Brogent Inc. (5263) held a shareholders' meeting today (Aug 30th). The Company’s consolidated revenue for FY2020 was NT$1.06 billion and its net loss after tax was NT$51.75 million. Revenue in 2020 was mainly impacted by the COVID-19 outbreak and the revenue lower than projection due to the subsequent delay of progress in projects and orders. This year, with the gradual recovery of the tourism industry around the world, Brogent has been opening i-Ride flying theaters and large scale immersive attractions in Vietnam, Kazakhstan, Japan, Denmark, USA, UK and China since late April. It is expected that more than 20 sets of flying theaters and large scale immersive rides will be completed one after another. Brogent will continue to create maximum value for our shareholders through product diversification, revenue diversification, development of cutting edge technology and strengthening competitive advantages in the future.
With the reopening of major theme parks around the world, it is expected that there will be eye-catching amusement equipment that will attract and create buzz; therefore, the Brogent R&D team has continued to invest significant resources in product development since the end of 2019 to create a more diversified product line of immersive rides in order to provide the most suitable products and solutions to meet the various needs of customers in the post-pandemic era. For example, in June this year, the newly developed i-Ride flying theater was selected by a Beijing-based customer, who signed an order for four new flying theaters. The new flying theater requires relatively less space for equipment, giving clients more options in terms of location selection. In addition, optimizing the efficiency of passenger capacity will allow for faster turnaround time, resulting in a significant increase in the efficiency of overall operations. More importantly, this new generation of flying theater has been optimized and requires less time to install, enabling the rapid deployment of new amusement facilities to rapidly seize opportunities for the post-pandemic recovery of the theme park market. The personalized racing simulators in the Brogent miRide series have also been shipped to theme parks in Vietnam this year, showcasing that the diversified product line is in line with the market demand in the post-pandemic era, providing full coverage of the theme park market.
In addition to covering the theme park equipment sales market with a wide range of products, Brogent will also expand its business services and scope by providing customers with overall venue design to diversify its revenue source. On the other hand, the introduction of new cutting edge technology will empower Brogent to differentiate itself from its competitors in theme park equipment market. Last year, Brogent successfully developed its latest 8K LED dome screen for flying theaters, which brings 10 times more brightness and ultra-high 8K resolution, realizing a more immersive high-end entertainment experience. After announcing the new technology at the end of last year, the Company quickly received overseas orders. Although the outbreak of COVID-19 last year has had a profound impact on the theme park industry, the market for theme parks and entertainment will remain positive in the long run as vaccine coverage increases. Theme parks are reopening one after another and the human desire to have fun will never disappear. Therefore, the market outlook for theme parks and entertainment remains positive in the long run. Brogent is committed to continue refining its core immersive ride technology and expand its business to obtain more cooperation opportunities and market orders.