High-potential SMEs

Egm X-rayed: iVision Tech sees 41.8% jump in revenue

The highest turnover was recorded in the first six months of the year: the increase was EUR 7.6 million

by Valeria Novellini

21 October 2025

6' min read

Translated by AI

Versione italiana

Key points

Numbers
First half 2025 benefited from non-recurring income
Debt/Equity ratio at physiological levels
New products will start contributing to results from 2026

6' min read

Translated by AI

Versione italiana

Ten million pairs of 'smart glasses' in 2026. This is the production target of the eyewear giant EssilorLuxottica. But they will also be joined, obviously on a much smaller numerical scale, by Hj Tech smart glasses, recently presented at the Silmo 2025 trade fair in Paris by iVision Tech under the new 'young' brand Hj, which derives from its owner Henry Jullien. These glasses, available in four models and adaptable to prescription lenses and sunglasses, integrate Bluetooth technology that allows you to listen to music, receive phone calls, use a GPS navigator and access numerous smartphone functions.

iVision Tech thus confirms itself as increasingly 'tech', and in June 2025 the company Dec Elettronica Srl was acquired by Innovatek Srl (headed by Carlo Fulchir, one of iVision Tech's main shareholders). Dec Elettronica Srl specialises in the internal design and production of customised electronic boards and equipment, and is therefore destined to be the technological partner for the finalisation and market launch of 'iSee' glasses for the blind, presented at the Mido trade fair in Milan in February 2025, for which a patent has already been obtained in Italy and registration with the Ministry of Health as a Class 1 medical device, enabling users to benefit from ministerial grants for the visually impaired.

At the same time as the acquisition of Dec Elettronica Srl (for €922,000 to be paid in instalments within two years), 51% of Teknoema Srl (which had been taken over in May 2024) was instead sold to Pietro Nesci and Barbara Montanari, who held the remaining 49%, for €1.02 million, the same amount for which the stake had been acquired. Teknoema Srl is also active in the same sector as Dec Elettronica Srl and therefore the two companies would have been overlapping; the acquisition of the entire stake in Dec Elettronica Srl allows iVision Tech to completely control the technological part of the 'iSee' eyewear.

The numbers

Meanwhile, iVision Tech closed 1H2025 with a 41.8% jump in revenue to €7.6m; 265,000 units were produced in the period (570,000 in the whole of 2024), but revenue from eyewear sales fell 21% to €4.22m (-27% to €2.54m for contract work, -36% to €0.83m for full-contract work - processing from design to delivery - and +43% to €0.86m for semi-finished products). But Dec Elettronica Srl contributed an impressive €2.02m to the group's revenue thanks to the sale of electronic components, and a further €0.65m came from the sale of lenses made by Bulgarian subsidiary Ivilens Ood; both of these latter revenue items were not present in 1H2024.

First half 2025 benefited from non-recurring income

L’ebitda del gruppo è balzato del 77,2% a 1,84 milioni, ma va sottolineato che nel primo semestre 2025 i conti hanno beneficiato di proventi non ricorrenti per 2,18 milioni derivanti dal rilascio parziale del fondo rischi e oneri per perdite stimate connesse all’acquisizione del 45% di Zetronic Srl avvenuta a fine 2024 (il residuo 55% è stato rilevato da Innovatek Srl). Questa società opera nel settore delle soluzioni ottiche ad alta precisione per il settore della mobilità e, precisamente, sensori per la guida autonoma, sistemi di assistenza alla guida e tecnologie di illuminazione avanzate. Ed in tale contesto è probabilmente più funzionale ai piani di sviluppo di Innovatek Srl; difatti ad aprile 2025 Zetronic Srl, tramite un aumento di capitale riservato da 3 milioni, ha acquisito il 52% di Estrima, altra società dell’Euronext Growth Milan che produce e commercializza mini-veicoli elettrici a marchio “Birò”. E grazie a un accordo con il ceto bancario raggiunto a fine luglio 2025, Estrima

