Strategic elimination of low-margin hardware and delivery of high-margin SaaS solutions for smart communities is building momentum
HIGHLIGHTS
- Revenue grew 67% on the prior corresponding period while operating expenses increased just 2%, demonstrating the Company’s ability to deliver significant revenue growth without proportional increases in overhead.
- Delivered a pipeline of approximately 5,800 smart homes with Resi Ventures and Riverstown, announced post-quarter end, represents an estimated $11.8 million revenue opportunity if all home buyers take up the X2M offer on top of the existing customer addressable market of more than $500 million in South Korea.
- 57,324 of 100,000 personal safety devices have now been delivered to Seoul, with Seoul planning to scale to one million devices, alongside repeat orders from municipalities, demonstrating strong demand for X2M’s products.
- The Company has strengthened its balance sheet, with $1.48 million approved by shareholders via tranche 2 of the placement announced on 27 February 2026.
- Funds will be directed toward entry into the Japanese water market, Australian market expansion, platform enhancements, working capital, and repayment of approximately $0.8 million in existing convertible loans (with a proportion expected to convert to equity) alongside an expected R&D rebate of approximately $1.3 million by year’s end.
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