The Glimpse Group Reports Q2 Fiscal Year 2025 Financial Results - 50% Increase in Revenue and Positive EBITDA, Positive Cash Flow & Positive Net Income
NEW YORK, NY / ACCESS Newswire / February 13, 2025 / The Glimpse Group, Inc. ("Glimpse") (NASDAQ:VRAR)(FSE:9DR), a diversified Immersive Technology platform company providing enterprise-focused Virtual Reality ("VR"), Augmented Reality ("AR") and Spatial Computing software and services, provided financial results for its second quarter fiscal year 2025 year, ended December 31, 2024 ("Q2 FY '25").
Business Commentary by President & CEO Lyron Bentovim
Financial Summary:
Q2 FY '25 revenue of approximately $3.17 million, reflecting: a) 52% increase compared to Q2 FY '24 (ending December 31, 2023) revenue of approximately $2.08 million, and b) 30% increase compared to Q1 FY '25 (ending September 30, 2024) revenue of approximately $2.44 million. The increase in both comparative periods was primarily driven by an increase in Spatial Core revenues, as well as growth in our other businesses.
Gross Margin for Q2 FY ‘25 was approximately 64% compared to 68% for Q2 FY ‘24. The decrease was driven by revenue mix which tends to oscillate a bit between quarters. On average, we expect our going forward Gross Margin to continue to be in the 60-70% range.
Q2 FY '25 positive adjusted EBITDA of approximately $0.28 million, compared to an adjusted EBITDA loss of approximately -$1.33 million for Q2 FY '24. Net Operating Cash provided from Operations for Q2 FY '25 was approximately $0.17 million, compared to a Net Operating Cash loss of approximately -$1.68 million for Q2 FY '24. Importantly, this is the first profitable EBITDA quarter in the Company's history as a publicly traded company, reflecting our significant restructuring efforts over the past few quarters combined with revenue growth.
Driven by the timing of existing contracts revenue recognition, for Q3 FY '25 we expect a decline in revenue ($1.5-2 million) and negative adjusted EBITDA, to be more than offset by a strong Q4 FY '25 ($3.3-4.0 million revenue) and positive adjusted EBITDA. For FY '25 (ending June 30, 2025), we expect aggregate revenue to exceed $11 million, compared to $8.8 million for FY '24 (ended June 30, 2024), a 25%+ increase in annual revenue and breakeven adjusted EBITDA for the fiscal year vs. a significant adjusted EBITDA loss in the prior fiscal year.
The Company's cash and equivalent position as of December 31, 2024 was approximately $8.5 million, with an additional $1.4 million in accounts receivable. The increase in our cash position was primarily a result of our December 2024 registered direct equity financing, in which we raised $7.3 million in gross cash proceeds from one investor in a clean structure. We continue to maintain a clean capital structure with no debt, no convertible debt and no preferred equity.
On December 24, 2024, we received written notice from the Nasdaq informing the Company that it had regained compliance with Nasdaq Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum bid price of $1.00 per share. This closes the matter that originated on September 3, 2024.
For the full detail of our financial results, please refer to our 8K and 10Q filed on 2/13/25.
Recent Business Updates:
During the quarter, Brightline Interactive ("BLI") delivered a significant milestone on its $4 million+ Department of Defense ("DoD") contract.
BLI entered into an initial contract with the US Navy for an Immersive, AI-Driven Simulator System, to be delivered in the coming months, setting the ground for potential follow-on contracts.
BLI delivered a scalable immersive simulation to a global government service integrator, positioning itself as a leading middleware for processing and visualizing complex information in 3D space, and setting what we believe has the potential to become a new industry standard.
The Continuing Resolution and the lack of a Federal budget for 2025 has delayed the potential awarding of multiple Government and DoD opportunities. We hope this will be resolved promptly in March 2025 when the current Continuing Resolution expires and with a new administration and Congress now in place.
