Tokyo-based monoAI Technology reduced first-quarter losses as the XR platform developer posted modest revenue growth from its extended reality services.
The company reported revenue of ¥415 million ($2.96 million) for the quarter ending March, up 3.7% from a year earlier. Its operating loss shrank to ¥8 million ($57,000) from ¥31 million in the same period last year.
The XR service provider, which offers custom metaverse solutions through its “XR CLOUD” platform, benefited from improved gross margins, with profit rising 20% as the firm contained production costs. However, a ¥13 million impairment charge on fixed assets resulted in a net loss of ¥21 million ($150,000).
monoAI delivers specialized XR event services for corporate clients’ internal gatherings, exhibitions, and conferences while expanding offerings beyond its core platform.
For the full year ending December, the company expects revenue to inch up 0.5% to ¥1.44 billion ($10.3 million). It forecasts an operating loss of ¥180 million, compared with a ¥281 million loss last year.
Despite the narrowing losses, monoAI still faces an uphill battle to reach profitability in the competitive extended reality market.
