X2O Media enters bankruptcy after years of losses

X2O Media Inc., a Montreal technology company focused on hybrid learning and visualization software, filed an assignment in bankruptcy on March 31, 2026 following sustained operating losses and heavy reliance on shareholder support from parent Stratacache Limited.

X2O offered integrated learning and visualization platforms branded OneRoom and OneVU, supported through applications including Azure and Microsoft products. It employed about 30 staff involved in technology services, software, computer design, and graphics.

X2O has suffered significant losses in recent years and carried a cumulative deficit of more than $37 million as of February 28, 2026. Revenue declined to $8.5 million in 2025 from $10.6 million in 2024. Net loss widened to $10.9 million in 2025 from $7.5 million a year earlier. The company’s balance sheet as of February 28, 2026 listed only $142,000 of cash against $41.1 million of liabilities, including $36.1 million of intercompany payables.

Stratacache and other affiliated companies had advanced significant sums in recent years to ease working capital pressure and fund operations. Despite that support, management and shareholders were unable to restore profitability.

Realizable assets at bankruptcy were mainly cash, tax credits, furniture and computer equipment, and potentially intellectual property.

FTI is the bankruptcy trustee.

Since its appointment, the trustee has launched a sale process and said it had received six offers for furniture and computer equipment. The trustee is also assessing potential recoveries from Quebec CDAE credits and SR&ED tax incentives, as well as a sale of trademarks and intellectual property, including the X2O OneVU and OneRoom brands, while consulting former counsel on patent validity and ownership issues.