Returning to iVision Tech, ebitda for the first half of 2025 net of non-recurring income would have been a negative €607,000 (compared to a positive €1.04m in the same period of 2024). ebit jumped from €134,000 to €399,000 and, even after net financial charges increased from €170,000 to €380,000, net profit went from €2,000 to €25,000 in the presence of a positive tax effect that increased from €38,000 to €9,000. Here it must obviously be emphasised that the bottom half of the income statement was also positive thanks to the contribution of non-recurring income, but was also penalised by charges of €267,000 (also non-recurring) related to the write-down of goodwill from the sale of Teknoema Srl.

Debt/Equity Ratio at Physiological Levels

As far as the financial situation is concerned, net debt amounted to EUR 8.56 million as at 30/6/2025, slightly up from EUR 8.29 million at the end of 2024; the Debt/Equity ratio was 0.85 times, thus at physiological levels. iVision Tech's shares are thinly traded (despite a relatively high free float of over 34% of the share capital), but the quotations are currently above EUR 2 per share, and consequently the exercise price of the warrants for the third and final period (July 2026), at EUR 1.53 per share, is largely 'in the money' and could generate new financial resources.

Between the end of 2024 and the beginning of 2025, two tranches of minibonds were issued for a total value of EUR 1.2 million, with a residual term of 6 years and subscribed by institutional investors. These bonds partly led to an increase in financial charges in the first half of 2025 (the coupon is equal to the average 6-month Euribor, currently around 2.1%, plus 290 basis points), but fortunately these issues were lower than the originally planned amount of EUR 5 million thanks to the obtaining of a EUR 2 million bank loan on favourable terms.

The eyewear sector in Italy is not going through a good moment, even though the situation seems to be better than that of other sectors in the Fashion and Luxury segment. Fortunately, iVision Tech is not present in the US market (where tariffs have severely affected Made in Italy exports), but it still had to resort to solidarity contracts in the first half of 2025 until 23 June; the group's employees, however, reached 201, 4 more than at the end of 2024, thanks to the entry of Dec Elettronica Srl.

New products will start contributing to results from 2026

Data from the trade association Anfao for the first half of 2025 outlined for Italian eyewear a contraction in exports of 3.7% to 2.8 billion (a drop mainly determined by the US market, with -34.7%, and with reference to sunglasses products with -5.5% to 1.9 billion, while frames and lenses remained stable at 839 and 64 million respectively). However, even in this context, exports to Europe were positive (+8%), with a discrete trend, among other things, for the French market (+2.5% despite political and economic tensions).

In France, iVision Tech can benefit from the strong presence and recognisability of the historic brand Henry Jullien and the new brand Hj, for which the first 9 models available for prescription lenses and sunglasses made of Mazzucchelli bio-acetate composed of 60% organic materials and 40% certified recycled materials were presented at Mido in February 2025. While for the Henry Jullien brand, the 'limited' edition Luxe sunglasses was presented with 6 models with titanium frames entirely 'Made in Italy'.

Overall, for iVision Tech, 2025 will still be a year of transition as sales of the 'iSee' smart glasses for the blind and sales of the new Hj Tech 'smart glasses' will start to contribute to the group's accounts from 2026 and, in addition, industrial and commercial restructuring actions have been initiated to strengthen the activity of the French subsidiary iVision Tech France Sas (with the production restart of the Lons-Le-Saunier plant in Burgundy).

However, one cannot fail to emphasise how iVision Tech has, in a short space of time, completely transformed itself from a 'simple' subcontractor for luxury eyewear brands to an innovative company offering high-tech products in direct competition with the giants of the sector. Just recently EssilorLuxottica acquired the Swiss company Ikerian Ag which, under the RetinAi brand, offers technological solutions to monitor the development of pathologies that can lead to loss of sight. But since, unfortunately, it is not always possible to prevent deterioration, a product such as iVision Tech's 'iSee', although with a potential user base that is not very large, is important from a social point of view.