XR Immersive Tech Announces Record Third Quarter Revenue & Corporate Update - GlobeNewswire

1 year ago 62

Revenue for the 3 months ended September 30, 2022 was $443,613 compared to $28,037 for the 3 months ended September 30, 2021, a gross summation of 1582%
Revenue for the 9 months ended September 30, 2022 was $968,617, compared to $68,917 for the 9 months ended September 30, 2021, a gross summation of 1405%
Synthesis VR has seen important twelvemonth implicit twelvemonth maturation successful 2022
- Over 27 cardinal minutes of gameplay, which is an summation of 153% compared to past year
- Over 43,885 lawsuit accounts were created connected the level which is simply a 109% summation compared to past year
- Platform subscription has gone up by 108% compared to past year
The Company appointed LBVR pioneers A Shabeer Sinnalebbe arsenic the CEO and Kamen Petrov arsenic the CTO

VANCOUVER, British Columbia, Nov. 30, 2022 (GLOBE NEWSWIRE) -- XR Immersive Tech Inc. (“XRi” oregon “Immersive Tech”, oregon the “Company”) (CSE:VRAR) (FSE:79W) (OTCQB: FNTTF), the institution down the Synthesis VR (“SVR”) bundle level which has grown to go the largest VR retired of location amusement marketplace for games, acquisition and grooming experiences worldwide, contiguous announced results for its 3rd 4th ended September 30, 2022 arsenic good arsenic providing a firm update.

“We had a large 3rd 4th with revenues climbing sharply including a fig of strategical cardinal milestones reached which I americium excited to share,” said A Shabeer Sinnalebbe, XRi CEO.

Financial Highlights

XRi delivered the pursuing results for its 3rd 4th and 9 months ended September 30, 2022:

Revenue:

Revenue for the 3 months ended September 30, 2022, was $443,613 compared to $28,037 for the 3 months ended September 30, 2021, a gross summation of 1582% 4th implicit quarter. For the 9 months ended September 30, 2022, gross was $968,617 compared to $68,917 for the 9 months ended September 30, 2021, a gross summation of 1405% twelvemonth implicit year.

Cost of Goods Sold:

Cost of goods sold for the 3 months ended September 30, 2022, was $172,896 compared to $17,167 for the 3 months ended September 30, 2021. For the 9 months ended September 30, 2022, outgo of goods sold was $327,020 compared to $45,913 for the comparative period.

Gross Margin:

Gross borderline for the 3 months ended September 30, 2022, was $270,717 oregon 61% compared to $10,870 oregon 39% for the 3 months ended September 30, 2021. For the 9 months ended September 30, 2022, gross borderline was $641,597 oregon 66% compared to $23,004 oregon 33% for the comparative period.

The Company’s fiscal statements for the 4th ending September 30, 2022 on with its Management Discussion and Analysis (MD&A) are disposable nether the Company’s illustration connected SEDAR (www.sedar.com).

Business Highlights:

The Company has achieved respective cardinal corporate, M&A and operational milestones implicit the 9 months of 2022 gathering a beardown instauration for aboriginal maturation and innovation. Some of these cardinal milestones are reflected successful the firm update below:

The SVR Division Has Seen Incredible Month-Over-Month Growth In 2022

The Company closed connected its acquisition of Synthesis VR Inc. (“SVR”) earlier successful 2022 and has successfully transitioned the SVR management, improvement and enactment teams into the wide Immersive Tech team. The acquisition adds gross and experienced squad members to the Company, but astir importantly a bundle SaaS level which powers implicit 450 VR arcades globally and a marketplace of astir 375 VR games and contented that are licensed to this relation network. SVR is rapidly becoming the largest VR out-of-home amusement marketplace for games, acquisition and grooming experiences worldwide. Here are immoderate highlights for 2022:

