Virtuix (NASDAQ:VTIX) is targeting consumer gaming, defense training and enterprise applications with its Omni omnidirectional treadmill platform, Founder and CEO Jan Goetgeluk said during a company presentation.
The Austin, Texas-based company’s Omni technology is designed to let users walk, run, crouch, kneel, jump and move sideways or backward in 360 degrees within virtual environments. Virtuix markets the technology for gaming and entertainment as well as military, industrial and other training uses.
Goetgeluk said the company went public on Nasdaq in January through a direct listing with Maxim. He acknowledged that Virtuix’s share price has declined since the listing, which he attributed in part to a recalibration between its private and public valuations and the expiration of lockups in July that added 15 million shares to the public float.
Before becoming public, Virtuix raised approximately $50 million from investors, according to Goetgeluk, including Mark Cuban, venture funds and family offices.
Consumer partnership with Meta
Virtuix recently launched its Omni One treadmill for Meta Quest headsets. Goetgeluk said consumer orders have increased threefold since the product launch and characterized the partnership with Meta as a strong start.
The company participates in Meta’s Made for Meta program and is an official reseller and retailer of Meta products, Goetgeluk said. Virtuix offers a bundle integrating its Omni One system with Quest products and is listed on Meta’s website as a partner.
Goetgeluk said the company sees additional potential for joint marketing and cross-promotion. He said Meta has sold roughly 20 million Quest headsets and cited recent estimates of about 6 million active users.
Virtuix’s direct-to-consumer systems cost about $2,500 depending on the configuration, he said, while Affirm financing can bring the payment to roughly $90 per month. The company is targeting approximately 40% gross margin on consumer hardware and also expects recurring revenue from game sales and subscriptions.
Goetgeluk described the product as “gaming with fitness and exercise benefits,” noting that users are physically active while playing. He said most major virtual-reality titles are compatible with the platform.
Defense contracts and acquisition plans
Defense training is a major opportunity for Virtuix, Goetgeluk said. He said the company has worked with the Navy, Marine Corps, Air Force and Army, including a Phase I Small Business Innovation Research contract with the Air Force, sales to the Army, West Point and the Navy, and a development agreement with the Navy.
The company is developing an infantry fire team trainer for the Marine Corps and plans to demonstrate its latest system to Marine Corps personnel. Virtuix is also working on a counter-drone, or counter-UAS, training system for the Marine Corps, according to Goetgeluk.
Its Virtual Terrain Walk system, which received an Air Force award, uses AI-driven 3D reconstruction to create virtual battlefield environments from camera footage for mission planning. Goetgeluk said multiple Omni systems can be placed in one room so a squad can train together.
While Virtuix has initial government contracts and pilots, Goetgeluk said major defense programs typically involve a two- to three-year sales cycle. He said the company is about a year into that process and is progressing from pilot projects and initial paid work toward larger contracts.
Goetgeluk also said Virtuix is in advanced negotiations to acquire a defense-sector target with revenue near the top end of a previously disclosed $10 million to $50 million range. If completed, he said, the transaction could lift Virtuix revenue into the $50 million to $60 million range.
He did not disclose the proposed transaction’s cash outlay, valuation or accretion timeline. However, he said the structure under discussion was expected to be “highly accretive” to shareholders and could provide access to government contract vehicles, past-performance credentials and sales channels. Virtuix hopes to announce an update on the first acquisition this year, he said.
Enterprise, healthcare and financial position
Beyond consumer and defense markets, Goetgeluk said Virtuix has sold systems to Tesla, Figure AI, NASA and the Department of Veterans Affairs. He cited industrial training, safety training, robotics teleoperation and healthcare as potential applications.
Virtuix plans to conduct a pilot with Rutgers University in January involving cognitive and autism therapy. Goetgeluk said the company believes adding movement to VR therapy could improve engagement and effectiveness. He also cited 12,000 ABA therapy centers in the United States as a potential market.
The enterprise business carries gross margins of about 70%, Goetgeluk said. Overall, Virtuix reported $4.2 million in revenue last year and is not yet profitable, as it continues to invest in growth and scaling operations.
Goetgeluk said the company had $8.5 million in cash last quarter on a pro forma basis after warrant exercises. Monthly cash burn was approximately $800,000 to $1 million, though he said it is declining as revenue scales. Virtuix expects its runway to extend into next year and may pursue financing after becoming eligible to file an S-3 registration statement in February.
About Virtuix (NASDAQ:VTIX)
Virtuix, Inc develops immersive virtual reality (VR) hardware and software designed to let users physically walk and run inside digital environments. The company is best known for its Omni platform, which combines an omnidirectional treadmill with specialized footwear, tracking technology and VR content to provide a more active and interactive gaming experience.
Its flagship consumer product, Omni One, is designed for home use and supports VR games that allow players to move naturally in virtual worlds.
