xReality Group is pleased to report Operator XR has continued its momentum throughout June 2024 achieving some major new milestones.
Operator XR, a wholly owned subsidiary of xReality Group Ltd, provides Military and Law Enforcement agencies around the world with a unique, integrated Mission Planning & Rehearsal System, which is portable, secure, and highly immersive.
Highlights
June 2024 proved to be one of Operator XR’s most significant months to date securing an $800,00 Australian Government Agency contract with full payment for the system received and delivery set for Q1 FY2025.
Operator XR also signed a licence extension for the Australian Defence Force trial, which, combined with 5 new customers for the month, achieved $1,430,000 in sales growth; this represents a 75% increase in Operator XR’s Annual Recognised Revenue which now sits at $2,210,000.
The impact of these sales marks a 54% increase in Total Contract Value on May 2024, bringing the FY24 cumulative total to $4,100,000. Operator is focused on continuing this sales trajectory throughout FY25, with a growing pipeline of opportunities being actualised.
The continued momentum with new prospects highlights the increasing demand and market relevance of Operator XR’s solutions. June 2024 saw significant success in New Customers, with 6 joining the Operator XR portfolio, taking the total customers for FY24 to 29.
Market opportunities
The US remains the largest potential market for Operator XR with over 18,000 Law Enforcement agencies spanning Local, County, State and Federal levels. The average sale price for Operator XR products in the US ranges from $50,000 to $250,000 USD, with most orders paid upfront. Revenue from these sales is recognised monthly over a 3-year period as Annual Recurring Revenue, while project-based revenues are recognised upon meeting milestones.
Looking ahead
Stay tuned for more updates as we continue to transform mission planning and rehearsal for Defence and Law Enforcement with Operator XR.