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Ekinops H1 2024 results: EBITDA margin of 14.3%

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PARIS, July 29, 2024 /PRNewswire/ — EKINOPS (Euronext Paris – FR0011466069 – EKI), a leading supplier of telecommunications solutions for telecom operators and enterprises, reports its H1 2024 financial statements (for the period ended 30 June 2024) as approved by the Board of Directors on 29 July 2024. The statutory auditors conducted an interim review of these half-year financial statements.

m€ – IFRS

H1 2023

(6 months)

H2 2023

(6 months)

H1 2024

(6 months)

2023

(12 months)

Revenue

71.0

58.1

57.5

129.1

Gross margin

37.7

29.6

32.2

67.3

As a %

53.1 %

50.9 %

56.1 %

52.1 %

Operating expenses

31.0

31.3

29.3

62.3

EBITDA1

14.3

4.3

8.2

18.6

As a %

20.2 %

7.4 %

14.3 %

14.4 %

Current operating income (EBIT)

6.7

-1.6

3.0

5.1

Operating income

6.6

-3.0

2.6

3.6

Consolidated net income

6.0

-2.4

1.5

3.6

As a %

8.4 %

n.a.

2.6 %

2.8 %

1 EBITDA (Earnings before interest, taxes, depreciation and amortization) corresponds to current operating income restated for (i) amortization, depreciation and provisions, and (ii) income and expenses relating to share-based payments.

H1 2024 revenue: 57.5m€
Ekinops recorded H1 2024 consolidated revenue of 57.5m€, down -19% from the same period last year (identical at constant exchange rates).

Propelled by the sales rebound in France (+16% in H1 2024), the Access business line grew +1% over the period, after a decline over 2023. The Group’s main operator-customers are gradually rebuilding their Access equipment inventory, without reaching normative levels.

Conversely, sales of Optical Transport solutions were down -41% in H1 2024, after an all-time high performance in 2023 (+41% in H1 2023 and +27% on a full-year basis). This business line was mainly impacted by (i) reluctance from operators with substantial inventory to initiate CAPEX (capital expenditure), (ii) slower growth for 2023 internet traffic in a context of overcapacity and (iii) a wait-and-see attitude triggered by the delayed launch of Ekinops’ new 800G optical solution.  

Software & Services accounted for 17% of Group revenue, with an increasing share of recurring revenue, particularly for the SD-WAN solution.

Geographically, H1 2024 revenue increased by +5% in France while international business declined by -31%. International sales for this first half came out to 56% (vs. 66% a year earlier), of which 22% in North America (down -31%), 32% in EMEA (Europe, Middle East and Africa, down -32%) and 2% in Asia-Pacific (decline of -15%).

H1 2024 gross margin: 56.1% 
At mid-year, gross margin stood at 32.2m€, versus 37.7m€ Y-o-Y.

Gross margin thus reached a record level of 56.1% in H1 2024, vs. 53.1% a year earlier and 52.1% end-2023.

This record gross margin performance results from a favorable business mix (growth in the Access business line), a solid “selling price/manufacturing costs” ratio for Ekinops’ solutions, and the increasing share of Software & Services’ in Group’s revenue.

H1 2024 EBITDA margin[1]: 14.3%
At mid-year, EBITDA came to 8.2m€ vs. 14.3m€ Y-o-Y, with a -6% decline in operating expenses, driven by carefully managed costs (-11% in general costs, -6% in R&D costs and -3% in marketing and sales costs).

As such, H1 2024 EBITDA margin was 14.3%, compared to an exceptional 20.2% a year earlier and 14.4% in FY 2023.

After accounting for net depreciation, amortization and provisions (4.1m€, including 1.1m€
of amortization relating to post purchase price allocation technologies), declining due to the discontinued amortization of OneAccess technology, and non-cash expenses relating to share-based payments (0.6m€), current operating income came to 3.0m€ in H1 2024 vs. 6.7m€ a year earlier.

