X2M Connect (ASX: X2M), an Internet of Things (IoT) technology company focused on machine-to-machine communications, has been awarded $1 million in contracts for water-meter monitoring and control in South Korea. X2M Connect provides IoT solutions, connecting devices such as water meters and gas meters to the internet for remote monitoring and control. The company operates in Australia, South Korea, and Japan, offering smart solutions to utility companies and local governments.
The contracts encompass 7,806 households across Yongin, Gimcheon, and Gapyeong. These new projects bring the total value of South Korean contracts secured during the fourth quarter of the 2025 financial year to over $5.5 million, exceeding X2M’s revenue for the first nine months of the year. The company anticipates completing all projects by the end of the year.
According to X2M Connect, these contracts reflect an improvement in the Korean market, as municipalities are receiving funding to resume digitising the monitoring and control of water systems. CEO Mohan Jesudason stated that these wins demonstrate the company’s ability to convert a significant pipeline into revenue and that the addition of two new cities underscores a substantial market opportunity. The new contracts follow a $1.7 million win in April for remote water monitoring and control work and a $3 million deal signed this week for South Korea’s 2025 Portable Safety Alarm project.
The value of South Korea’s existing total addressable market for X2M is currently $581 million in upfront revenues and $29 million per annum in recurring revenue. 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.
