
September 10, 2024
xReality Group Limited (XRG) is pleased to announce it has been awarded a $5.6M AUD contract to deliver a new immersive training capability to the United States Department of Defence. The contract has been awarded to XRG by Acrolect Solutions LLC, DBA Endurance Group, who is serving as prime contractor to the US Department of Defence for the R&D effort.
- The contract scope is to deliver a new immersive training capability and includes supplying Operator XR system licenses along with R&D services.
- The R&D project duration is 20 months commencing 11th September 2024.
- The contract presents opportunities for follow on work.
This project represents the first sale of Operator XR’s immersive training systems to a US Federal Government customer, and will be delivered across a period of 20 months starting 11th September 2024. The contract includes pathways for follow on work within the DoD and broader US Government agencies.
CEO of XRG, Wayne Jones said “the strategic importance of this project cannot be understated, representing Operator XR’s first major engagement with the US Department of Defence. Operator XR will be jointly developing a cutting edge capability that has the potential to expand into further global agencies as well as the many operational units within the US Defence Force.”
This ASX Release is authorised by the Board of xReality Group Limited.
Click here for the full ASX Release
This article includes content from xReality Group, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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03 July 2024
XReality Group
Investor Insights
Serving the lucrative law enforcement market in the US, xReality Group’s Operator XR offers a unique value proposition that leverages a $3.37 billion global addressable market. If xReality Group’s impressive sales performance in the US to date is any indication, the company is definitely one to watch for investors.
Overview
xReality Group Limited (ASX:XRG) specializes in virtual reality (VR), augmented reality (AR) and physical simulation for the enterprise, defense and consumer markets. The company’s primary focus is to provide physical and digital simulations for military and law enforcement applications. XR stands for extended reality and is a catch-all term for VR, AR, and mixed reality (MR).
The company was co-founded by two Australian military veterans to build physical skydiving simulators for both military training and the tourist market. The company has since expanded its simulation portfolio from indoor skydiving to include out-of-home virtual reality entertainment, defense XR training, and XR software development. xReality targets both the entertainment and the enterprise markets, which include defense, law enforcement, and other government agencies.
The company was listed on the ASX on January 18, 2013, as Indoor Skydive Australia Group (ASX:IDZ) and was rebranded to xReality Group on December 8, 2021.
It operates four major brands, and the group’s portfolio companies include XR production company Red Cartel, Operator XR, two Australian indoor skydiving facilities, and FREAK Virtual Reality venues.
The global total addressable market for the Operator XR business in the law enforcement and military markets is valued at about $3.37 billion in annual recurring revenue (ARR). Of this, the United States accounts for $1.3 billion, or 40 percent of the total, while the rest of the world is $2 billion. xReality has rightly been focusing on increasing its presence in the US given its relatively high share in the global context.
The global military market is significantly higher than the law enforcement market. Overall, the military market is valued at $2.68 billion, and the law enforcement market is valued at $682.6 million. Here again, the US is a significant player accounting for the largest share of the global pie in both military and law enforcement.
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Focused on XR products for law enforcement, defence, entertainment and enterprise markets
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