TIDMEXR
RNS Number : 0377N
Engage XR Holdings PLC
18 January 2023
18 January 2023
ENGAGE XR Holdings Plc
("ENGAGE XR" or the "Group")
FY2022 Trading Update and Notice of Results
ENGAGE XR Holdings Plc (AIM: EXR; Euronext Growth: EXR), a
leading metaverse technology company, today issues an unaudited
update on trading for the 12 months ending 31 December 2022. The
Group's preliminary results for the 12 months ended 31 December
2022 are expected to be published in April 2023.
Financial Highlights:
-- Total revenue for the Group is expected to be EUR3.9m, an
increase of 63% on 2021 (2021: EUR2.4m)
-- ENGAGE revenue comprises 85% of total group revenue compared to 75% in 2021
-- ENGAGE revenue up 83%. 2022 ENGAGE revenue is expected to be c.EUR3.3m (2022: EUR1.8m)
-- Gross margin 82% in 2022 (2021: 79%)
-- EBITDA loss of EUR5.8m (2021: EUR2.7m) reflecting the
increased headcount in the Group in the year
-- Net cash of EUR2.2m as at 31 December 2022 versus the revised
expectation of EUR1.9m (2021: EUR7.8m). This is primarily due to
cash collections in December being slightly ahead of schedule and
revenue being better than expected in December
-- Finished 2022 with an encouraging performance. December 2022
was the strongest ever month for the Group, with revenue in the
month of EUR0.6m
-- Cash burn is expected to be approximately EUR0.4m per month during H1 2023.
Operational Highlights:
-- The Group continued to expand its US presence ahead of the
launch of ENGAGE Link. ENGAGE XR's sales team is now strong across
USA, Europe, and Asia, comprising 10 employees
-- US Partner VictoryXR has launched 10 'Metaversities' funded
by Meta and built on the ENGAGE platform.
-- ENGAGE Link successfully launched in November 2022 with a
portfolio of 14 major launch partners, including Lenovo, KPMG US,
KIA, Adtalem, and MTN Group
-- During December 2022, the Group signed three six-figure deals
with new clients, including a Fortune 500 company, a global
consulting company with revenues in excess of EUR18bn, and a
Canadian educational institute
-- In November, the Group signed a commercial reseller agreement
for ENGAGE with Lenovo(TM), one of the world's largest computer
manufacturing and smartphone companies
-- Demand for the Company's ENGAGE platform is now well
established, having grown to serve more than 190 commercial
customers in the three years since its launch in May 2019, with
over 70 customers added in 2022
-- 16% of contracts are now greater than EUR75k in value (up
from 6% in FY21), aligning to the Groups' medium-term outlook of an
average contract value in excess of EUR20k
David Whelan, CEO, ENGAGE XR, said: "2022 has been a year of
substantial revenue growth for the Group, despite the economic
outlook in many other areas of the tech sector. ENGAGE platform
revenue grew by 83% in this period, and we closed the year with our
strongest-ever sales month with EUR0.6m of revenue in December
2022.
"We continue to see increased momentum in terms of customer
engagement with our ENGAGE platform. The first few weeks of 2023
have already seen some good contracts signed with revenue already
ahead of where we were at this point last January. We are
optimistic about our prospects for the remainder of this year, with
a strong sales pipeline in place following the launch of our
enterprise metaverse platform, ENGAGE Link, in November.
"We believe that ENGAGE Link has been well received, and we
expect to deliver a significant expansion of this service
throughout 2023. The sales purchasing cycle lengthened in the
second half of 2022 in some areas due to the global economic
conditions, but early signs are that this trend is easing. We,
therefore, expect to see steady growth for the first half of 2023,
with the benefits of our new Lenovo partnership announced in
November expected to be seen during the second half of 2023.
"Lenovo and ENGAGE will work together, bundling Lenovo hardware
with ENGAGE software licenses for large corporate clients and
providing metaverse services to those who request them. This will
be an exciting time for both companies. Our sales teams are already
working together to ensure we execute on all the opportunities and
scale efficiently with a focus on the US and EU markets.
"During 2023, we believe that we will see the use of the
metaverse by corporations and educational institutes increase and
evolve. My vision for ENGAGE is for it to become the dominant
metaverse platform of choice for Fortune 500 companies. In 2022, we
worked on partnerships and deals that will further this long-term
goal at the expense of closing multiple smaller cash deals. At
ENGAGE XR, we build our business relationships on strong
foundations, and I believe that this coming year is set to be a
seminal one for the Group and its prospects."
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the company's obligations under Article 17 of MAR.
For further information, please contact:
ENGAGE XR Holdings Plc Tel: +353 87 665 6708
David Whelan, CEO info@engagexr.co
Séamus Larrissey, CFO
Sandra Whelan, COO
finnCap Ltd (Nominated Adviser & Joint Tel: +44 (0) 20 7220
Broker) 0500
Marc Milmo/ Seamus Fricker (Corporate Finance)
Sunila de Silva (ECM)
Shard Capital Partners LLP (Joint Broker) Tel: +44 (0) 20 7186
Damon Heath / Erik Woolgar 9952
Davy (Joint Broker & Euronext Growth Listing Tel: +353 1 679 6363
Sponsor)
Barry Murphy / Lauren O'Sullivan
SEC Newgate (Financial Communications) Tel: +44 (0)7540 106
Robin Tozer / Naz Zandi 366
engage@secnewgate.co.uk
About ENGAGE XR
ENGAGE XR Holdings plc (AIM: EXR; Euronext Growth: EXR) is
metaverse technology company focused on becoming a leading global
provider of virtual communications solutions through its new fully
featured corporate metaverse, ENGAGE Link. A demonstration of
ENGAGE Link is here
The Company also has a proprietary software platform, ENGAGE.
ENGAGE provides users with a platform for creating, sharing, and
delivering VR content for education, training, and online events
through its three solutions: Virtual Campus, Virtual Office, and
Virtual Events.
EXR is listed on AIM in London and on the Euronext Growth Market
in Dublin, a market operated by Euronext Dublin.
For further information, please visit: www.engagexrholdings.com
(LinkedIn: @Engage XR Holdings plc Twitter: @engage_xr)
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END
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