X2M Connect Limited announced the signing of three new contracts with LianQing in China. The new China contracts, valued at a total of approximately A$1.8 million, will see LianQing acquire water quality sensor hardware and related accessories. These contracts bring the total China revenue thus far in FY23 to approximately $3.4 million, a figure that exceeds the Company's financial year 2022 China revenues.

These latest contract wins represent another step towards the delivery of X2M's clearly enunciated China market growth strategy. This involves the Company initially establishing a business base in this country through the sale of hardware and then following up these sales with connection of devices to the X2M IoT platform. Over time, the successful execution of this growth plan is expected to impact favourably on customer growth and margin metrics.

X2M has contracted for both water meters and water quality sensors in FY23 as it extends its customer base in the country.