Led by Foretell Reality, we continue to make strong progress on commercializing our AI driven immersive training product and have experienced encouraging initial traction with our customers and partners.
Q2 Fiscal Year 2025 Conference Call and Webcast
Date: Thursday, February 13, 2025
Time: 9:00 a.m. Eastern time
USA Dial In: 888-506-0062
International: +1-973-528-0011
Participant Access Code: 831836
Webcast: https://www.webcaster4.com/Webcast/Page/2934/52015
Please dial in at least 10 minutes before the start of the call to ensure timely participation.
A playback of the webcast will be available through Friday, February 13, 2026. A replay of the teleconference will be available through February 27, 2025. To listen, please call USA: 877-481-4010 or International: +1-919-882-2331; Replay Passcode: 52015. A webcast will also be available on the IR section of The Glimpse Group website (ir.theglimpsegroup.com) or by clicking the webcast link above.
Note about Non-GAAP Financial Measures
A non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with accounting principles generally accepted in the United States of America, or GAAP. Non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. Other companies may use different non-GAAP measures and presentation of results.
In addition to financial results presented in accordance with GAAP, this press release presents adjusted EBITDA, which is a non-GAAP measure. Adjusted EBITDA is determined by taking net loss and adding interest, taxes, depreciation, amortization and stock-based compensation expenses. The company believes that this non-GAAP measure, viewed in addition to and not in lieu of net loss, provides useful information to investors by providing a more focused measure of operating results. This metric is an integral part of the Company's internal reporting to evaluate its operations and the performance of senior management. A reconciliation of adjusted EBITDA to net loss, the most comparable GAAP measure, is available in the accompanying financial tables below. The non-GAAP measure presented herein may not be comparable to similarly titled measures presented by other companies.
About The Glimpse Group, Inc.
The Glimpse Group (NASDAQ: VRAR) is a diversified Immersive technology platform company, providing enterprise-focused Virtual Reality, Augmented Reality and Spatial Computing software & services. Glimpse's unique business model builds scale and a robust ecosystem, while simultaneously providing investors an opportunity to invest directly into this emerging industry via a diversified platform. For more information on The Glimpse Group, please visit www.theglimpsegroup.com
Safe Harbor Statement
This press release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This press release may contain certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements, if provided, are based on information available to the Company as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business. Forward-looking statements, if provided, include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "view," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. All forecasts, if provided, are based on information available at this time and management expects that internal projections and expectations may change over time. In addition, any forecasts, if provided, are entirely on management's best estimate of our future financial performance given our current contracts, current backlog of opportunities and conversations with new and existing customers about our products and services. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
