버투익스(VTIX) 2027 회계연도 1분기 실적발표회: 주문 72% 증가, 마진 확대

버티욱스(NASDAQ: VTIX)는 기존 수주 잔고 출하가 마무리됨에 따라 회계연도 1분기 매출이 감소했다고 발표했으나, 신규 옴니원(OmniOne) 주문과 매출총이익률은 개선되었다. 경영진은 메타(Meta)가 견인하는 소비자 수요, 확대 중인 미 국방 사업 프로그램, 그리고 테슬라(Tesla) 및 나사(NASA)의 초기 기업 도입을 주요 성과로 강조했다.

핵심 요약

• 2027 회계연도 1분기 순매출은 기존 옴니원 수주 잔고 출하 완결을 반영하여 전년 동기 대비 26% 감소한 767,000달러를 기록했다. 이번 분기 매출은 신규 확보한 고객으로부터 발생했다.
• 신규 옴니원 주문은 전년 동기 대비 72% 증가했으며, 메타와의 협업을 통해 6월 말 '퀘스트용 옴니원(OmniOne for Quest)'을 출시한 이후 약 150% 급증했다.
• 매출총이익은 227,000달러로 29% 증가했으며, 매출총이익률은 주로 옴니원 완제품 시스템의 판매 가격 상승에 힘입어 17%에서 30%로 확대되었다.
• 순손실은 2.3백만 달러에서 7.2백만 달러로 확대되었다. 이 중 약 4.0백만 달러는 주로 비현금성 이자 비용 및 조달 관련 항목을 포함한 비현금성 비용으로 구성되었다.
• 버티욱스는 7.4백만 달러의 현금 및 현금성 자산으로 이번 분기를 마감했다. 영업활동 현금 유출액은 3.3백만 달러였으며, 경영진은 현재 월간 현금 소진율을 약 1.0백만 달러 수준으로 설명했다.
• 경영진은 단기 실적을 소비자 부문의 성장이 견인할 것으로 예상하고 있다. 2027 회계연도에도 일부 국방 관련 매출이 발생할 것으로 예상되지만, 더 큰 규모의 국방 사업 수주는 2028 회계연도에 이뤄질 가능성이 더 높은 것으로 보고 있다.

핵심 재무 데이터

일반관리비는 1.0백만 달러에서 3.1백만 달러로 증가했다. 이러한 증가에는 전문 서비스 비용 1.2백만 달러, 보험료 0.2백만 달러, 비현금성 주식 기준 보상 0.7백만 달러가 포함되었다.

사업 및 영업 실적

메타 파트너십, 소비자 주문 견인

버티욱스는 '메이드 포 메타(Made for Meta)' 프로그램을 통해 6월 말 '퀘스트용 옴니원'을 출시했다. 이 제품은 고객이 기존에 보유한 퀘스트 헤드셋 및 게임 라이브러리와 호환된다. 경영진은 주문 증가세가 이번 분기에도 지속되고 있으며, 제품은 일반적으로 며칠 내에 배송된다고 밝혔다.

회사는 공동 마케팅 및 '퀘스트용 옴니원'과 퀘스트 헤드셋을 결합한 번들 상품 출시 가능성을 논의 중이다. 현재 소비자 판매 가격은 '퀘스트용 옴니원'이 2,595달러, '옴니원 코어'가 2,495달러다. 경영진은 소비자 제품의 단위당 경제성이 40%의 매출총이익률에 근접하고 있으며, 제품 구성 변화에 따라 이 수준을 유지하는 것을 목표로 하고 있다고 밝혔다.

버티욱스는 자사의 생산 인프라가 월 최대 약 3,000대를 지원할 수 있으며, 이는 현재 경제적 조건 기준으로 연간 약 1억 달러의 매출에 해당하는 규모라고 밝혔다.

국방 사업 범위 확대

버티욱스는 KBR의 지원을 받아 미 해병대 보병 분대 훈련 시스템의 주 시스템 통합업체(LSI) 역할을 맡고 있다. 4인용 시스템인 이 훈련기는 전방향 트레드밀, M4 소총 모의기, 메타 퀘스트 헤드셋으로 구성된다. 버지니아주 콴티코로의 인도 시점은 2026년 4분기로 예정되어 있다.

회사는 또한 미 공군의 1단계 소상공인 혁신연구(SBIR) 과제를 통해 '가상 지형 보행(Virtual Terrain Walk)' 시스템을 발전시키고 있으며, 리텍(Leetech)의 대드론 훈련 장비와의 통합을 통해 드론 대응 훈련 분야에 진출했다. 해당 시스템은 미 해병대 훈련교육사령부의 평가를 받을 예정이다.

버티욱스는 현재 미 공군, 해병대, 육군, 해군 및 공군 주방위군과 협력 프로그램을 진행하고 있다. 경영진은 파일럿 프로그램 및 1단계 사업을 더 큰 규모의 계약과 실제 배치로 전환하는 것을 목표로 하고 있으나, 정부 예산 배정 및 계약 체결 시점의 불확실성은 남아있다고 언급했다.

