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xReality Group (ASX:XRG), a simulation and extended reality company, is growing with defence contracts. In August 2026, Merewether Capital reported xReality's revenue rose 43% to $20 million, with a small net loss of $122,000, a $3 million improvement. Merewether highlighted completion of a $5.6 million US Department of Defence contract, which led to commercialisation of a new mixed reality training product, along with 67% growth in annualised recurring revenue and record cash receipts. xReality Group operates in the Consumer Discretionary sector within the Hotels, Restaurants and Leisure industry, and Thesis Tracker has captured 7 comments from 2 fund managers, including Merewether Capital. Headquartered in Brookvale, Sydney, xReality operates iFLY indoor skydiving centres in Australia and Singapore, and develops virtual reality and physical simulation training systems through its Operator XR business for law enforcement and defence customers in the US and Australia.
Company figures as of 15 Oct 2026. For information only.
Fund managers including Mereweather Capital have invested in xReality Group Ltd (ASX:XRG).
Merewether highlights 43% revenue growth, a near breakeven result, 67% growth in annualised recurring revenue, strong cash generation and US defence contract success commercialising its XR training products.
The available commentary is positive, though xReality's growth depends on winning further defence and law enforcement contracts, which can be lumpy.
XReality Group Ltd. provides virtual reality, augmented reality, and physical simulation technologies for the enterprise, defense, and consumer markets. Headquartered in Brookvale, Australia, and founded in 2011, the company operates through three segments: Entertainment, Enterprise, and Corporate. The Entertainment segment includes indoor skydiving under the iFLY brand and virtual reality experiences via FREAK. The Enterprise segment delivers scalable virtual reality solutions for business applications. The Corporate segment provides management, marketing, and capital infrastructure to support these operations.
General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.
11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.