Company Contact:
Maydan Rothblum
CFO & COO
The Glimpse Group, Inc.
(917) 292-2685
maydan@theglimpsegroup.com
THE GLIMPSE GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
|
| As of |
|
| As of |
| ||
|
| (Unaudited) |
|
| (Audited) |
| ||
| ASSETS |
|
|
|
|
|
| ||
| Cash and cash equivalents |
| $ | 8,445,288 |
|
| $ | 1,848,295 |
|
| Accounts receivable |
|
| 1,391,879 |
|
|
| 723,032 |
|
| Deferred costs/contract assets |
|
| 222,784 |
|
|
| 170,781 |
|
| Notes receivable |
|
| 124,900 |
|
|
| - |
|
| Prepaid expenses and other current assets |
|
| 678,424 |
|
|
| 778,181 |
|
| Total current assets |
|
| 10,863,275 |
|
|
| 3,520,289 |
|
|
|
|
|
|
|
|
| |
| Equipment and leasehold improvements, net |
|
| 73,244 |
|
|
| 167,325 |
|
| Right-of-use assets, net |
|
| 187,688 |
|
|
| 452,808 |
|
| Intangible assets, net |
|
| 261,789 |
|
|
| 487,867 |
|
| Goodwill |
|
| 10,857,600 |
|
|
| 10,857,600 |
|
| Other assets |
|
| 11,100 |
|
|
| 72,714 |
|
| Total assets |
| $ | 22,254,696 |
|
| $ | 15,558,603 |
|
|
|
|
|
|
|
|
| |
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
| Accounts payable |
| $ | 295,776 |
|
| $ | 181,668 |
|
| Accrued liabilities |
|
| 633,355 |
|
|
| 340,979 |
|
| Deferred revenue/contract liabilities |
|
| 263,347 |
|
|
| 72,788 |
|
| Lease liabilities, current portion |
|
| 143,929 |
|
|
| 364,688 |
|
| Contingent consideration for acquisitions, current portion |
|
| 2,942,651 |
|
|
| 1,467,475 |
|
| Total current liabilities |
|
| 4,279,058 |
|
|
| 2,427,598 |
|
|
|
|
|
|
|
|
| |
| Long term liabilities |
|
|
|
|
|
|
|
|
| Contingent consideration for acquisitions, net of current portion |
|
| - |
|
|
| 1,413,696 |
|
| Lease liabilities, net of current portion |
|
| 57,690 |
|
|
| 178,824 |
|
| Total liabilities |
|
| 4,336,748 |
|
|
| 4,020,118 |
|
| Commitments and contingencies |
|
| - |
|
|
| - |
|
| Stockholders' Equity |
|
|
|
|
|
|
|
|
| Preferred Stock, par value $0.001 per share, 20 million shares authorized; 0 shares issued and outstanding |
|
| - |
|
|
| - |
|
| Common Stock, par value $0.001 per share, 300 million shares authorized; 20,272,006 and 18,158,217 issued and outstanding, respectively |
|
| 20,272 |
|
|
| 18,158 |
|
| Additional paid-in capital |
|
| 81,925,269 |
|
|
| 74,559,600 |
|
| Accumulated deficit |
|
| (64,027,593 | ) |
|
| (63,039,273 | ) |
| Total stockholders' equity |
|
| 17,917,948 |
|
|
| 11,538,485 |
|
| Total liabilities and stockholders' equity |
| $ | 22,254,696 |
|
| $ | 15,558,603 |
|
THE GLIMPSE GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
| For the Three Months Ended |
|
| For the Six Months Ended |
| ||||||||||
|
| December 31 |
|
| December 31 |
| ||||||||||
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||
| Revenue |
|
|
|
|
|
|
|
|
|
|
|
| ||||
| Software services |
| $ | 3,129,108 |
|
| $ | 2,032,272 |
|
| $ | 5,358,365 |
|
| $ | 5,044,343 |
|
| Software license/software as a service |
|
| 39,826 |
|
|
| 44,153 |
|
|
