REG - Engage XR Holdings - Trading Update & Notice of Results

ENGAGE XR HoldingsAnnouncement

27/04/2023 07:00

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RNS Number : 6057X  Engage XR Holdings PLC  27 April 2023

27 April 2023

 

ENGAGE XR Holdings Plc

("ENGAGE XR" or the "Group")

 

TRADING UPDATE AND NOTICE OF RESULTS

 

ENGAGE XR Holdings Plc (AIM: EXR), a leading metaverse technology company, is
pleased to provide a trading update for the first three months of 2023 ("Q1
2023").

 

The Group's Q1 2023 trading has been in line with the Board's expectations,
with strong revenue growth in the period. Following the successful launch of
ENGAGE Link, the Group's fully featured corporate metaverse in November 2022,
the Group has seen encouraging engagement with enterprise customers, and Q1
2023 has delivered revenue up approximately 40% compared to the equivalent
period last year.

 

In Q1 2023, new clients won include an international food processing company,
a multi-national energy company and a global education organisation (with
further details being announced when they go live on ENGAGE Link) and saw
existing customers renew with significant uplifts as they make greater use of
the ENGAGE Platform. ENGAGE Link's clients already include KIA, HSBC, MTN,
KPMG, Pfizer, Adtalem and Pearson.

 

The period has seen good growth in the pipeline of opportunities, and this has
been enhanced after the capabilities of ENGAGE Link were successfully
demonstrated to a global audience following the hosting of ENGAGE XR's first
Virtual Reality (VR) concert titled "Eat Sleep VR Repeat" starring Norman
Cook, AKA Fatboy Slim.  The Group is exploring new commercial opportunities
that have arisen from interest in the concert.

 

As previously announced, in November 2022, the Group signed a commercial
reseller agreement for ENGAGE XR with Lenovo™, one of the world's largest
computer manufacturing and smartphone companies. The agreement followed the
announcement of Lenovo's plans to launch a new all-in-one VR headset
engineered for enterprise customers called The Lenovo ThinkReality VRX.  The
headsets will be available in early H2 2023 with ENGAGE XR being the premium
enterprise offering for its customers.

 

The Group 's net cash position as at 31 March 2023 was €10.8m (31 December
2022: €2.2m) following the successful completion of an oversubscribed
placing in February 2023.

 

Further details will be provided at the time of the publication of the Group's
final results for the 12 months ended 31 December 2022, which are expected to
be announced on 23 May 2023.

 

David Whelan, CEO, ENGAGE XR, said: "At ENGAGE XR, we see the metaverse as
being 3D internet, spatial internet, or immersive internet. It won't change
all aspects of our current internet as it is today but areas where we are
focused on, such as remote education, remote events, online training,
entertainment, and marketing, will be transformed by the metaverse. Anywhere
large groups of people need to collaborate or attend something remotely is our
sweet spot and the metaverse as a term should not be confused with NFT's
Crypto or other Web 3 components and policies."

 

"After a strong 2022 in terms of revenue growth, we are delighted that this
has continued into the current financial year, where we have had an excellent
start to 2023. ENGAGE Link is attracting huge interest, and the Fatboy Slim
concert was both well reviewed and acted as an incredible demonstration of
what can be achieved in ENGAGE Link.  We are adding more functionality all
the time and have already developed and demonstrated the integration of
artificial intelligence into the platform working with Chat GPT and other Open
AI protocols. We expect to have AI client offerings later this year, which
will completely transform how users communicate, interact and build within the
metaverse."

 

"We have an exciting pipeline of opportunities, and we are working closely
with Lenovo, which is bundling Lenovo hardware with ENGAGE XR software
licenses for large corporate clients. During 2023, we expect the use of the
metaverse by corporations and educational institutes to only increase, and we
want ENGAGE XR to be at the forefront of this use. "

 

For further information, please contact:

 

 ENGAGE XR Holdings Plc                               Tel: +353 87 665 6708

 David Whelan, CEO                                    info@engagexr.co

 Séamus Larrissey, CFO

 Sandra Whelan, COO

 finnCap Ltd (Nominated Adviser & Joint Broker)       Tel: +44 (0) 20 7220 0500

 Marc Milmo/ Seamus Fricker (Corporate Finance)

 Sunila de Silva (ECM)

 Shard Capital Partners LLP (Joint Broker)            Tel: +44 (0) 20 7186 9952

 Damon Heath / Erik Woolgar

 SEC Newgate (Financial Communications)               Tel: +44 (0)7540 106 366

 Robin Tozer / Naz Zandi                              engage@secnewgate.co.uk

 

About ENGAGE XR

ENGAGE XR Holdings plc (AIM: EXR) is metaverse technology company focused on
becoming a leading global provider of virtual communications solutions through
its new fully featured corporate metaverse, ENGAGE Link. A demonstration of
ENGAGE Link is here (https://www.youtube.com/watch?v=ITtz7ErWhMs&t=2s)

 

The Company also has a proprietary software platform, ENGAGE. ENGAGE provides
users with a platform for creating, sharing, and delivering VR content for
education, training, and online events through its three solutions: Virtual
Campus, Virtual Office, and Virtual Events.

 

For further information, please visit: www.engagexrholdings.com (LinkedIn:
@Engage XR Holdings plc Twitter: @engage_xr)

 

 

 

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