Ekinops reported Q1 2026 revenue of €27.6 million, marking an 8% sequential increase from the prior quarter and extending its recovery trend into a second consecutive quarter of growth. The Paris-based provider of optical transport, connectivity, and SASE cybersecurity solutions saw modest year-over-year pressure, with revenue down 3% compared to Q1 2025, though nearly flat (-0.5%) at constant exchange rates.
Growth in the quarter was driven primarily by its Connectivity & SASE Networks segment, which posted a 14% sequential increase, reflecting stronger activity in its domestic French market. Optical Networks remained stable quarter-over-quarter, with solid momentum in Europe outside France partially offsetting a slower ramp in the United States, where anticipated demand tied to the BEAD program has yet to materially impact results. The company also benefited from €1.6 million in contribution from Olfeo, acquired in mid-2025.
Software & Services revenue rose 6% in the quarter, representing 20% of total revenue, up from 18% a year earlier. Annual recurring revenue (ARR) reached €15.6 million at the end of March 2026, up 5% sequentially. Ekinops continues to expand its cybersecurity portfolio, including the recent acquisition of Chimere, which brings Zero Trust Network Access (ZTNA) capabilities to complement its SD-WAN and firewall offerings.
- Q1 2026 revenue: €27.6M (+8% QoQ, -3% YoY; -0.5% constant currency)
- Connectivity & SASE Networks: +14% sequential growth
- Optical Networks: flat QoQ; Europe strong, U.S. ramp pending BEAD impact
- Software & Services: +6%; now 20% of total revenue
- ARR: €15.6M (+5% vs. end-2025)
- Olfeo contribution: €1.6M in Q1
- Chimere acquisition adds ZTNA to SASE portfolio
- MoU signed with Tier-1 European operator for large-scale WDM deployment
Ekinops confirmed its expectation for a return to full-year growth in 2026, targeting single-digit revenue expansion supported by upcoming deployments of new DCI and SASE solutions. The company also disclosed ongoing negotiations toward a multi-year agreement with a Tier-1 European telecom operator following a recently signed memorandum of understanding for a large-scale WDM optical network deployment.
🌐 Analysis: Ekinops’ sequential growth reflects improving demand conditions in European telecom and enterprise markets, particularly as operators resume investment cycles in access and edge infrastructure. The company’s dual focus on optical transport and SASE aligns with broader industry convergence trends, where networking vendors increasingly integrate connectivity with security.
🌐 Analysis: The expansion into SSE and ZTNA through Olfeo and Chimere positions Ekinops against competitors such as Cisco, Fortinet, and Versa Networks, while its optical business faces pressure from larger vendors like Cienaand Infinera. Execution on U.S. BEAD-related opportunities and conversion of its Tier-1 European MoU into firm orders will be key indicators for sustained growth.