| 248,938 |
|
|
| 136,962 |
|
| Total Revenue |
|
| 3,168,934 |
|
|
| 2,076,425 |
|
|
| 5,607,303 |
|
|
| 5,181,305 |
|
| Cost of goods sold |
|
| 1,144,007 |
|
|
| 655,509 |
|
|
| 1,659,310 |
|
|
| 1,837,018 |
|
| Gross Profit |
|
| 2,024,927 |
|
|
| 1,420,916 |
|
|
| 3,947,993 |
|
|
| 3,344,287 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development expenses |
|
| 659,699 |
|
|
| 1,391,883 |
|
|
| 1,780,222 |
|
|
| 3,072,670 |
|
| General and administrative expenses |
|
| 845,381 |
|
|
| 1,045,085 |
|
|
| 1,782,660 |
|
|
| 2,141,236 |
|
| Sales and marketing expenses |
|
| 384,223 |
|
|
| 765,116 |
|
|
| 1,123,098 |
|
|
| 1,578,858 |
|
| Amortization of acquisition intangible assets |
|
| 100,536 |
|
|
| 291,036 |
|
|
| 226,077 |
|
|
| 659,156 |
|
| Goodwill impairment |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 379,038 |
|
| Intangible asset impairment |
|
| - |
|
|
| 8,275 |
|
|
| - |
|
|
| 522,166 |
|
| Change in fair value of acquisition contingent consideration |
|
| 28,161 |
|
|
| (1,268,014 | ) |
|
| 61,480 |
|
|
| (4,025,544 | ) |
| Total operating expenses |
|
| 2,018,000 |
|
|
| 2,233,381 |
|
|
| 4,973,537 |
|
|
| 4,327,580 |
|
| Income (loss) from operations before other income |
|
| 6,927 |
|
|
| (812,465 | ) |
|
| (1,025,544 | ) |
|
| (983,293 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Other income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
| 18,945 |
|
|
| 74,098 |
|
|
| 37,224 |
|
|
| 125,483 |
|
| Net Income (loss) |
| $ | 25,872 |
|
| $ | (738,367 | ) |
| $ | (988,320 | ) |
| $ | (857,810 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Basic net income (loss) per share |
| $ | 0.00 |
|
| $ | (0.04 | ) |
| $ | (0.05 | ) |
| $ | (0.05 | ) |
| Diluted net income (loss) per share |
| $ | 0.00 |
|
| $ | (0.04 | ) |
| $ | (0.05 | ) |
| $ | (0.05 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Weighted-average shares used to compute basic net income (loss) per share |
|
| 18,361,274 |
|
|
| 16,668,740 |
|
|
| 18,262,745 |
|
|
| 15,699,563 |
|
| Weighted-average shares used to compute diluted net income (loss) per share |
|
| 24,521,976 |
|
|
| 16,668,740 |
|
|
| 18,262,745 |
|
|
| 15,699,563 |
|
THE GLIMPSE GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
| For the Six Months Ended December 31, |
| |||||
|
| 2024 |
|
| 2023 |
| ||
| Cash flows from operating activities: |
|
|
|
|
|
| ||
| Net loss |
| $ | (988,320 | ) |
| $ | (857,810 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
| Amortization and depreciation |
|
| 272,615 |
|
|
| 720,458 |
|
| Common stock and stock option based compensation for employees and board of directors |
|
| 407,231 |
|
|
| 1,135,048 |
|
| Net gain on divestiture of subsidiaries |
|
| (1,397,066 | ) |
|
| (1,000,000 | ) |
| Reserve on note received in connection with divestiture of subsidiaries |
|
| 1,500,000 |
|
|
| 1,000,000 |
|
| Gain on office lease termination |
|
| (34,660 | ) |
|
| - |
|
| Accrued non cash performance bonus fair value adjustment |
|
| - |
|
|
| (551,234 | ) |
| Acquisition contingent consideration fair value adjustment |
|
| 61,480 |
|
|
| (4,025,544 | ) |
| Impairment of intangible assets |
|
| - |
|
|
| 901,204 |
|
| Issuance of common stock to vendors |
|
| - |
|
|
| 73,282 |
|
| Adjustment to operating lease right-of-use assets and liabilities |
