EKINOPS S.A.

https://www.ekinops.com

Ekinops is a leading global provider of open, trusted, and innovative network connectivity solutions designed for telecommunication operators and enterprises. Headquartered in Lannion, France, the company specializes in the design, development, and marketing of interoperable telecommunications solutions. Its mission is to enable customer success by delivering high value-added, software-driven solutions that facilitate the fast, flexible, and cost-effective deployment of new services.

The company's product portfolio is structured around three complementary offerings: EKINOPS360, OneAccess, and Compose. EKINOPS360 provides high-capacity optical transport solutions for metro, regional, and long-distance networks utilizing WDM technology. OneAccess offers a range of physical and virtualized deployment options for Layer 2 and Layer 3 access network functions, including routing voice and data. The Compose platform supports software-defined networks with various management tools and services, such as scalable SD-WAN Xpress, Nuvla Edge to Cloud solutions, and Olfeo SSE, positioning Ekinops in high-capacity optical transport and virtualization-enabled network solutions.

In recent developments, Lionel Chmilewsky was appointed Chief Executive Officer effective January 12, 2026. Ekinops successfully completed an 800 Gbit/s optical transmission over nearly 800 km on Orange's long-distance network in December 2025, demonstrating its innovation in optical transport. The company has also expanded its cybersecurity offerings through the acquisition of Olfeo in June 2025 and Chimere in March 2026. Ekinops unveiled its "Bridge" strategic plan in March 2025, aiming to strengthen its leadership in fast-growing market segments, including Data Center Interconnect (DCI), and to be recognized as a supplier of integrated telecommunications solutions.

Latest updates

Ekinops Revenue Rebounds Sequentially Amidst Year-Over-Year Decline

Event summary

  • Ekinops reported Q1 2026 revenue of €27.6 million, up 8% sequentially from €25.6 million in Q4 2025.
  • Revenue decreased by 3% year-over-year compared to €28.5 million in Q1 2025, but was nearly stable at -0.5% at constant exchange rates.
  • The acquisition of Olfeo, a cybersecurity software provider, contributed €1.6 million to Q1 2026 revenue.
  • Ekinops signed a Memorandum of Understanding with a tier-1 European telecom operator for a large-scale optical network deployment.

The big picture

Ekinops' Q1 2026 results highlight a complex picture of recovery and strategic repositioning. While sequential revenue growth demonstrates a rebound in activity, the year-over-year decline underscores ongoing challenges in the optical networks market. The company's focus on SASE and its acquisitions signal a shift towards higher-growth cybersecurity solutions, but the success of this strategy hinges on effective integration and execution.

What we're watching

BEAD Impact
The realization of revenue from the US BEAD program rollout remains uncertain, and its impact on Ekinops’ Optical Networks segment will be a key indicator of future growth potential. The company's ability to capitalize on this opportunity will be crucial for sustained performance.
Integration Risk
The successful integration of both Olfeo and Chimere, and the realization of cross-selling synergies, will be critical to justifying the acquisitions' cost and accelerating Ekinops' positioning in the SASE market.
Telecom Deal
The finalization and execution of the multi-year framework agreement with the tier-1 European telecom operator will determine the scale of Ekinops’ optical network deployments and its ability to meet its full-year revenue growth target.

Ekinops Secures Potential Large-Scale Optical Network Deal with Tier-1 European Operator

Event summary

  • Ekinops has signed a Memorandum of Understanding (MoU) with a leading, unnamed Tier-1 European telecom operator.
  • The MoU covers the supply of optical transport equipment (WDM technology) and Ekinops’ Celestis network management platform, alongside associated software and services.
  • The project is described as 'major' and expected to be deployed over several years, suggesting a substantial contract value.
  • Advanced discussions are underway to finalize a framework agreement in the coming months, following the MoU.

The big picture

This MoU represents a significant opportunity for Ekinops, validating its optical network solutions in a competitive European market. The deal underscores the ongoing trend of telecom operators investing in high-speed infrastructure to meet increasing bandwidth demands. Securing a Tier-1 operator as a customer provides Ekinops with a valuable reference point for attracting further business, but the lack of named operator introduces a degree of uncertainty.

What we're watching

Deal Certainty
The MoU’s conversion to a formal framework agreement is critical; failure to materialize would signal potential roadblocks in negotiations or a reassessment of Ekinops' offering.
Project Scale
The actual size and scope of the network deployment will be a key indicator of Ekinops’ ability to handle large-scale projects and its competitive positioning against larger rivals.
Celestis Adoption
The successful integration and adoption of Ekinops’ Celestis platform by the Tier-1 operator will demonstrate the platform’s capabilities and influence future sales to other service providers.