이사회 특별위원회는 연간 매출 1,000만~5,000만 달러 규모의 국방 분야 인수 대상을 검토 중이다. 경영진은 이와 별도로 정부 계약 자격, 판매 채널, 반복 매출 및 기존 실적 수주 자격을 확보하기 위해 연간 매출 1,000만~1,500만 달러 규모의 인수 건을 1건 이상 완료하는 것을 목표로 하고 있다고 밝혔다.

엔터프라이즈 및 헬스케어 확장

버티욱스는 로봇 원격 조종을 위해 테슬라의 옵티머스 휴머노이드 로봇 부문에 첫 번째 '옴니원 엔터프라이즈' 시스템을 판매했다. 또한 나사는 1년 기간의 달 및 화성 유사 환경 미션에서 가상 선외 활동(EVA) 시뮬레이션을 위해 옴니원을 선정했다.

헬스케어 분야에서 버티욱스는 세리카 테라퓨틱스(Serica Therapeutics)와 파트너십을 체결하고 자폐증 치료용으로 샌프란시스코 베이 지역 치료 센터에 옴니원 시스템 2대를 인도했다. 회사는 또한 자폐증 치료, 물리 치료 및 신경 재활과 관련된 대학 연구를 지원하고 있다.

경영진은 엔터프라이즈 시스템이 더 높은 마진의 하드웨어 판매, 소프트웨어 라이선싱 및 잠재적 서비스 매출의 원천이라고 설명했다. 헬스케어 부문은 단기적인 주력 분야라기보다는 신흥 수직 시장으로 남아 있다.

경영진 전망

버티욱스는 공식적인 매출 전망치를 제시하지 않았다. 경영진은 초기 수요의 극히 일부만 1분기 실적에 반영되었기 때문에, 6월 말 메타 출시 효과가 이번 분기 매출에 더 큰 영향을 미칠 것으로 보고 있다.

소비자 제품과 국방 분야는 여전히 회사의 최우선 과제로 남아 있다. 경영진은 2027 회계연도에 일부 국방 매출이 발생하고, 본격적인 대규모 계약 및 배치는 2028 회계연도에 가시화될 가능성이 더 높다고 예상하고 있다.

회사는 30%의 연결 매출총이익률을 발판 삼아 소비자 제품의 단위 마진율 40% 근접을 목표로 하고 있으며, 흑자 전환을 추진하는 가운데 엔터프라이즈 매출을 확대하고 고부가가치 국방 계약을 지속 추진할 계획이다.

리스크 및 관전 포인트

• 현금 및 현금성 자산은 7.4백만 달러로 감소했으며, 분기 영업활동 현금 사용액은 3.3백만 달러에 달했다. 경영진은 월간 현금 소진율을 약 1.0백만 달러로 추정했다.
• 총부채는 15.7백만 달러로 증가했으며, 주주지분은 3.1백만 달러의 적자(자본잠식) 상태로 전환되었다.
• 버티욱스의 나스닥 상장에 따라 상장기업 제반 비용이 영업비용 기반을 실질적으로 증가시켰다.
• 대규모 정부 계약 수주 시점은 예산 확보 여부 및 계약 프로세스에 달려 있다.
• 국방 분야 인수는 추가 자금이 필요할 수 있으며 대상 기업별 가치 평가 및 실행 가능성 고려에 따라 결정된다.
• 외부감수인 교체로 인해 분기보고서 제출이 며칠 지연되었다. 경영진에 따르면, 수정된 2026년 3월 31일 자 대차대조표는 복잡한 금융상품 및 파생상품 부채와 관련된 중요하지 않은 재분류 항목을 포함하고 있다.

애널리스트 Q&A 하이라이트

• 주문 전환: 경영진은 옴니원 주문이 일반적으로 며칠 내에 배송된다고 밝혔다. 메타 출시가 6월 말에 이루어졌기 때문에, 관련 매출의 대부분은 이번 분기에 반영될 것으로 예상된다.
• 연말 특수 기회: 버티욱스는 옴니원과 퀘스트 헤드셋 결합 번들 상품과 관련해 메타와 활발히 논의 중이며, 단기 내 이 구상을 마무리하는 것을 목표로 하고 있다고 전했다.
• 생산 능력: 현재 생산 능력은 월 약 3,000대 수준으로, 경영진은 현재의 수요를 충분히 충족할 수 있다고 설명했다.
• 국방 사업 시점: 해병대 분대 훈련 시스템은 2026년 4분기에 콴티코에 인도될 예정이다. 대규모 계약 추진은 2028 회계연도에 이루어질 가능성이 더 높다.
• 현금 소진율: 경영진은 현재 소진율을 월 약 1.0백만 달러로 추정하며 상장기업으로서 증가한 비용을 줄일 계획이라고 밝혔다.
• 사업 구성: 단기 성장은 소비자 제품 판매가 견인할 것으로 예상되며, 국방 분야는 대규모 수주를 통해 획기적인 매출 성장을 가져올 수 있고, 헬스케어는 장기적인 잠재 수직 시장으로 평가된다.

