Our History
XRG was founded in 2011 by Wayne Jones and Danny Hogan MG, both former operators of the Australian Special Air Service Regiment. They started the company to bring high-fidelity simulation training to a market that did not have it.
The company listed on the ASX in January 2013 as Indoor Skydive Australia Group, the highest-performing IPO of the year. In 2014 we opened iFLY Downunder in Sydney, the first commercial vertical wind tunnel in Australia. Three more facilities followed across the region. From day one those tunnels trained first time flyers and professional skydivers as well as the Australian Defence Force.
In 2019 we launched FREAK Entertainment, providing multi player virtual reality gaming. FREAK extended the business from physical simulation into digital.
The Operator XR chapter
In August 2021 we established Operator XR, which today represents the Group’s primary strategic and growth focus. Operator XR applied its simulation learnings to a problem its founders understood from the inside: how to give defence and law enforcement operators realistic, repeatable tactical training they can run every day.
Acquisition: That same month we acquired Red Cartel, one of Australia’s leading XR production studios with more than 20 years of industry experience. The acquisition brought all XR development capability in-house.
Rebrand: In December 2021 we rebranded from Indoor Skydive Australia Group to XReality Group, trading on the ASX as XRG. The new name reflected what the company had become: a defence and enterprise technology business with sovereign Australian intellectual property.
North America Traction: In March 2023 Operator XR launched in the United States. Since then, we have won a US$5.6M subcontract on a US Department of Defense program (November 2024) and a $5.71M contract with the Texas Department of Public Safety (August 2025) and entered a strategic collaboration with the ALERRT Center at Texas State University, the US national standard for active threat response training.
Growth: In August 2025 the Australian Government’s Industry Growth Program awarded XRG a $2.1M grant to accelerate Operator XR’s artificial intelligence roadmap. In September 2025 we reported the strongest financial result in the company’s history.
Future: In 2026, Operator XR is now the primary growth engine, with in-house software engineering, electronics design and advanced manufacturing capability, and our entertainment brands continuing to operate as established consumer businesses that generate cash flow.
Our Culture
XRG is a direct company. Our customers measure us on what we deliver, not on what we say, and we hold ourselves to the same standard.
Our people are veterans, tactical practitioners, engineers and operators. Many of us have done the work we now build technology for. We hire people who care about the outcome and who are honest with each other about how to get there.
How we work
Mission first
Every product decision starts with the operator and the outcome they need.
We deliver
Defence and law enforcement customers measure us in systems delivered and training hours run. We measure ourselves the same way.
Trust is earned
Our credibility comes from the people on our team and the customers who rely on us, not from our marketing.
Sovereign by design
Our intellectual property is owned in Australia. Our systems are deployed in Australia and the United States. Our partners are allied nations.
Hard problems first
Repeatable, deployable, measurable training is what defence and law enforcement customers need, so that is what we build. We would rather solve hard problems with operational value than easy problems with marketing value.
Our team
XReality Group is led by a board with experience in special operations, public company governance, US enterprise software and capital markets. Read more about our board and management.
Our Values
Teamwork
Determination
Respect
Being Visionary
Our Beliefs
Have a Solution Mindset
Be Collaborative
Take responsibility
Bring New Ideas
Love what you do
Be Respectful