The Airgun Company That Disappeared for a Year and Came Back With a New Name

CALIBRE, a French maker of airguns and military training equipment, resumed trading on Euronext Growth Paris on August 5, 2026. The company posted a net profit of €1.8 million in 2025, on revenue of €20 million. That is the headline frame.

The stranger fact is that this company was once called CYBERGUN, had its trading suspended in June 2025, changed its name, added a new major shareholder, and is now asking investors to start trading its stock again under a new ticker. "Profitable 2025" is the cover story for what is really a re-entry.

So what happened? And what sort of machine is a company that can be off the board for a year, rebrand, and come back - with warrants still floating over the cap table?

Euronext Growth is not the main market. It is a multi-terminal system - the micro-cap tier of Euronext, covering smaller companies in Paris, Brussels, Lisbon, and a handful of other European cities. The listing requirements are thinner than the main board. The disclosure obligations are lighter. The liquidity, unsurprisingly, is sparse. If you have not heard of the company before today, you are in the normal state of affairs for a Euronext Growth stock.

The suspension of trading on June 16, 2025, was processed through Euronext's standard corporate-event mechanism. The notice does not spell out the reason in language you can quote, but the timing - followed by resumption after the publication of the 2025 annual report - points to a disclosure gap. When a Growth-listed company falls behind on its financial-reporting schedule, the exchange can halt trading until the books come in. That is not a judgment on the quality of the business. It is a plumbing rule: no audited numbers, no trading. Period.

This is basically the micro-cap equivalent of what the Nasdaq Pink Sheets used to be, except with a European exchange stamp on it and a slightly more formal process for coming back.

Here is where the structure gets more interesting. CALIBRE warned shareholders - even after resuming - about the "risk of capital loss" due to the "circulation of share subscription warrants."

Warrants, for the reader who does not trade micro-caps, are contracts that give their holders the right to buy new shares at a predetermined price. They function as a kind of quasi-equity: not quite shares, but close enough that when they are exercised, existing shareholders get diluted. On Euronext Growth, warrants are a standard financing tool. They are how a small company raises money without going through a full issuance process. They are also how a small company keeps a cloud of future dilution hanging over its existing shareholders.

CALIBRE has at least one warrant series still outstanding - a series called BSA2022 - and the company explicitly planned a fundraising round through warrant exercise at its November 2025 annual meeting. The half-year results from October 2025 also mention that a new major shareholder acquired 18.2% of the company.

In practice, this is a capital structure that says: the company needed funding, so it offered warrants. The warrants are still exercisable, which means more shares can be printed. A new shareholder showed up, which could mean someone sees value at these levels - or someone got in cheap through the warrant process itself. Without the exercise price or the warrant terms, it is impossible to say which shareholders are the winners and which are the diluted ones. That is a data gap, but it is also the point: on this segment of the market, the cap table is a moving target.

Then there is the rebrand. CYBERGUN became CALIBRE at a general meeting in mid-2025, effective August 4, 2025. The ISIN code stayed the same - the legal identifier of the security did not change - but the ticker moved from ALCYB to ALIBR. A name change is often a way to signal a strategic pivot. CALIBRE says the move reflects its expansion beyond airsoft and recreational products into military training, where it has been active since 2014.

The financials bear that out, at least partially. In the first half of 2025, the company divested its Civil B2B division and VERNEY-CARRON (a historic French firearms brand it owned), refocusing on military activities and the civilian B2C market. Operating profit came in positive at €1.0 million for the half. Full-year 2025 revenue was €20 million and net profit was €1.8 million.

The simplest model is: the company shed lower-margin commercial businesses, kept the military and direct-to-consumer operations, and the margins improved enough to cross from loss to profit. That is a clean enough story. The €1.8 million on €20 million of revenue works out to a 9% net margin. Net financial debt stood at €5.6 million as of the first half of 2025, down from earlier in the year.

But here is the structural frame that matters more than the headline profit figure: a company that was suspended for disclosure delays, carries outstanding warrants that can dilute existing shareholders, and trades on a micro-cap segment with thin liquidity is not the same animal as a company that posts a small profit and gets rewarded with a rerating. The profit tells you the business is not bleeding money. It does not tell you the warrants won't be exercised at a steep discount. It does not tell you there will be buyers on the other side of your trade on a Tuesday afternoon.

The investor facing this today is not being asked to evaluate whether CALIBRE makes good airguns. The question is whether the Euronext Growth listing - with its lighter disclosure regime, its warrant-driven capital stacks, and its patchy liquidity - is a structure that suits someone who needs to exit without trading their stake at a 40% discount to whatever the last trade was.

The new 18.2% shareholder is a data point that cuts both ways. Someone put money in. But 18.2% is a controlling-enough stake to set the direction of the company while still leaving most of the cap table in the hands of smaller, less-informed holders. That is a familiar pattern on growth markets: a patient anchor investor arrives alongside a company trying to prove it is no longer the version of itself that got suspended.

Trading is back. The ISIN is the same. The name is new. The warrants are still there. The profit is real but thin. The structure is what it is.

The thing to watch is not the next quarterly result. It is whether those warrants get exercised, at what price, and how much the cap table shifts when they do. That is the mechanism that actually determines whether "profitable" translates into anything other than a press release.