Key Points

• Manhattan-based broker Maxim Group initiated coverage of Virtuix with a ‘Buy’ rating and a US$11 price target on June 18, while classifying the early-stage company as a speculative investment.
• The analyst forecasts revenue rising from US$3.9 million in FY2026 to US$75 million in FY2029, with defense expected to become the largest source of potential upside.
• The most followed Simply Wall St community narrative values Virtuix at US$7.50 versus a current price of US$3.66, implying approximately 105% upside based on its multi-market platform thesis.

Why one broker believes Virtuix stock is undervalued

Maxim Group recently initiated research coverage on Virtuix (NASDAQ:VTIX) with a Buy rating and a 12-month price target of US$11 per share.

That target was approximately 216% above the US$3.48 closing price used in the report. Maxim also assigned Virtuix a speculative risk profile, reflecting the gap between the company’s current financial position and the growth assumed in the valuation.

The analyst expects Virtuix to generate US$3.9 million in FY2026 and US$4.7 million in FY2027. The model then assumes a much steeper increase, with revenue reaching US$18 million in FY2028 and US$75 million in FY2029.

Profitability is expected to follow later. Maxim forecasts adjusted EBITDA losses of US$9.8 million in FY2026, US$12 million in FY2027 and US$10 million in FY2028, before positive adjusted EBITDA of US$7 million in FY2029.

The price target therefore depends less on current performance and more on whether Virtuix can transform several early commercial opportunities into a larger, more profitable business.

Three markets sit behind the forecast

Maxim’s thesis is built around Virtuix using one core movement platform across consumer gaming, enterprise applications and defense simulation.

Omni One is the consumer-facing part of that strategy. The treadmill lets users walk, run, crouch and turn while navigating virtual environments. Virtuix also generates recurring revenue through game sales and Omni Online subscriptions, which could supplement hardware revenue as the installed base grows.

The company’s participation in Meta’s certified ecosystem widens that opportunity. Compatibility with Quest headsets gives Virtuix access to an estimated 6 million active users, while its expansion into Europe and other international markets increases the potential customer base further.

Defense carries the greatest weight in Maxim’s upside case. The analyst identifies Virtuix’s Virtual Terrain Walk system as the company’s most important potential growth driver, even though it is still at an early commercial stage.

Virtuix has capacity, but not yet the matching demand

Virtuix has already built manufacturing infrastructure capable of producing up to 3,000 Omni One units per month.

At high utilisation, that capacity could support more than US$100 million in annual hardware revenue. The facility may allow Virtuix to increase production without first making a similarly large investment in new manufacturing infrastructure.

However, the difference between current revenue and theoretical production capacity remains substantial.

Maxim’s FY2026 revenue estimate represents only a small fraction of what the facility could produce at full utilisation. Reaching US$75 million by FY2029 would require a sharp increase in consumer orders, significant enterprise deployments, meaningful defense contracts or some combination of all three.

Most followed narrative

The most followed Simply Wall St community narrative, published on June 23, estimates Virtuix’s fair value at US$7.50 per share. Against a current price of US$3.35 , that implies potential upside of approximately 124% .

The narrative’s investment case rests on Virtuix applying the same full-body movement technology across several markets, rather than relying solely on consumer demand for Omni One.

As the narrative’s author writes:

“Virtuix is not just a ‘VR treadmill’ story anymore.”

The author sees consumer gaming, enterprise training and defense simulation as distinct revenue opportunities built around the same underlying platform. The valuation assumes Virtuix can gradually increase production, expand higher-margin enterprise and defense sales, and add software or recurring revenue as its installed base grows.

Maxim’s research supports this broader interpretation by forecasting that defense could become the company’s largest source of growth and upside. Its model also assumes revenue rises from US$3.9 million in FY2026 to US$75 million in FY2029, with margins improving as existing production capacity is used more efficiently.

Readers can explore the full community narrative to assess whether its assumptions around defense adoption, manufacturing scale and recurring revenue are achievable.

What's next?

Defense progress may be the most important indicator, particularly whether existing military trials lead to follow-on orders, larger contracts or multi-year programs.

Investors may also monitor Omni One sales following the Meta Quest launch, the addition of compatible games and the contribution from subscriptions and other recurring revenue.

Financially, gross margin, quarterly cash use and the structure of any further financing will help show whether Virtuix can approach its growth targets without excessive dilution.

The FY2028 revenue forecast of US$18 million may provide a useful intermediate test. Progress toward that figure could indicate whether Maxim’s more ambitious FY2029 assumptions are becoming achievable.

About the company

Virtuix (NASDAQ:VTIX) develops full-body virtual reality movement systems for consumer, enterprise, healthcare and defense applications. Its Omni platforms allow users to walk and run in multiple directions while navigating games, simulations and digital environments.

Simply Wall St analyst Mitch Lawler and Simply Wall St have no position in any of the companies mentioned. This article is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.