Engage XR’s trading update has reported a challenging enterprise client market backdrop which has led to contract delays and lower rate of renewals, and we place forecasts and target price under review. EXR has reported FY25E revenue of c.€1.9m, adjusted EBITDA broadly in line at -€2.4m vs our previous forecast of -€2.3m and net cash ahead at €1.6m vs our previous €1.4m. The change in FY25E revenue to c.€1.9m from previous c.€2.5m, reflects contract delays and lower than expected enterprise sale ....
