X2M Connect Ltd Wins $1.1M Seoul Repeat Order With $3M FY27 Banked
X2M secures $1.1 million City of Seoul contract to enter FY27 with ~$3 million already contracted
X2M Connect Limited (ASX:X2M) has been awarded an approximately A$1.1 million contract by the City of Seoul to supply a further 50,000 HelpMe connected personal safety devices into the city’s AI-enabled smart city infrastructure. The award is a repeat order, following the full delivery of the original 100,000 devices under X2M’s 2025 Seoul contract.
The additional devices are scheduled for delivery by the end of December 2026, taking the total contracted under the Seoul program to 150,000 devices. The contract supports a strong start to FY27, with approximately A$3 million in already-contracted revenue.
Key deal terms at a glance:
- Contract value: approximately A$1.1 million
- New devices: 50,000
- Total Seoul program contracted: 150,000 devices
- Already-contracted FY27 revenue: approximately A$3 million
- Delivery deadline: end of December 2026
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Building on a fully delivered Seoul program
The repeat order extends X2M’s role in Seoul’s smart city safety infrastructure and follows the successful delivery of the initial 100,000 HelpMe devices. For investors, repeat orders of this scale carry weight, signalling continued customer confidence in the platform.
The HelpMe device is a compact, rechargeable safety keychain that integrates into Seoul’s existing infrastructure, including its emergency response app, CCTV networks and control centres. The platform delivered by X2M also includes an AI based chat bot that handles calls to a central support number regarding questions on system operation.
When activated, the device performs several coordinated functions:
- Alerts police and nominated emergency contacts
- Shares the user’s real-time location
- Supports rapid response coordination
- Allows operators to track the user’s movements
How smart city data infrastructure works, and why it matters
An AI-enabled smart city depends on collecting and processing real-world data at industrial scale. Sensors and connected devices generate raw signals, which are then converted into structured, real-time data that city systems and AI applications can act on. Without that foundation, even sophisticated AI tools have nothing reliable to work with.
X2M’s platform sits within this layer, connecting and processing infrastructure and safety data across the network. Each personal safety device forms part of the physical-world data layer that underpins Seoul’s emergency response and broader smart city solution, effectively feeding the AI data supply chain.
The investor angle is structural. Industry analyst Gartner has forecast that organisations will abandon 60% of AI projects that lack AI-ready data through 2026, underlining the growing value of accurate, real-world data infrastructure as cities and enterprises move to deploy AI.
CEO Mohan Jesudason Commentary
“Every device we connect turns real-world activity into structured data that the city’s emergency systems can act on in real time. Physical-world data, delivered at scale, makes genuinely AI-enabled cities possible.”
A leading position in South Korea with a long growth runway
The contract reinforces X2M’s position as a provider of AI-enabling smart city solutions in South Korea, the company’s largest market, where it now serves 58 municipalities.
Those existing customers represent a substantial addressable market of approximately A$750 million in upfront revenue and around A$30 million in annual recurring revenue, assuming full adoption of X2M’s remote water monitoring technology across their households. The City of Seoul is also a customer for these remote water monitoring products.
The Seoul contract builds on a run of recent milestones in the South Korean market, including X2M’s sole-certified smart water meter certification that opened exclusive access to a hardware replacement cycle exceeding $1.3 billion with no tender process required for two years.
Despite strong growth across its South Korean municipal base, penetration of that addressable market remains at an early stage. This provides a long runway for growth as customers progressively convert their households to X2M’s solutions and take up additional services over time.
| Metric | Figure | Investor Significance |
|---|---|---|
| Existing SK municipalities served | 58 | Established base for repeat orders |
| Addressable upfront revenue | ~A$750 million | Full-adoption opportunity |
| Addressable annual recurring revenue | ~A$30 million | Recurring SaaS upside |
| Current penetration | Early stage | Long growth runway |
Potential to scale toward one million devices
The Seoul public safety program has the potential to scale to up to 1 million devices over time, consistent with the City’s broader public safety roadmap and supported by South Korea’s security alarm mandate.
Importantly, any expansion beyond the current contracted volumes would be subject to further contracts. The 1 million figure represents long-term optionality rather than a committed or guaranteed order.
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Momentum into FY27
This contract, together with other recent announcements, supports a strong start to FY27 as X2M continues to expand its AI-enabling smart city platform across multiple markets through new customers, repeat orders and the addition of new product lines.
It follows X2M’s recently announced five-year partnership with Resi Ventures to develop AI-enabled regional data centre and energy precincts in Australia, initially targeting the Miners Rest precinct near Ballarat in regional Victoria (ASX announcement, 11 June 2026).
The Resi Ventures data centre partnership announced on 11 June 2026 targets an Australian edge computing market projected to grow from approximately A$1.2 billion today to A$3.6 billion by 2029, with the Miners Rest precinct near Ballarat serving as the first deployment site for X2M’s AI-powered energy management platform.
By way of background, X2M has connected over 500,000 devices to date and supports more than 85 customers across five key geographies spanning Japan, South Korea, Taiwan, the Middle East and Australia. The company generates revenue through a mix of hardware sales, recurring SaaS and platform fees, and device connection charges.
CEO Mohan Jesudason Commentary
“South Korea remains our largest market, where the addressable market represented by our existing customers continues to grow, and together with our recent partnership to develop AI-enabled regional data centre precincts in Australia, this win reflects strong momentum across our smart city business as we enter FY27.”
Heading into FY27, X2M’s growth drivers appear diversified across repeat municipal orders, deeper penetration of its established South Korean base, and its expansion into AI-enabled data centre infrastructure in Australia.
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