Engage XR narrows first-half loss as it signs new contracts
Engage XR Holdings PLC on Thursday said it has narrowed its loss in the first half of 2024, after agreeing to a series of new contracts.
The Waterford, Ireland-based virtual reality technology company said it narrowed its pretax loss for the six-month period ended June 30 to €1.8 million from €2.2 million year-on-year. Revenue rose 4.8% on-year to €2.2 million from €2.1 million.
Shares in Engage XR were up 12% at 0.73 pence each in London on Thursday afternoon.
During the first half of 2024, Engage XR signed a seven-figure contract with a large Middle East-based company in partnership with PricewaterhouseCoopers Ltd to develop a private MetaWorld that delivers language learning programs and professional development. It also agreed six-figure contracts with Bank of America and private educational provider InspiredED which extended existing relationships.
Since the end of June, Engage has also signed a six-figure renewal with Optima Ed, a US-based Education organisation.
Chief Executive Officer David Whelan said: ‘Engage XR has delivered a resilient performance in the first half, despite a continued reduction in global spending on remote events and immersive marketing, post-lockdown. With the additional contracted revenue yet to be recognised and the strength of the pipeline, the board remains confident about delivering against its expectations for the year.
‘Looking further ahead, as platform partners, such as Meta and Lenovo, look to build recurring revenues in the education, training and development sectors, we are confident that Engage XR is in a prime position to capitalise on this nascent, but growing market.’
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