Previously this year, the Company launched a new updated version of the Company's AR-product with additional product functions that enable, among other things, the scheduling of group calls and that you can now be up to 20 people in a single call. The new product functions have already generated follow-up orders from the Company's existing customers, which creates good conditions for reaching the Company's communicated financial targets of starting to generate positive cash flow at the end of 2024, an ARR of SEK 75 million in 2025 with an associated EBITDA of 15 percent.
The company is now carrying out a rights issue of units for an initial amount of approximately SEK 20.3 million where subscribers receive free warrants with a subscription period in May 2023. In connection with the rights issue, the Company communicated that the board of the company has decided to carry out a directed issue to external investors of a total of approximately 5,9 MSEK as well as taking out a long-term bank loan of 5 MSEK.
The issue proceeds will be used for continued marketing efforts to existing and new customers both in Europe and the USA as well as to continue developing the product with additional functions.
You can see the entire interview here, https://youtu.be/4Fp48N-mco4
Advisors
Erik Penser Bank AB is the financial advisor and Ramberg Advokater KB is the legal advisor to XMReality in connection with the Rights Issue.