실적발표 콘퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Good morning and welcome to the Virtuex Earnings Conference Call. So... the first quarter of fiscal year 2027 ended June 30th, 2026. All lines have been placed in a list only mode and the floor will be open for your questions following the presentation. During today's call, we may make statements relating to our goals and objectives. future operations, financial and business trends, business prospects, and management's expectations for future performance that constitute forward-looking statements under federal securities laws. Any such forward-looking statements reflect management's expectations based upon currently available information or not guarantees of future performance and they involve certain risks and uncertainties that are more fully described in our SEC filings. Actual results, performance, or achievements may differ materially from those expressed in or applied by such forward-looking statements. We undertake no obligation to update or revise any forward-looking statements to reflect events or developments after the date of this call.

Today's discussion also includes adjusted EBITDA, a non-GAAP financial measure. A reconciliation of net loss to most directly comparable gap measure to adjust the EBITDA is included in the financial tables of the earnings press release issued yesterday after market closed last night. A press release detailing these results was issued last night and is available on the company's investor relations website at invest.virtuix.com. Hosting today's call are Virtuix founder, chief executive officer and chairman, Jan Gokulik, and chief financial officer, Thomas McGinnis. Thank you. to provide a corporate overview, review the quarter's key highlights, discuss the company's defense momentum and its expansion into enterprise and healthcare applications, financial results and outline the company's priorities and outlook.

Jan Goetgeluk

With that, I'll turn the call over to Mr. Gukuluk. Please go ahead, sir. Thank you, operator, and good morning, everyone. Thank you for joining us. First, let me share a brief note on timing. We recently changed auditors. We appointed Eisner Amber as our independent registered public accounting firm. They're consistently recognized as a leading mid-tier accounting and advisory practice, so we're really excited to work with them. Now, the transition required additional time to complete the quality review, and that's what pushed back our filing by a few days. But our form, thank you, has now been filed.

And now let's review our results for the first quarter. quarter of fiscal year 2027. I'd say that this first quarter was one of the strongest commercial quarters in our company's recent history. And I want to spend most of my time this morning here on why that is. Before I do, let me share a brief overview for those of you who are new to our story. Now, we're Vertrix. We're a leading developer of AI-driven full-body simulation systems. We're trading on the NASDAQ global markets under the ticker VTIX since our debut on January 27, 2026. As our technology enables natural full body movements in 360 degrees, walking, running, crouching, strafing, and jumping in every direction, inside video games, simulations, and so on. and other AI-generated worlds.

Our flagship product is OmniOne, which is our most advanced omnidirectional treadmill to date. And the folder comprises of five products now, protected by more than 25 patents. We have OmniOne, OmniOne for Quest, and OmniOne Core on the consumer side. We have OmniOne Enterprise for industrial training, robotics, healthcare, and other enterprise applications. And we have Virtual Terrain Walker, VTW, which is our defense platform. simulation system. We are hardware experts with a proven track record of execution. Our manufacturing facility is established and is ready to support increased levels of production.

We're pursuing a multi-use platform strategy with high-volume consumer sales that we aim to supplement with high-value defense and enterprise contracts, all with recurring revenue from software licensing, subscriptions, and our custom simulation developments. What I would highlight about this quarter in particular is the high caliber of the parties now working with our technology. In the space of just a few months, we sold our first OmniOne Enterprise System to Tesla. We were selected by NASA for a year-long Moon and Mars mission. We became the lead systems integrator on the US Marine Corps training project. And of course, we launched our made-for-Meta certified products in collaboration with Meta. So that's a meaningful validation for a platform that initially began in consumer gaming and now is expanding across various end markets.

So let me walk you through the quarter's highlights before we take a deeper dive. On the demand side, the headline number here is orders. New orders for OmniOne systems increased 72% year-over-year, and and new orders are up approximately 150%, roughly two and a half times compared to the same period last year. since our June launch of OmniOne for Quest in collaboration with Meta. So those are some great growth numbers on the other side. On unit economics, gross profit increased 29% year-over-year, and gross margin expanded to 30% from 17% in the prior year period. So approximately 13 percentage points of improvement. And we ended the quarter with $7.4 million of cash.

Strategically, this was a very eventful quarter. You know, we launched our major Meta products in collaboration with Meta, which is off to a great start, you know, resulting in strong order growth in our consumer business. Our defense business continues to expand. We were selected as the lead systems integrator for the development of an infantry fire team trainer for the US Marine Corps. We also entered the counter drone training space for the Marine Corps. In our enterprise business, as mentioned, we're now working with Tesla, with NASA, and we also signed a partnership with Sirica Therapeutics for use of OmniOne in autism therapy for children. One point of clarification before Thomas gets into the numbers later. reported net sales actually declined year-over-year to approximately 800,000 from 1 million that is a result of timing not of demand the prior quarter included the final shipments of our legacy only one order backlog that in included orders accumulated since our pre-order period began in August 2020-2023, and that is now cleared.

This quarter's revenue, however, came from sales to new customers. Okay. And we believe new orders are the better forward indicator of the demand we are seeing today. So let me stay on that point, because I think that's the most important trend in our business right now. So we officially launched OmniOne for Quest in collaboration with Meta in late June. And through that META program, OmniOne is certified for the META ecosystem, for the Quest ecosystem. META sold more than 20 million Quest headsets, giving OmniOne access to the world's largest XR user base with an estimated 6 million active users. And those users now can pair OmniOne with their existing headsets. game library that they already own in a plug-and-play experience.

