- Vection Technologies’ (VR1) revenue soars more than 1,150 per cent to $9.3 million in the latest completed half year, driven by its global expansion and INTEGRATEDXR strategies
- As part of the INTEGRATEDXR strategy, the company aims to support enterprises transitioning to the metaverse
- Vection says it is on track to achieve its full financial year revenue guidance of $17 million to $19 million
- Underlying EBITDA came in at a loss of $828,000, an improvement on the $1.07 million loss in the previous corresponding six-month period
- Shares are trading 12.9 per cent higher today at 10.5 cents each
Vection Technologies (VR1) shares jumped after the company reported an increase in revenue of more than 1,150 per cent to $9.3 million in the half year ended December 31, 2021, driven by its global expansion and INTEGRATEDXR strategies.
INTEGRATEDXR is a collection of the company’s technology solutions that integrate the digital and physical worlds. It is aimed at supporting the acceleration of enterprises looking to digitise their processes and make the shift towards the metaverse.
Vection said the platform combined with its continued commercial efforts in the European and Asia Pacific regions resulted in the massive revenue growth and it remained on track to achieve its full financial year revenue guidance of between $17 million and $19 million.
Underlying EBITDA came in at a loss of about $828,000 for the latest reported six-month period, an improvement on the $1.07 million loss in the previous corresponding period.
Net cash inflows from operating activities climbed to $2.38 million for the latest half.
The company plans to advance its global commercial activities by partnering with Fortune Global 500 professional services companies and developing innovative technology integrations.
Vection finished the half year with a strong balance sheet with $20 million cash at bank, which it said would assist with its aggressive expansion plan during the second half.
“As we progress with the INTEGRATEDXRTM strategy, we seek to embark in long-term structural innovations in the US, including M&A and marketing opportunities that the company is currently evaluating,” Managing Director Gianmarco Biagi said.
“We are confident in the continued global growth of Vection across technologies, vertical markets and geographies, leading to the achievement of the stated revenue guidance.”
VR1 shares were trading 12.9 per cent higher at 10.5 cents at 2:10 pm AEDT.