
July 03, 2024
xReality Group Limited (“XRG” or the “Company”) is pleased to announce the sale of multiple systems of its Operator XR Virtual Reality Training System to a new Australian State Government customer.
Key highlights
- Total Contract Value $809,600
- Delivery Q1 FY2025
- Full payment received 03 July 2024.
This latest sale, combined with continued momentum in the month of June to new US Law Enforcement customers sees a 75% increase to Operator XR’s Annual Recurring Revenue (ARR) during June from $1.26M to $2.21M.
Operator XR, a wholly owned subsidiary of xReality Group Ltd, provides Military and Law Enforcement agencies around the world with a unique, integrated Virtual Reality System for specialist training, mission planning that is portable, secure, and highly immersive.
Operator XR has received full payment for the delivery of its Virtual Reality Training System scheduled for Q1, FY2025.
XRG CEO Wayne Jones said, “Building off the recent success with the Australian Defence Force, we are excited to be broadening our user base across other agencies in Australia.”
This ASX Release is authorised by the Board of xReality Group Limited, pursuant to and in accordance with Listing Rule 3.1, all other details of the transaction are confidential.
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.
XRG:AU
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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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