Ekinops Bolsters SASE Portfolio with Chimere Acquisition

Event summary

  • Ekinops is acquiring 100% of Chimere, a French cybersecurity startup specializing in universal Zero Trust Network Access (ZTNA), before March 31, 2026.
  • Chimere's ZTNA solution offers a subscription-based model (SaaS, hybrid, or on-premises) as an alternative to traditional VPNs and firewalls.
  • The acquisition follows Ekinops' acquisition of Olfeo in May 2025 and aligns with the company's 'Bridge' strategic plan.
  • Ekinops claims the acquisition will make it the sole European vendor offering SD-WAN, SSE, and Universal ZTNA with on-premise deployment options.
  • Ekinops does not anticipate a significant impact on its 2026 financial statements from this transaction.

The big picture

The acquisition underscores the ongoing consolidation within the cybersecurity space, as vendors race to offer comprehensive SASE solutions. Ekinops' move positions it to capitalize on the increasing demand for secure remote access and digital transformation services, particularly within the European market. The 'Single Vendor SASE' claim, while bold, highlights the pressure to simplify security stacks for enterprises facing increasingly complex threat landscapes.

What we're watching

Integration Risk
Successfully integrating Chimere's technology and team into Ekinops' existing SASE portfolio will be critical to realizing the stated synergies and avoiding operational disruption.
Market Acceptance
The pace at which Ekinops can leverage Chimere's ZTNA solution to gain market share against established SASE vendors will determine the acquisition's long-term success.
Competitive Response
How other SASE providers, particularly those with existing European operations, will react to Ekinops' strengthened position as a 'Single Vendor SASE' company warrants monitoring.

Ekinops Wins Award for Hybrid Optical Transport System

Event summary

  • Ekinops' C700HC optical transport system received the 2026 Lightwave Innovation Review award in the Optical Transport Systems category.
  • The C700HC achieved a rating of 4.0 out of 5.0, signifying 'Excellent product with technical features and performance'.
  • The system combines WDM transport and DCI platform capabilities, targeting both service provider central offices and data centers.
  • The C700HC is now generally available and shipping to customers in Europe and North America.

The big picture

Ekinops' award highlights the growing demand for flexible and unified optical transport solutions that bridge the gap between traditional service provider infrastructure and the bandwidth-intensive needs of data centers and emerging markets like neo-scaler environments. The C700HC's hybrid approach represents a strategic shift towards consolidating infrastructure and simplifying management, a trend likely to accelerate as data center interconnectivity becomes increasingly critical. This award validates Ekinops' positioning in a market segment experiencing rapid growth and increasing complexity.

What we're watching

Market Adoption
The success of the C700HC hinges on its ability to gain traction within the neo-scaler market and other data centers, requiring Ekinops to demonstrate clear cost or performance advantages over existing solutions.
Integration Risk
Combining WDM and DCI functionality presents integration challenges; any operational issues or performance degradation resulting from this hybrid approach could undermine the product's appeal.
Competitive Response
The award will likely spur competitors to accelerate their own hybrid optical transport system development, potentially eroding Ekinops' competitive advantage and requiring ongoing innovation.

Ekinops Revenue Declines as Cybersecurity Integration Faces Headwinds

Event summary

  • Ekinops revenue decreased by 11% year-over-year to €105 million in FY 2025.
  • The company's EBITDA margin fell to 10.0% from 15.3% in FY 2024.
  • Olfeo, acquired in June 2025, contributed €3.7 million to annual revenue.
  • Ekinops is targeting single-digit revenue growth in 2026, despite planned investments impacting profitability.

The big picture

Ekinops' FY 2025 results reveal a company navigating a challenging environment. While the acquisition of Olfeo signals a strategic shift towards cybersecurity and recurring revenue models, the decline in revenue and margin compression highlight the difficulties in integrating new businesses and managing market slowdowns. The company's focus on SASE and DCI represents a bet on high-growth areas, but execution risk remains a significant factor.

What we're watching

Integration Risk
The success of Ekinops' strategy hinges on the effective integration of Olfeo, and the cross-selling opportunities it’s expected to generate; early results suggest challenges remain in realizing the full potential of the acquisition.
Market Dynamics
The slowdown in North American investments from key customers indicates broader industry headwinds, and Ekinops’ ability to diversify its customer base will be crucial for sustained growth.
Investment Impact
The planned investments in R&D and sales, while necessary for long-term growth, will likely compress EBITDA margins in 2026, and the market will scrutinize whether these investments translate into tangible revenue gains.

Ekinops and O2 Telefónica Extend 5G Connectivity for Enterprise

Event summary

  • Ekinops and O2 Telefónica have jointly launched a 5G mobile fixed line extension solution.
  • The solution, featuring Ekinops’ MRU-5G and routers, enables connectivity up to 100m from the data room with zero dB loss.
  • O2 Telefónica, a German telecom provider, reported €8.2 billion in revenue in 2025 and serves over 35 million mobile lines.
  • The solution aims to address connectivity challenges in difficult coverage locations and complex installations.

The big picture

This partnership addresses a growing need for reliable, high-performance connectivity in enterprise settings, particularly those with challenging physical environments. The solution’s focus on rapid deployment and simplified installation aligns with the broader trend of businesses seeking flexible and scalable network solutions. O2 Telefónica’s investment signals a commitment to expanding its B2B services and leveraging 5G to capture a larger share of the enterprise market.

