Major Contract Wins

Engage XR Holdings PLC

20 February 2024

 

20 February 2024

ENGAGE XR Holdings Plc

("ENGAGE XR" or the "Group")

Major Contract Wins

ENGAGE XR Holdings Plc, a leading Metaverse / spatial computing technology company, is pleased to announce further progress on customer contracting, including the largest contract the Group has signed to date.  The Group has signed a seven-figure contract with a large Middle East-based company in the education, training, and development sector. Working in partnership with PWC Middle East, ENGAGE XR is developing a private MetaWorld for the company to deliver language learning programmes and professional ongoing development.

Sally Jeffery, PwC's Global Education & Skills Practice Leader, commented: "At PwC Middle East, we are thrilled to collaborate with ENGAGE XR in creating a groundbreaking MetaWorld. This initiative represents a significant leap forward in harnessing the power of spatial computing technologies to revolutionise the education and professional development landscape. By integrating immersive learning experiences, we aim to unlock new potentials in language acquisition and continuous skill enhancement. This collaboration underscores our commitment to driving innovation and excellence in the education sector, marking a pivotal moment in our journey to redefine the future of learning."

In addition, the Group is pleased to have extended its relationship with a leading American Bank. Having previously signed a contract with the same bank in 2023 for employee onboarding via an event on the ENGAGE platform, the Group was delighted to enter into a further scope of work with the bank. This additional six-figure contract continues the work done on the ENGAGE platform by the bank to deliver employee onboarding, together with ongoing development of the platform being provided to the bank.

As previously announced, the last financial year was impacted by delays in signing some contracts and therefore some revenues the Group had hoped to be recognised in FY23 will now be recognised in FY24. The Group's sales pipeline continues to grow, and the Group continues to see strong demand in the education, training and development verticals.

David Whelan, CEO, ENGAGE XR, said: "The signing of our biggest ever contract underlines the progress we are making in the education, training and development verticals, It also extends our presence in the Middle East. Customers in these verticals are clearly willing to invest heavily in ENGAGE, and we expect education, training and development to be the primary driver of revenue this year. Our understanding of the needs of customers in these areas has accelerated during 2023, and we are better placed to target and win more business as a result. We are also pleased that our pipeline is beginning to convert again, after customers delayed signing contracts in the second half of last year.

"We also expect to see the benefits of our partnership with Lenovo during 2024. At CES earlier this month, we released ENGAGE on Lenovo's VRX headset with additional AI features and abilities, receiving positive feedback.  We believe 2024 will see growing interest in spatial computing / metaverse services as Apple releases its Vision Pro headset in February and new devices are expected to be released from Sony, Samsung, Google, and Meta later this year. Overall we are excited at the opportunity before us and believe that the Group is well placed to take advantage of the increasing interest in spatial computing and the metaverse."

For further information, please contact:

ENGAGE XR Holdings Plc David Whelan, CEO Séamus Larrissey, CFO Sandra Whelan, COO	Tel: [phone] [e-mail]
Cavendish Capital Markets Limited (Nominated Adviser & Joint Broker) Marc Milmo/ Seamus Fricker (Corporate finance) Sunila de Silva / Harriet Ward (ECM)	Tel: [phone]
Shard Capital Partners LLP (Joint Broker) Damon Heath / Erik Woolgar	Tel: [phone]
SEC Newgate (Financial Communications) Robin Tozer / Tom Carnegie / Naz Zandi	Tel: [phone] [e-mail]

About ENGAGE XR

ENGAGE XR Holdings plc (AIM: EXR) is an extended reality (XR) 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

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)

Forward-Looking Statements

Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Group's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Group's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

The Group cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Group only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Group will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.

 

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