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VR Education Holdings Release Trading Update

Earlier this year VR Education Holdings launched Titanic VR on HTC Vive, Oculus Rift and Windows Mixed Reality devices, seeking to focus in on the education space by reaching an audience with an entertaining and educational virtual reality (VR) experience about the famous disaster. The company has now released an update going into detail about how it is performing in the wake of this release.

VR Education Holdings have revealed that there have been unexpected problems with bringing Titanic VR to the PlayStation VR, and this has affected the overall revenue for the company, since the company were anticipating a significant portion of sales to come from the PlayStation VR.

Titanic VR model shot 2

The company has now done a review of its sales forecasts, and now believes that as a result of the delay of Titanic VR coming to the PlayStation VR there will be an impact on FY-2018 revenues, resulting in a significant portion being deferred until FY-2019, and revenues for 31st December 2018 being below initial expectations.

VR Education Holdings says it is maintaining its focus on the development and commercialisation of ENGAGE, which is described with a VR learning and corporate training platform. It is anticipating a commercial release of ENGAGE before the end of Q4 2018.

Richard Cooper, Non-Executive Chairman of VR Education, said: “We are naturally disappointed that the on-boarding process with PlayStation has taken both longer than expected and longer than we have previously experienced. We understand that large corporates often are very formulaic in the on-boarding process and we are learning from this experience. We remain confident however that Titanic VR will be available on PlayStation by the end of this financial year.”

In an effort to boost its sales capacity by engaging Mike Boyce as a non-executive director, who is highly experiences in the sales in education area. He is currently acting in a part-time consultancy role, with the potential for this to become permanent.

David Whelan, CEO and Sandra Whelan, COO, Immersive VR Education. Picture by Shane O'Neill, SON Photographic

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