VR Education Holdings Releases Results for First Half of 2018
Immersive education company VR Education Holdings expects positive results from 2018.
VR Education Holdings is known for its work creating immersive, educational experiences such as the recently released Titanic VR or Apollo 11 VR. The company has now released its interim results for the first six months of 2018, showing how well the company has been doing and providing further data on the overall state of the virtual reality (VR) industry.
The company actually noted a loss occurring over the first half of 2018, but the report does point out that this was expected, due to legal and professional costs related to the Initial Public Offering (IPO).
The report went on to indicate that the expected revenue for 2018 was heavily weighted towards the second half of 2018, and that the company is still on track to meet its revenue target and that there is still a strong supply of cash available, with net cash values at €4.9 million.
Other highlights noted in the report include the successful launch of Titanic VR in August, the successful completion of the 1943: Berlin Blitz VR experience with the BBC and the upcoming release of Apollo 11 HD, which is planned for release on PC, Oculus Rift, HTC Vive and Windows Mixed Reality in Q4 of 2018.
David Whelan, CEO of VR Education, said: “The Board and I are delighted by the positive response to our successful admission to AIM and the ESM and the Group is pleased to report that further substantial operational progress since admission. The Group has successfully launched the full version of Titanic VR on Oculus, Steam and will soon launch across the US & EU PlayStation Network. This has been very well received and early sales figures look promising. The Board would like to thank our new and existing shareholders for their support and the Group looks forward to capitalising on significant market opportunities over the coming months.”
For future coverage on VR Education Holdings and its upcoming projects, keep checking back with VRFocus.