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Iij : verimatrix . DRIVING TRUST Verimatrix Announces First - Half 2021 Results Mixed second quarter and acceleration of customers ' trends further validates Verimatrix's decision to accelerate transition to more recurring revenues 2021 revenue target revised 2024 objective : 70 % of recurring revenues • $ 52.2 million revenue ( up 18 % year - on - year ) 。 $ 16.6 million revenue from the NFC patent licensing program with major OEMs о Core software business down 20 % year - on - year , at $ 35.5 million , with weaker second quarter 。 Non - recurring revenues of licenses and royalties down 19 % year - on - year as Covid - 19 continues to impact BtoB spending and ability to launch new infrastructure projects 。 Recurring¹ revenues of maintenance and subscription down 20 % year - on - year at $ 12.4 million due to the decrease in new perpetual and term licenses as well as delays in launching services 。 Continuous progress in deploying SaaS and subscription - based offerings with ARR² of $ 5.7 million as of June 30 , 2021 , up 40 % year - on - year . $ 11.4 million EBITDA³ ( 22 % of revenue ) 。 Excluding strong contribution of the NFC patent licensing program ( $ 12.2 million in first - half 2021 ) , EBITDA of core software business was negative by $ 0.9 million vs. + $ 7.7 million in first - half 2020 • $ 8.1 million net income ( IFRS ) vs. $ 1.9 million loss in first - half 2020 • Business outlook 。 The continuously challenging context coupled with the noticeable acceleration of client trends both lead to the decision to significantly accelerate Verimatrix's transition to more recurring offerings and revenue streams . Although short term revenue recognition will continue to be impacted this year and in 2022 , this transition will lead to a much improved quality of revenue mix in the mid - term ( 70 % recurring revenues in 2024 compared with 33 % today ) o Revised 2021 revenue target : above $ 90 million ( including c . $ 75 million for the core software business ) Aix - en - Provence , France and San Diego , USA , July 29 , 2021 - Verimatrix ( Euronext Paris : VMX ) , a global provider of security and analytics solutions that protect devices , services and applications , is today reporting its IFRS unaudited 4 consolidated results and unaudited adjusted results , for the six- month period ended June 30 , 2021 . ( in thousands of US $ ) Revenue EBITDA Revenue software business EBITDA software business Consolidated revenue ( IFRS ) Operating income ( IFRS ) Net income / ( loss ) ( IFRS ) First - half 2021 First - half 2020 52 194 11 365 44 170 7 393 35 549 44 170 ( 883 ) 7 679 52 194 44 170 10 618 8 142 2 349 ( 1923 ) 1 As of this quarter , recurring revenue will now exclude revenue from royalties , which have become more lumpy and less regular . It exclusively comprises maintenance and support fees and subscription fees . Previous periods have been restated to take into account this change and allow comparison with June 30 , 2021 . 2 Annual Recurring Revenue - See “ Supplementary non - IFRS financial information " at the end of the press release ; Company updated its ARR definition to better reflect generation of committed recurring revenues . 3 Verimatrix uses performance indicators that are not strictly accounting measures in accordance with IFRS ; definitions of adjusted financial measures are presented in Appendix 2 hereof . 4 The consolidated financial statements as of June 30 , 2021 were reviewed by the board of directors on July 28 , 2021 ; the statutory auditors have substantially completed their imited scope audit .