Wallix confirmed its targets on Friday, after reporting continued 'hyper-growth' in recurring revenues over the first nine months of the year.

As at September 30, 2024, the cybersecurity software provider's monthly recurring revenue (MRR) stood at 1.9 million euros, up 23.7% on September 30, 2023.

The group explains that it benefited from the dynamism of its business in the Middle East-Africa region, its second most important zone after France, where growth reached almost 47% thanks to several contracts, notably in the energy sector.

Against this backdrop, the company says it is aiming for positive operating income in the second half of fiscal 2024, before benefiting from "even stronger" market momentum next year, thanks to changes in the regulatory environment.

Wallix is thus confident in its ability to achieve positive operating income in 2025.

Hailing a company "on the road to profitability", TP ICAP Midcap's analysts this morning renewed their buy recommendation on the stock, with a target price of 15 euros.

On the Paris Bourse, Wallix shares were up by more than 5% by mid-day Friday in the wake of this publication.

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