VR Education has built a corporate base and technology platform and the next thing it needs to do is to take full commercial advantage of this position.
In 2018, revenues were 15% higher at €716,000 but this barely scratches the surface. The loss increased from €624,000 to €4.94m because additional staff have been recruited and a London office opened. However, the majority of the loss was non-cash items and flotation costs. The cash outflow from operating activities increased from €489,000 to €2.11m. Capitalised development costs rose from €371,000 to €696,000.
There was €3.49m of cash in the bank at the end of 2018. A cash outflow of €2.79m is expected in 2019 and it is likely to require more cash in 2020. VR Education is unlikely to be profitable for at least two or three years.
Promoting and generating revenues from the ENGAGE virtual reality platform is an important focus for this year.
Raid on the Ruhr, a virtual reality version of the Dambusters mission, has been launched and a follow-up to the company’s original space-related VR project is expected in the second half of 2019. These are revenue generating products.
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