Steve Baxter Supports Operator XR’s U.S. Growth Outlook

We’re excited to share that our largest shareholder, Steve Baxter, has further strengthened his commitment to our company by converting his $4.6 million debt holdings into equity at a 39% premium, pending shareholder approval.

Steve has been a key supporter of XRG from the beginning. As the founder of Beaten Zone Ventures, and a seasoned entrepreneur, his confidence in Operator XR – our immersive extended reality (XR) training solution for military and law enforcement – is a massive endorsement of our mission and growth trajectory.

Backing Our Expansion in the U.S. Market

This move comes at a pivotal time for Operator XR, which has been making waves in the U.S. market. In 2024, we secured a $5.6 million contract with the U.S. Department of Defense, and our presence among U.S. law enforcement agencies continues to expand.

Steve, a former Australian Defence Force (ADF) member, sees the massive opportunity ahead. His experience in the defence and technology sectors, coupled with his deep understanding of the U.S. security landscape, brings valuable strategic insights to our growth plans.

“I’m backing Aussie vets with a market-leading product winning in the U.S. This isn’t just financial support—it’s about doubling down on a team that’s cracking open a massive opportunity in the XR training and simulation market,” Steve said.

Reinforcing Our Growth Strategy

This decision is more than just a financial endorsement – it reflects belief in our vision, our technology, and our team. As Operator XR continues to scale, surpassing the 50-customer milestone and growing revenue 5.6x on pcp in H1FY25, Steve’s increased stake in XRG provides further strength to our business.

With the $3.37 billion U.S. training solutions market in our sights, we’re continuing to push boundaries and redefine how defence and law enforcement agencies train using immersive technology.