13th Sep 2022 12:28
(Alliance News) - Engage XR Holdings PLC on Tuesday said it is making progress towards its 2023 to 2025 financial objectives as it posted a doubled half-year loss.
The Waterford City, Ireland-based virtual communications solutions company reported interim pretax loss for the six months to June 30 widened to EUR2.8 million from EUR1.3 million a year prior.
Engage XR is working on an enterprise-focused virtual reality metaverse called Engage Link and collaborates with Meta Platforms Inc, which owns Facebook. Companies such as Meta and Walt Disney Co are currently working on metaverses.
Engage XR revenue climbed 41% to EUR1.8 million in the half-year from EUR1.2 million. Administrative expenses however surged 84% to EUR4.2 million from EUR2.3 million.
The company said it "is making good progress towards its medium-term financial objectives for 2023 to 2025." One of the goals is annual Engage platform revenue of EUR10 million, which stood at EUR1.5 million in the first half of 2022, up from EUR900,000.
Further, Engage XR said its 2023 to 2025 goal of a gross margin in excess of 80% was reached in the reported half-year of 2022, when it was 81%.
Engage XR Holdings shares were 5.3% higher at 10.79 pence each in London on Tuesday afternoon.
By Tom Budszus; [email protected]
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