Current operating margin therefore stood at 5.1% of half-year revenue, vs. 9.4% the same period last year and 3.9% in FY 2023.

H1 2024 adjusted EBIT: 7.0%
Excluding amortization of intangible assets identified post purchase price allocation, adjusted current operating margin (adjusted EBIT[2]) came to 7.0%, vs. 14.0% a year earlier and 8.0% at end-2023.

Other operating expenses totaled 0.4m€, resulting in operating income of 2.6m€ for H1 2024 vs. 6.6m€ Y-o-Y and 3.6m€ for FY 2023.

After taking into account financial expenses of 0.7m€, comprising a net interest expense and foreign exchange gains on currency hedging, and a tax expense of 0.4m€, H1 2024 net income stood at 1.5m€, vs. 6.0m€ a year earlier and 3.6m€ in FY 2023

H1 2024 operating cash flow: 5.1m€
Despite the economic challenges impacting its business, Ekinops showed once again resilience with an ability to generate cash through its operations.

At mid-year, operating cash flow totaled 5.1m€, up significantly compared with H1 2023 (+0.9m€). Change in working capital requirements was limited to €2.1m, down considerably from the previous year (13.1m€ in H1 2023, boosted by the sharp increase in accounts receivable). H1 2024 decrease in accounts receivable (-3.4m€) notably offset rising inventory (3.3m€) as a result of slower business activity.

Cash flow from investments (non-current assets and R&D) amounted to -5.7m€ (vs. -4.5m€ a year earlier), with 1.1m€ in equipment investments and 4.5m€ for capitalized R&D and the acquisition of the 5View software suite.

Cash flow from financing activities totaled -4.7m€, including -2.5m€ in repayments under bank loans. No new loans were taken out during the semester.

At the end of H1 2024, change in cash flow was -€5.4m.

Comfortable net cash[3] position of €22.3m as of June 30, 2024

ASSETS – €m
IFRS

12/31

2023

6/30

2024

LIABILITIES – €m
IFRS

12/31

2023

6/30

2024

Non-current assets

78.8

85.4

Shareholders’ equity

119.4

120.4

o/w goodwill

28.5

28.4

Financial borrowings

21.4

19.5

o/w intangible assets

17.1

18.5

o/w bank loans

18.3

16.7

o/w right-of-use assets

6.7

12.4

o/w factoring

2.8

2.5

Current assets

66.6

68.9

French research tax credit pre-financing

5.1

4.3

o/w inventories

25.9

29.2

Trade payables

18.2

17.1

o/w trade receivables

30.0

26.6

Lease liabilities

7.0

12.9

Cash

47.2

41.8

Other liabilities

21.5

21.8

TOTAL

192.6

196.0

TOTAL

192.6

196.0

During the first half of 2024, Ekinops signed the lease for its new headquarters in Lannion (Brittany) as well as renewing its Belgian subsidiary’s commercial lease. This increased the Group’s right-of-use assets to 12.4m€.

Cash and cash equivalents totaled 41.8m€ as of 30 June 2024, for financial borrowings[4] of 19.5m€.

As such, Ekinops benefited from a healthy financial position at the end of H1 2024, with net cash at 22.3m€ (vs. 20.3m€ a year earlier and 25.8m€ at end-2023) with shareholders’ equity of 120.4m€ (vs. 119.4m€ as of 31 December 2023).

Subsequent to the semester, Ekinops secured a 1.8m€ subsidy, granted by the French government and Bpifrance as part of the “ORANGE MECT PART” major project of common European interest (PIIEC) initiative. The latter was developed in collaboration with Orange and its partners, to provide innovative connectivity solutions for specific configurations or digital deserts, as an alternative to current transmission solutions.

Outlook
Against a sluggish economic backdrop, Ekinops proved resilient thanks to a strong gross margin, sound management of operating expenses and a further demonstrated ability to generate cash flow despite the slowdown in business.

