CMcom (ENXTAM:CMCOM) Stock Faces Renewed EPS Loss That Tests Profitability Narrative

CM.com (ENXTAM:CMCOM) has reported new figures for H1 2026, with revenue of €135.1 million, EPS of a €0.14 loss and net income excluding extra items showing a loss of €4.7 million. The company’s revenue and EPS have moved from €139.9 million and an EPS loss of €0.43 in H2 2024 to €124.3 million and EPS of €0.03 in H1 2025, before arriving at the latest combination of higher sales and renewed losses. This puts a clear spotlight on how margins are being managed through this period. For investors, the focus now shifts away from headline revenue figures toward whether CM.com can protect and rebuild margins as it pursues the earnings growth that forecasts are pointing to.

See our full analysis for CM.com.

With the latest half-year numbers available, the next step is to weigh these results against the most common narratives around CM.com to see which stories the figures support and which ones they start to challenge.

See what the community is saying about CM.com

Losses Shrink On A Longer View

• On a trailing 12 month basis, CM.com recorded revenue of €270.2 million and a net loss excluding extra items of €6.9 million, compared with a loss of €11.7 million on €264.2 million of revenue in the earliest period shown.
• Bulls point to this pattern, together with a 20.1% annual reduction in losses over the past five years and forecast earnings growth of 114.76% per year, as evidence that improving margins can support the idea of CM.com becoming profitable within three years, even though trailing figures are still in loss making territory.
  • Supporters highlight that moving from a €12.5 million loss in H2 2024 to a €4.7 million loss in H2 2025 lines up with the multi year loss reduction story that underpins bullish expectations.
  • At the same time, critics of the bullish view may point out that EPS swung from a small €0.03 profit in H1 2025 to a €0.14 loss in H2 2025, which shows the path toward those earnings forecasts is not smooth yet.

Bulls arguing that recent loss reduction is the start of a more profitable phase can test that view against the full CM.com bull case here 🐂 CM.com Bull Case

Revenue Growth Trails Market Expectations

• Revenue over the last 12 months is forecast to grow by 4.3% per year, which is slower than the 11% forecast for the Dutch market, while CM.com remains unprofitable over the same trailing period.
• Bears focus on this slower forecast revenue growth and argue that relying on earnings improvement without faster top line expansion raises execution risk, especially when 2025 group revenue of €259.4 million already showed a 5% decline influenced by lower CPaaS activity and foreign exchange movements.
  • Critics highlight that if CPaaS volumes or pricing remain under pressure, the combination of modest 4.3% revenue growth forecasts and existing losses could make it harder to deliver the earnings path that more optimistic investors expect.
  • However, the bearish view also has to contend with record messaging volumes of 9.1 billion messages in 2025, which suggest customer usage can still be high even when reported revenue steps back in a given year.

Skeptics who see slower revenue forecasts as a red flag can weigh that against the full bear case on CM.com here 🐻 CM.com Bear Case

Valuation Gap Versus DCF Fair Value

• At a current share price of €6.93 and a trailing price to sales ratio of 0.9x versus 2.3x for the European software industry and 1.6x for peers, CM.com trades below the sector averages while a DCF fair value of about €15.98 sits well above the present price.
• The consensus style narrative that sees the company as roughly fairly priced on analyst targets still needs to reconcile this apparent valuation gap, because analyst price targets are capped at €7.25 while loss making trailing earnings and below market 4.3% revenue growth forecasts leave less room for error than the DCF fair value might suggest.
  • Supporters of the more balanced view often point to four years of gross margin expansion to 31.3% and lower adjusted operating expenses of €61.5 million in 2025 as the bridge between today’s losses and the future earnings used in those targets.
  • On the other hand, the current loss of €6.9 million on a trailing 12 month basis is a reminder that the P/S discount and DCF fair value are built on assumptions that still need to be delivered in reported numbers.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for CM.com on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this mix of improving margins, ongoing losses and valuation gaps around CM.com leaves you uncertain, that reaction is reasonable and useful. Act quickly by checking the specific positives that have investors optimistic, starting with the 3 key rewards.

See What Else Is Out There Beyond CM.com

CM.com is still reporting losses, showing slower forecast revenue growth than the Dutch market and carrying execution risk around turning discounted valuation into consistent earnings.

If you are uneasy about that mix of ongoing losses, modest revenue expectations and execution risk, it makes sense to compare CM.com with companies highlighted in the 237 high quality undervalued stocks.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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