Engage XR reports strong revenue growth to €2.1 million despite tech downturn

Waterford-based technology company Engage XR has reported further revenue growth to €2.1 million and the addition of 30 new customers despite a global tech crunch.

The group, which specialises in metaverse technology, said its unaudited revenue grew by 18 per cent to €2.1 million in the six months to the end of June.

The tech company’s cash balance also nearly doubled to €9.4 million following a successful €10.5 million fundraise in February.

It said expected to publish its interim results for the six months ending June 30th in September.

“The group continues to trade in line with market expectations,” it said, noting it continues to be contracted by new and existing clients.

The company said it had “a steadily increasing client base” with more than 220 active enterprise and education customers.

It also noted that it was “gaining traction in the US market” with 54 per cent of half-year revenue derived from North America compared with 30 per cent in 2022 as a whole.

Chief executive David Whelan said:

“The first half of 2023 has demonstrated our continued progress as more companies embrace the new world of virtual communications, such as extended reality (XR)/spatial computing and the metaverse.”

“Our client list is steadily growing, and we have added more than 30 new customers, including two leading global banks, as well as seeing an uptick in activity and spend from our existing users.”

“Success has been achieved despite the considerable headwinds we continue to see in the global economy, and we look forward to the second half of the year with optimism. Engage is growing its customer base as others in the market are fading, which is testament to our fantastic team and quality of our product offering.”