Business
The Glimpse Group Announces Record Unaudited Preliminary Revenues For Fiscal Q4 and Full Year 2022
Q4 FY 2022 Expected Revenues of approximately $2.5 Million, representing Year-over-Year Growth of approximately 2.5X; FY 2022 Expected Revenues of
About this update from The Glimpse Group, Inc.
[{"type":"text","content":"Q4 FY 2022 Expected Revenues of approximately $2.5 Million, representing Year-over-Year Growth of approximately 2.5X; FY 2022 Expected Revenues of approximately $7.2 Million, representing Year-over-Year Growth of approximately 2.1XNEW YORK, NY / ACCESSWIRE / July 19, 2022 / The Glimpse Group, Inc. (\"Glimpse\") (NASDAQ:VRAR)(FSE:9DR), a diversified Virtual Reality (\"VR\") and Augmented Reality (\"AR\") platform company providing enterprise-focused VR and AR software and services solutions, provided preliminary record revenue results for its 2022 Fiscal Year fourth quarter and full year (\"Q4 FY ‘22\" and \"FY ‘22\").Preliminary Q4 FY ‘22 Results (ending June 30, 2022)The Company expects total revenues for Q4 FY ‘22 of approximately $2.4-2.5 million, representing a significant year-over-year increase of approximately 2.5X, compared to revenues of approximately $0.99 million in Q4 FY ‘21 and approximately 1.2X increase compared to Q3 FY '22 revenues. This quarter's revenue is the highest in the Company's history and the first quarter which fully incorporates S5D's financial results (acquisition closed February '22).Preliminary Full Year FY ‘22 Results (ending June 30, 2022)The Company expects total revenues for FY ‘22 of approximately $7.15-7.25 million, representing a significant year-over-year increase of approximately 2.1X compared to revenues of approximately $3.42 million in FY ‘21. These include S5D's financial results from February '22. However, had S5D's financial results been included since July 1, 2021, the aggregate \"as if\" revenues would have been approximately $9.7 million or approximately 2.8X increase compared to Glimpse's FY '21 revenues.The figures detailed above do not include any revenue from the Brightline Interactive transaction, which is expected to close in the coming weeks. Brightline generated approximately $5 million in calendar year 2021.As of June 30, 2022, the Company had over $18 million in cash and equivalents, no debt, no preferred equity outstanding and no material liabilities.Final recognized revenue and any other financials are the Company's estimates, are subject to auditor's review, may change and will be released with the Company's audited financial statements and related 10K report, to be filed by September 30, 2022.Lyron Bentovim, President & CEO of Glimpse commented: \"Since our July 1, ...