X2M wins $1m in contracts as South Korean momentum grows

• X2M has won new contracts for water monitoring in South Korea
• Adds to earlier $3m smart safety device deal
• Company confident it will continue to grow the addressable market in the country

Special Report: X2M Connect has secured new contracts for water meter monitoring and control in South Korea worth a total of around A$1 million.

Earlier this week the company announced a $3m public safety contract with the City of Seoul in South Korea for its smart personal safety devices which enable a real-time response.

And back in April, X2M Connect (ASX:X2M) won four remote water monitoring and control contracts valued at A$1.7m.

Now, the company has secured deals with new customers – the city of Yongin and the county of Gapyeong – increasing enterprise and government customers to 84 and the customer addressable market by 113,000 households.

This takes the value of the South Korea existing customer total addressable market to $581m in upfront revenues and $29m per annum in recurring revenue.

After a soft market in FY25, X2M says these contracts reflect the improvement in the Korean market with municipalities now funded to resume the digitisation of monitoring and control of water systems.

Watch: X2M’s Smart City safety deal

 

$5.5m of South Korean contracts

The total value of South Korean contracts scheduled for delivery before December 2025 now exceeds $5.5m, greater than the company’s revenue for the first nine months of FY25.

“These contract wins demonstrate the continued traction in South Korea and our ability to convert a significant pipeline into revenue,” X2M CEO Mohan Jesudason said.

“The addition of two new customers and a growing addressable market across our existing customers underscores the substantial market opportunity.

“With over $5.5 million in contracts secured this quarter alone, we’re entering FY26 with strong momentum and a solid foundation for continued growth.”

This article was developed in collaboration with X2M Connect, 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.