Vection Technologies (ASX:VR1) - Managing Director, Gianmarco Biagi
Managing Director, Gianmarco Biagi
Source: Vection Technologies
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  • Vection Technologies (VR1) increases its 2022 financial year total contract value (TCV) to about $15 million
  • The company says the increase in TCV is largely due to the onboarding of clients within the defence, military and law enforcement, and machinery verticals industries
  • Vection is on track to deliver its FY22 revenue guidance of between $17 million and $19 million — a huge jump from last year’s revenue of around $3.5 million
  • On the market, VR1 last traded at seven cents on May 6

Vection Technologies (VR1) has increased its 2022 financial year total contract value (TCV) to about $15 million.

The company said the increase in TCV was largely due to the onboarding of clients within the defence, military and law enforcement, and machinery verticals industries.

According to Vection, TCV is a metric that includes all subscription and maintenance packages it expects to deliver over the financial year.

Vection is on track to deliver its FY22 revenue guidance of between $17 million and $19 million — a huge jump from last year’s revenue of around $3.5 million.

The company said it was expecting to continue to accelerate its sales activities during the fourth quarter, with some core commercial initiatives to conclude in the coming months.

Earlier this month, the company unveiled its latest creation, the VRONE V-Pro.

The VRONE V-Pro is an integrated appliance layer for virtual production in the filmmaking industry, which enables on-the-go digital environment alterations.

On the market, VR1 last traded at seven cents on May 6.

VR1 by the numbers
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