Over 27 cardinal minutes of gameplay, which is an summation of 153% compared to past twelvemonth (on way for implicit 32 cardinal minutes of gameplay for 2022)
Over 43,885 lawsuit accounts were created connected the level which is simply a 109% summation compared to past twelvemonth (on way for implicit 51,000 lawsuit accounts for 2022)
Platform subscription has gone up by 108% compared to past year
Launching Support for Android based headsets specified arsenic Quest 2, Pico and Vive Focus 3 with games for Android headsets dissimilar immoderate different platform. (https://svr.li/mail/w/AZrxopQkwdNdQ3g2ETbZqA)
Partnered with aggregate developers successful bringing fashionable games to VR locations worldwide:
- Bugs From Space
- Kaireyhs
- Rotten Apple
SynthesisVR brings endeavor grooming to VR locations. Foraying into enterprise: https://svr.li/mail/w/GBtHDQD763ThZ2q763zi8z16oA
iRacing: 1 of the astir fashionable games is present disposable connected SynthesisVR: https://svr.li/mail/w/5yf763zvGPJWApmlv3DgyvDg
Ultimechs joins SynthesisVR: https://svr.li/mail/w/9mEzWrn7WgeOsluUmgMBKA

XR Immersive Tech Files Two Full Patent Applications For Its Patent-Pending Technology

The Company announced connected January 19, 2022, it filed 2 afloat patent applications for its patent-pending exertion with the Canadian Intellectual Property Office. These applications adhd to the Company’s increasing patent portfolio arsenic the Company has antecedently filed U.S. provisional patent applications for its technology. The Company elected to record these Canadian patent applications successful precedence to U.S. Patent bureau filings, to further support its invaluable intelligence spot (“IP”) arsenic it continues to innovate and prosecute improvement of cutting borderline VR/AR exertion to enactment income maturation and opportunities for some clients looking to supply hyper-immersive experiences and for creators of the Metaverse.

XR Immersive Tech Receives Fast Company’s 2022 World Changing Ideas Honorable Mention successful Media & Entertainment Awards Category

XR Immersive Tech Inc. announced that the Company’s UNCONTAINED Hyper-immersive VR acquisition merchandise has received an honorable notation successful the Media & Entertainment Category of Fast Company’s 2022 World Changing Ideas Awards.

Now successful its sixth year, the World Changing Ideas Awards showcase 39 winners, 350 finalists, and much than 600 honorable mentions—with climate, societal justice, and AI and information among the astir fashionable categories. A sheet of eminent Fast Company editors and reporters selected winners and finalists from a excavation of much than 2,997 entries crossed transportation, education, food, politics, technology, health, societal justice, and more. In addition, respective caller categories person been added this twelvemonth including climate, nature, water, and workplace. The 2022 awards diagnostic entries from crossed the globe, from Switzerland to Hong Kong to Australia. Read the afloat property merchandise here.

XR Immersive Tech Announces SynthesisVR Android Platform

SVR announced an industry-first Android Platform was officially launched and disposable to the Company’s relation web worldwide. This archetypal to marketplace Android-based VR headset wireless streaming solution enables operators to entree commercially licensed games successful the SVR marketplace, arsenic good arsenic acquisition and endeavor contented for the Meta Quest 2 VR headset. The level instantly provides six Android-based escaped roam arena and country standard games for the fashionable Quest 2 device. In addition, operators are present capable to motorboat content, power and way bookings and sessions connected each Android-based VR Headsets specified arsenic Vive Focus 3, Pico Neo 3 Pro and Quest 2 from 1 centralized determination to marque operations simple, effective, and reliable. Read the afloat property merchandise here.

XR Immersive Tech Announces Partnership with QuarkXR For Industry First VR Streaming Solution

The SVR Android Platform is simply a large summation to the VR cognition arsenal the Company present offers including the precocious announced concern with QuarkXR, different industry-first Android VR streaming solution for each PC-based VR content. QuarkXR, a pioneering institution focused connected VR streaming and a trusted solution supplier for companies similar Deutsche Telekom, Orange, Vodafone, and Ericsson, among others. Read the afloat property merchandise here.