In Access, the gradual normalization of operator inventories in France led Ekinops to report modest growth for this segment over the semester. Looking ahead to H2 2024, the Group aims to accelerate this trend, both in France and EMEA, conditional on a favorable economic recovery. In Optical Transport, the launch of the 800G solution with its innovative features and the cost-optimized 100G product should spark fresh momentum in this business line over the coming semesters.

In this context, Ekinops expects Q3 2024 revenue to follow the same trend as previous quarters, with a more marked improvement in business targeted for Q4 2024.

In terms of external growth, Ekinops still aims to carry out operations to consolidate the Group, strengthen its offering and expand its customer base, favoring a non-dilutive source of financing.

See 2024 financial calendar here.

All press releases are published after Euronext Paris market close.

EKINOPS Contact
Didier Brédy, Chairman and CEO
contact@ekinops.com

Investors
Mathieu Omnes, Investor relation
Tel.: +33 (0)1 53 67 36 92
momnes@actus.fr

Press
Amaury Dugast, Press relation
Tel.: +33 (0)1 53 67 36 74
adugast@actus.fr

[1] EBITDA (Earnings before interest, taxes, depreciation and amortization) corresponds to current operating income restated for (i) amortization, depreciation and provisions, and (ii) income and expenses relating to share-based payments.

[2] Adjusted EBIT corresponds to current operating income adjusted for amortization of intangible assets identified after allocation of goodwill, Technologies developed and Customer relations.

[3] Net cash = cash and cash equivalents – borrowings (excluding bank debt relating to French research tax credit (CIR) pre-financing and IFRS 16 lease liabilities)

[4] excluding bank debt relating to French research tax credit (CIR) pre-financing and IFRS 16 lease liabilities

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SOURCE Ekinops

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Jtibot Showcases Autonomous Outdoor Sweeping Innovation at Interclean Amsterdam 2026, Accelerating European Market Expansion

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AMSTERDAM, April 24, 2026 /PRNewswire/ — Jtibot, a developer of autonomous outdoor cleaning solutions, concluded a successful showcase at Interclean Amsterdam 2026, highlighting its focus on large-scale, AI-driven sweeping for industrial, municipal, and campus environments.

At Hall 8, Booth 538, Jtibot presented its autonomous outdoor sweeper designed for environments exceeding 10,000 sqm. Positioned between traditional equipment and emerging robotics, the system addresses the growing demand for more efficient and less labor-dependent outdoor cleaning operations.

During the exhibition, Jtibot attracted strong interest from European distributors and facility management professionals seeking scalable solutions for large-area maintenance. The company was also featured in an official media interview at the event, reflecting increasing attention toward autonomous technologies in the cleaning industry.

Jtibot’s approach centers on human-machine collaboration. By reducing repetitive manual work while maintaining operational flexibility, its systems support more sustainable and efficient facility management practices. This aligns with broader ESG (Environmental, Social, and Governance) priorities, including improved resource efficiency and enhanced working conditions.

Building on its presence at Interclean, Jtibot is currently advancing discussions with multiple European partners for regional distribution and deployment. The company is also in the final stage of a fleet procurement agreement valued at approximately $1.4 million, signaling early commercial traction in large-scale applications scenarios.

“As outdoor environments continue to grow in scale and complexity, automation is becoming essential,” said Steven, VP at Jtibot. “Our goal is not to replace people, but to empower them—making operations more efficient and labor more sustainable.”

Following Interclean Amsterdam 2026, Jtibot is actively expanding its European partner network and preparing for broader market deployment across key regions, as it accelerates its global commercialization strategy.

About Jtibot
Jtibot specializes in autonomous outdoor sweepers designed for large-scale environments. By combining AI-driven navigation with industrial-grade hardware, the company enables efficient, scalable, and sustainable cleaning operations worldwide.

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2U Refinances and Raises Growth Capital

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ARLINGTON, Va., April 24, 2026 /PRNewswire/ — Many education technology companies spent 2024 and 2025 scaling back. New university partnerships slowed as institutions built internal capacity. Against that backdrop, 2U completed a growth recapitalization, with its existing owners putting growth capital into the business alongside a refinancing of its current credit facilities.

