The initial purchase order covers the two months of November and December, to align the annual payment period with the calendar year. The purchase order for the next upcoming 12 months is due in December of this year. Hence, the payments with the corresponding cash-flow effect will be in Q4-2022 (SEK 0.25 million) and Q1-2023 (SEK 1.5 million) respectively. The agreement has automatic renewal. This 12-month subscription amount equals SEK 1.5 million in Annual Recurring Revenues. The full order amount covers software licenses for an ABB branded (white-labelled) version of XMReality Remote Guidance.
‘’I am very pleased to extend the use of our Remote Guidance within the ABB Group. ABB is one of our first large customers from back in 2017, and one that we have always had a tight dialogue with regarding the evolution of our product. We will work very hard to maintain the state-of-the art simplicity and quality of our product, and we will continue to take feedback on our product roadmap from ABB to further grow the relationship. We are also looking forward to continue our growth in the U.S market’’, says Jörgen Remmelg, CEO at XMReality.
The information in this release is such that XMReality AB (publ) is required to make public in accordance with the Market Abuse Regulation issued by the EU. The information was released by the below mentioned contact person for publication on Wednesday September 28, 2022, 14:00 CEST.
The company’s Certified Adviser is Redeye AB
www.redeye.se