Glimpse Group, Inc. ( (VRAR) ) has released its Q1 earnings. Here is a breakdown of the information Glimpse Group, Inc. presented to its investors.
The Glimpse Group, Inc., a diversified immersive technology platform company, specializes in providing enterprise-focused virtual reality, augmented reality, and spatial computing software and services. In its latest earnings announcement for the first quarter of fiscal year 2025, Glimpse reported revenues of $2.44 million, marking a significant quarter-over-quarter increase of 44% but a year-over-year decline of 21%. The company’s gross margin improved substantially to 79% from 62% in the previous year, driven by an increase in Spatial Core and software license revenues.
Key financial metrics from the report include an adjusted EBITDA loss of $0.46 million, a marked improvement from the $1.29 million loss in the same quarter last year. Glimpse’s strategic realignment efforts, including the divestiture of QReal and its related entity, are expected to create approximately $4 million in net cash value over the next two years. This move aims to streamline operations and reduce risk, with no anticipated impact on projected revenues for the fiscal years 2025 and 2026.
The company forecasts revenue growth driven by increased Spatial Core revenues, expecting to exceed $3 million on average per quarter for the remainder of the fiscal year, with an annual revenue target of $11-12 million. Additionally, Glimpse secured several new contracts, including multi-million dollar agreements with government and enterprise clients, and mid-six figure deals in the AR and immersive content sectors.
Looking ahead, Glimpse remains optimistic about its future prospects, anticipating positive cash flow in the coming quarters without the need to raise additional capital. The company is exploring strategic options to unlock further value, reflecting management’s confidence in their growth trajectory and market position.
