- Revenue for the three months ended
September 30, 2022 was$443,613 compared to$28,037 for the three months endedSeptember 30, 2021 , a revenue increase of 1582% - Revenue for the nine months ended
September 30, 2022 was$968,617 , compared to$68,917 for the nine months endedSeptember 30, 2021 , a revenue increase of 1405% - Synthesis VR has seen significant year over year growth in 2022
- Over 27 million minutes of gameplay, which is an increase of 153% compared to last year
- Over 43,885 customer accounts were created on the platform which is a 109% increase compared to last year
- Platform subscription has gone up by 108% compared to last year
- The Company appointed LBVR pioneers A Shabeer Sinnalebbe as the CEO and
Kamen Petrov as the CTO
“We had a great third quarter with revenues climbing sharply including a number of strategic key milestones reached which I am excited to share,” said A Shabeer Sinnalebbe, XRi CEO.
Financial Highlights
XRi delivered the following results for its third quarter and nine months ended
Revenue:
Revenue for the three months ended
Cost of Goods Sold:
Cost of goods sold for the three months ended
Gross Margin:
Gross margin for the three months ended
The Company’s financial statements for the quarter ending
Business Highlights:
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. Some of these key milestones are reflected in the corporate update below:
The SVR Division Has Seen Incredible Month-Over-Month Growth In 2022
The Company closed on its acquisition of
- Over 27 million minutes of gameplay, which is an increase of 153% 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 which is a 109% increase compared to last year (on track for over 51,000 customer accounts for 2022)
- Platform subscription has gone up by 108% compared to last year
- Launching Support for Android based headsets such as Quest 2, Pico and Vive Focus 3 with games for Android headsets unlike any other platform. (https://svr.li/mail/w/AZrxopQkwdNdQ3g2ETbZqA)
- Partnered with multiple developers in bringing popular games to VR locations worldwide:
- Bugs From Space
- Kaireyhs
- Rotten Apple
- SynthesisVR brings enterprise training to VR locations. Foraying into enterprise: https://svr.li/mail/w/GBtHDQD763ThZ2q763zi8z16oA
- iRacing: one of the most popular games is now available on SynthesisVR: https://svr.li/mail/w/5yf763zvGPJWApmlv3DgyvDg
- Ultimechs joins SynthesisVR: https://svr.li/mail/w/9mEzWrn7WgeOsluUmgMBKA
XR Immersive Tech Files Two Full Patent Applications For Its Patent-Pending Technology
The Company announced on
XR Immersive Tech Receives Fast Company’s 2022 World Changing Ideas Honorable Mention in
Now in its sixth year, the World Changing Ideas Awards showcase 39 winners, 350 finalists, and more than 600 honorable mentions—with climate, social justice, and AI and data among the most popular categories. A panel of eminent
XR Immersive Tech Announces SynthesisVR Android Platform
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 the full press release here.
Wholly-owned subsidiary, Synthesis VR, a leading location-based virtual reality (LBVR) content distribution and facility management platform, has joined forces with VictoryXR in bringing their educational content to LBVR operators worldwide, accessible through the Synthesis VR content marketplace.
VictoryXR is one of the largest providers of virtual reality (“VR”) educational content for levels starting in Kindergarten and up to Grade 12. The company’s foresight and understanding of the potential that VR brings has resulted in a wider category of experiences to inspire, train, and amaze with content that opens up the opportunity to, for example, take a field trip and learn about the history of Rome, its forums,
XR Immersive Tech Announces Addition of Health & Safety VR Training Content to
Wholly-owned subsidiary, Synthesis VR (“SVR”) , a leading location-based virtual reality (“LBVR”) content distribution and facility management platform, has partnered up with Gold Finch Works (“GFW”) to bring their health and safety Virtual Reality (“VR”) training modules for industrial application to their global operator network.
In total 6 VR training modules are being added to the SynthesisVR marketplace including:
- Fire Safety VR Training - Office
- Fire Safety VR Training - Hangar
- Hot Work VR Training
- Lockout Tagout (LOTO) VR Training
- Work At Height VR Training
- Confined Space Entry VR Training
VR Training modules were developed for professionals by professionals (including NEBOSH certified HSE). Read the full press release here.
XR Immersive Tech Announces it has Appointed LBVR Pioneer A Shabeer Sinnalebbe as the Company’s New CEO
Immersive Tech has appointed VR Industry leader A Shabeer Sinnalebbe as the Company’s new CEO effective
Mr. Sinnalebbe currently serves as the Company’s Head of XR Networks. Prior to this role Mr. Sinnalebbe served as the CEO of SynthesisVR which
“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 continue to focus on growing SVR SaaS & licensing revenues, global 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 in the coming years,” said A Shabeer Sinnalebbe, XRi CEO.
On behalf of the Board of Directors
A Shabeer Sinnalebbe, Director and Chief Executive Officer
https://www.immersivetech.co/
For further information about Immersive Tech, please contact:
Contact -
Email: investors@immersivetech.co
Telephone: +1-604-283-3029
ABOUT
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.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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