Business
The Glimpse Group Provides Preliminary Unaudited Q1 Fiscal Year 2022 Strong Revenue Growth Results
Q1 FY 2022 Revenues of approximately $1.0 Million; Representing Year-over-Year Growth of approximately 300%; Core Software & Services Growth of approximately
About this update from The Glimpse Group, Inc.
[{"type":"text","content":"Q1 FY 2022 Revenues of approximately $1.0 Million; Representing Year-over-Year Growth of approximately 300%; Core Software & Services Growth of approximately 500%NEW YORK, NY / ACCESSWIRE / October 14, 2021 / The Glimpse Group, Inc. (NASDAQ:VRAR) (\"Glimpse\" or the \"Company\"), a diversified Virtual Reality and Augmented Reality (\"VR\" and \"AR\") platform company providing enterprise-focused VR and AR software & services solutions, provided preliminary revenue results for its 2022 Fiscal Year first quarter (\"Q1 FY ‘22\").Preliminary Q1 FY '22 Results (ending September 30, 2021)The Company expects total revenues for Q1 FY ‘22 of approximately $1.0 million, representing a significant year-over-year increase of approximately 300% compared to revenues of approximately $0.26 million in Q1 FY ‘21. This growth was primarily organic and, on a relative year-to-year basis, was partially impacted by a delay of revenues from Q1 FY'21 to Q2 FY '21 due to COVID-19 constraints. The Company expects to continue its rapid organic growth in FY 2022, without taking into account additional growth driven by potential accretive acquisitions.Core VR & AR software and services revenue (excluding project revenues) grew by approximately 500% year-over-year and represented approximately 80% of total Q1 FY '22 revenues, compared to approximately 50% in the prior year's first quarter.Final recognized revenue and any other financials are subject to review, may change and will be released with the Company's financial statements and related quarterly report.Management Commentary\"As previously discussed, our revenues are significant relative to the early stage of the emerging VR/AR industry, and our year-over-year revenue growth continues to demonstrate the strength of our diverse ecosystem of growing VR and AR companies\", said Lyron Bentovim, President & CEO of The Glimpse Group. \"Post our July 2021 IPO, and with a strong and clean balance sheet, Glimpse is well positioned to capitalize on the significant growth opportunities in this emerging industry as the only pure play, Nasdaq listed, diversified, VR/AR software and services company.\"About The Glimpse Group, Inc.The Glimpse Group (NASDAQ:VRAR) is a diversified Virtual and Augmented Reality platform company, comprised of multiple VR and AR software & services companies, and designed with the specifi...