Ekinops reported €28.5 million in revenue for Q1 2025, a slight 1% increase year-over-year, as robust sales in France and the EMEA region helped offset a sharp decline in North America. The company highlighted a 7% growth in sales outside of the U.S., where revenue plunged 20%, largely due to telecom operators continuing to delay infrastructure investments. Sales remained flat when adjusted for currency fluctuations.
Access and Virtualization Shine While Optical Lags
Access solutions were a key growth driver in Q1, up 11% year-over-year and 19% over Q4 2024, with particularly strong demand from France and Germany. Software & Services—powered by network function virtualization and SD-WAN—saw a 17% revenue bump, now accounting for 18% of group sales. Conversely, Optical Transport took a hit, dropping 16%, reflecting ongoing caution in operator capex cycles.
North America Weakness Continues Amid Market Headwinds
North American sales dropped to €5.6 million, down from €7.0 million last year, though flat compared to Q4. The region now represents just 20% of revenue, a notable slide from 25% a year earlier. Ekinops is monitoring the impact of new U.S. tariffs but emphasized its equipment is fully manufactured in Europe—a potential differentiator as trade barriers shift.
📊 Key Metrics and Trends
• Total Q1 2025 revenue: €28.5 million (+1% YoY)
• North America: €5.6 million (-20% YoY), flat vs. Q4; now 20% of revenue (down from 25%)
• France: +4% YoY; 44% of revenue (up from 43%)
• EMEA (ex-France): +21% YoY; 36% of revenue (up from 30%)
• Asia-Pacific: <1% of revenue (vs. 3% YoY)
🧩 Segment Performance
• Access Solutions: +11% YoY, +19% QoQ
• Optical Transport: -16% YoY
• Software & Services: +17% YoY
• Share of revenue: 18% (up from 15% in Q1 2024)
🌐 Regional Revenue Breakdown
• France: 44%
• EMEA (ex-France): 36%
• North America: 20%
• Asia-Pacific: <1%
📌 Strategic Notes
• All U.S.-sold equipment manufactured in Europe
• New “Bridge” strategic plan aimed at reigniting growth in North America
• Ekinops well-positioned amid tariff uncertainty due to European manufacturing base