|
| (41,787 | ) |
|
| (89,376 | ) |
|
|
|
|
|
|
|
| |
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
| Accounts receivable |
|
| (668,847 | ) |
|
| 208,052 |
|
| Deferred costs/contract assets |
|
| (52,003 | ) |
|
| 81,560 |
|
| Loans receivable |
|
| (40,900 | ) |
|
| - |
|
| Prepaid expenses and other current assets |
|
| 99,757 |
|
|
| (99,231 | ) |
| Other assets |
|
| 5,349 |
|
|
| (1,507 | ) |
| Accounts payable |
|
| 114,108 |
|
|
| (180,077 | ) |
| Accrued liabilities |
|
| 295,521 |
|
|
| (343,474 | ) |
| Deferred revenue/contract liabilities |
|
| 214,369 |
|
|
| (329,531 | ) |
| Net cash used in operating activities |
|
| (253,153 | ) |
|
| (3,358,180 | ) |
| Cash flow from investing activities: |
|
|
|
|
|
|
|
|
| Purchase of leasehold improvements and equipment |
|
| (26,406 | ) |
|
| (8,751 | ) |
| Net cash used in investing activities |
|
| (26,406 | ) |
|
| (8,751 | ) |
| Cash flows provided by financing activities: |
|
|
|
|
|
|
|
|
| Proceeds from securities purchase agreement, net |
|
| 6,785,552 |
|
|
| 2,968,501 |
|
| Proceeds from exercise of warrants |
|
| 175,000 |
|
|
| - |
|
| Issuance of note receivable |
|
| (84,000 | ) |
|
| - |
|
| Cash provided by financing activities |
|
| 6,876,552 |
|
|
| 2,968,501 |
|
|
|
|
|
|
|
|
| |
| Net change in cash and cash equivalents |
|
| 6,596,993 |
|
|
| (398,430 | ) |
| Cash and cash equivalents, beginning of year |
|
| 1,848,295 |
|
|
| 5,619,083 |
|
| Cash and cash equivalents, end of period |
| $ | 8,445,288 |
|
| $ | 5,220,653 |
|
|
|
|
|
|
|
|
| |
| Non-cash Investing and Financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Issuance of common stock for satisfaction of contingent liability |
| $ | - |
|
| $ | 127,145 |
|
| Issuance of common stock for non cash performance bonus |
| $ | - |
|
| $ | 127,145 |
|
| Lease liabilities arising from right-of-use assets |
| $ | 20,344 |
|
| $ | 113,182 |
|
The following table presents a reconciliation of net loss to Adjusted EBITDA for the three and six months ended December 31, 2024 and 2023:
|
| For the Three Months Ended |
|
| For the Six Months Ended |
| ||||||||||
|
| December 31, |
|
| December 31, |
| ||||||||||
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||
|
| (in millions) |
|
| (in millions) |
| ||||||||||
| Net income (loss ) |
| $ | 0.02 |
|
| $ | (0.74 | ) |
| $ | (0.98 | ) |
| $ | (0.86 | ) |
| Depreciation and amortization |
|
| 0.12 |
|
|
| 0.32 |
|
|
| 0.27 |
|
|
| 0.72 |
|
| EBITDA income (loss) |
|
| 0.14 |
|
|
| (0.42 | ) |
|
| (0.71 | ) |
|
| (0.14 | ) |
| Stock based compensation expenses |
|
| 0.04 |
|
|
| 0.51 |
|
|
| 0.41 |
|
|
| 1.21 |
|
| Loss on subsidiary divestiture |
|
| 0.10 |
|
|
| - |
|
|
| 0.10 |
|
|
| - |
|
| Gain on office lease termination |
|
| (0.03 | ) |
|
| - |
|
|
| (0.03 | ) |
|
| - |
|
| Intangible asset impairment |
|
| - |
|
|
| 0.01 |
|
|
| - |
|
|
| 0.90 |
|
| Non cash change in fair value of accrued performance bonus |
|
| - |
|
|
| (0.16 | ) |
|
| 0.06 |
|
|
| (0.55 | ) |
| Non cash change in fair value of acquisition contingent consideration |
|
| 0.03 |
|
|
| (1.27 | ) |
|
| - |
|
|
| (4.03 | ) |
Adjusted EBITDA income (loss) |
| $ | 0.28 |
|
| $ | (1.33 | ) |
| $ | (0.17 | ) |
| $ | (2.61 | ) |
SOURCE: The Glimpse Group, Inc.