So this materially expands our addressable markets. And the effect on our order profile was immediate. New orders are up approximately 150% since that launch. And that's a trend that we see continuing in the current quarter. We also see a room for additional growth there. We're exploring joint marketing opportunities with Meta, and most importantly, bundling the Meta and the Vertex products so we can offer a complete system, OmniOne for... for Quest plus a Quest headset to gather to customers. So we believe we've only scratched the surface of the opportunities of our collaboration with Meta.

Turning to defense, as I mentioned, Virtuex is serving as the lead systems integrator for the development of an infantry fireteam trainer for the U.S. Marine Corps, supported by our strategic partner, KBR. And this is an important distinction. This is not Virtuex simply supplying a component. of this system, we are responsible for integrating the full solution and delivering the complete training system to the Marine Corps. Now, that system puts a four-person, a four-marine fire team on omnidirectional treadmills using M4 rifle surrogates and MetaQuest headsets, trading together in scenarios that include close-quarter battles, patrols, and tactical decision-making. During this past quarter, we selected ABRT as our partner to provide a tracked weapon system, an instructor tool, and immersive training content for this program. And delivery to the U.S. Marine Corps in Quantico, Virginia, is expected in the fourth quarter of 2026.

Now, to clarify, this infantry fire team trainer, that's in addition to our virtual terrain walk system, or VTW, and that's that system that uses AI-driven Gaussian splatting to convert 360-degree camera footage into photorealistic walkable geospecific terrain. It cuts the time to build virtual worlds from weeks to merely hours. That's VTW. That's a system that uses the slogan, walk the trail before you fight on it. Explore the battlefields before we put boots on the ground. And VTW, that's a system for which we received a Phase I CBER award from the U.S. Air Force, which we are working on as we speak. We also entered a hot new defense fence market this quarter, the counter drone training.

You know, OmniOne has been integrated into Leetech's counter UAS personal trainer, which is an AI-enabled platform that recreates military training ranges for realistic counter drone marksmanship training. Combined with the Omni, the trainees walk naturally through virtual environments to navigate buildings and they can communicate over tactical radios all while engaging drones with realistic ballistics across both individual and multi-user scenarios. So that system will be evaluated by the U.S. Marine Corps Training and Education Command in Quantico, Virginia, with teams from 29 Palms and Camp Pendleton. Counter drone training, needless to say, is among the fastest growing priorities of Western militaries today. So this is an exciting development for us. So here's the overview of our expanding defense business.

You know, we now have active engagements across the U.S. Air Force, Marine Corps, Army, and Navy, as well as this quarter, the Air National Guard. With US Air Force, we hold a NAFW Works Ciber Phase I award for VTW. And we've also sold test units to the US Air Force Academy and to Yokota Air Force Base. During the quarter, we also delivered, as I mentioned, the first OmniOne system to a Pennsylvania Air National Guard unit in Horsham for evaluation of our system for virtual reality military training. And that's our first Air National Guard deployment. As mentioned previously, we're also the lead systems integrator on the infantry fire team trainer with US Marine Corps.

And also our counter drone trainer is entering evaluation by the Marine Corps Training and Education Command. With the U.S. Army, we've sold only one to the U.S. Military Academy at West Point. And with U.S. Navy, we signed a Cooperative Research and Development Agreement with the U.S. Navy. the Naval Postgraduate School. So lots of momentum there in just a short time frame, and our goal is to keep this strong early momentum going and moving that forward towards bigger awards and contracts. Now, alongside this organic progress, as we've talked about before, our board special committee is actively reviewing acquisition targets in the defense industry. space around defense training and services, looking at companies with annual revenues in the $10 to $50 million range. And so specifically, we're looking at companies that give us immediate access to, in addition to those revenues, to government contract vehicles, sales channels, recurring defense revenue, and the past performance credentials that are critical to winning large government contracts.

So stay tuned for more announcements in this regard. All right, beyond defense, we're also gaining strong traction in our enterprise business. We sold our first OmniOne Enterprise System to Tesla for its Optimus humanoid robot division. that uses a system for teleoperation of robots, enabling an operator to remotely control a humanoid robot in real time. Teleoperation is central to how humanoid robots are trained and supervised today. And full body movement is just a natural interface. for that. Additionally, we won our second consecutive Augie Awards at the Augmented World Expo for Best Interaction Product. once more, recognizing OmniOne as part of a humanoid robot tail operation system built by the University of Central Florida. And this is yet another validation of our technology as a key input device for Enterprise XR applications.

Lastly, we were selected by NASA for their Moon and Mars Exploration Analog Mission. OMNI-1 will support simulated extravehicular activities during this year-long study. begin in 2007, in which four volunteers will live in a 650-square-foot habitat to simulate astronaut performance during upcoming deep space missions. And so the key here is that these enterprise sales like these, it generates high margin hardware revenues plus recurring revenue from software licensing and potential services revenue alongside the hardware sale. So our enterprise business is yet another part of our strategy. And lastly, as you know, we've also been exploring the healthcare and therapeutics markets for OmniOne, which could be a potential major new vertical for us. And we made some major progress there this quarter. We signed a strategic partnership with Serica Therapeutics advanced AI-driven autism therapy for children.

