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  Communiqué de la société WALLIX du 21/03/2024

  21/03/2024 - 18:30

2023 earnings: fundamentals strengthened by latest round of investments to combine growth, recurring business and profitability in 2024

  • Record full-year turnover of over €30 million in 2023, up 20%;
  • Over 65% recurring business, up 6 percentage points;
  • Gross cash and cash equivalents of nearly €18 million, up over €4 million year-on-year;
  • Improvement in recurring operating expenses/turnover ratio;
  • Operating profit expected in H2 2024.

Paris, March 21, 2024 - WALLIX (Euronext ALLIX), a European cybersecurity software developer and expert in identity and access management (IAM) and privileged access management (PAM), announces its earnings for the 2023 financial year[1].

Jean-Noël de Galzain, Chairman and Chief Executive Officer of WALLIX Group, said: “2023 was a pivotal year ending a phase of Investment designed to enhance our offering and strengthen our teams across the 16 countries in which the Company currently operates.

We are entering 2024 stronger than ever, backed by a WALLIX digital identity and access management software suite that constitutes a leading offering in PAM, tailored to digital and SaaS environments and the protection of corporate industrial network access. OT security is a booming sector linked to the digitization of industrial environments that requires considerable investment in cybersecurity by design.

Our subscription revenue is rising sharply in France and abroad, backed by a solid foundation of nearly 3,000 active contracts at the beginning of the year and an ecosystem of 300 partners. All of this serves to solidify our business model underpinned by a strengthened financial position. After two years of considerable efforts, it's time for profitability in 2024 !

The cybersecurity market is expected to grow significantly in Europe and worldwide, bolstered by the implementation of the NIS2 Directive in 2024, along with the DORA regulation in the financial sector and the IEC 62443 standards for industrial communication networks. We will capitalize on investments made in order to provide clients with long-term support in their transformation and post an operating profit in the second half of 2024 by combining revenue growth with optimizing operational efficiency.

Beyond innovation and the ability to increase companies' digital resilience, our shared aim is henceforth to generate sustained organic growth in recurring business and continuously improve operating profit by becoming the European cornerstone in digital access and identity cybersecurity.”

Profit & Loss statement

French GAAP
2022 2023
Turnover 25,179 30,180
Total operating income 30,956 35,127
Operating profit/(loss)
excluding non-recurring items
(7,133) (7,651)
Non-recurring expenses   (1,845)
Operating profit/(loss) (7,133) (9,496)
Net financial income/(expense) (285) (278)
Non-recurring income/(expense) 418 (161)
Tax income/(expense) 998 1,401
Net profit/(loss) (6,002) (8,534)

Accelerated growth in recurring revenue, solid business growth

At December 31, 2023, monthly recurring revenue (MRR) amounted to €1.6 million, with growth continuing to accelerate, up 32.9% compared to the previous year. On an annual basis, recurring business amounted to €19.7 million, representing 65.2% of 2023 turnover compared to 58.9% in 2022.

2023 turnover was up 19.9% at €30.2 million. Consolidated since May 16, 2023, Kleverware contributed €0.5 million to 2023 turnover.

Over the year as a whole, the pace of business acquisition remained very brisk, with the number of active contracts up 29%, representing 656 contracts won in one year. At December 31, 2023, the Group held a portfolio of nearly 3,000 active contracts, with a retention rate of over 95%.

Improvement in the operating expenses/turnover ratio before non-recurring expenses

During the 2023 financial year, the Group incurred non-recurring expenses of €1.8 million, mainly related to restructuring costs resulting from the reorganization of the sales and marketing teams.

Excluding non-recurring items, operating expenses (before depreciation, amortization and provisions) remained under control. The ratio of operating expenses to turnover improved significantly in both H1 and H2 2023 compared to the same periods in 2022.

Increase in cash and cash equivalents

During the year, WALLIX successfully completed a €5.5 million capital increase and a €5 million convertible bond issue, and signed a €2.5 million Recovery Loan, thereby covering the Group's operating financing requirements (€3.5 million) and investments (€5.2 million) mainly related to capitalized development costs.

At 2023 year-end, the Group posted a solid financial position enabling it to pursue the next stages of its development, bolstered by gross cash and cash equivalents of €17.6 million, up €4.1 million year-on-year.

Net cash and cash equivalents stood at €8.9 million compared to shareholders' equity of €15.1 million.

On course towards strong growth in recurring revenue and profitability in 2024

WALLIX has reached critical mass and is backed by a solid foundation of nearly 3,000 active contracts guaranteeing a considerable level of recurring business. This upsizing initiative allows the Group to enter a new development phase combining business ramp-up with return on investment, with the aim of generating strong, recurring and profitable growth driven by a five-point performance plan: 

  • Enhance the value of the client base by expanding the basket of existing clients;
  • Support key accounts in rolling out their projects, backed by the newly established Enterprise team;
  • Leverage WALLIX One, the new SaaS platform, to integrate PAM more fully into company operations and place it at the center of Zero Trust cybersecurity architecture;
  • Optimize the pricing policy, particularly by leveraging all of the solutions marketed in subscription mode;
  • Reduce the overall amount of operating purchases and investments by around 10%.

WALLIX is therefore confident in its ability to maintain strong recurring business growth and generate operating profit as from H2 2024. 

Next publication: 2024 Q1 revenue, April 11, 2024

Next Event: Cyber Vision Day by WALLIX, May 21, 2024 (digital meeting)


WALLIX is a European cybersecurity software developer and world leader in the Identity and Access Management market. With a strategy based on innovation and agility, WALLIX's mission is to simplify cybersecurity for its clients worldwide. The WALLIX range of solutions is distributed by a network of over 300 resellers and integrators worldwide, and WALLIX supports nearly 3,000 organizations across more than 90 countries in securing their digital transformation.

The company is listed on Euronext (ALLIX). The founders and managers, as well as the investment structure Thierry Dassault Holding, are the historical reference shareholders. by WALLIX is a brand dedicated to the security of digital access and identities in industrial environments. 

WALLIX affirms its digital responsibility and is committed to contributing to the construction of a trusted European digital space, guaranteeing the security and confidentiality of data for organizations, as well as for individuals concerned about the protection of their digital identity and privacy. Digital technology, whether for professional or personal use, must be ethical and responsible in order to pursue a secure societal digital transformation that respects individual freedoms. |


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[1] The full-year consolidated financial statements were approved by the Board of Directors on March 21, 2024. The statutory auditors have audited the financial statements and the annual financial report will be published by April 30, 2024.

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  Original Source : WALLIX