View the original press release on ACCESS Newswire
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Veteran Investment Executive to Lead Dubai-Based Platform's Multi-Strategy Expansion DUBAI, AE / ACCESS Newswire / September 8, 2025 / General Holdings Limited, a diversified investment platform headquartered in Dubai International Financial Centre (DIFC), today announced that Paul Scribner was appointed Chief Executive Officer, effective November 8, 2024. While his appointment has been in effect since that date, the company is now formally announcing the leadership transition. Scribner brings extensive experience in complex cross-border transactions and restructuring to his new role. He will continue to serve as Chairman and CEO of Raven Resources Corp., a mid-market private equity firm based in Dallas, while leading General Holdings' strategic expansion across seven business verticals spanning technology, commodities, distribution, real estate, mobility, aerospace, and sports entertainment. "Paul's track record of executing complex transactions on urgent timelines and his proven abil
IXOPAY Integrates J.P. Morgan Payments, Expanding Global Payment Connectivity for Merchants8.9.2025 06:00:00 CEST | Press release
Merchants can now access J.P. Morgan Payments' Commerce Platform through IXOPAY's orchestration platform - boosting approval rates, reducing costs, and simplifying global expansion. LEHI, UT / ACCESS Newswire / September 8, 2025 / IXOPAY, a leading provider of enterprise-grade payment orchestration, today announced it has integrated J.P. Morgan Payments' Commerce Platform, as a member of the J.P. Morgan Payments Partner Network. IXOPAY's merchant customers are now able to seamlessly integrate J.P. Morgan Payments' global, end-to-end Commerce Platform into their payment stack via IXOPAY's single API. By combining IXOPAY's flexible orchestration platform with J.P. Morgan Payments' robust payment infrastructure, merchants can optimize approval rates, and benefit from smoother cross-border transactions and improved fraud protection - all while reducing operational complexity and supporting a seamless customer experience. Martin Hyde, Head of Partnerships, EMEA & APAC at J.P. Morgan Payment
Foundations of Neutrinovoltaics: From Shared Knowledge to Shared Future4.9.2025 20:08:00 CEST | Press release
Uniting Mathematics, Artificial Intelligence, and Neutrino Science into a New Energy Paradigm BERLIN, DE / ACCESS Newswire / September 4, 2025 / Every technological leap builds on decades of knowledge. Neutrinovoltaics is no exception. Its foundation lies in the convergence of three intellectual streams, mathematics, artificial intelligence, and neutrino science, that together redefine how electricity can be generated.Holger Thorsten Schubart on Shared Science Celebrating the science that powers neutrinovoltaics The governing formula formalizes this principle: P(t) = η · ∫V Φ_eff(r,t) · σ_eff(E) dV It shows in precise terms how efficiency, flux density, interaction cross-section, and material volume convert invisible radiation into usable current. What once was intangible now has calculable structure. Holger Thorsten Schubart: Visionary and Bridge-Builder At the center of this development stands Holger Thorsten Schubart, mathematician and CEO of Neutrino® Energy Group. For over a decad
LOLC Advanced Tech and Corsair Group Join Forces to Transform Waste into Fuel in Sri Lanka4.9.2025 18:50:00 CEST | Press release
AMSTERDAM, NETHERLANDS / ACCESS Newswire / September 4, 2025 / LOLC Advanced Technologies (LOLC AT), a fully owned subsidiary of LOLC Holdings PLC, together with Corsair Group International, headquartered in Amsterdam, has announced a landmark partnership to upgrade and expand LOLC AT's existing waste-to-fuel plant at Kerawalapitiya. This strategic initiative aims to address Sri Lanka's growing plastic and polythene waste challenge. With Sri Lanka generating an estimated 7,000 metric tons of solid waste per day, equating to roughly 2.56 million metric tons per year, a significant portion of which consists of polythene and plastic. Plastic pollution has become one of the nation's most pressing environmental concerns, with much of this waste ends up in overflowing landfills, waterways, and oceans, posing serious threats to ecosystems, public health, and tourism. LOLC AT invested in and commissioned a waste-to-fuel plant in 2023, which it has successfully operated throughout 2024. This fa
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