Moulin will continue to implement Ekinops’ “Bridge” strategic plan. Ekinops’ Bridge is focused on consolidating the company’s leadership in fast-growing market segments for its two product lines, Access and Optical Transport.
"Philippe Moulin has a clear vision, extensive industry experience, and a strong team to lead the company into this new, ambitious, and pivotal phase," said Lepic.
Access and optical transport challenges
Ekinops’ revenue decline is reflected in the challenges it saw in its access and optical transport units.
In the third quarter, Access solutions sales dipped 17%, mainly due to lower activity in France (-22%), Ekinops’ main market for this segment. The decline is solely concentrated on Ekinops’ largest customer, whose sales fell by 32% over the period, following strong growth in 2024.
Optical transport equipment sales declined 3%. While Europe and France grew 11% and 2%, respectively, North America posted a sharp decline (18%), as two major customers in the region reduced their investments following internal reorganizations resulting from recent consolidation activity.
In Europe, the trend remained positive in Optical Transport, particularly in Germany, supported by what the company said was the gradual increase of 800G solution shipments.
Alternatively, Software & Services were a success story during the quarter, representing 23% of total business activity, up from 18% at the end of Fiscal Year 2024.
Ekinops’ Software & Services revenue recorded strong growth of +32% as of end-September 2025, driven by Ekinops’ service offerings and the consolidation of Olfeo since June.
Regional variances
On a regional basis, Ekinops’ results varied. While the company saw declines in France and North America, Europe was stable.
Due to Access Solutions' decline, nine-month revenue in France declined by 14%, mainly. Optical transport, on the other hand, grew by 2%. At the end of September, Ekinops generated 43% of its revenue in its domestic market.
North America sales dipped 14% as two customers, following industry consolidation, scaled back their investment plans in the third quarter. However, Ekinops noted that North American Access solutions posted 77% of growth in 2025, now accounting for 8% of Ekinops’ revenue in the region. North America contributed 19% of Ekinops’ revenue over the first nine months of 2025.
Except for France, European sales were nearly stable over the nine months (2%). While Access solutions declined by 9%, Optical transport continued to grow, particularly in Germany. Europe accounted for 33% of Ekinops’ business during the period.
Driven by growth in Africa and the Middle East, Rest of the World revenues, which represented 6% of the Group’s activity, nine-month revenue rose by 10%, carried by the development of Optical transport solutions.
Challenging near-term outlook
Ekinops has forecast a challenging outlook for revenues.
While it expects a “gradual recovery” of the telecom market market will happen in future quarters due to the advent of AI and cloud applications, Ekinops said “activity is expected to remain challenging through the end of the year due to a complex economic and geopolitical environment, and in the absence of a recovery from the Group’s largest customer before 2026.”
With these realities in hand, Ekinops expects it won’t meet its consolidated annual revenue forecasts of between $128 million and $140 million in 2025.
For the remainder of FY 2025, Ekinops aims to return to sequential growth in the fourth quarter of 2025 compared to the third quarter of 2025, while intensifying its cost control efforts.
Ekinops is continuing its product development initiatives under the Bridge strategic plan, which aims to position the Group in cybersecurity software as a service (SASE) for Access solutions and in data center interconnection (DCI) for Optical transport, starting in 2026.
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