Engage XR Holdings PLC on Tuesday said it is making progress towards its 2023 to 2025 financial objectives as it posted a doubled half-year loss.
The Waterford City, Ireland-based virtual communications solutions company reported interim pretax loss for the six months to June 30 widened to €2.8 million from €1.3 million a year prior.
Engage XR is working on an enterprise-focused virtual reality metaverse called Engage Link and collaborates with Meta Platforms Inc, which owns Facebook. Companies such as Meta and Walt Disney Co are currently working on metaverses.
Engage XR revenue climbed 41% to €1.8 million in the half-year from €1.2 million. Administrative expenses however surged 84% to €4.2 million from €2.3 million.
The company said it ‘is making good progress towards its medium-term financial objectives for 2023 to 2025.’ One of the goals is annual Engage platform revenue of €10 million, which stood at €1.5 million in the first half of 2022, up from €900,000.
Further, Engage XR said its 2023 to 2025 goal of a gross margin in excess of 80% was reached in the reported half-year of 2022, when it was 81%.
Engage XR Holdings shares were 5.3% higher at 10.79 pence each in London on Tuesday afternoon.
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