HIGHLIGHTS

X2M is at a critical inflection point, with increasing global demand and a strong pipeline

• X2M has spent more than ten years building a patent-supported, Al-enabling data processing platform that sits at the centre of smart city infrastructure that requires real-time data from water gas, electricity and public safety networks to operate effectively
• X2M reduced convertible loan debt in May by $800,000, with $650,000 repaid in cash and $150,000 converting to equity which will remove $120,000 in annual cash interest payments
• X2M has connected more than 500,000 devices and serves 89 blue-chip enterprise and government customers across South Korea, Japan, Taiwan, the Middle East and Australia
• Addressable market of its existing customers exceeds $600 million in upfront revenue and $40 million in annual recurring revenue
• The global smart cities market was valued at US$877.6 billion in 2024, with APAC representing 52.3% of the global market and projected to grow at a CAGR of over 30%
• Australia’s data centre energy demand is expected to be 2.2 GW-3.2 GW by 2035, or 8-11 per cent of Australia’s projected electricity and requiring up to $135 billion in investment
• X2M is evolving to a high-margin SaaS business model involving up-front fees and recurring revenue
• The Q3 FY26 report showed operating costs increased by only 2% in Q3 while revenue growth on the prior corresponding period (pcp) accelerated from 25% in 1Q to 67% in 3Q

 

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ASX:X2M 4 May 2026