The question worth asking is: why now, and what did they see?

2U operates edX, a global online learning platform originally co-founded by Harvard and MIT that now reaches more than 100 million people through over 5,300 programs with 250-plus institutional and enterprise partners. Employees from more than 60% of Fortune 500 companies use edX for professional development. To date, over 76,000 people have graduated from 2U-powered degree programs from leading institutions, including UC Berkeley, Howard University, and Georgetown. The company has been privately held since completing a financial reorganization in 2024, and Kees Bol has served as CEO since January 2025.

Lincoln International, which advised 2U on the transaction exclusively, described the refinancing outcome: extended credit maturities, improved capital structure, and financial flexibility to continue executing on 2U’s long-range plan. Managing Director Alex Stevenson said the deal “reflects the confidence of 2U’s owners in the long-term value of the business.”

Confidence in what, exactly? The AI workforce training market. Skills in AI-affected roles are evolving 66% faster than average according to PwC research, and IDC has estimated that unfilled AI skills gaps could cost the global economy $5.5 trillion. Universities and enterprises are both trying to solve that problem, and both are looking for platforms with the breadth and accreditation backing to do it credibly.

2U’s partnerships are designed for exactly that. IBM’s six technical microcredentials on edX train the engineers and data scientists who build AI systems. Microsoft’s CxO Edge program, launched in late 2025, targets the C-suite executives who need to move from AI pilots to enterprise-wide adoption, part of a Microsoft presence on edX that has drawn over 40,000 learners in the past six months alone.. Oxford’s Faculty of Law program addresses governance: what board members and legal advisors need to understand about AI liability, compliance, and fiduciary responsibility. UC Berkeley’s Master of Information and Data Science (MIDS) online program prepares learners to shape the future of AI and data science with human-centered values and focuses on solving the world’s most pressing data challenges. Each program exists because a specific employer community identified a specific gap.

That’s the differentiation investors are backing. Generic online courses are abundant. Programs designed in partnership with IBM, Microsoft, UC Berkeley, and Oxford’s Faculty of Law and delivered on a platform with proven Fortune 500 adoption are not.

Credentials earned on 2U’s edX platform carry the academic standing of the issuing partner institutions. Its programs span executive education, professional certificates, microcredentials, and accredited online degree programs, all powered by 2U’s infrastructure but conferred by partner universities and institutions with their own accreditation.

HolonIQ data puts the broader trend in context: microcredentials grew from 7% of global online program offerings in 2022 to 19% by 2025. The shift toward stackable, job-aligned credentials, in addition to traditional degrees,  is real and accelerating. The global online education market is projected to exceed $200 billion as that trend matures. 2U’s decision to build depth in short-form, employer-designed AI training aligns directly with where learner demand is heading.

None of this is abstract for the organizations that use edX at scale. When a company needs to certify 500 engineers on AI development, or prepare its entire C-suite for a board presentation on AI governance, the platform’s reach and credential quality both matter. A certification backed by IBM and a degree from institutions such as Berkeley carries weight with hiring managers in a way a generic online course does not.

The refinancing extends 2U’s ability to keep building that catalog and the partnerships behind it. Stevenson framed it as giving the management team “the financial foundation to keep executing on its mission.” The mission, under Bol’s leadership, is straightforward: help universities and enterprises close the AI skills gap by meeting learners where they are, at the pace the market demands.

The investors who contributed growth capital made a bet that a platform that reaches 100 million people and has 250-plus partners, including IBM, Microsoft, UC Berkeley, and Oxford in its program portfolio, is better positioned to close that gap than any platform that would need to build from scratch.

