Business
Interim Results
Interim Results.
About this update from Engage Xr Holdings Plc
[{"type":"text","content":"\n\n11 September 2023\nENGAGE XR Holdings Plc\n(\"ENGAGE XR\", the \"Company\", or the \"Group\")\n \nUnaudited Interim Results\nENGAGE XR Holdings Plc, a leading Metaverse / Spatial Computing technology company, is pleased to announce its unaudited interim results for the six months ended 30 June 2023.\n \nFinancial Highlights:\n· Group revenue has continued to grow with H1 2023 revenue of c.€2.1 million, an increase of 18% (H1 2022: €1.8 million)\n· ENGAGE revenue is the main driver of the increase with revenue in the period of c€1.9 million, up 30% (H1 2022: €1.5m)\n· ENGAGE revenue comprises 91% of H1 2023 total revenue (H1 2022: 83%)\n· Gross margin in H1 2023 was 93%, up 12% (H1 2022: 81%)\n· EBITDA loss was €2.1m (H1 2022: loss of €2.8m), with Group administrative expenses being largely salary and associated costs\n· Loss before tax was €2.2m, in line with expectations, compared to a loss in H1 2022 of €2.8m\n· Cash balance at 30 June 2023 of €9.4m (30 June 2022: €4.9m). The Group's cash position was significantly strengthened in the period following an oversubscribed €10.5 million (€9.9 million net of expenses) fundraise in February 2023\n \nOperational Highlights:\n· The Group continues to gain traction in the US. 54% of Group revenue in H1 2023 has been derived from North America compared to 34% in H1 FY22 and 30% for FY22, following the deployment of the US sales team during 2022\n· There has been a steady increase in the client base with more than 220 active Enterprise and Education customers as at 30 June 2023 (31 December 2022: 190)\n· Ground-breaking concert hosted in ENGAGE in March 2023 by the renowned musician, Norman Cook, aka Fatboy Slim (Highlights Video)\n· Following the launch of Lenovo™'s new ThinkReality™ VRX all-in-one virtual reality (VR) headset in June 2023, the Group expects the benefits of its Lenovo hardware partnership to start being seen in early Q4 2023\n \nPost-period end Highlights:\n· Continued momentum being seen - June was our strongest ever month for revenue generation, with July and August generating a combined €1m in revenue.\n· 5,400 us...