• X2M secures water digitisation contracts worth over A$0.5 million
• Contracts cover remote metering for over 4,500 households
• Includes four repeat orders and one new customer
• Total addressable market exceeds 400,000 devices and A$50 million in upfront revenues

X2M Connect Limited (ASX:X2M), an Australian Internet of Things (IoT) technology company, has secured a new customer and several repeat orders for water digitisation in South Korea. The new contracts, worth approximately A$0.54 million, are for the delivery of remote water meter monitoring for 4,543 households with contract completions scheduled between December 2025 and March 2026. The new customer is the city of Cheongju with an order for 900 out of a total of 95,000 households fitted with water meters. Historically, a high proportion of customers place initial smaller orders and follow up over time with repeat orders, increasing X2M's share of their total addressable market (TAM). The TAM of Cheongju City is in the order of A$11 million. Repeat orders have been received from the cities of Jeonju, Yangsan and Paju and the county of Changnyeong, demonstrating the continued progressive conversion of X2M's customers from mechanical water meters to remote digital water meter monitoring and control. These five municipalities have a TAM of 465,000 households, which is estimated at a potential value of A$56 million in bundled costs. These orders increase the already contracted revenue still to be recognised in FY26 to A$4.5 million on top of the first quarter revenue of A$2.1 million, a total that exceeds the full revenue recognised for FY25.

X2M CEO Mohan Jesudason stated that the company has had a great start to the financial year, with first quarter revenue up 25% on the first quarter last year. The water digitisation contracts demonstrate the continued momentum in South Korea, with a combination of repeat orders and expansion of the government customer base.