Media Contact:
Kees Bol
social@2u.com 

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Autonomous Resource Corporation and Oak Ridge National Laboratory Partner to Accelerate AI-Enabled Defense Manufacturing at National Scale

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Strategic partnership combines ORNL’s supercomputing and advanced manufacturing expertise with ARC’s autonomous production platform to address critical defense industrial base shortfalls

OAK RIDGE, Tenn. and NEW YORK, April 24, 2026 /PRNewswire/ — Autonomous Resource Corporation (ARC), a Delaware corporation, and Oak Ridge National Laboratory (ORNL), the U.S. Department of Energy’s largest multi-program science and energy laboratory, today announced a Memorandum of Understanding (MOU) establishing a strategic public-private partnership to accelerate the on-demand manufacture of qualified, mission-critical components for U.S. national security applications.

The partnership combines ORNL’s HPC and manufacturing capability with ARC’s ARCNet distributed AI-manufacturing platform

The partnership — known as the Exascale Foundry — will combine ORNL’s computing and manufacturing capabilities with ARC’s ARCNet distributed manufacturing platform to create a closed-loop system for AI-enabled materials and manufacturing qualification and autonomous production at defense-relevant scale.

“The United States faces an urgent need to rebuild its manufacturing capacity for critical defense components,” said Bryan Wisk, CEO of ARC. “By combining ORNL’s world-leading computational, materials science, and manufacturing capabilities with our autonomous production infrastructure, we can compress manufacturing and qualification timelines from years to months and deliver manufactured parts at the volumes the warfighter needs.”

Partnership Highlights

Under the MOU, ARC will deploy advanced manufacturing equipment organized into seven production nodes connected to ORNL via ARC’s secure ARCNet infrastructure. ARC will expand capability through ORNL’s high-performance computing (HPC) resources.

ORNL will provide access to HPC expertise for simulation-driven materials characterization and qualification, along with technologies developed at the Manufacturing Demonstration Facility (MDF), the Department of Energy’s only large-scale, open-access advanced manufacturing facility. ORNL’s Peregrine AI software, which has analyzed over 1.9 million additive manufacturing layers, will be integrated into ARC’s production nodes for real-time adaptive control and quality assurance.

This partnership also supports DOE’s Genesis Mission, a national initiative to build the world’s most powerful scientific platform to accelerate discovery science, strengthen national security and drive energy innovation. ARC and ORNL’s collective capabilities will help reenvision advanced manufacturing and industrial productivity, accelerate defense production and qualification, and secure critical supply chain elements.

“ORNL’s advanced manufacturing and computing capabilities are uniquely positioned to help accelerate the transition of laboratory-proven technologies into production-scale defense manufacturing,” said Moe Khaleel, ORNL associate laboratory director for National Security Sciences. “Partnering with ARC ensures we are transitioning our research into real production outcomes.”

The initial implementation will focus on high-temperature nickel superalloy turbine components for autonomous air vehicle engines using metal binder jetting technology, directly addressing demonstrated production bottlenecks in the U.S. defense supply chain.

ORNL Chief Manufacturing Officer Craig Blue added, “This partnership exemplifies the type of relationship necessary to build and grow domestic supply chains for our national security.”

About Autonomous Resource Corporation

ARC is a New York–headquartered corporation building and operating an AI-enabled, autonomous manufacturing platform for national security and critical infrastructure applications. ARC’s Autonomous Resource Controller Network (ARCNet) connects distributed production cells into a secure, federated manufacturing grid capable of producing qualified components at scale. ARC’s leadership team brings deep experience across defense technology, capital markets, materials science, and additive manufacturing at production scale.

About Oak Ridge National Laboratory

Oak Ridge National Laboratory is the largest U.S. Department of Energy science and energy laboratory, conducting basic and applied research to deliver transformative solutions to compelling problems in energy and security. DOE’s Manufacturing Demonstration Facility at ORNL partners with more than 300 companies, spurring over $5.5 billion in economic growth. ORNL is managed by UT-Battelle, LLC for the U.S. Department of Energy’s Office of Science.

Media Contacts:

ARC: Bryan Wisk, Chief Executive Officer | bryan@autonomousresource.com | 929-523-3953

ORNL: Eric Swanson, National Security Sciences Communications Lead | swansonej@ornl.gov | 865-206-5794

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SOURCE Autonomous Resource Corporation

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