“We had a great second quarter, and first half of 2022, with revenues climbing sharply including a number of strategic key milestones reached which I am excited to share,” said Tim Bieber XRi CEO.
XRi delivered the following results for its second quarter and first half of its fiscal 2022 year:
In the Company's second quarter revenue was
The Company has achieved several key corporate, M&A and operational milestones over the first half of 2022 building a strong foundation for future growth and innovation. Some of these key milestones are reflected in the below corporate update:
The Company closed on its acquisition of
SVR announced an industry-first Android Platform was officially launched and available to the Company’s operator network worldwide. This first to market Android-based VR headset wireless streaming solution enables operators to access commercially licensed games in the SVR marketplace, as well as educational and enterprise content for the Meta Quest 2 VR headset. The platform immediately provides six Android-based free roam arena and room scale games for the popular Quest 2 device. In addition, operators are now able to launch content, control and track bookings and sessions on all Android-based VR Headsets such as Vive Focus 3,
The SVR Android Platform is a great addition to the VR operation arsenal the Company now offers including the recently announced partnership with QuarkXR, another industry-first Android VR streaming solution for all PC-based VR content. QuarkXR, a pioneering company focused on VR streaming and a trusted solution provider for companies like Deutsche Telekom, Orange, Vodafone, and Ericsson, among others. Read more details here.
The SVR division has seen incredible month over month growth which we see continuing through the remainder of 2022, including additional product releases for the SVR operator network and further expansion of its content marketplace library into many new categories of VR content including education (see the partnership announcement with VictoryXR here) and training in the health and safety category (see the partnership with Gold Finch Works here).
The Company was thrilled to announce the installation of its UNCONTAINED attraction for its first client; the
See the PNE launch video here.
The Company also announced on
Looking forward; with the stellar revenue growth we are seeing from the SynthesisVR operator network, including subscriptions and its marketplace game licensing, the Company will pivot to focus around growing SVR SaaS & licensing revenues, glocal reach of operators and partnership opportunities through the remainder of 2022. This overall strategy of revenue and network growth incorporates a focus on further securing strong partnerships and releasing additional cutting-edge technology products that will see SVR’s growth explode.
On behalf of the Board of Directors
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FORWARD-LOOKING INFORMATION
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical facts contained in this news release are forward-looking statements. Forward-looking information in this news release includes, without limitation, statements regarding the future plans and objectives of the Company and SynthesisVR, future performance and future growth, development initiatives, business prospects, synergies and opportunities of Immersive Tech and SynthesisVR and their related subsidiaries, the Company’s expansion initiatives and pursuit of M&A activity, and other factors beyond the Company’s control.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made, including, but not limited to, the Company being able to capitalize on the services and business of SynthesisVR, the easing of world-wide COVID restrictions and effect on the LBVR industry, the increase in VR arcades and demand for VR entertainment and educational content, the Company’s and SynthesisVR’s operations and development initiatives, and such other assumptions presented in the Company’s disclosure record. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Immersive Tech disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
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