Half Year 2024 ENGAGE XR Holdings PLC Earnings Call Transcript
Key Points
- Engage XR Holdings PLC (LSE:EXR) reported a 400% growth in license usage for Optima Ed and a 500% increase for Inspired Ed between 2023 and 2024.
- The company signed a seven-figure deal with PwC for a Middle Eastern client, indicating strong enterprise engagement.
- Recurring revenue grew from 66% in H1 2023 to 83% in H1 2024, reflecting increased license revenue.
- The company is implementing AI features, allowing customers to build their own AI chatbots and AI assistants, enhancing the platform's capabilities.
- Engage XR Holdings PLC (LSE:EXR) has a strong pipeline for the second half of 2024 and into 2025, positioning the company for continued growth.
- Gross margin declined from 93% to 89% due to a one-off hardware purchase, which impacted profitability.
- EBITDA loss was EUR1.8 million, although an improvement from the previous year's loss of EUR2.1 million, it still indicates financial challenges.
- Cash reserves decreased from EUR9.4 million in H1 2023 to EUR5.5 million in H1 2024, raising concerns about liquidity.
- The company is experiencing a reduction in one-off professional services and events revenue, which declined from EUR900,000 to EUR350,000.
- Despite positive news and deals, the share price has not seen significant movement, indicating potential investor skepticism.
Good morning, and welcome to the Engage XR Holdings PLC Investor Presentation. (Operator Instructions) Before we begin, we'd like to submit the following poll. I'd now like to hand you over to the management team of Engage XR. Good morning.
Welcome to these interim results for Engage XR. My name is David Whelan, the CEO, and I'm joined here with Séamus. Say hi Séamus.
Hi, everyone.
So what is Engage? For those of you who don't know, we're a spatial computing metaverse platform that provides services for educational institutions and enterprise institutions globally. We're very much used in training and development, onboarding virtual events and in education we are used for remote classrooms. What you're going to see next is a short trailer about the Engage platform, which gives
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