Ann Arbor, MI, April 29, 2021 – Oberon Technologies®, Inc., a leading provider of state-of-the-art extended reality (XR) training and information delivery technologies, today announced financial results for its fiscal 2021 first quarter ended March 31, 2021.
“Oberon had an exceptional quarter. Fulfilling the growing needs of existing clients and the emerging needs of new clients, we had tremendous SaaS (Software as a service) revenue growth and expanded gross margins,” said Timothy Allen, chairman and CEO. “Our SaaS subscription wins are up 100 percent year over year for the second quarter in a row. We continue to add new projects with organizations across industries, including nuclear energy, industrial manufacturing, life science and high tech.”
Oberon’s expanded virtual reality (VR) and augmented reality (AR) training offerings are generating strong market interest, as they enable organizations to efficiently provide immersive training that eliminates safety risks and increases knowledge retention by 80 percent or more according to research results. Client referrals and our increased investments in sales and marketing have tripled its sales pipeline, year over year, and Oberon looks forward to accelerated SaaS revenue growth in the quarters to come.
As technology leaders like Microsoft, Sony and now Facebook introduce new virtual reality hardware, they in turn are driving down the cost and increasing the quality, fueling greater demand. Business leaders who experienced the birth of the consumer Internet are seeing similar potential in XR with a lot of the same things playing out; the power of the device is going up, the price is dropping, and it is becoming portable. Oberon continues to enhance its offerings helping its customers take advantage of VR, AR and Mixed Reality, which is turning out to be a significant business game changer.