Business
The Glimpse Group Reports Fiscal First Quarter 2022 Financial Results
Fiscal First Quarter Revenues Grew 292%; Core Software & Services Revenue Grew 514%NEW YORK, NY / ACCESSWIRE / November 15, 2021 / The Glimpse Group, Inc.
About this update from The Glimpse Group, Inc.
[{"type":"text","content":"Fiscal First Quarter Revenues Grew 292%; Core Software & Services Revenue Grew 514%NEW YORK, NY / ACCESSWIRE / November 15, 2021 / The Glimpse Group, Inc. (NASDAQ:VRAR) (FSE:9DR) (\"Glimpse,\" \"The Glimpse Group\" or the \"Company\"), a diversifiedVirtual Reality and Augmented Reality (\"VR\" and \"AR\") platform company providing enterprise-focused VR and AR software & services solutions, announced financial results for its fiscal first quarter ended September 30, 2021 (\"FYQ1 ‘22\").Management Commentary by President & CEO Lyron BentovimDuring our first three months as a Nasdaq listed public company, we demonstrated remarkable progress, highlighted by strong revenue growth, additional strategic acquisitions, establishment of key partnerships, and the fortification of our balance sheet. We continued to see robust revenue growth across our businesses and in particular our core VR/AR software and services revenue (excluding project revenue), which grew by over 500% period-to-period, primarily organically. As a result, our gross margins increased to approximately 85% of revenue.Furthermore, we saw a seismic shift in the awareness of the potential of the immersive industry following Facebook's rebranding to Meta, as well as a wide array of other industry giants - such as Microsoft, AMD, Nvidia, Dropbox and Match Group - announcing metaverse plans. We believe that these will significantly propel the industry forward and serve as a strong accelerant, are complimentary and beneficial to Glimpse, and in alignment with our vision of becoming the premier software and services VR/AR company in the evolving metaverse landscape.In October 2021, we capitalized on the opportunity provided by these macro tailwinds and completed a $15 million private placement comprised of common stock and warrants. In addition to the largely still unutilized IPO proceeds, this financing significantly solidified our financial base while providing sufficient capital for us to effectively pursue many of the growth opportunities in front of us. Importantly, this financing was structured in a healthy manner for the Company, with a select number of institutional investors and at a price that was approximately 43% above our recent July 1, 2021 IPO price and with warrants priced at approximately 110% above our IPO price. We currently have over $25 million of cash, no...