Dividends
No dividends are declared or payable for the year ending June 30, 2024.
Net Tangible Asset Information
*The Net Tangible Assets are calculated by dividing the net assets less intangible assets attributable to equity holders of the Company by the total ordinary shares as of June 30, 2024 (553,139,337) and June 30, 2023 (446,346,595) respectively.
During the financial year, the company increased its intangible assets by $2.1m and its intangible liabilities (deferred revenue) by $2.6m, which are subtracted in calculating the Net Tangible Assets.
Commentary and Results for the Year
Exceeding Expectations and Strategic Milestones
In FY24, XRG’s accomplishments in validating and expanding the Operator XR software products mark a year of strategic growth and market penetration. The Company not only met but surpassed its strategic goals, showcasing effective growth management and the appeal of its innovative solutions globally, setting the stage for continued success in FY2025 and beyond.
Enterprise Sector
Throughout FY2024, xReality Group Limited significantly grew its customer base for the Operator XR platform, with a notable increase in new customers, particularly in the U.S. and Australian markets.
The Company tracks success in this sector using Total Contract Value (TCV), Annual Recurring Revenue (ARR), and total global customers. In FY2024, TCV reached $4.1m, showing a 193% increase from FY23 ($1.4m), while ARR grew by 505% from $365k to $2.21m. By the end of the year, XRG had 29 customers worldwide, including law enforcement agencies, military units, education and training organizations, and government agencies.
Key Market Penetration
XRG focused its sales efforts on spreading in the U.S. and Australian markets. The first half of the year saw the establishment of a Sales team and Operations unit in the U.S., leading to securing the first law enforcement client in Colorado. The second half was even more successful, with an additional 24 customers in the U.S. in law enforcement and training sectors.
Success in North America extended to Australia, with significant contracts awarded by a state government agency and a military sale, contributing to the ARR for FY25.
Global Opportunities
Alongside direct sales in Australia and the U.S., Operator XR established distributor partnerships in S/E Asia and Europe to market and support its products in those regions, with sales expected to begin in FY25.
Read the full ASX Release here
This content includes information from xReality Group, published by Investing News Australia. It does not constitute financial advice; proper due diligence is recommended before acting on any information provided. Please refer to our full disclaimer here.