ASX RELEASESTRONG FINANCIAL PERFORMANCE WITH 39%TOTAL REVENUE...

ASX RELEASE
STRONG FINANCIAL PERFORMANCE WITH 39%
TOTAL REVENUE GROWTH TO $26m– ALIGNED
WITH FULL-YEAR GUIDANCE
FY23 PRELIMINARY UNAUDITED RESULTS
Vection Technologies Ltd (ASX:VR1, OTC:VCTNY), the INTEGRATEDXR company, has announced its preliminary
financial results for the financial year ended 30 June 2023.
Gianmarco Biagi, Managing Director of Vection Technologies, commented:
“I am pleased to present a comprehensive overview of our Company's performance and strategic direction for
FY23. Our commitment to driving organic growth, pioneering technological innovation, and prioritizing customer
satisfaction has been instrumental in driving our achievements within a constantly evolving market landscape,
all while adhering to the stated INTEGRATEDXR strategy.
Despite the Company's presentation of a positive adjusted EBITDA (refer to the table below) for FY23, the overall
loss was primarily influenced by non-cash accounting charges, notably the prudent impairment assessment of
intangible assets. The Company is presently undergoing a comprehensive review of these charges in
collaboration with its auditors. This endeavour aims to accurately portray the Company’s performance
throughout the fiscal year.
In a market characterized by robust expansion, especially within the global business-to-business (B2B) domain,
integrated XR technologies have emerged as a dominant force. Major market-leading enterprises are
increasingly embracing these transformative technologies, notably in sectors such as CAD, ERP, CRM, and more,
resulting in significant growth and global investment within the industrial sphere.
Despite the tough global economy with rising interest rates, inflation, and conflicts, the Company managed to
achieve a successful result, even more remarkable considering we're in the early stages of market adoption in
an emerging market.”