segment, with sequential growth of +10% in Q4 2025 compared to Q3.
Optical Transport activity declined by -12% compared to 2024. Sales of Optical Transport solutions were mainly affected by reduced activity in North America, as two major customers reduced their investments following post-consolidation reorganizations. On the other hand, Ekinops recorded strong growth in France, partly offsetting the slowdown observed in Europe.
Optical Transport activity rebounded strongly towards year-end, with sales up +26% in Q4 compared with Q3 2025.
As the situation with the two aforementioned North American customers improved at year-end, Ekinops anticipates a return to normalized activity levels in the coming months.
Limited decline of -8% in France, -13% internationally
In France (43% of 2025 activity vs. 41% in 2024), Ekinops' annual sales decreased by -8%, following a strong +18% growth in 2024.
Ekinops' international sales fell by -13% (57% of 2025 activity vs. 59% in 2024).
In North America, where sales are mainly driven by Optical Transport, revenue amounted to 19.7 m€, down -14% compared to last year (-16% in USD). The gradual restart of the BEAD federal program (Broadband Equity, Access, and Deployment), aimed at deploying fiber networks in rural and remote areas of the United States, is expected to unlock investments for several Ekinops customers.
In Europe (33% of 2025 activity, identical a year earlier), sales declined by -10% over the year. Ekinops gradually returned to growth in the region at year-end, with sequential growth of +21% in Q4 compared to Q3.
In the Rest of the World (5% of 2025 activity), sales declined by -20% over the year.
Outlook
A gradual market recovery is expected over the coming quarters, driven particularly by the development of new AI and Cloud-related applications.
In R&D, the Group launched new products in 2025 and enhanced existing product lines in both Optical Transport (new C700HC chassis addressing both operators and DCI, 800G transponders, etc.) and Access (new 5G indoor/outdoor product, advanced SD-WAN features, etc.).
The launch of these new solutions is part of the Bridge strategic plan, aimed at positioning Ekinops in high-growth market segments from 2026 onward: cybersecurity (SASE – Secure Access Service Edge) for Access and datacenter interconnect (DCI) for Optical Transport.
The development of a fully sovereign SSE and SASE offering, adapted to European market requirements, reflects Ekinops' ambition to deliver solutions capable of competing with non-European vendors on features and cost.
The end of FY 2025 marked a major transition phase for Ekinops, during which the interim management team developed a detailed plan for 2026, confirming the year as one of ambitious investments to support the deployment of the Bridge plan. At the same time, the Group launched an initiative to optimize and structure its Go-to-Market approach, for both direct and indirect sales, particularly in the new target markets (SASE and DCI).
The appointment of Lionel Chmilewsky as CEO of Ekinops in early January 2026 fully aligns with this strategy, aimed at introducing new drivers for sustainable growth and value creation.
Ekinops plans to communicate its FY 2026 financial targets with its 2025 annual results.
Financial calendar
Date | Release |
March 10, 2026 | 2025 annual results |
All press releases are published after Euronext Paris market close.
Appendix
Starting in Q2 2025, Ekinops has updated the geographic breakdown of its revenue into the following regions: France, Europe (excluding France), North America, and Rest of the World[1]. This new geographic structure aims to better reflect the dynamics of its markets and provide a more balanced and relevant view of regional performance, notably by grouping areas with a marginal impact on the Group's business under "Rest of the World".
Geographical breakdown of revenue according to the previous segmentation:
m€ - IFRS | Q4 2025 | FY 2025 |
France | 11.0 | 44.5 |
North America | 4.6 | 19.7 |
EMEA | 9.6 | 39.5 |
Asia-Pacific | 0.3 | 1.3 |
Ekinops contact
Lionel Chmilewsky, CEO
contact@ekinops.com
Investors contact
Mathieu Omnes, Investor relation
Tel.: +33 (0)1 53 67 36 92
momnes@actus.fr
Media contact
Amaury Dugast, Press relation
Tel.: +33 (0)1 53 67 36 74
adugast@actus.fr
[1] The previous breakdown was France, EMEA (Europe, excluding France, the Middle East & Africa), North America, and Asia-Pacific. The breakdown of consolidated revenue for Q2 and H1 2025, according to the previous structure, is available in the appendix of this press release.
SOURCE Ekinops
FAQ**
What were the key factors that contributed to the 1decline in Ekinops EKNPF’s total revenue in 2025 compared to the prior year, and how do you plan to address these challenges in the coming years?
How does Ekinops EKNPF intend to leverage the growth in its Software & Services segment, which saw a 27% increase, to boost overall revenue and achieve its ARR target moving into 2026?
With a significant drop in Access and Optical Transport revenues, what specific strategies does Ekinops EKNPF have in place to recover sales from these segments, particularly in North America and internationally?
Considering the contributions from Olfeo, can you elaborate on how Ekinops EKNPF plans to integrate and optimize these new SaaS offerings for sustainable growth within your Bridge strategic plan?
**MWN-AI FAQ is based on asking OpenAI questions about Ekinops (OTC: EKNPF).
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