Final Results

06 March 2019

VR Education (AIM: VRE; Euronext Growth: 6VR), a leading virtual reality ('VR') technology company focused on the education space, today announces its maiden audited final results for the year ended 31 December 2018 (the 'Period').

Financial Highlights

  • Revenue up 15% to €716k (FY 2017: €624k)
  • EBITDA €1.5 million loss (FY 2017: loss of €0.5 million), in line with management expectations
  • Result before tax of €4.9 million loss (FY 2017: loss of €0.6 million), in line with management expectations, which includes:
    • A non-cash fair value loss arising on derivative financial liabilities of €2.6 millioni
    • Extinguishment costs of €0.3 millionii
  • Net cash position at 31 December 2018 of €3.5 million
  • Loss per share for the period of €0.03 (2017:  N/A)

i arising from the conversion of convertible debt and preference shares to ordinary equity in Immersive VR Education Limited ("IVRE") prior to the acquisition of IVRE by the Group.
ii comprising a non-cash element of €0.2 million arising from share warrants issued to debt and preference shareholders in IVRE on conversion and €0.1 million cash contributions made by IVRE to debt and preference shareholders as part of the commercial agreements entered into on conversion.

Operational Highlights

  • Placing to raise £6.0 million gross (£5.1 million net) and admission to the AIM market of the London Stock Exchange and to the Enterprise Securities Market (now called Euronext Growth), a market regulated by Euronext Dublin, on 12 March 2018
  • Full commercial release of ENGAGE, including ENGAGE Education and ENGAGE Enterprise, in December 2018 with first commercial and educational customers signed up
  • Apollo 11 VR educational experience selected to be part of the launch collection for Oculus Go, Oculus' all-in-one VR headset
  • Apollo 11 HD version released on PC, Oculus Rift, HTC Vive, and Windows Mixed Reality
  • Launch of Titanic VR, the Group's highly anticipated immersive gaming experience, in August 2018; now available to purchase on PlayStation, PC, Oculus Rift, HTC Vive, and Windows Mixed Reality
  • Completion of the "1943: Berlin Blitz" experience in collaboration with the BBC - nominated for best Linear Virtual Reality experience at the Venice Film Festival in September 2018
  • Team strengthened with the appointment of key strategic hires including a new Chief Technology Officer
  • Loren Carpenter, one of the founders of Pixar Animation Studios, appointed as an adviser

Post Period End Highlights

  • Commercial launch of ENGAGE at the BETT conference in London in January 2019 and GESS Dubai event in February 2019
  • "Raid on the Ruhr", a Dambusters experience, announced as the Group's next showcase experience to be launched in H1 2019

Richard Cooper, Chairman of VR Education, said: "The successful IPO and fundraise has been followed by a series of significant product launches, and so, a year on from the listing, the Group has both launched its ENGAGE platform in commercial form and has broadened its retail experiences beyond Apollo 11 VR into Titanic VR and 1943: Berlin Blitz. The Group is therefore well placed to capitalise on these in 2019 and beyond."

David Whelan, CEO of VR Education, said: "The Group has continued to make substantial operational progress since its admission to AIM, in line with the strategy outlined at the time of our IPO.

The first commercial version of ENGAGE was released on 13 December 2018 with significantly increased functionality. This introduced the ability for users to record and publish their own content, purchase Pro ENGAGE accounts to access enhanced editing and publishing tools and also the ability to create avatars based on 'selfie' images using our machine learning system, among other major updates. These new features ensure that the ENGAGE virtual reality platform stands above the competition, providing key production tools to its users.

The full version of Titanic VR was released on the US and EU PlayStation Network in November 2018, following release in August 2018 on the Oculus and Steam stores. This has been well received and early sales figures are promising, with December 2018 being the highest individual month of revenue the Group has ever generated.

The Board would like to thank our new and existing shareholders for their support and we look forward to capitalising on significant market opportunities during the course of 2019 and beyond."

Investor and Analyst Meeting

A meeting for analysts will be held at 11am today, 6 March 2019, at the offices of Buchanan, 107 Cheapside, London EC2V 6DN. A copy of the Final Results presentation is available at the Company's website:

An audio webcast of the analysts meeting will be available after 12pm today:


For further information, please contact:

VR Education Holdings plc
David Whelan, CEO
Sandra Whelan, COO
Tel: +353 87 665 6708
[email protected]
Cairn Financial Advisers LLP(Nominated Adviser)
James Caithie / Liam Murray / Richard Nash
Tel: +44 (0) 20 7213 0880
Stockdale Securities Limited(Joint Broker)
Andy Crossley / Richard Johnson
Tel: +44 (0) 20 7601 6100
Davy(Joint Broker & Euronext Growth Advisor)
Fergal Meegan / Ronan Veale / Barry Murphy
Tel: +353 1 679 6363
Buchanan(UK Financial PR)
Henry Harrison-Topham / Chris Lane / Tilly Abraham
Tel: +44 (0)20 7466 5000
[email protected]
Fuller Marketing(Irish Corporate PR)
Ruth Fuller / Sheila Kelleher
Tel: +353 87 981 3176
[email protected]


Notes to Editors

VR Education, together with its wholly owned subsidiary, is an early stage VR software and technology group based in Waterford, Ireland, dedicated to transforming the delivery methods of education and corporate training by utilising VR technologies to deliver fully immersive virtual learning experiences. The Group's core focus is the development and commercialisation of its online virtual social learning and presentation platform called ENGAGE, which provides a platform for creating, sharing and delivering proprietary and third-party VR content for educational and corporate training purposes.

In addition to the ongoing development of the ENGAGE platform, the Group has also built two downloadable showcase VR experiences, being the award-winning Apollo 11 VR experience and the Titanic VR experience.

On 12 March 2018, VR Education listed on the AIM market of the London Stock Exchange and on Euronext Growth, a market regulated by Euronext Dublin.

For further information, please visit