Innoscripta (1INN) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached €44.1 million, up 93% year-over-year, with strong topline growth and robust business momentum.

• EBIT for the half-year reached €24.5 million, more than doubling year-over-year, with margins improving to 58%.

• Net income for H1 2025 was €16.0 million, more than doubling from the prior year.

• Maintained a leading position in R&D tax credit software, serving ~2,100 customers with a churn rate below 2%.

• IPO completed, with most listing costs borne by major shareholders.

Financial highlights

• Revenue increased from €26 million in 2020 to €65 million in 2024, and €44.1 million in H1 2025.

• EBIT margin improved from 35% in 2022 to 58% in the latest period; gross margin reached 99.9% in H1 2025.

• Cash flow from operating activities was €24.6 million in H1 2025, with strong cash conversion and improved liquidity through factoring.

• Sales and marketing expenses rose to €9 million in H1 2025, while S&M costs as a percentage of revenue decreased to 20.1%.

• R&D expenditure increased to €3.1 million, maintaining about 7% of revenue.

Outlook and guidance

• Confident in continuing historic growth trajectory, with no formal guidance but management expects a strong second half due to seasonality and backlog.

• German R&D tax reforms effective from 2026 are expected to drive higher revenue per client.

• Exploring international expansion, especially in the UK and France, and M&A opportunities.

• No significant post-balance sheet events or changes to outlook reported.