Business
The Glimpse Group Reports Fiscal Second Quarter 2023 Financial Results
Fiscal Second Quarter FY 2023 Revenues Grew by 75% Year-over-Year to Approximately $3.0 million; Revenue for 1H FY 2023 Grew by 155% Year-over-Year to a
About this update from The Glimpse Group, Inc.
[{"type":"text","content":"Fiscal Second Quarter FY 2023 Revenues Grew by 75% Year-over-Year to Approximately $3.0 million; Revenue for 1H FY 2023 Grew by 155% Year-over-Year to a Record of Approximately $6.9 million; Progressing Toward Goal of Achieving Cash Flow Neutrality From Existing Operations in CY '23; Artificial Intelligence and Blockchain Technologies Increasingly Integrated Into Glimpse Software SolutionsNEW YORK, NY / ACCESSWIRE / February 14, 2023 / The Glimpse Group, Inc. (NASDAQ:VRAR)(FSE:9DR) (\"Glimpse\" or the \"Company\"), a diversified Virtual Reality and Augmented Reality (\"VR\" and \"AR\") platform company providing enterprise-focused VR and AR software & services immersive technology solutions, provided financial results for its fiscal second quarter ended December 31, 2022 (\"Q2 FY'23\").Business Commentary by President & CEO Lyron BentovimQ2 FY '23 (October - December ‘22) and 1H FY '23 (July-December '22) were highlighted by:Q2 FY'23 quarterly revenue of approximately $3.0 million, a 75% increase compared to Q2 FY'22 revenue of approximately $1.7 million, representing the second highest quarterly revenue in the Company's history.1H FY '23 record revenue of approximately $6.9 million, a 155% increase compared to 1H FY '22 revenue of approximately $2.7 million.We expect Q3 FY '23 (Jan-March '23) revenues to exceed Q2 FY ‘23 revenue and to have a materially lower net cash burn.Launched several key technology initiatives, including: embedding artificial intelligence (AI) capabilities into our XR software products, augmented reality-based try-on for e-commerce, NFT/blockchain integration for V-Commerce applications and potential Department of Defense (DoD) VR- based simulations.Gross Margin was approximately 70% for both Q2 and 1H FY'23; Adjusted EBITDA loss was approximately $2.6 million and $3.6 million for Q2 FY '23 and 1H FY '23 respectively.In recent months, we improved internal efficiencies, rationalized our investments and reduced our operational cash expense base by approximately $2.5 million on an annualized basis, representing approximately 15% of our annual operational cost base. These reductions included 20-25% cash salary cuts for the Company's executives. We expect to see the effects of these reductions in the upcoming quarter.The Company's operating cost structure remains predominantly variable. Through continued reven...