XR Immersive Tech Partners with Educational VR Platform VictoryXR To Provide New Content Experiences

Wholly-owned subsidiary, Synthesis VR, a starring location-based virtual world (LBVR) contented organisation and installation absorption platform, has joined forces with VictoryXR successful bringing their acquisition contented to LBVR operators worldwide, accessible done the Synthesis VR contented marketplace.

VictoryXR is 1 of the largest providers of virtual world (“VR”) acquisition contented for levels starting successful Kindergarten and up to Grade 12. The company’s foresight and knowing of the imaginable that VR brings has resulted successful a wider class of experiences to inspire, train, and amaze with contented that opens up the accidental to, for example, instrumentality a tract travel and larn astir the past of Rome, its forums, the Colosseum, the Pantheon, the Basilica of Maxentius, sojourn and locomotion the Great Wall of China oregon bask gamified immersive VR learning experiences successful science, literature, math, machine engineering, art, play and overmuch more. Read the afloat property merchandise here.

XR Immersive Tech Announces Addition of Health & Safety VR Training Content to SynthesisVR Marketplace

Wholly-owned subsidiary, Synthesis VR (“SVR”) , a starring location-based virtual world (“LBVR”) contented organisation and installation absorption platform, has partnered up with Gold Finch Works (“GFW”) to bring their wellness and information Virtual Reality (“VR”) grooming modules for concern exertion to their planetary relation network.

In full 6 VR grooming modules are being added to the SynthesisVR marketplace including:

VR Training modules were developed for professionals by professionals (including NEBOSH certified HSE). Read the afloat property merchandise here.

XR Immersive Tech Announces it has Appointed LBVR Pioneer A Shabeer Sinnalebbe arsenic the Company’s New CEO

Immersive Tech has appointed VR Industry person A Shabeer Sinnalebbe arsenic the Company’s caller CEO effectual September 1, 2022.

Mr. Sinnalebbe presently serves arsenic the Company’s Head of XR Networks. Prior to this relation Mr. Sinnalebbe served arsenic the CEO of SynthesisVR which XR Immersive Tech acquired astatine the opening of 2022. Mr. Sinnalebbe has extended planetary enactment acquisition successful scaling a highly palmy Virtual Reality amusement level concern from start-up to exit. Mr. Sinnalebbe has made a profound interaction successful the VR Industry achieving galore important manufacture firsts on the way, including establishing 1 of the world's archetypal VR arcade centers successful Los Angeles successful 2016 with his co-founder Kamen Petrov. The brace continued to pioneer the adjacent procreation of room-scale, escaped roam, racing simulators, coin-op, online widgets and payments, education, online concern VR environments, and endeavor experiences. Mr. Sinnalebbe and Mr. Petrov person since built SynthesisVR into 1 of the largest VR retired of location amusement marketplace for games, acquisition and grooming experiences worldwide. Synthesis has implicit 450 VR arcades globally and a marketplace of implicit 375 VR games and contented with implicit 20M subordinate minutes. Mr. Sinnalebbe has shown helium has vision, thrust and knowing of the intricacies of the VR manufacture are driving factors successful the maturation of not lone SynthesisVR and its ain technological development, but besides to XR Immersive and its products and services arsenic well. Read the afloat property merchandise here.

“Looking forward; with the stellar gross maturation we are seeing from the SynthesisVR relation network, including subscriptions and its marketplace crippled licensing, the Company volition proceed to absorption connected increasing SVR SaaS & licensing revenues, planetary scope of operators and concern opportunities done the remainder of 2022. This wide strategy of gross and web maturation incorporates a absorption connected further securing beardown partnerships and releasing further cutting-edge exertion products that volition spot SVR’s maturation detonate successful the coming years,” said A Shabeer Sinnalebbe, XRi CEO.

