• X2M wins four new contracts in South Korea worth ~A$1.7 million
• New orders from Ulsan, Busan, Incheon and Gyeongju for water digitization of 13,625 households
• Addressable market across the four cities is around one million households

X2M Connect Limited (ASX:X2M), an Australian Internet of Things (IoT) technology company, has secured new contracts for water monitoring and control in South Korea worth approximately A$1.7 million. The largest order is from Ulsan City, a new customer for X2M with an addressable market of 110,000 households. X2M's mandate is to digitize water monitoring to 9,435 households with a contract value of approximately A$1.1 million. The remaining orders are from Busan, Incheon, and Gyeongju cities, which are all existing customers of X2M and have an aggregate addressable market of approximately 851,000 households. Collectively, these orders are for water digitization to 4,190 households and represent an aggregate value of approximately A$600k. The Ulsan order increases X2M's existing customer total addressable market in South Korea to a potential A$580 million of upfront and $29 million of annual recurring revenues. X2M currently has more than 200,000 households on its platform in South Korea. Deployments under these orders are expected to be completed by the end of this calendar year with revenues to be recognised over the same period.

The new contract wins in South Korea are expected to generate approximately A$1.7 million in revenue for the company during the 2025 calendar year.

X2M expects to continue expanding its customer base and addressable market in South Korea as the country pushes for further water digitization. The company is also looking to extend its global reach, with subsidiaries already operating in Japan, South Korea, Taiwan, and China, and a recent licensing agreement in the Middle East.