What we're watching

Market Adoption
The success of this solution hinges on O2 Telefónica’s ability to rapidly deploy it and integrate it into its existing B2B offerings, which will determine its impact on revenue growth.
Competitive Response
Other telecom providers will likely observe this deployment and may accelerate their own efforts to offer similar solutions, potentially intensifying competition in the enterprise connectivity space.
Ekinops Dependency
Ekinops' reliance on O2 Telefónica for a significant portion of its revenue creates a dependency that could expose the company to risk if the partnership weakens or expands to competitors.

Ekinops Secures Middle-Mile Contract in Colorado, Bolstering Rural Broadband Push

Event summary

  • Ekinops has upgraded Project THOR, a regional middle-mile fiber network in Northwest Colorado, using its ROADM-based and FlexRate coherent technology.
  • Project THOR connects local governments, schools, hospitals, first responders, and broadband providers to high-capacity internet and cloud services.
  • The network is designed to be resilient against natural disasters common to the I-70 corridor, such as landslides and wildfires.
  • The open-access platform allows multiple public and private operators to connect cost-effectively, expanding broadband access.

The big picture

This contract underscores the growing demand for resilient middle-mile infrastructure in underserved rural areas, driven by government initiatives and the increasing reliance on broadband for essential services. Ekinops’ win positions the company to capitalize on this trend, but success hinges on the scalability of its solutions and the ability to attract third-party operators to the open-access platform. The project highlights the strategic importance of robust network infrastructure in mitigating the impact of climate-related disruptions.

What we're watching

Market Penetration
How Ekinops’ focus on rural broadband deployments will impact its overall revenue growth, given the relatively smaller scale of these projects compared to enterprise clients.
Open Access
Whether the open-access model for Project THOR will attract sufficient private operator participation to ensure long-term financial sustainability and scalability.
Geographic Expansion
The pace at which Ekinops can replicate this model in other geographically isolated regions facing similar broadband access challenges.

Ekinops Revenue Declines as Recurring Revenue Model Emerges

Event summary

  • Ekinops reported €105 million in revenue for FY 2025, down 11% year-over-year.
  • Annual Recurring Revenue (ARR) reached €15.8 million as of December 31, 2025, marking the beginning of reporting this metric.
  • Q4 2025 revenue increased sequentially by 15%, but declined 14% compared to Q4 2024.
  • The acquisition of Olfeo contributed €3.7 million to annual revenue.

The big picture

Ekinops is navigating a challenging period of revenue decline, partially attributable to customer reorganizations and a slowdown in North America. The company's shift towards a recurring revenue model, signaled by the introduction of ARR reporting, represents a strategic pivot aimed at improving long-term stability and growth. The acquisition of Olfeo and the focus on cybersecurity (SASE) are intended to position Ekinops in higher-growth market segments, but execution risks remain.

What we're watching

Customer Dynamics
The impact of the reduced investment from the largest customer in France will determine if Ekinops can sustain its sequential growth momentum in Access equipment sales.
North American Recovery
The pace at which the two North American customers return to normalized investment levels will be a key indicator of Ekinops' overall performance in the region.
Execution Risk
The success of the new CEO, Lionel Chmilewsky, in implementing the 'Bridge' strategic plan and optimizing the go-to-market approach will be critical for driving sustainable growth.

MuniNet Boosts Rural Broadband with Ekinops 400G Upgrade

Event summary

  • Ekinops is providing 400G optical transport technology to MuniNet, a publicly owned fiber network in Western Kentucky.
  • The upgrade aims to increase network capacity, support 5G backhaul, and enable high-speed broadband and cloud services.
  • The deployment includes Ekinops' PM_400G coherent transponders and is expected to be fully completed by late 2026.
  • MuniNet CTO cited Ekinops' solution as 'innovative, flexible, and cost-effective,' improving customer offerings.

The big picture

This partnership underscores the growing demand for higher bandwidth capacity in rural areas, driven by the expansion of 5G, cloud services, and remote work. MuniNet's adoption of Ekinops' 400G technology represents a strategic move to future-proof its network and avoid costly fiber replacements, a common challenge for smaller, publicly-owned networks. The deal also highlights the increasing importance of optical transport vendors in enabling the expansion of broadband access, particularly in regions with limited private investment.

What we're watching

Rural Adoption
The success of this deployment could serve as a template for other rural broadband providers seeking to upgrade existing infrastructure, potentially accelerating adoption of Ekinops' technology in underserved areas.
800G Readiness
Ekinops' positioning of this upgrade as a path to 800G services will be tested by the speed at which MuniNet and other customers transition to the next generation of optical transport.
Public Funding
MuniNet's reliance on public funding for network upgrades highlights the ongoing role of government investment in bridging the digital divide, and the sustainability of Ekinops' business model may depend on continued public sector contracts.
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