LightOn's 2025 half-year report showed a €3.7 million net loss and carried its auditor's limited review

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

LightOn filed its half-year financial report for 2025 with the AMF, the French markets regulator, on Oct 23, 2025; the 37-page report is in French. It showed a net loss of €3,678,176 for the half-year, against €2,088,488 a year earlier, on revenue of €709,000, up 15%. The operating loss was €3,855,000, against €2,312,000 a year earlier.1^,2^,3^,4^,5^,6^,7

The report said the accounts followed French accounting principles under the plan comptable général, the French general accounting plan. Deloitte & Associés, LightOn's statutory auditor, carried out a limited review, work the firm says is less extensive than an audit, and in its report of Oct 22, 2025 said it found no significant anomalies that would call into question the regularity and fairness of the half-year accounts. Without qualifying that conclusion, it drew attention to the note on changes in accounting method, which said the adoption of the ANC 2022-06 regulation had no material impact on the accounts.8^,9^,10^,11^,12^,13^,14

The management section of the report said that sales of the Paradigm license were multiplied by 5, to €655,000, while Forge services fell from €452,000 to €53,000, in line with the move to a SaaS (software as a service) model. Its segment table, though, lists €655,000 for the Paradigm segment as a whole, split into licenses at €633,000 and a separate line for services. The text under that table also puts license sales at €633,000, against €80,000 a year earlier. The management section and the tables therefore disagree on license sales, €655,000 against €633,000: €655,000 is the table's figure for the whole Paradigm segment, and the text we hold does not reconcile them. The report describes Paradigm as a platform of turnkey generative AI products and solutions designed for companies and the public sector, with direct deployment on their infrastructure, and Forge as a toolkit for building a custom large language model or fine-tuning an existing one with LightOn's support. In its note on development costs recorded as assets, the report names LightOn's own large language models, among them one called Alfred, designed to be the engine of Paradigm.15^,16^,17^,18^,19^,20^,21

Other operating income of €1,754,000 was mostly development work on Paradigm that LightOn capitalized (recorded as an asset instead of expensing it), at €1,372,000 against €347,000 a year earlier, plus grants for French and European programs, at €381,000 against €18,000. The report defined the company's EBITDA as its operating result before depreciation and amortization and without the production capitalized as assets; it gave an adjusted EBITDA, before that exclusion, of a €3,489,000 loss against €2,031,000 a year earlier, and an EBITDA loss of €4,861,000 against €2,377,000. Annual recurring revenue (ARR) stood at €1,229,000 at the end of the half-year, against €1,172,000 at the end of 2024. Net cash was €8,781,000, down €3,089,000 from the end of 2024, and the basic loss per share was €0.58, against €0.43 a year earlier.22^,23^,24^,25^,26^,27

The outlook part of that management section said the delay in ARR in the first half had made the €6 million ARR target planned for 2025 difficult to reach, though it called the trajectory strongly positive; the company expected, as of that report, ARR at the end of 2025 to be between €3 and €4 million. After the half-year closed, LightOn announced on Aug 27, 2025 a change in governance effective Sep 1, 2025: co-founder Laurent Daudet became chair of a new Strategic Council and left his operational duties, while keeping his seat on the board.28^,29^,30^,31

We hold the text of this one report, 58,770 characters from all 37 pages of its PDF, in French, as the issuer's distributor filed it, with its pictures, charts and layout left out. We hold no document it refers to and no earlier or later version of it.18