TIDMEXR
RNS Number : 6057X
Engage XR Holdings PLC
27 April 2023
27 April 2023
ENGAGE XR Holdings Plc
("ENGAGE XR" or the "Group")
TRADING UPDATE AND NOTICE OF RESULTS
ENGAGE XR Holdings Plc (AIM: EXR), a leading metaverse
technology company, is pleased to provide a trading update for the
first three months of 2023 ("Q1 2023").
The Group's Q1 2023 trading has been in line with the Board's
expectations, with strong revenue growth in the period. Following
the successful launch of ENGAGE Link, the Group's fully featured
corporate metaverse in November 2022, the Group has seen
encouraging engagement with enterprise customers, and Q1 2023 has
delivered revenue up approximately 40% compared to the equivalent
period last year.
In Q1 2023, new clients won include an international food
processing company, a multi-national energy company and a global
education organisation (with further details being announced when
they go live on ENGAGE Link) and saw existing customers renew with
significant uplifts as they make greater use of the ENGAGE
Platform. ENGAGE Link's clients already include KIA, HSBC, MTN,
KPMG, Pfizer, Adtalem and Pearson.
The period has seen good growth in the pipeline of
opportunities, and this has been enhanced after the capabilities of
ENGAGE Link were successfully demonstrated to a global audience
following the hosting of ENGAGE XR's first Virtual Reality (VR)
concert titled "Eat Sleep VR Repeat" starring Norman Cook, AKA
Fatboy Slim. The Group is exploring new commercial opportunities
that have arisen from interest in the concert.
As previously announced, in November 2022, the Group signed a
commercial reseller agreement for ENGAGE XR with Lenovo(TM), one of
the world's largest computer manufacturing and smartphone
companies. The agreement followed the announcement of Lenovo's
plans to launch a new all-in-one VR headset engineered for
enterprise customers called The Lenovo ThinkReality VRX. The
headsets will be available in early H2 2023 with ENGAGE XR being
the premium enterprise offering for its customers.
The Group 's net cash position as at 31 March 2023 was EUR10.8m
(31 December 2022: EUR2.2m) following the successful completion of
an oversubscribed placing in February 2023.
Further details will be provided at the time of the publication
of the Group's final results for the 12 months ended 31 December
2022, which are expected to be announced on 23 May 2023.
David Whelan, CEO, ENGAGE XR, said: "At ENGAGE XR, we see the
metaverse as being 3D internet, spatial internet, or immersive
internet. It won't change all aspects of our current internet as it
is today but areas where we are focused on, such as remote
education, remote events, online training, entertainment, and
marketing, will be transformed by the metaverse. Anywhere large
groups of people need to collaborate or attend something remotely
is our sweet spot and the metaverse as a term should not be
confused with NFT's Crypto or other Web 3 components and
policies."
" After a strong 2022 in terms of revenue growth, we are
delighted that this has continued into the current financial year,
where we have had an excellent start to 2023. ENGAGE Link is
attracting huge interest, and the Fatboy Slim concert was both well
reviewed and acted as an incredible demonstration of what can be
achieved in ENGAGE Link. We are adding more functionality all the
time and have already developed and demonstrated the integration of
artificial intelligence into the platform working with Chat GPT and
other Open AI protocols. We expect to have AI client offerings
later this year, which will completely transform how users
communicate, interact and build within the metaverse."
"We have an exciting pipeline of opportunities, and we are
working closely with Lenovo, which is bundling Lenovo hardware with
ENGAGE XR software licenses for large corporate clients. During
2023, we expect the use of the metaverse by corporations and
educational institutes to only increase, and we want ENGAGE XR to
be at the forefront of this use. "
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
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) 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.
For further information, please visit: www.engagexrholdings.com
(LinkedIn: @Engage XR Holdings plc Twitter: @engage_xr)
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