X2M Secures $1M in New South Korea Contracts
Key points
- X2M secures $1M in new remote water metering contracts in South Korea
- Total contracts secured in South Korea during 4Q FY25 now exceed $5.5M
- X2M's enterprise and government customer base increased to 84
Full summary
X2M Connect Limited (ASX:X2M), an Australian Internet of Things (IoT) technology company, has secured new contracts for water meter monitoring and control in South Korea worth a total of approximately A$1 million. These new contracts follow four remote water monitoring and control contracts X2M secured in April valued at A$1.7 million and a recent public safety contract for $3 million. The new contracts are for the cities of Yongin and Gimcheon and the county of Gapyeong, covering a total of 7,806 households. Yongin and Gapyeong are new customers for X2M, increasing its enterprise and government customer base to 84 and increasing its existing customer addressable market by 113,000 households. The total value of contracts X2M has secured in South Korea during the fourth quarter of FY25 and scheduled for delivery before December 2025 now exceeds $5.5 million, greater than the company's revenue for the first 9 months of FY25, positioning X2M well for a solid start to FY26.
Guidance
The total value of contracts X2M has secured in South Korea during the fourth quarter of FY25 and scheduled for delivery before December 2025 now exceeds $5.5 million, greater than the X2M revenue for the first 9 months of FY25.
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