XMReality AB (publ), Interim Report, January-March 2019
WED, APR 24, 2019, 8:30 CET
XMReality delivered sustained and powerful growth in net sales during the first quarter of the year compared with the previous year. Software subscriptions dominated order intake and more than 50 companies now have ongoing subscriptions. At the end of the period, the company had prepaid but not yet recognized subscription revenue equal to about 60% of net sales for the full year 2018.
- Net sales increased by 54.7% to SEK 3,021 thousand (1,953)
- Costs totaled SEK -11,132 thousand (-10,431)
- The net loss was SEK -5,712 thousand (-6,603)
- Net cash used in the period was SEK -6,590 thousand (-7,575) and the equity/assets ratio at the end of the period was 77.0% (84.5)
Total billing rose by 124% compared with the same period last year and subscription billing was up by more than 200%. The growth was achieved without appreciable cost increases, which reflects efficiency improvements and the potential of the business, in line with the Company’s strategy.
Billed sales, which had not yet been recognized in revenue at the end of the period, increased by 134% to SEK 6,127 thousand (2,619). The increase is partly attributable to the order of SEK 1.5 million from a US defense group received in March. XMReality allocates prepaid subscription revenue across the term of the contract on a straight-line basis.
With an agile approach in all functions, XMReality further improved operational efficiency during the quarter. The company is also exploring the potential of automated sales and leads are increasingly being generated via digital media. During the quarter, XMReality completed the most extensive work with its offering thus far in preparation for expected new purchasing patterns.
There is a positive effect on cash flow in connection with billing, but the effect of orders received on profit and loss during the period is limited. Sales of hardware and services are recognized in revenue when the goods have been delivered or services rendered.
Significant events during the period of January-March 2019
- Bühler Consumer Foods signed an additional order and expanded the use of XMReality Remote Guidance worldwide.
- XMReality signed a software order worth SEK 1.5 million with a US defense group.
- Notice of annual general meeting of shareholders in XMReality AB (publ)
Significant events after the end of the quarter
- There were no significant events after the end of the period.
For more information, please contact:
Johan Castevall, CEO XMReality
Phone: +46 (0)73 356 04 81
About XMReality Remote Guidance™
XMReality Remote Guidance is an AR-enabled knowledge sharing tool that lets you communicate with gestures, speech, chat and pointers with someone at a completely different place. It includes:
- A unique hands-overlay technology that lets you guide someone else’s hands—as if you were there.
- A web portal to manage teams and users, and to measure usage
- Integration through client-side API’s
About XMReality AB
XMReality AB (publ) develops and sells solutions that revolutionizes knowledge sharing through augmented reality (AR). The company is a market leader in remote guidance, which uses AR to guide onsite staff and enable them to resolve or prevent problems. XMReality’s customers are mainly global industrial companies, including Bosch Rexroth, ABB, Siemens Industrial Turbomachinery, Electrolux and Bombardier. XMReality is headquartered in Linköping, Sweden, and is listed on Nasdaq First North (ticker: XMR). For more information, see www.xmreality.com
XMReality’s Certified Adviser is Redeye AB
Phone: +46 (0)8 121 576 90
The information in this news release is such that XMReality AB (publ) is required to make public in accordance with the Swedish Securities Market Act. The information has been released by the above-mentioned contact person for publication on Wednesday 24, 2019 08:30 am.