Vection Technologies’ total contract value jumps 60pc for 2023
XR tech company Vection Technologies has increased its FY23 Total Contract Value (TCV) as of 14 April to ~$16 million – a ~60% jump compared to the TCV metric announced on 31 January 2023.
The company put this down to uptick from various clients in the public sector and education, and service agencies sectors, including an increase in scope from Trenitalia across the entirety of its INTEGRATEDXR technology workflow – that helps businesses leverage their 3D data via powerful extended reality (XR) interfaces that foster collaboration and learning, grow sales and more.
Vection Technologies (ASX:VR1) says the TCV increase further builds up on the growth and scale expected for the second half of fiscal 2023, and that it now expects to generate a revenue guidance of $24 to $26 million.
The TCV is a metric that combines all contracts, including subscription and maintenance packages, that the company expects to deliver during the current fiscal year, subject to audit review.
This increased TCV metric includes the award of a major defence pilot order of ~$1 million, for a top 10 largest defence contractor in the world in March, and the company’s first entry into the production chain of the authorised NATO Tempest producers.
It also includes the development of VR gaming, educational and scientific content to promote the space travel market and educate the next generation following a memorandum of understanding executed with Thales Alenia Space, Next One Film Group and ALTEC, where Vection Technologies was appointed as exclusive provider of VR and metaverse technologies earlier this year.
During the year to date, the company has continued to invest strongly in technology, sales channels, global partnerships, and organisational infrastructure development, while focussing on several cost management initiatives to deliver strong underlying financial benefits.
VR1 is progressing the development of its INTEGRATEDXR technology stack with a strong focus on patent protection and the assessment of new technology integrations.
This includes a partnership with expert.ai (EXAI:IM), a leading company in artificial intelligence for language understanding and language operations, regarding their partnership to create an extended reality/AI – powered solution for digitising technical manuals.
This article was developed in collaboration with Vection Technologies, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.