Extended Reality Archives - xReality Group Ltd

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.

“Building off the recent success with the Australian Defence Force, we are excited to be broadening our user base across other agencies in Australia."

Wayne Jones

Chief Executive Officer

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.

"The company is pleased with the continued momentum of sales throughout the month of June. A strong result over the final quarter of FY2024 has positioned the company well with a large pipeline of sales expected to materialize throughout Q1 of FY2025."

Wayne Jones

Chief Executive Officer

We are proud to announce the appointment of Philip Copeland as Non-Executive Director and Chair of our newly formed International Expansion Committee.

With extensive experience in scaling enterprise SaaS businesses globally, particularly in government and financial services, Philip brings invaluable insights to guide our international growth strategy.

Philip, the former CEO and co-founder of Avoka Software, has a remarkable track record, leading the company to worldwide success before its acquisition by Temenos in 2018 for $US245M.

Currently residing in Colorado, USA, Philip will play a key role in our expansion into the US Government markets and driving growth through our Enterprise Software solutions.

“We are looking forward to Philip’s input in shaping our international growth strategy.” – Wayne Jones, CEO of xReality Group.

Philip added, “I am delighted to join the xReality Group Board. There is a tremendous opportunity to bring these innovative Australian products to the US and Global markets.”

We welcome Philip Copeland to our team and look forward to the exciting possibilities his expertise will bring as we embark on a transformative international journey.

Read the full ASX Announcement here.

xReality Group Limited are leaders in enterprise software development for mission critical simulations for military and law enforcement. The company develops and operates physical and digital simulations. Portfolio companies
include Indoor Skydiving facilities, Virtual Reality (VR) and Augmented Reality (AR) entertainment, training, and production.

Operator provides Military and Law Enforcement agencies with a unique, integrated Mission Planning & Rehearsal System, which is portable, secure and highly immersive. See https://www.operatorxr.com

xReality Group Limited is listed on ASX under the code XRG.