xReality Group Limited xReality Group Limited (ASX:XRG) develops and operates immersive extended reality (XR) products and experiences, including virtual reality (VR), augmented reality (AR), mixed reality (MR) and physical simulations for enterprise, defence, consumer leisure and entertainment markets. The company offers Operator XR, a portable VR mission planning and rehearsal system for military and law enforcement agencies focused on de-escalation tactics, use-of-force decision making and operational procedures; Red Cartel, a provider of VR, AR, XR and premium animation content for industries including entertainment, oil and gas, mining, healthcare and government; iFLY indoor skydiving facilities under licence in Sydney and Gold Coast, Australia, serving tourists, professional skydivers and military customers; and FREAK Entertainment, a chain of four out-of-home VR venues in New South Wales and Queensland featuring proprietary in-house games and technology. xReality Group Limited operates primarily in Australia with additional presence in the United States through Operator XR offices in Sydney and Virginia, and targets enterprise software for mission-critical simulations, defence training, law enforcement and consumer entertainment segments. Founded in 2011 by former SAS soldiers and headquartered in Brookvale, New South Wales, Australia, the company listed on the ASX in January 2013 as Indoor Skydive Australia Group Limited before rebranding to xReality Group Limited in December 2021; it expanded through the acquisition of Red Cartel in August 2021 for in-house XR development capabilities, formalized a distribution partnership with TSA in February 2024 to deploy Operator XR in Mexican law enforcement and military markets serving approximately 500,000 officers, and issued service rights to directors including 1.5 million each to Danny Hogan and Mark Smethurst in late 2024 as approved at the AGM alongside multiple director share purchases in 2025 reflecting alignment with shareholder interests.