VR Education expects to report significantly higher revenue from ENGAGE platform
In an update for the six months to 30 June 2021, (VRE ) said it continues to trade in line with market expectations with its performance reflecting “significant progress.”
The virtual reality technology firm said it has been contracted by new and existing clients in 1H21 for significant events to be held inside its proprietary software platform, ENGAGE.
In particular, revenue from its ENGAGE platform has accelerated, with unaudited 1H21 revenue expected to be c.€1.25m, an increase of 84% on the prior year (1H20: €0.68m).
ENGAGE revenue comprises 72% of 1H21 total revenue, a 39% rise on 33% in 1H20.
In May 2021, ENGAGE reached the milestone of 100 commercial customers which includes Abbott Laboratories, KPMG, MongoDB, and the US State Department as recent additions.
In 1H21, the Group expanded its ENGAGE platform into the Middle East for the first time via two commercial agreements in the United Arab Emirates: one for a global event for 12 international police forces and one for a commercial license with custom development work.
BMW i Motorsport, the world's first fully immersive Formula E experience, showcasing the technology, engineering and drivers of Formula E, was hosted on ENGAGE this month.
Meanwhile, VRE’s partner HTC Corporation commenced selling its ENGAGE product, VIVE Sessions, in China, as part of a software bundle with HTC's new headset, the VIVE Focus 3, and with new HP ProBook laptops being sold in the region as announced on 12 May 2021.
Shares in VR Education were trading 5.08% higher this morning at 15.5p following the news.
In addition, a major US multinational client, with a market cap of more than US$10 billion, has signed a six-figure deal for an event to showcase its product innovation, history and sustainability initiatives. CEO, David Whelan said this recent deal was demonstrative of the success of the company’s strategy of building long-term partnerships with its customers.
Last month, the company raised €9 million at £0.16p a share in an oversubscribed share placing. As a result, the Group’s net cash position as at 30 June 2021 stood at €9.2 million.
Whelan commented: "Our performance in the first half of 2021 is testament to the significant progress the Group has made. ENGAGE has become a leader in the world of virtual communications shown through our growing customer base of blue-chip enterprise clients.
We look forward to updating the market with more details on our performance, and the development of our corporate metaverse, ENGAGE Oasis, at the time of our interim results."
Waterford-based VR Education develops virtual reality (VR) training and education-focused products that make it easier to collaborate on tasks remotely, create content and learn.
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