Virtualware to expand North America presence and accelerate defense-oriented XR technologies.

Bilbao, 16 April 2025.  Virtualware (EPA: MLVIR), a leading expert in 3D-driven enterprise software, has shared its 2024 annual results during an open live-streamed investor call, highlighting a year of record-breaking financial performance, international expansion, and strategic progress

Ainara Larrinaga, CFO of Virtualware, reported the company’s strong financial performance, stating “We recorded a 13.5% increase in revenue and 91% growth in EBITDA in 2024, with our net debt ratio significantly dropping from 3.4 in 2023 to 0.50. EBITDA grew from €423,000 to €807,000, reflecting our continued focus on sustainable and profitable growth”.

These results place Virtualware in a solid position to pursue its Strategic Plan 2024–2026, focused on three pillars: organic channel-based growth, North America expansion, and inorganic acquisitions within the real-time 3D industry.

In 2024, the company acquired Sweden-based Simumatik, combining simulation, digital twin technology, and VR to deliver next-gen industrial solutions. The acquisition has strengthened Virtualware’s presence in the automotive and manufacturing sectors, reinforcing its leadership in industrial training and simulation.

More than one-third of the company’s annual revenue now comes from North America, a result of its expanding presence with local teams in Orlando, US, and Toronto, Canada, supported by a growing ecosystem of >15 channel partners.

This localized footprint is part of a broader strategy to mitigate risks from evolving tariff regimes and cross-border trade dynamics.

One of the company’s major highlights in Canada was securing a €3.5 million government-supported technical training contract with Invest WindsorEssex and Nexstar Energy to prepare over 400 workers for battery gigafactory operations using the VIROO platform.

“We’re a small company with an international mindset,” said Unai Extremo, CEO of Virtualware, during the investor call. “Despite global uncertainties, we remain optimistic and confident in our growth path, especially in North America, where we continue to capture key clients across sectors including energy, automotive, aeronautics, education, and defense.”

During the call, particular attention was given to Virtualware’s growing involvement in defense, a sector where the company has already delivered impactful training solutions. The company is strengthening its position as a trusted technology partner, driving the adoption of XR solutions for military training.

The company’s work marked a key milestone in 2020, when Virtualware was awarded a contract from The Cooperation in Scientific Research and Development related to the Strategic Technologies Programme (COINCIDENTE) to support the Spanish Ministry of Defense (MoD). The contract consisted in deploying its proprietary VIROO platform to train medical units of the Spanish Military Health School in complex CBRN (Chemical, Biological, Radiological, and Nuclear) scenarios. This large-scale, multi-user VR solution enabled realistic training for combat casualty and mass casualty situations.

Virtualware’s expertise has since been recognized at leading international forums such as NATO’s symposiums, forums, and research initiatives, I/ITSEC, IT²EC, and the European Defense Innovation Days, among others, underscoring its growing role in shaping the future of defense training through XR technologies.

Following the successful testing of its first-ever M&A strategy in 2024, improved liquidity and visibility as well as thanks to a growing base of investor support, the company now plans to transfer from Euronext Access to Euronext Growth – the next league. Current share price of €8.15 is up ~35% from €6 listing price, and Virtualware has met the necessary free float requirement. This uplisting process is likely to conclude in Q2 2025. Virtualware is a publicly traded company since 2023.

Internally, the company is home to more than 50 staff members who have rated the company 8.41 out of 10 on Employee Happiness Index, with an average tenure of 7.5 years. Gender distribution within the company is 77% men and 23% women, with 95% of staff on permanent contracts and an average age of 39 years.  “We are on track to achieve B Corp certification, reinforcing our dedication to positive impact across our ecosystem,” said Unai Extremo.

Founded 20 years ago, Virtualware has been at the forefront of immersive technology evolution, from early virtual reality to extended reality, and now enterprise RT3D.