Dublin and London stock exchange listed technology firm, VR Education Holdings (VRE), has warned its full-year revenue for the 2019 fiscal year is expected to be lower than market expectations.
The company said it anticipates its earnings for the period will be around €1.02m, up 42% on the previous year.
Stockbroker Davy had anticipated revenue of €1.8m during the period.
The company blamed the performance on the delayed launch and lack of availability of mobile standalone virtual reality headsets from providers.
"This has been resolved, and there is a clear path for further ENGAGE and showcase revenue to be generated in the current financial year and beyond," it said in a statement to the market.
Earnings Before Interest Tax Depreciation and Amortisation for 2019 has fallen to €1.49m, the Waterford based company said, down from €1.54m a year earlier.
But it added that strong cost control measures implemented during last year meant this figure is better than the market had expected.
The firm has a cash balance of €1.29m and is burning through cash, net of revenue received, at the rate of €0.2m a month.
VR Education Holdings said it had made significant progress that would lay solid foundations for further growth in the 2020 fiscal year.
It added that it is confident that this year will see increased demand for immersive experiences.
The firm makes technology focused on the education and enterprise training space.
Davy said despite missing its revenue expectations, the progress made by VRE must not be understated and it remains well positioned.
"As outlined in previous research, we believe that the developments and commercial rollout of 5G technology and the substantial enhancements to virtual reality (VR) headsets will drive demand for immersive experiences in 2020," wrote Shane Reilly in a research note.
