INTERSHOP Communications (ISHA) Q2 2025 earnings summary

Executive summary

• Revenue declined 9% year-over-year to EUR 17.2 million in H1 2025, mainly due to weak new customer business and challenges in the service segment.

• Operating result (EBIT) was negative at EUR -0.9 million, down from EUR -0.4 million in H1 2024.

• Cloud revenue was stable, but incoming cloud orders and net new ARR dropped sharply.

• Significant progress was made in AI-driven platform enhancements, including new automation tools.

• Operating cash flow improved to EUR 1.9 million, reflecting better working capital management.

Financial highlights

• Revenue: EUR 17.2 million (-9% year-over-year).

• EBIT: EUR -0.9 million (vs. EUR -0.4 million in H1 2024).

• EBITDA: EUR 0.7 million (-38% year-over-year).

• Net result: EUR -1.1 million (vs. EUR -0.7 million in H1 2024).

• Earnings per share: EUR -0.08 (vs. EUR -0.04 in H1 2024).

• Gross margin stable at 44%.

• Cash and cash equivalents increased to EUR 10.4 million.

Outlook and guidance

• Full-year revenue expected to decline 10–15% (previously 5–10%).

• EBIT now forecasted to be negative in the lower single-digit million euro range (previously slightly positive).

• Incoming cloud orders and net new ARR expected to decrease; net new ARR guidance lowered to EUR 1.0–2.0 million.

• Focus remains on cost discipline, completion of major projects, and further AI-driven platform development.