As 2024 draws to a close, we reflect on a year of our achievements and look forward to continued growth in 2025 buoyed by strategic developments that position us for the future that AI is creating.
LexX Technologies has made significant strides in expanding its customer base, securing new engagements across various sectors. Final negotiations and pivotal entry into the defence sector in Singapore is expected to ramp up revenues. Another aerospace manufacturer is validating the integration of LexX’s solutions into their operations. Our xAssist solution has gained traction with an Australian wind energy company and a Singaporean marine engineering firm, with launches planned for 2025. Meanwhile letters of Intents (LOIs) were secured from two enterprise customers in the maritime and defence sectors.
Existing customers continue to expand their use of LexX’s solutions. A Dutch marine engineering firm continued to expand its use of the xLive knowledge solution, with 150 oceanographic surveyors worldwide now using the tool and having produced over 200 technical publications since deployment. Similarly a European renewables energy provider continues to use xAssist at 425 turbines across 4 wind farms in its US operations. Two new government and defence sector partners have been signed up in Singapore to support the engagement with the defence sector there. Our sales network has now expanded into South Africa, South America, and the USA. With existing and new customers contributing as planned, we would expect to close the fiscal year with a revenue increase of 49% from previous year.
LexX Technologies received significant recognition for its innovative solutions in 2024. The company was featured in Aviation Week, highlighting its influence in the aerospace and defence sectors. Global Victoria, in partnership with Austrade, selected LexX Technologies as a key Australian showcase for their Singapore & Malaysia trade mission. Microsoft recognised LexX Technologies as a standout example in its generative AI case studies.
LexX Technologies demonstrated technology leadership by deploying high performance Domain Language Models in an air-gapped environments for its xAssist solution in Singapore. This established credibility with defence customers concerned about data security.
Looking Ahead to 2025
We have built a robust pipeline, with clear paths to closure within the next 6 to 12 months. Our focus will be to build and solidify relationships with new and existing customers. establishing a stronger on-the-ground presence to scale and deepen relationships, particularly in regions where the company currently lacks a physical presence, acknowledge and address challenges such as resistance to adopting new technologies in the markets such as Australia and leverage the company’s technology leadership to further advance its solutions. We are actively engaged in investor outreach and has had interest from both Australian and US investors, with several firms currently in the diligence phase as we are currently seeking a Lead investor for the current round. Meanwhile we are confident in our current trajectory and looking forward to continued growth and success, thanks to our existing investors, customers and a passionate team of people running everyday operations.
