Ekinops reported consolidated FY2025 revenue of €105.0 million, down 11% year over year from €117.7 million, reflecting softer spending across access and optical transport markets. The company ended the year with Annual Recurring Revenue (ARR) of €15.8 million as of December 31, 2025, marking its first formal disclosure of ARR ahead of a broader shift toward software and services. Fourth-quarter revenue totaled €25.6 million, down 14% from Q4 2024 but up 15% sequentially versus Q3, in line with management’s October targets.
Software & Services emerged as a growth engine, rising 27% in 2025 and reaching 25% of total revenue, up from 18% a year earlier. The consolidation of Olfeo, acquired mid-2025, contributed €3.7 million to full-year revenue and €1.6 million in Q4 alone, supporting the expansion of Ekinops’ cybersecurity and SSE portfolio. The company said recurring subscriptions and support contracts underpin the €15.8 million ARR figure, which will serve as a key metric from 2026.
By product line, Access revenue declined 15% in 2025, driven largely by a 30% drop in sales to Ekinops’ largest French customer, while Optical Transport fell 12%, pressured by reduced investment from two major North American customers following post-consolidation reorganizations. Both segments showed late-year momentum, with Q4 sequential growth of +10% in Access and +26% in Optical Transport. Regionally, France declined 8%, international markets fell 13%, and North America posted €19.7 million in revenue, down 14% year over year, as customers awaited funding from the U.S. BEAD broadband program.
• FY2025 revenue: €105.0M, down 11% YoY
• Q4 2025 revenue: €25.6M, +15% sequential vs. Q3
• Software & Services: +27% YoY, now 25% of revenue
• ARR at year-end 2025: €15.8M
• Olfeo contribution: €3.7M FY2025; €1.6M in Q4
• Access revenue: -15% in 2025; Optical Transport: -12%
• North America revenue: €19.7M, down 14% YoY
• France share of revenue: 43% in 2025
“The end of FY 2025 marked a major transition phase for Ekinops, during which we laid the foundations for a return to sustainable growth, supported by increased investments in cybersecurity, DCI and software,” said Lionel Chmilewsky, CEO of Ekinops.
🌐 Analysis
The results highlight how delayed carrier spending and post-merger rationalization in North America continued to weigh on access and optical transport vendors through 2025, even as late-year sequential growth suggests improving order patterns. Ekinops’ rising ARR and heavier mix of software and security mirror a broader industry push toward more predictable revenue models as operators balance AI- and cloud-driven network upgrades with tighter capital discipline.