And so we deliver two OmniOne systems to Syracuse Treatment Center in the San Francisco Bay Area. And they've announced plans to establish approximately 100 treatment centers nationwide. Now, for context, there are an estimated 12,000 ABA therapy centers in the U.S., And we believe that that creates a potential scalable channel for only one enterprise in the healthcare space. Now, that commercial partnership with Sirica sits on top of our university work that we have discussed previously. Rutgers University, WinLab, is applying OmniOne to AI-assisted neurodivergent therapy, and they are actively developing an application for autism therapy. for kids. And at the Florida Gulf Coast University, the Marriott College of Health and Human Services is evaluating OmniOne for physical therapy and neurorehabilitation. Now, we believe that full-body movements within AI-enabled environments may play an increasingly important role across next-generation healthcare and therapeutic applications.

So we intend to keep advancing these developments and potentially have healthcare and therapeutics be another major market for our technology. All right, with that, I'll hand the call over to Thomas to walk us through the financials.

Thomas McGinnis

Thank you, Jan, and good morning, everyone. Net sales for the fiscal quarter for the first quarter of fiscal 2027 were $767,000 compared to $1 million in the prior year period, a decrease of 26%. As Jan noted, the prior year quarter included the fulfillment of the final batch of the A large legacy backlog of OmniWin orders accumulated since the start of our pre-order period in August of 2023, whereas revenue in the current quarter resulted from sales to newly acquired customers. New orders for the OmniOne actually increased 72% year over year, and new orders are up approximately 150% since the launch of our OmniOne for Quest in collaboration with Meta. We're seeing this momentum continue in this current quarter. The metric I would like to draw your attention to most is gross margin. Gross profit increased 29% to $227,000 from $176,000 in the prior year period.

Gross margin as a percentage of revenues increased approximately 13 percentage points from 17% to 30% this quarter. That improvement was driven by higher selling prices of the complete OmniOne system compared to the prior year period. Turning to operating expenses, total operating expenses increased by 1.9 million or 86% to 4.1 million compared to 2.2 million in the prior year period. That increase was driven primarily by $2.1 million increase in general and administrative to $3.1 million from $1 million, reflecting the cost of operating the public company that largely did not exist in the prior year quarter, which predates our NASDAQ listing, and the cost of operating the public company And within that increase, professional services accounted for $1.2 million, insurance for $0.2 million, and non-cash stock compensation for $0.7 million. Selling expenses moved the other way, decreasing approximately $0.3 million to $0.7 million, development expenses increased approximately 0.1 million to 0.3 million as we added staff to advance OmniOne's request. Loss from operations was $3.9 million compared to $2 million in the prior year period. And that loss for the quarter was $7.2 million compared to $2.3 million in the prior year period.

And it is important to understand that the composition of that loss, approximately $4 million of that are non-cash charges, including $2.5 million of largely non-cash interest expense, which includes an amortization of debt discount on our convertible notes, a $.6 million financing expense related to our warrant modifications, $0.4 million loss on extinguishment of debt, partially offset by a $0.4 million gain on the change in fair value of financial instruments. These items relate to capital that we have raised, not the operating performance of the business. Net loss per basic and diluted shares was 0.22. compared to $0.28 in the prior year period, reflecting a substantially higher weighted average share count following our listing. before interest, income taxes, and depreciation and amortization, further adjusted to exclude stock-based compensation and certain non-cash and non-recurring items. We believe it gives investors a clearer view of the performance of our ongoing operations by removing the financing-related and non-cash charges that I just described. Adjusted Able to Loss for the first quarter fiscal 2027 was negative 3.1 million compared to negative 1.9 million in the prior year period The year-over-year change is driven by the step-up in public company operating expenses rather than by unit economics, which improved. full reconciliation of net loss, the most directly comparable gap measure to adjusted EBITDA, is included in the financial tables of yesterday's press release. Turning to the balance sheet, cash and cash equivalents were $7.4 million as of June 30, 2026, compared to $9.5 million at March 31, 2026, a decline of approximately $2 million. Inventory increased approximately $0.2 million to $1.4 million. as we build to support the order growth that Jan has previously described.

And that cash used in operating activities was $3.3 million for the quarter compared to $1.5 million in the prior year period with the increase reflecting the public company costs that step up and working capital invested in inventory. Total assets were $12.6 million compared to $14.8 million at fiscal year-end. Total liabilities were $15.7 million compared to $13.7 million, including $10.7 million of notes payable net of discount compared to $7.8 million at March 31st. And total stockholders' equity was a deficit of $3.1 million compared to a positive equity of $1.1 million at fiscal year end. That $4.2 million change reflects the quarter's net loss of $7.2 million, partially offset by a $3 million increase in additional paid capital from financing and equity activities during the year. We are managing the balance sheet to support the growth opportunity in front of us, and we will continue to evaluate our capital structure with that objective in mind.

Operator

With that, I'll turn the call back over to Jan.

