Technology firm VR Education Holdings has said revenues for 2020 are expected to be 38% higher on revenues in 2018.
In a trading update for the year to the end of December, VR predicted revenues of around €1.42m compared to revenues of €1.02m reported in 2019.
VR said its ENGAGE platform revenue and user base jumped by 550% and more than 700% respectively last year and it now accounts for more than 40% of group revenues, up from 9% in 2019.
The company launched ENGAGE Mobile to support Android phones and tablets 2020 in July and an iOS version to support iPhones and iPads in December 2020.
This allows the ENGAGE virtual event hosting solution without a user requirement for a VR headset or device.
ENGAGE hosted events for Facebook, Vodafone, Xprize, the European Commission, Yahoo, Fidelity Investments and HTC last year.
VR said it ended the year with cash balances of €2.03m and a net monthly cash burn of about €0.2m.
Looking ahead, VR said it is aiming to reach €10m annual ENGAGE revenues, 500 active Enterprise customers and 100,000 monthly users during the years 2023 to 2025
David Whelan, CEO of VR Education, said that 2020 was a seminal year for the company where ENGAGE started to take off with thanks to many different factors including Covid-19, 5G rollout and standalone VR devices becoming available.
"What is more exciting in the medium to long term is the uptake of ENGAGE on traditional devices such as phones and tablets where we have now enabled support and expect to see significant uptake throughout 2021 and beyond," Mr Whelan said.
The VR CEO said the company's projections are modest based on past experience, but it does believe that growth can expand greatly given the trajectory for immersive technology adoption over the past 12 months.
"We see ENGAGE filling the gap where popular video-based communication apps are not meeting customer expectations for large group meetings, events and conferences," David Whelan said.
"ENGAGE is now no longer marketed solely as an education and training platform. We see ENGAGE as the next step in corporate communications and remote conferencing," he added.
