X2M Connect Limited (ASX:X2M) Builds Momentum in South Korea with $1M in New Contracts
Contract Details
X2M Connect Limited (ASX:X2M) has secured new remote water metering contracts in South Korea valued at approximately A$1 million. These contracts, awarded for the cities of Yongin and Gimcheon and the county of Gapyeong, cover a total of 7,806 households. This brings the total value of contracts secured in South Korea during Q4 FY25 and scheduled for delivery in 1HFY26 to over A$5.5 million, surpassing the company’s revenue for the first nine months of FY25.
Market Expansion
The new contracts have expanded X2M’s enterprise and government customer base to 84, increasing the addressable market by 113,000 households. The total addressable market in South Korea now stands at A$581 million in upfront revenues and A$29 million per annum in recurring revenue. This growth reflects an improving Korean market, with municipalities resuming the digitisation of water system monitoring and control.
Executive Comments
CEO Mohan Jesudason stated, “These contract wins demonstrate the continued traction in South Korea and our ability to convert a significant pipeline into revenue. The addition of two new customers and a growing addressable market across our existing customers underscores the substantial market opportunity. With over $5.5 million in contracts secured this quarter alone, we’re entering FY26 with strong momentum and a solid foundation for continued growth.”
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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