Jan Goetgeluk

John, please go ahead. Thank you. Sorry about that. My call dropped for some reason. Are we at the...

Unknown Speaker

slide 16, priorities and outlooks? That's correct, John. Yes, I just...

Jan Goetgeluk

That's correct. Thank you. Super. Thank you, Thomas. All right. Well, looking ahead, we have six clear priorities. First, accelerate consumer revenue growth. The order momentum from the launch of OmniOne for Quest with Meta is is the most important trend in our consumer business today, and our focus is on sustaining that momentum and accelerating revenue growth together with Meta. And we believe we've only scratched the surface of the marketing opportunities we have with Meta. Second is to advance our defense programs towards larger awards. That means bringing the Marine Corps infantry fire team trainer to Quantico. the fourth calendar quarter this year completing our Air Force phase one Cibber and aiming to move that to a phase two advancing our counter drone trainer toward potential awards. and also exploring additional partnerships and programs that we can be part of. Third is advance our defense M&A.

Our objective is to complete one or more acquisitions with $10 million to $15 million of annual revenue that would add government contract vehicles, past performance, sales channels, and recurring defense revenue. Fourth is to expand enterprise sales. We intend to build on the Tesla sale, the NASA collaboration, all our other recent enterprise traction to grow high margin OmniOne enterprise sales. Fifth, build out our healthcare and therapeutics vertical, which we believe can become a third large end market for our technology. That means developing the channel with Circa Therapeutics and other ABA partners and obtaining clinical validation from our university research collaborations. And sixth, ultimately, drive toward profitability. We intend to build on this quarter's 30% gross margin. continue to grow revenue, and add high-value defense and enterprise contracts as we drive towards profitability.

We believe Virtuix is well positioned to convert our current momentum into long-term growth and value for our shareholders. All right, with that, we'll now open up the call for questions. Operator?.

Operator

Thank you, and I'll be conducting a question and answer session. If you'd like to be placed into question queue, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you'd like to remove your question from the queue. One moment, please, while we poll for questions. Our first question today is coming from Jack Van Aert from Maxim Group. Your line is now live.

Unknown Speaker

Okay, great. Good morning, Jan and team. This is great to see the momentum continuing. You know, maybe I'll start with a question, Jan, for some of the key growth drivers you're expecting this year. You touched on the made for meta partnership, obviously. That's a big catalyst that I believe just began in June. As we're looking at the, I guess the back half of this year, I'm heading into the holiday season. Can you just touch on how this made for meta partnership, I guess is incrementally adding, I guess, to the game portfolio and the demand strength, versus say where Virtuix was last year entering the holiday season.

Thanks.

Jan Goetgeluk

Yes, hey Jack, good morning. Thanks for joining. Yes, we're seeing that strong momentum that we reported starting with the launch of our Meta product. We're seeing that continuing this quarter And so we believe that that momentum can continue. It's not just a one-time flash in the pan after the launch, as it's looking like right now. It's going to continue. And the reason is that if you think about it, you know, Meta sold over 20 million headsets by recent estimates, you know, 6 million active users who can now for the first time – buy our products directly and use it with their existing headsets and games. It's a very nice offering at a good price point, and it expands our addressable market. So that was the plan all along, but it seems to be paying off where it translates to meaningful sales growth and order growth, 2.5x. from what it was before.

So that is looking promising for the second half of the year, especially going into our holiday period.

Unknown Speaker

Okay, great. And you know, as part of this, I guess this equation here is going to be the production side of the business. Can you just touch on your capacity today? I think I think you've been able to produce actually quite a bit of these Omni ones per month. As high production started, high volume production, since the meta relationship was announced? And just touch on your overall, I guess, capacity expansion and current run rates.

Jan Goetgeluk

Yep, yep. Our capacity is set up, our production as well, production facility and capacity is well established. We are certainly now firing on all cylinders, producing units, meeting the demands. But on the production side, we are set up and can meet the demand we're seeing. I think we reported before that our production capacity right now is up to 3,000 units a month or so, which would translate to about $100 million in annual revenues.

Unknown Speaker

Excellent. And then, you know what, if we just shift really quick to the defense side then, I'm Obviously, you're talking about your M&A strategy here with targeting 10 to 50 million kind of revenue opportunities. Yes. It sounds like there's a few targets in your pipeline. I would say before we get into the acquisitions, though, can you just touch on kind of what you're seeing with recently with your organic expansion in the defense sector? You're in every arm of the US government now, I believe. Can you just maybe give an update on what you're hearing the feedback is from each, you know, from the actual troops? that are using this in training modes today, is there room for expansion in follow-on orders? Thanks.

Jan Goetgeluk

Yes, definitely. If you think about it, the military has always had simulators for aircraft. They have simulators for vehicles, tanks. They've never before had a simulator for ground troops, for infantry, until today, thanks to our technology. infantry war fighters can walk around in virtual environments for training, mission planning, mission rehearsal. And we believe that's a revolutionary capability for the US military that they didn't have before. And that's why we're seeing all this traction and excitement, by the Marine Corps, by the Air Force, and the other branches as well. In a very short, I'd say a very quick timeframe, I really only started this effort about a year ago, and now we're already working with all four major branches of the US military in the US. involved in various programs and projects and awards that we're moving forward. And there's more on the horizon as well.

