Virtualware Eyes 30% Growth Fueled by Industrial VR & Nuclear Boom

BILBAO, SPAIN – February 12, 2026 – Virtualware (EPA: ALVIR), a specialist in virtual reality solutions for industry, has issued ambitious financial guidance for 2026, projecting a return to significant double-digit growth. The company anticipates organic revenue to climb by more than 30%, coupled with robust EBITDA margins in the 20-25% range, signaling strong confidence in its strategic direction and market position.

The forecast, outlined in a market letter by founder and CEO Unai Extremo, builds on a period of strategic consolidation and record-breaking achievements. This guidance suggests the company is poised to capitalize on its specialized expertise, particularly within the resurgent global nuclear energy sector and the broader industrial metaverse.

The Engine of Growth: A Subscription Model That Sticks

At the core of Virtualware's optimistic outlook is the continued success and expansion of its VR-as-a-Service (XRaaS) business model, centered around its proprietary VIROO platform. This subscription-based approach is designed to generate stable, recurring revenue, a strategy that is proving resilient in a tech landscape often characterized by hype cycles.

In 2025, the VIROO XRaaS line grew to €1.95 million, up from €1.73 million in 2024. This consistent growth reflects a longer-term trend; between 2022 and 2024, the platform's revenue surged by 192%. This shift towards subscriptions, which accounted for 41% of total revenue in 2024, provides the financial predictability necessary for sustained investment and international expansion, with North America and Europe being primary targets.

This strategy is underpinned by a remarkably strong financial footing. The company closed 2025 with record bookings exceeding €8 million, largely secured from government and nuclear sector projects. Furthermore, a significant €6.22 million payment from a major client in January 2026 boosted its pro forma net cash position to approximately €3.51 million, which the company describes as the strongest liquidity position in its more than 20-year history.

These figures follow a solid performance in 2025, where the company reported consolidated revenues of €4.32 million and an EBITDA of €598,509. “Virtualware is today a resilient company, capable of maintaining stability even in complex and unstable environments, thanks to the business model it implemented in the 2021–2023 Strategic Plan, which we are currently consolidating,” explained Unai Extremo in the company's official release.

Powering the Nuclear Renaissance with Digital Twins

Perhaps the most significant driver of Virtualware's future growth is its strategic entrenchment in the global nuclear industry. The sector is undergoing a widely acknowledged 'nuclear renaissance' as nations seek reliable, clean, and secure energy sources. The International Energy Agency (IEA) projects that global nuclear power capacity could more than double by 2050, creating a massive market for advanced technologies that enhance safety, efficiency, and training.

Virtualware is positioning itself as a key technological partner in this revival. The company has a long-standing collaboration with industry giant GE Vernova, using its VIROO platform to build virtual nuclear plants. These digital twins allow for immersive, hands-on training for complex maintenance, operations, and outage procedures in a risk-free environment. This type of simulation is invaluable for preparing personnel for scenarios that are impossible to recreate physically, ultimately reducing costs and improving safety protocols.

Underscoring its commitment to this sector, Virtualware recently appointed Stephanie Smith, a former Chief Nuclear Engineer at CANDU Energy, to its International Advisory Board. This move adds deep domain expertise and credibility as the company deepens its focus on the nuclear market. The company anticipates rising demand for simulation and digital twins for the construction and operation of new plants, including the growing field of Small Modular Reactors (SMRs).

Beyond the Niche: Industrial VR Comes of Age

While the nuclear sector represents a high-value niche, Virtualware's ambitions extend across the entire industrial landscape. The company operates within the burgeoning 'industrial metaverse'—a market projected by some analysts to exceed $540 billion by 2033. This market involves the integration of VR, digital twins, and AI to revolutionize manufacturing, logistics, and workforce training.

Virtualware's diverse client roster, which includes names like Volvo, Gestamp, and Alstom, demonstrates the broad applicability of its technology. From automotive manufacturing to rail transport, companies are using immersive solutions to optimize processes, reduce physical prototypes, and upskill their workforce with greater efficiency and safety.

While analysts note that broader enterprise XR adoption has faced hurdles like hardware costs and user fatigue, Virtualware's focused, problem-solving approach appears to be sidestepping these issues. By concentrating on specific, high-impact industrial applications, the company delivers tangible business value rather than chasing consumer trends. This strategy was further bolstered by the 2024 acquisition of Simumatik, a Swedish firm specializing in emulation and digital twin technology, which enhances Virtualware's capacity to create comprehensive industrial simulations.

A Foundation of Profit and Purpose

Completing a year of significant milestones in 2025, Virtualware not only uplisted to the Euronext Growth Paris exchange but also earned its certification as a B Corporation. This certification legally requires the company to consider the impact of its decisions on workers, customers, suppliers, the community, and the environment, formally balancing purpose with profit.

This commitment to ESG (Environmental, Social, and Governance) principles is more than a credential; it is increasingly a driver of business success. Such initiatives are known to attract top talent, build trust with clients, and appeal to a growing cohort of socially conscious investors. For Virtualware, the certification process highlighted its strength in the "Workers" category, reflecting an internal culture that aligns with its external brand of innovation and responsibility.

As 2026 marks the final year of its current strategic plan, Virtualware presents itself as a mature, financially sustainable technology firm ready for its next phase of expansion. The combination of a record backlog, a robust balance sheet, and a proven recurring revenue model provides a solid launchpad to meet its ambitious targets.

“We will close this strategic plan with our promise of growth fulfilled,” stated Extremo. “Our guiding principle has always been to remain financially sustainable without missing growth opportunities—and that is exactly what we will do in 2026.”