XR Immersive Tech Announces Record Second Quarter Revenue and Corporate Update | news
VANCOUVER, British Columbia, August 30, 2022 (GLOBE NEWSWIRE) — XR Immersive Tech Inc. (“XRi” or “Immersive Tech” or the “Company”) (CSE:VRAR) (FWB:79W) (OTCQB: FNTTF) , a leading location-based virtual reality (“LBVR”) platform for content distribution and facilities management, today reported results for the second quarter and first half of the fiscal year 2022 ended June 30, 2022, and reported half-year results before update.
“We had a great second quarter and first half of 2022 with strong revenue growth, including a number of important strategic milestones that I’d like to share,” said Tim Bieber, XRi CEO.
XRi delivered the following results for the second quarter and first half of fiscal 2022:
For the Company’s second quarter, revenue was $348,328 with an associated cost of goods sold of $71,375, representing a 752% increase in revenue sequentially. Revenue for the first half of 2022 was $525,004 with related cost of goods sold of $154,124, a revenue increase of 1,184% for the period ended June 30, 2022.
The company achieved several key corporate, M&A and operational milestones during the first half of 2022, laying a strong foundation for future growth and innovation. Some of these important milestones are reflected in the following corporate update:
The Company has completed the acquisition of Synthesis VR Inc. (“SVR”) announced on February 22, 2022, successfully transitioning SVR’s management, development and support teams into the full Immersive Tech team. The acquisition adds revenue and experienced team members to the company, but most importantly, a software SaaS platform powering over 400 VR arcades worldwide and a marketplace of nearly 375 VR games and content licensed to this network of operators. Since the beginning of 2022, the company has seen a record 33% increase in the number of VR operators subscribing to and joining the SVR Network, and a 15% increase in third-party game developers adding their games to the SVR Marketplace. SVR is fast becoming the largest VR out-of-home entertainment marketplace for gaming, education and training experiences worldwide. Read the full acquisition announcement here.
SVR announced that an industry-first Android platform has been officially launched and is available to the company’s network of operators worldwide. This is the market’s first wireless streaming solution for Android-based VR headsets, giving operators access to commercially licensed games on the SVR Marketplace, as well as educational and corporate content for the Meta Quest 2 VR headset. The platform offers six free roam arena and room scale Android-based games for the popular Quest 2 device out of the box. In addition, operators are now able to launch content, control and track bookings and sessions on all Android-based VR headsets such as Vive Focus 3, Pico Neo 3 Pro and Quest 2 from a central location to ensure operations simple, effective and reliable. Read the full press release here.
The SVR Android platform is a great addition to the VR operating arsenal the company now offers, including its recently announced partnership with QuarkXR, another industry-first Android VR streaming solution for all PC-based VR content. QuarkXR, a pioneering company focused on VR streaming and a trusted solution provider for companies like Deutsche Telekom, Orange, Vodafone and Ericsson, among others. Read more details here.
The SVR division has seen incredible month-to-month growth that we believe will continue through the end of 2022, including additional product releases for the SVR operator network and the continued expansion of its content marketplace library into many new categories of VR content , including education (see partnership announcement with VictoryXR here) and training in the health and safety category (see the partnership with Gold Finch Works here).
The company was thrilled to announce the installation of its UNCONTAINED attraction for its first client; the Pacific National Exhibition (“PNE”) in Vancouver, BC, which went live to the public on July 18, 2022 (read the press release here). The attraction was successfully delivered, set up and PNE employees trained in its operation within 24 hours of the tickets being sold to the public. On August 20, 2022, PNE entered its exhibition season and we are pleased to report an average throughput of over 68% of capacity in its first exhibition week, with the busy weekend hours registering an overall throughput of over 80%. These throughputs and the overwhelmingly positive feedback from the guests exceeded the expectations of the PNE customer.
Watch the PNE launch video here.
The Company also announced on January 19, 2022 that it had filed two complete patent applications for its patent-pending technology with the Canadian Intellectual Property Office. These filings add to the company’s growing patent portfolio, as the company has previously filed US provisional patent applications for its technology. The Company chose to file these Canadian patent applications in priority to filings with the U.S. Patent Office to further protect its valuable Intellectual Property (“IP”) while continuing to innovate and drive the development of cutting-edge VR/AR technology to deliver To support revenue growth and opportunities for both customers looking to deliver hyper-immersive experiences and creators of the Metaverse.
I’m looking forward to; With the outstanding revenue growth we are seeing from the SynthesisVR operator network, including subscriptions and its marketplace game licensing, the company will focus on growing SVR SaaS and licensing revenue, global operator reach and partnership opportunities through the end of 2022. This overall strategy of revenue and network growth includes a focus on continuing to secure strong partnerships and the release of additional cutting-edge technology products that will explode SVR’s growth.
On behalf of the Board of Directors
Tim Bieber, Director and Chief Executive Officer
XR Immersive Tech Inc.
For more information about Immersive Tech, please contact:
Contact – Tim Bieber
Email: [email protected]
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. Any securities referred to herein have not been and will not be pursuant to the United States Securities Act of 1933 in the then applicable Registered and may not be offered or sold in the United States or to any US person absent registration or an applicable exemption pursuant to the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.
ABOUT XR IMMERSIVE TECH INC.
XR Immersive Tech is building the industry’s leading location-based Metaverse platform. Since 2016, the company has been an industry leader in social entertainment, virtual reality (VR) and augmented reality (AR) entertainment attractions. With its hardware platform UNCONTAINED and its software platform Uncontained/OS and its growing network of over 350+ VR operators through SynthesisVR, the company helps its stakeholders create user experiences that are unmatched in terms of realism, depth and immersion. The company accumulates experience on its platforms for some of the world’s largest companies including: Intel, Bayer, Capital One, Scotia Bank, the US Food and Drug Administration, Allegiant Airlines and others.
FORWARD LOOKING INFORMATION
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Such forward-looking statements may include, without limitation, words such as “believe”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “continue”, “believe”, “expect”, “plan”, “continue”. ‘, ‘project’, ‘potential’, ‘possible’, ‘consider’, ‘seek’, ‘goal’ or similar expressions, or such future or conditional verbs as ‘can’, ‘could’, ‘become’, ‘might’ ‘, ‘should’ or ‘would’ or otherwise, by grammatical construction, wording or context, are forward-looking statements. All statements contained in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking information in this press release includes, without limitation, statements regarding the future plans and objectives of the Company and SynthesisVR, future performance and growth, development initiatives, business prospects, synergies and opportunities of Immersive Tech and SynthesisVR and its affiliated subsidiaries, the Company expansion initiatives and pursuit of M&A activity; and other factors beyond the Company’s control.
Forward-looking information involves known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, activities, performance or achievements to differ materially from those expressed or implied by such forward-looking information. Forward-looking information is based on management’s reasonable assumptions, estimates, analysis and opinions made in light of its experience and perception of trends, current conditions and expected developments and other factors that management believes are relevant and reasonable under the circumstances as of the date, on which such statements are made, including but not limited to that the Company may benefit from SynthesisVR’s services and business, the easing of global COVID restrictions and impact on the LBVR industry, the growth of VR arcades and the Demand for VR entertainment and educational content, the Company’s and SynthesisVR’s operational and development initiatives, and such other assumptions as set forth in the Company’s disclosure documents. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that this information will prove to be accurate as actual results and future events could differ materially from those anticipated in this information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained herein is qualified in its entirety by this cautionary statement, and Immersive Tech disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to the forward-looking information contained herein to reflect future results, events or to reflect developments, except where required to do so by law.
Neither the CSE nor its Regulation Service Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release.
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