DataWalk maintains its medium-term target of an average annual revenue growth rate (CAGR) of over 70 per cent and has announced a full transition to the ARR model from 2027. This implies a greater share of recurring revenue from annual subscriptions and, consequently, potentially more predictable results. However, 2026 is expected to be a period of investment rather than improved profitability.
In the first half of 2026, the group generated approximately PLN 11 million in revenue, 54 per cent less than a year earlier, whilst the adjusted EBITDA loss rose to PLN 22.7 million from PLN 2.15 million. This stands in stark contrast to 2025, when revenue rose by 53 per cent to PLN 37.8 million. The company attributes the weaker start to the year to a change in its sales model, lengthy procurement processes and a focus on enterprise contracts with annual subscriptions of at least USD 1 million.
The strategy is backed by financial resources. DataWalk reports cash reserves of around US$40 million, and in February raised US$33 million in new capital for sales development and expansion, including in the defence sector.
The timing is significant. The EU’s Readiness 2030 plan provides for the potential deployment of over €800 billion in defence spending, with AI and cybersecurity among the identified areas for investment. At the same time, by 2025, 55 per cent of large enterprises in the EU were already using AI technology.
For DataWalk, the key challenge now will be to translate its growing sales expenditure into large, recurring contracts. ARR may help to reduce revenue volatility, but given the current scale of losses and the long sales cycle, the greatest risk remains the pace at which potential projects are converted into signed contracts.
