3rd Jun 2025 13:11
(Alliance News) - Engage XR Holdings PLC on Tuesday reported its loss narrowed during 2024 despite a decline in revenue as expenses were reduced, and said it was now well positioned for long-term growth following its education and training pivot.
The Waterford, Ireland-based virtual reality technology company said its pretax loss narrowed to EUR4.0 million in 2024, from a EUR4.1 million loss in 2023, as administrative expenses were reduced by 6.6% to EUR7.1 million from EUR7.6 million.
This was despite revenue falling 8.1% to EUR3.4 million from EUR3.7 million, and cost of sales increasing 26% to EUR476,728 from EUR379,640.
The decline in revenue was the result of delayed contract closures, which are now expected in 2025, and reduced one-off enterprise activity, Engage XR said.
Education revenue rose 18% to EUR1.3 million from EUR1.1 million, driven by "strong" renewals and expansion from key partners. Education and corporate training now represent more than 50% of group revenue in the year to date in 2025, said the company, against 38% in 2024.
"2024 was a year of transition and strategic change. While headline revenue declined, our pivot to education and training is delivering tangible results. With strong partnerships, a growing reseller network, and a leaner cost base, we are well positioned to scale recurring revenue and deliver long-term value," said Chief Executive Officer David Whelan.
Engage XR noted "good progress" in broadening opportunities in the first five months of 2025, but said the company was still being impacted by signed contract delays.
Its operating cost based reduced "significantly" in the second quarter of 2024, with monthly run-rate costs of around EUR200,000.
Shares in Engage XR were flat at 0.95 pence each in London on Tuesday afternoon. The stock is down 42% over the past year.
By Emily Parsons, Alliance News reporter
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