VR Education (AIM: VRE; ESM: 6VR), a leading virtual reality (‘VR’) technology company focused on the education and virtual meeting space, today announces its audited final results for the year ended 31 December 2019 (‘FY 2019’).
· Revenue up 43% to €1.0m (FY 2018: €0.7m)
· In line with management expectations the EBITDA loss was €1.4m (FY 2018: loss of €1.5m)
· In line with management expectations the loss before tax was €1.9m (FY 2019: loss €4.9m)
· Net cash at 31 December 2019 was €1.3m with no debt. Following subscription funds from HTC post period end, net cash position is c. €3.4m
· Loss per share of €0.01 (FY 2018: €0.03)
· Continued sales of Showcase Experiences, the Group’s award-winning standalone content, with Raid on the Ruhr and Shuttle Commander launched during the year and Apollo 11 selected as a launch title for the new Oculus Quest
· ENGAGE platform selected by Facebook to become part of its ISV programme
· Commercial agreement with U.S. Space and Rocket Centre extended until 19 December 2020
Post Period End Highlights
· Partnership agreement with US-based VictoryXR, a world leader in VR and augmented reality content creation for schools and education
· HTC Vive Ecosystem Conference held virtually inside the ENGAGE platform in conjunction with HTC Corporation
· €3m investment from HTC Corporation and strategic partnership agreed for the distribution and licence of the Group’s ENGAGE platform globally through HTC enterprise sales channels
David Whelan, CEO of VR Education, said: “VR Education has positioned itself well in 2019 to identify and overcome many hurdles which had subdued growth to date and during the year ENGAGE became available on standalone devices such as the Oculus Quest, Pico VR and Vive Focus. The availability of standalone devices is of paramount importance to potential customers and, with these now in the market and ENGAGE being platform agnostic, I believe the Group is now well placed to become a leader in immersive communications.
“The COVID-19 pandemic has transformed the Group’s fortunes as businesses, corporations and educational institutes globally are now seeking better alternatives to video-based communications due to limitations with collaborative tasks and the drawbacks of larger group communications via video as a medium. Our recently announced strategic partnership and investment from HTC places the Group in a strong position to accelerate the global adoption of the ENGAGE platform and create value for shareholders.”