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Kerlink Earnings Release 2025
1460_ir_2026-04-23_12a85c37-c089-47b9-bab7-8616f997aa19.pdf
Earnings Release
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kerlink
communication is everything
2025 Full-Year Results: Strong Top-Line Rebound (+26%) and Significant Narrowing of Losses
Gross margin improvement to nearly 40%
EBITDA loss reduced by two-thirds
Q1 2026 Activity: Sustained Sales Momentum
Order book for 2026 delivery up 15% vs. Q1 2025
Temporary revenue decline (-6%) driven solely by delivery scheduling
PRESS RELEASE
Thorigné-Fouillard, France – 23 April 2026, 6 p.m.
Kerlink (AKLK FR0013156007), a specialist provider of networks and solutions for the Internet of Things (IoT) is publishing its 2025 full-year results.
FY 2025 represented a pivotal milestone in Kerlink's turnaround, with revenue rebounding to €14.7 million (+26%), fueled by double-digit growth across all vertical segments (Smart City & Quality of Life, Smart Agriculture & Environment, and Smart Building & Industry). This momentum was paired with a structural shift in profitability, marked by a recovery in gross margin and a two-thirds reduction in EBITDA loss (narrowing to -€0.2 million, excluding non-recurring impacts from HNT digital asset holdings).
Backed by a robust order book for FY 2026, exceeding levels recorded at the end of March 2025, the Group enters the new year with confidence. The large-scale rollout of the Track Value solution in H2, alongside the launch of innovative IoT hardware, is expected to sustain this growth trajectory, while the Group remains vigilant regarding global electronic component supply conditions.
Consolidated financial statements
On 21 April 2026, the Board of Directors approved the consolidated financial statements for the financial year ended 31 December 2025.
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Kerlink
Simplified income statement
| In thousands of EUR - IFRS | 2025 | 2024 |
|---|---|---|
| Revenue | 14,675 | 11,667 |
| Cost of sales | - 8,865 | - 8,072 |
| Gross margin | 5,810 | 3,594 |
| Gross margin rate | 39.6% | 30.8% |
| Other operating costs | - 6,489 | - 5,692 |
| EBITDA | - 679 | - 2,098 |
| Depreciation and amortisation | - 901 | - 1,375 |
| Operating income (expense) | - 1,580 | - 3,472 |
| Net financial income (expense) | - 440 | - 282 |
| Income tax | - 11 | - 19 |
| Group net income (expense) | - 2,031 | - 3,773 |
IFRS – Audited financial statements
FY 2025: confirmation of operational recovery
Group revenue saw a sharp rebound to €14.7 million (+26%). This momentum, fueled by growth across all vertical segments (Smart City & Quality of Life, Smart Agriculture & Environment, and Smart Building & Industry), validates Kerlink’s technological offering and its strategic market positioning.
It was coupled with a structural improvement in profitability:
- Gross Margin Recovery: Gross margin rose to 39.6% (+880 bps), returning to pre-2024 levels. The Group has successfully absorbed the impact of the exceptional inventory impairment (€1.2 million) that weighed on the 2024 results.
- Disciplined Cost Management: The 14% increase in operating expenses reflects targeted investments (including strategic sales recruitment and talent retention) designed to fuel growth while maintaining strict budgetary oversight.
- Significant EBITDA Improvement: EBITDA loss narrowed to -€0.7 million. This performance is particularly noteworthy as it includes a non-recurring €0.5 million impairment related to HNT digital assets. Excluding this non-cash item, Core IoT EBITDA reached near-breakeven at -€0.2 million.
- Financial result: The financial loss of -€0.4 million primarily reflects the IFRS 9 technical restatement following the successful debt rescheduling finalized in November 2025. This non-cash accounting adjustment has no impact on the Group’s cash position.
- Net income: Net loss was nearly halved to -€2.0 million, compared to -€3.8 million in the previous year.
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Kerlink
Simplified balance sheet
| In thousands of EUR - IFRS | 31 December 2025 | 31 December 2024 |
|---|---|---|
| Net assets and other non-current assets | 4,887 | 4,802 |
| Current assets | 11,321 | 13,598 |
| Cash and cash equivalents | 2,273 | 4,814 |
| Total assets | 18,481 | 23,214 |
| Shareholders' equity | 2,032 | 4,081 |
| Long- and medium-term financial liabilities | 9,890 | 8,705 |
| Other non-current liabilities | 561 | 730 |
| Current financial liabilities | 968 | 4,007 |
| Other current liabilities | 5,030 | 5,691 |
| Total liabilities | 18,481 | 23,214 |
IFRS – Audited financial statements
Financial structure: WCR Optimisation and debt Management
Shareholders' equity stood at €2.0 million as of December 31, 2025.
Rigorous management of the Working Capital Requirement (WCR) delivered strong results, with a €2.5 million reduction in inventory over the fiscal year (€7.4 million vs. €9.9 million in FY 2024). This optimization bolstered the Group's cash position during a period of robust growth.
Cash and cash equivalents as of December 31, 2025, totalled €2.3 million. This level accounts for the repayment of over €2 million in loans during the first nine months of the year, prior to the finalization of the bank debt restructuring in November 2025.
Consequently, financial debt (excluding IFRS 16 lease liabilities) decreased significantly to €9.9 million (including €0.9 million in bank overdrafts and factoring), compared to €12 million at the end of the previous fiscal year.
