Growens Posts H1 2026 Profit Turnaround Amid AI-Driven Revenue Growth

Growens, formerly MailUp, reported a significant profit turnaround in its first half of 2026 financial results, with consolidated revenues rising 11.5% to EUR 40.3 million from EUR 36.2 million in H1 2025. The company’s recurring revenue grew 17.4% year-over-year to EUR 30.3 million, accounting for 76% of total revenue. The turnaround in profitability was most pronounced in its Beefree segment, which saw revenue climb 12% to EUR 7.7 million, while Agile Telecom, representing about 80% of total revenue, grew between 12% and 13% year-over-year to EUR 32.2 million. Gross profit expanded 10.3% to EUR 10.5 million, though gross margins remained relatively stable at 26.1%. EBITDA turned positive at EUR 1.2 million, reversing a EUR 0.2 million loss in H1 2025, while net losses narrowed to EUR 1.36 million from EUR 2.37 million the prior year. The company’s Agile Telecom segment achieved a EUR 1.4 million EBITDA increase of 21.3%, while Beefree’s EBITDA improved by nearly 67% to a negative EUR 0.46 million, up from EUR 1.4 million in loss in H1 2025. Beefree’s annual recurring revenue (ARR) reached $18.4 million as of June 2026, nearing its full-year target of $21 million to $23 million. The company’s balance sheet remained robust, with total assets rising 6.6% to EUR 60.1 million and cash exceeding EUR 16.7 million. However, equity decreased 3.2% to EUR 30.5 million, and current liabilities grew 17.9% to EUR 24.8 million. Management attributed the turnaround to strategic shifts in AI-driven product development and a shift toward enterprise clients. The company rebranded its Beefree App as RGE Studio in May 2026 to target mid-to-large enterprises requiring advanced compliance, accessibility, and governance features. AI tools have lowered entry barriers, prompting a decline in the effectiveness of the traditional freemium model for casual users. The introduction of Model Context Protocols (MCP) in September 2026 allows AI agents to integrate with Beefree tools via APIs, potentially increasing monetization opportunities. Pricing adjustments for Beefree’s SDK are complete, and new pricing structures for RGE Studio are expected in early 2027. Despite no active M&A plans, the company remains open to opportunistic deals, particularly for Agile Telecom, which would only be considered if a strong valuation presented itself. The stock, listed under GROWE, closed at $1.785 on the release date, down 2.46% from its previous close of $1.83, within its 52-week range of $1.70 to $3.25. The turnaround reflects disciplined cost management and strategic innovation, positioning Growens to capitalize on AI’s evolving market dynamics.