X2M Connect boosts addressable market in South Korea with new water-monitoring contracts
Internet of Things (IoT) technology company X2M Connect (ASX: X2M) has secured $1 million in contracts for water-meter monitoring and control in South Korea.
The contracts cover a total of 7,806 households across the cities of Yongin and Gimcheon and the county of Gapyeong.
Yongin and Gapyeong boost X2M’s enterprise and government customer base to 84 and increase its existing addressable market by 113,000 households.
Total contract value
The new projects bring the total value of South Korean contracts won during the fourth quarter of the 2025 financial year to more than $5.5m.
This amount is greater than X2M’s revenue for the first nine months of the year.
X2M expects to deliver all of the projects before year end.
Improved market
The contracts reflect an improvement in the Korean market, as municipalities gain funding to resume the digitisation of monitoring and control of water systems.
“These contract wins demonstrate continued traction in South Korea and our ability to convert a significant pipeline into revenue,” chief executive officer Mohan Jesudason said.
“The addition of two new cities and a growing addressable market across our existing customer base underscores a substantial market opportunity.”
“We are entering the new year with strong momentum and a solid foundation for continued growth.”
Other contracts
The new contracts follow a $1.7m win in April for remote water monitoring and control work and a $3m deal signed this week for South Korea’s flagship 2025 Portable Safety Alarm project.
Under that agreement, X2M will distribute 100,000 smart personal safety devices in the form of compact, rechargeable IoT-connected keychains to Seoul residents as part of a major public safety initiative focused on protecting women and vulnerable citizens.
The value of South Korea’s existing total addressable market for X2M is currently $581m in upfront revenues and $29m per annum in recurring revenue.