Kalray: 2024 Annual Financial Report and First Half 2025 Revenue

H1 2025 revenue of €7.5 million (compared to €10.6 million in H1 2024), reflecting the impact of the divestiture of the “Data Acceleration Platform” Enterprise business unit;
Strategic refocus on the “semiconductor” business, which posted strong growth in H1 2025;
Significant improvement in profitability expected in 2025, with positive EBITDA as early as the first half;
Signing of the second phase of the industrial cooperation agreement with Openchip, focused on key European sovereignty issues in the field of Artificial Intelligence (AI);
Extension of liquidity horizon to June 30^th, 2026;
Publication of the 2024 Annual Financial Report and trading resumption.

Kalray, a hardware and software technologies player dedicated to the management and intensive processing of data from the cloud to the edge, provides an update on its first-half 2025 revenue and outlook. The 2024 annual financial report has been filed and enables the company to request the resumption of trading.

Kalray

“The first half of 2025 has been a pivotal period for Kalray, marked by the divestment of our software services division to DataCore Software, a major player in storage technologies, and the signing of our strategic industrial cooperation agreement with Openchip in the semiconductor business. These two key milestones reflect our strategy to focus on our DPU development activity, where we bring high added value and anticipate growing demand as AI moves into large-scale production. They also demonstrate the strength of our technology and our ability to bounce back after a particularly challenging year in 2024. Kalray now benefits from an extended liquidity horizon, enabling us to fully concentrate on our roadmap — particularly our collaboration with Openchip on the development of a new generation of Kalray’s DPU to address major technological sovereignty challenges in the AI market.”, stated Éric Baissus, chairman, Kalray.

H1 2025 Revenue – Positive EBITDA Expected
At the end of the first half of 2025, Kalray posted revenue of €7,533K, compared to €10,791K in the same period last year. This figure includes one month of revenue from its Enterprise business unit called “Data Acceleration Platform”, which was sold on February 5^th, 2025 and the contribution from the intellectual property licensing agreement with Openchip.

Kalray recalls that it sold its “Data Acceleration Platform” business unit – including all assets related to its Ngenea offering and approximately 80 employees – to U.S.-based company DataCore Software, a major player in data storage and protection technologies. As of June 30^th, 2025, the company has 128 employees, compared to 230 a year earlier.

It is worth noting that the semiconductor business – which is now the group’s core business – showed strong growth during the period, reaching €5,366K in H1 2025, up from €1,143K in H1 2024.

For FY2025, Kalray expects annual revenue to decline by approximately 35%, reflecting the divestiture of its enterprise business, which accounted for more than 80% of revenue in 2024. However, this shift is expected to drive a significant improvement in profitability, due to the strategic refocus on the semiconductor segment. EBITDA is expected to be positive as early as the first half and should continue to improve in the second half, supported in particular by contributions from the Openchip agreement and reduced operating expenses.

Signing of the Second Phase of the Industrial Cooperation Agreement with Openchip Focused on Key AI Challenges
Kalray announced today, via press release, that it has signed the second phase of its industrial cooperation agreement with Openchip. The agreement covers a service agreement with a total value of €10 million, aimed at developing a new version of Kalray’s DPU specifically designed for next-generation high-performance computing systems and AI Gigafactories.

Extension of Liquidity Horizon
Considering the signing of the second phase of the strategic agreement with Openchip, as well as the renegotiation of debt with suppliers and strategic partners – and subject to the fulfillment of the company’s cash flow forecast (including expected third-party payments) – the Company now estimates that its financing horizon has been extended to June 30^th, 2026.

It is also worth noting that Kalray secured a €2.8 million R&D tax credit pre-financing (CIR) in the first half of 2025.

Publication of the 2024 Annual Financial Report and Resumption of Trading
Kalray announces that the audit of its 2024 annual accounts has been completed, and the report of statutory auditors is being issued. The 2024 annual financial report is filed on the Euronext website and Kalray’s corporate website, in accordance with applicable regulations. The Company has reappeared on the Euronext under its ticket symbol FR0010722819 – ALKAL.

Update on the Equity Line signed with IRIS
As part of the equity line signed with IRIS on July 11^th, 2024, the Company has decided to increase the maximum theoretical number of new ordinary shares that may be issued for this bond financing to 9 million shares.

To date, the Company has raised €6 million under this equity line and has issued 2,400 Bonds, of which 1,503 Bonds have been redeemed by the issue of 3,193,005 new ordinary shares.

For illustrative purposes, if all Bonds were to be redeemed based on Kalray’s closing share price on July 8^th, 2025, a shareholder holding 1% of the Company’s share capital would see their stake reduced to 0.76% on a non-diluted basis and 0.67% on a fully diluted basis[6].

The other terms of the bond financing, as described in the company’s press release dated July 11^th, 2024, remain unchanged. At this stage, the company has no plans to draw down the two additional tranches of €2 million each.