There's many more various applications where technology can be really useful in the context of military training. And so the objective here is to move those projects forward to the next phase, phase one, CBER to phase two. to CBER, move these pilot programs to potentially bigger awards and bigger rollouts to, you to military facilities and customers and whatnot. So we see it as a major part of our business that can really drive growth and meaningful revenues, but also...

Unknown Speaker

margin going forward. Jan, if I could ask you just maybe one more follow-up here. There's clearly a lot of different growth angles here, a lot of irons in the fire with big... very big, well-established companies, obviously. Made for Meta is obviously a 800 pound gorilla in the space. But then you also have a lot of real momentum in the defense sector with potential acquisitions on the way. How do you see, I guess, the revenue profile of Virtuix kind of evolving over the next two to five years across these segments? all going to be accelerating kind of hockey stick-like growth? Is one going to come first or faster than the other? And then one's a faster, longer-term leg? I'd just like to get your thoughts there and also how that impacts the gross margin longer term.

Jan Goetgeluk

Yep, yep, thank you for that. Yes, it's, and by the way, one thing I keep stressing to the team here and also as our strategy. is to stay focused. Certainly, consumer and defense today are our biggest focus areas. And an enterprise and healthcare is emerging in the background and growing in the background. I think if you look at timing, I mean, consumer is what's driving most growth and revenues today. particularly with the big catalyst there being our meta collaboration. And we believe we're only seeing the start there and scratching the surface of what's possible there. So that is happening today. defense military business, a lot of traction there, working towards bigger awards, bigger contracts.

That will, I think we announced that, you know, that's probably to get to bigger awards is probably next calendar year, kind of fiscal year 2028. work towards that. But that could come in a step change where you win a big award, certainly makes an immediate big impact on revenues. And so consumer and defense are core focus areas. But an enterprise is emerging with these various pockets of demand and applications that are very interesting, like the human robots application, robots, that could become a meaningful revenue stream in the future. And then healthcare specifically, I believe could become a third big vertical in addition to consumer and defense. The healthcare market could become a big vertical. It's not a core focus just yet of our company as we're moving the development forwards with Sirica with Rutgers but there's a lot of potential there specifically with you know 12,000 or so ABA centers nationwide that could use our technology, plus a private market besides that.

It's potentially a big vertical, but that will come a bit later. It's a bit more of a staggered approach so that we don't want to get pulled into a thousand directions all at once. We stay focused on consumer defense, enterprises and develops, and then health care.

Unknown Speaker

as a potential big market in the future. Okay, I really appreciate the color there. That's it for me. Look forward to tracking the story. Thanks.

Operator

Thank you. Our next question today is coming from Gauchi Shreeve from Singular Research, who is now live.

질의응답

Gowshihan Sriharan

Good morning, gentlemen. Can you both hear me? Hey, good morning, Gauchy. Yes, good morning. Yans, congrats on the order number. That's a step up. Can you help me understand the mechanics a bit? When someone places an OmniOne order today, roughly how long before it ships. I'm trying to figure out how much of that 72% kind of lands in the next quarter versus later.

Jan Goetgeluk

Yes, we ship within days, but the launch of the Meta product came in late June. So only a small fraction of that fell in the prior quarter. So really this current quarter is where we're seeing that momentum continuing. And then those revenues, I think you'll see that this quarter.

Gowshihan Sriharan

Awesome, okay. And you called out the Quest offering, to become dominant so that you haven't got a couple of months of data and and the auto growth is mostly a quest. Is that a complete system holding its own and does that mix kind of push the margin towards that 40% target?.

Jan Goetgeluk

Yes, it's not a complete system yet. Omni on for Quest is a standalone Omni treadmill that works with Quest, we are looking at bundling. And that's one of the conversations we're having with Meta is bundling Omnion for Quest with an actual Quest headset and offering a complete system But margin-wise, I think we just closed it. We're pushing that margin on our OmniOne consumer units on a per-unit basis, a kind of unit economics basis. to close to 40%. So we're aiming to hold that. And we'll see how that evolves over time as the mix changes.

Gowshihan Sriharan

Yes. And some of them might have already asked this question. My call just dropped. So I'll ask it again. The release mentioned you bundling Vertrix with Metaproduct. Is that something meaningful that could be live for the holiday season or is this more of a fiscal 28 conversation?.

Jan Goetgeluk

It's a current conversation that we're having today. So aiming to get that done here. Yes.

Gowshihan Sriharan

okay on the on the t-con delivery timing you said the marine a firearm trader. When we spoke last, I think you mentioned the delivery system could be, the first system around September, and now we're kind of shifting to the fourth quarter. Is that schedule kind of tightening on their end, or is the scope has changed, and does it still land inside this fiscal year?.

Jan Goetgeluk

year for revenue? Yes. We're planning to show that and bring it to Quantico in the fourth calendar quarter here this year. And then with the goal of moving that forward towards bigger rollouts. Now, the timing of that is hard to say. That's one item of uncertainty with dealing with the government, is the timing of when funds are available, when contracts can move forward. So that is still uncertain. But our aim is to bring this first system here to Quantico, which.