On behalf of the Board of Directors

A Shabeer Sinnalebbe, Director and Chief Executive Officer
XR Immersive Tech Inc.
https://www.immersivetech.co/

For further accusation astir Immersive Tech, delight contact:

Contact - Alex Tzillios
Email: investors@immersivetech.co
Telephone: +1-604-283-3029

ABOUT XR IMMERSIVE TECH INC.

XR Immersive Tech is gathering the industry's premier location-based Platform. Since 2016 the Company has been an manufacture person successful Social Entertainment, Virtual Reality (VR) and Augmented Reality (AR) amusement attractions. The Company builds experiences connected its platforms for immoderate of the world's largest companies including: Intel, Bayer, Capital One, Scotia Bank, the US Food and Drug Administration, Allegiant Airlines and more. With the acquisition of Synthesis VR Inc successful Jan 2022, the institution is capable to supply a SaaS level that tin negociate ample standard enterprises and the quality to enactment a immense fig of concern scenarios including but not constricted to room-scale, escaped roam, racing simulators, coin-op, online widgets and payments, education, VR grooming and galore more.

FORWARD-LOOKING INFORMATION

This quality merchandise contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) wrong the meaning of applicable securities laws. Such forward-looking statements may, without limitation, beryllium preceded by, followed by, oregon see words specified arsenic “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, oregon akin expressions, oregon whitethorn employment specified aboriginal oregon conditional verbs arsenic “may”, “might”, “will”, “could”, “should” oregon “would”, oregon whitethorn different beryllium indicated arsenic forward-looking statements by grammatical construction, phrasing oregon context. All statements different than statements of humanities facts contained successful this quality merchandise are forward-looking statements. Forward-looking accusation successful this quality merchandise includes, without limitation, statements regarding the aboriginal plans and objectives of the Company and SynthesisVR, aboriginal show and aboriginal growth, improvement initiatives, concern prospects, synergies and opportunities of Immersive Tech and SynthesisVR and their related subsidiaries, the Company’s enlargement initiatives and pursuit of M&A activity, and different factors beyond the Company’s control.

Forward-looking accusation is taxable to known and chartless risks, uncertainties and different factors that whitethorn origin the Company's existent results, level of activity, show oregon achievements to beryllium materially antithetic from those expressed oregon implied by specified forward-looking information. Forward-looking accusation is based connected the tenable assumptions, estimates, investigation and opinions of absorption made successful airy of its acquisition and cognition of trends, existent conditions and expected developments, and different factors that absorption believes are applicable and tenable successful the circumstances astatine the day specified statements are made, including, but not constricted to, the Company being capable to capitalize connected the services and concern of SynthesisVR, the easing of world-wide COVID restrictions and effect connected the LBVR industry, the summation successful VR arcades and request for VR amusement and acquisition content, the Company’s and SynthesisVR’s operations and improvement initiatives, and specified different assumptions presented successful the Company’s disclosure record. Although the Company has attempted to place important factors that could origin existent results to disagree materially from those contained successful forward-looking information, determination whitethorn beryllium different factors that origin results not to beryllium arsenic anticipated. There tin beryllium nary assurance that specified accusation volition beryllium to beryllium accurate, arsenic existent results and aboriginal events could disagree materially from those anticipated successful specified information. Accordingly, readers should not spot undue reliance connected forward-looking information. All forward-looking accusation herein is qualified successful its entirety by this cautionary statement, and Immersive Tech disclaims immoderate work to revise oregon update immoderate specified forward-looking accusation oregon to publically denote the effect of immoderate revisions to immoderate of the forward-looking accusation contained herein to bespeak aboriginal results, events oregon developments, but arsenic required by law.

Neither the CSE nor its Regulation Services Provider (as that word is defined successful the policies of the CSE) accepts work for the adequacy oregon accuracy of this release.