This Research Note examines Energisme, the listed French energy performance software firm. This article covers their latest financial results and their 2022 Strategic Plan.
Founded in 2004, acquired in 2015 by energy sector specialists and listed on the Euronext Growth market in 2020, Energisme’s Internet of Things (IoT) offering is its N’Gage platform, a Software as a Service (SaaS) data platform primarily designed to monitor, manage and drive energy and sustainability performance.
Energisme’s current client base is exclusively European, with customers from a wide range of industries, such as education, financial services, healthcare, hotels, manufacturing, facilities management and utilities.

Energisme 2022 Financial Results
Energisme achieved corporate revenue of €5.1 million, up 47% compared to 2021. Thanks to strong commercial momentum, with an acceleration in sales in the 2nd half, in a buoyant energy transition market marked by sharp price increases and the challenges of reducing consumption, Energisme announced a Monthly Recurring Revenue (MRR) at the end of December of €450,000, up more than 90% compared to December 2021.
At the same time, as the N’Gage solution reached maturity in its development, in H2 2022, Energisme committed concrete actions to optimize R&D costs and overheads with:
- 50% reduction in personnel costs from April 2022 to April 2023, with a refocusing on the teams marketing and sales.
- Optimization of hosting costs (Cloud consumption) with costs halved over the same period.
In 2022, Energisme reduced its EBITDA loss by €1.3 million, which includes restructuring costs and reinforcing the workforce at the commercial level, with the ambition of reaching an EBITDA close to break-even by the end of June 2023. The net result shows a net loss of -6,979 K€ vs -7,981 K€ in 2021.
Acceleration of the Commercial Deployment of its N’Gage Solution
2022 was marked by sustained activity in the public and private sectors, confirming the relevance of the N’Gage energy performance software solution. Clients of the N’Gage solution include facilities management companies, such as SPIE Facilities, who have chosen the platform to simplify the acquisition and merging of large-scale and heterogeneous data.
N’Gage makes it possible to identify optimization opportunities to reduce energy consumption and costs and to develop economic value for all actors of the ecosystem. SPIE Facilities now has access to data on gas and energy consumption provided by GRDF and ENEDIS via their respective PLCs. This data is processed dynamically and collected by N’Gage in real-time.
Having entered an intense marketing phase for its N’Gage solution, Energisme intends to accelerate its strategy of coverage of the entire French Energy Data Management market with major energy players, but also large accounts which aim to support their customers in reducing their energy bills and major retail chains, real estate companies and Facility Management players.
Energisme Strategic Plan 2020-2024

On 10th February 2022, Energisme unveiled its strategic plan for 2020-2024. Growth must be accompanied by an improvement in earnings, with a goal to generate positive EBITDA as of the first quarter of 2023. Following this initial step, the expected margin growth momentum will enable the company to generate a double-digit EBITDA margin as of 2024.
These financial performances will be based on commercial progress backed by strong objectives:
- Strengthen the network of marketing partners with the desire to increase it to over 50 in three years.
- Rapid expansion of the client base with the objective of a portfolio of more than 300 accounts by 2024.
Energisme targets €20 million in Annual Recurring Revenue (ARR) by 2024. Based on an ARR of more than €5 million in 2021, achieving this target will increase their recurring revenue base by nearly 4 times.
This article was written by Daphne Tomlinson, Senior Research Associate at Memoori.