Gowshihan Sriharan

in the fourth calendar quarter this year. Okay. And I know you mentioned the defense revenues could only materialize in fiscal meaningfully. So are we saying, Is it a question of what counts as meaningful or are we not expecting anything on the defense side in fiscal 27?.

Jan Goetgeluk

Now we're expecting some revenues in this fiscal year because of all these various projects that were part of under the Syberfees One Award, for example, but to get to larger contracts where there's a big rollout to, you know, a number of installations or a phase two Cibra award, whatever it may be, that I'd say is more likely for the next fiscal year than this fiscal year.

Gowshihan Sriharan

And on the Omni Arena resale rate, I know you did about $150,000. Is that kind of resale? Is it a one-off thing or is there a real secondary market kind of forming here?.

Jan Goetgeluk

No, the OmniArena business is a maintenance mode. We continue to serve our existing customers. We continue to get revenues there from Omnicare maintenance agreements, from game play, selling replacement parts, secondary sales as well. Although I wouldn't say that that's a big driver or a big market, but we facilitate.

Gowshihan Sriharan

that wherever needed. Okay. And just my last question, any color on the multiples kind of on the M&A side? I know you said 10 to 50 million revenue. What are the kind of multiples that those kind of businesses go for?.

Jan Goetgeluk

Yes, it's on a case-by-case basis, depending on the company and their business and the and their metrics. So it's not a one-size-fits-all answer there. Okay.

Gowshihan Sriharan

Okay, awesome. Thank you, John, and congrats. Thank you.

Operator

Thank you. Our next question today is coming from Andrew White from Emerging Growth Research. Your line is now live.

Andrew White

morning y'all morning tums i think you have a great quarter i'm looking forward to writing on it I did have a couple of financial questions. The first one is you mentioned a change in average selling prices in the quarter. I'm wondering what the new levels are versus the old levels.

Jan Goetgeluk

Yes, this is a change that happened a while back, but when we initially launched it, launched OmniOne, the pricing until, I guess, until November last year. was 3,495 for the complete system. and then we had the OmniOne Core system. Now that we launched OmniOne for Quest, we changed our pricing. OmniOne for Quest now is $2,595. OmniOne Core is $2,495. And the complete system is... But before the original pricing, when we sold OmniOne units in the pre-order period, those the post-complete system was sold at $2,595 as a complete system to pre-order customers. And that price got increased at $3,495 in November last year. And so a lot of the early backlog, the early orders, were sold at a lower price.

And we accumulated a large backlog since that pre-order period that I think started in 2023. So it is a large backlog that we delivered on throughout several quarters and... And some of the early orders there were at a lower pricing, whereas the new pricing, that came into effect in November last year was 3,495. So that's where our market margin, the primary driver of our margin increasing compared to.

Andrew White

the periods last year. Okay, thank you. As you march towards profitability, what would you say is your cash burn run rate right now?.

Thomas McGinnis

Yes, I think you can do the math. Roughly speaking, I think if you do the calculation, I think you end up at around a million dollars a month. It's a bit elevated since we went public and getting adjusted to being a public company. There's a bit more expenses there, specifically compared to, of course, before going public. to tighten that up a bit. But yes, I think that's what you can roughly infer from the financials.

Andrew White

Okay, thank you. And last but not least, I noticed in the 10Q that March 31st, 2026 balance sheet is listed as as revised. I was wondering if you could detail what that means.

Thomas McGinnis

Yes, that's related to, you know, we changed our auditors. Aydin Ramp are a great firm. Excited to work with them. And then they did a review of our um, of our quarter, uh, as well as the starting balance of the quarter. And, uh, based on their review, we made a, a few changes there, uh, not material, so we did a little, what I call a little R revision, not related to any of the operational metrics or revenues or costs or nothing like that. It's really only related to the classification of these complex funding systems instruments that we have and a derivative liability associated with which is comparable notes highly technical but that's what that's what it stems from.

Andrew White

That sounds good. Well, thank you very much, guys. Thank you, Andy.

Operator

Thank you. I would now like to turn the call back over to Mr. Kukula for his closing remarks.

Jan Goetgeluk

Yes thank you uh operator thank you all for joining us today um i'll just uh close by uh saying the first quarter of fiscal 2027, we believe was one of the strongest commercial quarters in our recent history. Our orders accelerated, our margins expanded, and our technology found its way to the hands of the U.S. Marine Corps, Tesla, NASA, and a growing set of healthcare partners. That's a remarkable range of customers as we expand OmniOne beyond just consumer gaming. to becoming a multi-use platform across a variety of industries, consumer, defense, enterprise, healthcare, and more. I want to thank our team, our partners, our shareholders for their continued support, and we are proud of what we accomplished this quarter, and we look forward to providing additional updates in the coming months. If we were unable to address any of your questions today, please reach out to our investor relations team at MZ Group and they will be happy to assist. Thank you again for joining us and have a great day.

Operator

Thank you. That does conclude today's teleconference. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

This live transcript is auto-generated without human intervention or review.

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