- Vection Technologies (VR1) has grown its total contract value (TCV) for the 2022 financial year to roughly $8 million
- VR1 has $7.9 million in TCV at the end of November 9, which represents a 58 per cent increase on its total contracts at the end of Q1 FY22
- The rise in contract value is being credited to growth within the Defence, Military & Law Enforcement and AEC & Real Estate sectors
- Company shares are up 10.7 per cent at 15.5 cents each
Vection Technologies (VR1) has grown its total contract value (TCV) for the 2022 financial year to roughly $8 million.
The ASX-listed software business provides real-time tech solutions, using 3D, virtual reality and Industrial IoT, to other industrial companies.
It reported on Wednesday that it had $7.9 million in TCV at the end of November 9, which represents a 58 per cent increase on the $5 million in contracts it had in Q1 FY22.
VRI has credited the rise in contract value to steady growth within the Defence, Military & Law Enforcement and AEC & Real Estate sectors.
Businesses within those sectors have been increasingly requesting Vection’s artificial intelligence integrated solutions, according to the company.
Defence, Military and Law Enforcement clients made up the majority of VR1’s contracts, followed by AEC and Real Estate customers.
The company hasn’t released its exact cash receipts, but noted it was expecting all the sales contracts to be completed by the end of December.
Looking ahead, VR1 said it had “a strong pipeline of opportunities” underpinning its FY22 outlook across its integrated XR, AI and IoT technology suite.
Vection Technologies has jumped 10.7 per cent in morning trade to trade at 15.5 cents each at 12:14 pm AEDT.