- XR Immersive Tech announces record Q3 revenue and provides corporate update
- A Shabeer Sinnalebbe sat down with Daniella Atkinson to share the updates
- Revenue for the three months ended September 30, 2022, was $443,613
- Revenue for the nine months ended September 30, 2022, was $968,617
- Over 43,885 customer accounts were created on the platform, a 109 per cent increase compared to last year
- Platform subscriptions have increased by 108 per cent over last year
- XR Immersive Technologies Inc. (VRAR) opened trading at C$0.035
XR Immersive Tech (VRAR) announced results for its third quarter ended September 30, 2022, and provided a corporate update.
XRi CEO, A Shabeer Sinnalebbe, sat down with Daniella Atkinson to share the results.
“We had a great third quarter with revenues climbing sharply, including a number of strategic key milestones reached, which I am excited to share.”
Revenue for the three months ended September 30, 2022, was $443,613 compared to $28,037 for the three months ended September 30, 2021, an increase of 1582 per cent QOQ.
For the nine months ended September 30, 2022, revenue was $968,617 compared to $68,917 for the nine months ended September 30, 2021, an increase of 1405 per cent YOY.
Gross margin for the three months ended September 30, 2022, was $270,717 or 61 per cent compared to $10,870 or 39 per cent for the three months ended September 30, 2021. For the nine months ended September 30, 2022, gross margin was $641,597 or 66 per cent compared to $23,004 or 33 per cent for the comparative period.
The company has achieved several key corporate, M&A and operational milestones over the nine months of 2022, building a strong foundation for future growth and innovation.
The company closed on its acquisition of Synthesis VR Inc. earlier in 2022. The acquisition adds a software SaaS platform which powers over 450 VR arcades globally and a marketplace of nearly 375 VR games and content that are licensed to this operator network. SVR is rapidly becoming the largest VR out-of-home entertainment marketplace for games, educational and training experiences worldwide.
Highlights:
- Over 27 million minutes of gameplay, an increase of 153 per cent compared to last year (on track for over 32 million minutes of gameplay for 2022)
- Over 43,885 customer accounts were created on the platform, a 109 per cent increase compared to last year (on track for over 51,000 customer accounts for 2022)
- Platform subscription has gone up by 108 per cent compared to last year
- Launching Support for Android-based headsets such as Quest 2, Pico and Vive Focus 3 with games for Android headsets
- Partnered with multiple developers in bringing popular games to VR locations worldwide: Bugs From Space, Kaireyhs, Rotten Apple
The company filed two full patent applications for its patent-pending technology with the Canadian Intellectual Property Office. These applications add to the company’s growing patent portfolio as it continues to innovate and pursue the development of cutting-edge VR/AR technology to support sales growth and opportunities.
XR Immersive Tech is building the industry’s premier location-based Platform. The company is an industry leader in Social Entertainment, Virtual Reality (VR) and Augmented Reality (AR) entertainment attractions. The company builds experiences 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 more. With the acquisition of Synthesis VR Inc in Jan 2022, the company is able to provide a SaaS platform that can manage large-scale enterprises and the ability to support a vast number of business scenarios including but not limited to room-scale, free roam, racing simulators, coin-op, online widgets and payments, education, VR training and many more.
XR Immersive Technologies Inc. (VRAR) opened trading at C$0.035.