XR Immersive Tech - FNTTF STOCK NEWS

XR Immersive Tech Inc. announces a groundbreaking partnership with RaceRoom Entertainment AG to bring the world of RaceRoom to VR locations worldwide through its subsidiary SynthesisVR. The partnership aims to expand the VR out-of-home entertainment marketplace and offers access to over 400 VR games in over 450 VR arcades globally.

XR Immersive Tech Inc. (CSE: VRAI) (FSE:79W) (OTCQB: FNTTF) provided a corporate update on the achievements in 2023 and goals for 2024. The company wound down its Uncontained business and focused on Synthesis VR, a leading VR software platform with over 450 VR arcades globally and a market of over 400+ VR games. Key achievements include foraying into game development, launching PROPAGATION: TOP SURVIVORS, and providing VR enterprise training and services for corporate customers. The VR location-based entertainment industry is evolving rapidly, with technological advancements and the adoption of augmented reality elements within VR experiences.

XR Immersive Tech Inc. files its financial statements and announces focus on Synthesis VR business. SVR software platform has over 450 VR arcades and a market of over 400+ VR games. Company aims to establish accelerated growth in the $140 billion VR/AR market. Revenue for the six months ended June 30, 2023, was $356,142 compared to $525,004 for the same period in 2022. Cost of Goods Sold decreased to $8,864 from $154,124. Gross margin was $347,278 compared to $370,880.

XR Immersive Tech Inc. (CSE: VRAR) announced strategic partnerships through its subsidiary SynthesisVR, focusing on enhancing virtual reality (VR) offerings globally. The partnerships aim to deliver gaming, education, and enterprise training content, including popular titles like Walkabout Mini Golf VR and Kayak VR. The latest SynthesisVR Admin Interface Version 4.0 was launched on February 1, 2023, improving user experience for over 500 global locations. CEO A Shabeer Sinnalebbe emphasized that the updated platform streamlines game licensing and appointment scheduling processes, representing significant enhancements based on user feedback.

XR Immersive Tech has launched PORTALX, an innovative VR Kiosk developed by its subsidiary SynthesisVR. This kiosk, aimed at transforming the arcade experience, features cutting-edge hardware and a vast library of gaming and educational content. PORTALX offers multi-player modes, cashless payment options, and modular interfaces to support various industries, including Gaming and Healthcare. The kiosk's compact design optimizes space, making it accessible for diverse venues. The VR industry is projected to grow substantially, with significant contributions from out-of-home entertainment.

XR Immersive Tech reported remarkable revenue growth for Q3 and YTD 2022. Revenue surged 1582% to $443,613 for Q3 and rose 1405% to $968,617 year-to-date compared to 2021. The company achieved over 27 million gameplay minutes, a 153% increase, and 43,885 new customer accounts, up 109%. Gross margins improved to 61% in Q3 versus 39% a year prior. New CEO A Shabeer Sinnalebbe emphasizes continued focus on growth, technology, and strategic partnerships. Key achievements also include launching an Android VR platform and partnerships for educational VR content.

XR Immersive Tech has appointed A Shabeer Sinnalebbe as the new CEO effective September 1, 2022. Sinnalebbe, previously the Head of XR Networks and former CEO of SynthesisVR, brings extensive experience in scaling VR businesses. Alongside him, Shafin Diamond Tejani will join the board as a new director. The company also amended its $3 million loan agreement, extending maturity to August 31, 2024, and deferring interest payments until August 31, 2023. The previous CEO, Tim Bieber, will step down from his position and board.

XR Immersive Tech announced its Q2 and H1 fiscal 2022 results, showcasing impressive revenue growth. Q2 revenue reached $348,328, a 752% increase quarter over quarter, and H1 revenue was $525,004, marking a 1,184% increase. The company completed its acquisition of Synthesis VR, enhancing its VR arcade network and content offerings. Key milestones include the launch of an Android platform for VR streaming and successful deployment of the UNCONTAINED attraction at the Pacific National Exhibition with over 68% capacity utilization. A focus on expanding partnerships and product offerings is planned for the future.

XR Immersive Tech has partnered with Gold Finch Works to integrate health and safety VR training modules for industrial applications into its global network. This collaboration aims to enhance the training offerings beyond entertainment. With the VR and AR market projected to grow significantly, the introduction of 6 new training modules addresses corporate training needs, potentially attracting enterprise clients. The company also welcomes VR industry veterans Shabeer Sinnalebbe and Kamen Petrov to its Board of Directors, which could bolster its leadership and market position.