Simplified cash flow statement
| In thousands of EUR - IFRS | 31 December 2025 | 31 December 2024 |
|---|---|---|
| Cash flow from operating activities | 1,297 | 3,597 |
| o/w change in WCR | 1,612 | 5,316 |
| Cash flow from investing activities | - 1,562 | - 1,038 |
| Cash flow from financing activities | - 2,256 | -1,745 |
| Effect of changes in exchange rates on cash | -20 | 6 |
| Net change in cash position | -2,540 | 820 |
| Opening cash position | 4,814 | 3,994 |
| Closing cash position | 2,273 | 4,814 |
IFRS – Audited financial statements
Positive operating cash flow generation
The cash flow statement highlights the following:
- Operating Cash Flow: Despite the reported net loss, the Group generated a positive operating cash flow of €1.3 million. This performance was driven by the optimized management of the Working Capital Requirement (+€1.6 million), primarily through the strategic reduction of inventory.
- Investing Activities: The Group maintained its proactive investment strategy (€1.6 million) to fuel technological innovation and prepare for upcoming product launches.
- Financing Activities: Financing flows (-€2.3 million) reflect the timely repayment of bank debt obligations prior to the activation of the newly negotiated repayment schedule.
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Kerlink
Activity in Q1 2026: Robust Order Book and Sustained Momentum
Revenue for Q1 2026 reached €3.4 million (compared to €3.6 million in Q1 2025). This 6% decline is strictly timing-related, resulting from a technical delay in equipment deliveries (€0.4 million) which shifted from late March to early April. Adjusted for this temporary lag, the quarter would have shown positive organic growth.
Breakdown of Q1 2026 revenue
| Revenue by type of sales
In thousands of euros | Q1 2026 | Q1 2025 | Change |
| --- | --- | --- | --- |
| Equipment | 2,737 | 3,027 | -10% |
| Services | 659 | 567 | +16% |
| Total | 3,397 | 3,594 | -6% |
IFRS – Unaudited figures
| Revenue by geographical area
In thousands of euros | Q1 2026 | Q1 2025 | Change |
| --- | --- | --- | --- |
| NCSA (Americas) | 160 | 311 | -49% |
| APAC (Asia-Pacific) | 202 | 147 | +38% |
| EMEA (Europe, Middle East & Africa) | 3,035 | 3,138 | -3% |
| Total | 3,397 | 3,595 | -6% |
IFRS – Unaudited figures
| Revenue by business line
In thousands of euros | Q1 2026 | Q1 2025 | Change |
| --- | --- | --- | --- |
| Historical and alternative telecom operators | 431 | 113 | +283% |
| Private operators | 2,965 | 3,482 | -15% |
| Smart Cities & Quality of Life | 882 | 1,180 | -25% |
| Smart Building & Industry | 1,704 | 1,696 | 0% |
| Smart Agriculture & Environment | 379 | 606 | -37% |
| Total | 3,397 | 3,595 | -6% |
IFRS – Unaudited figures
Sustained Sales Momentum:
- Strong Visibility for FY 2026: The order book billable for the full 2026 financial year is up by more than 15% compared to the same period in 2025.
- Positive Momentum in Services: Service revenue grew by +16%.
- Revitalized Operator Activity: Revenue from historical and alternative telecom operators increased by over €300k.
- Acceleration in APAC: The Asia-Pacific region confirmed its role as a key growth driver with a +38% surge, offsetting more cautious, wait-and-see approaches in other markets.
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Kerlink
Outlook for 2026: Innovation and vigilance
Kerlink confirms its plan to further improve full-year results, supported by a revitalized portfolio of innovative solutions:
- Launch of the Wirnet™ iStation M2 gateway: Specifically designed for Edge deployments, this new gateway offers enhanced performance and superior processing capabilities compared to previous generations.
- Track Value rollout: This high-value solution for freight and logistics digitalization, currently in the pilot phase, is expected to contribute to revenue starting in the second half of 2026.
- Supply Chain Management: In a context of global tension in the memory market, the Group remains vigilant regarding component procurement. Kerlink maintains its proactive strategy to secure the execution of its order book under competitive conditions.
About Kerlink
Kerlink Group is one of the world's leading providers of connectivity solutions for the design, rollout and operation of public and private networks dedicated to the Internet of Things (IoT). Its comprehensive portfolio of solutions includes industrial-grade network equipment, best-of-breed network core, network operations and management software, value-added applications and expert professional services, backed by strong R&D capabilities. More than 320,000 Kerlink installations have been deployed at more than 780 customers in 86 countries. Kerlink is a founding member and board member of the LoRa® Alliance. It is listed on Euronext Growth Paris under the symbol ALKLK.
For more information, please visit our website at www.kerlink.com.
Kerlink®, Wirnet® and Wanesy® are registered trademarks of Kerlink SA and its subsidiaries around the world and must not be used without authorisation. All rights reserved.
SEITOSEI.ACTIFIN
Financial press contact:
Isabelle Dray
+33 (0) 1 56 88 11 29
[email protected]
Press contact and market analysts:
Sarah-Lyle Dampoux
+33 (0) 6 74 93 23 47
[email protected]
Investor contact:
Benjamin Lehari
+33 (0)6 07 30 93 72
[email protected]
Next publication
H1 2026 Revenue
9 July 2026 after the market closes
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