Business
The Glimpse Group Reports Fiscal Third Quarter 2023 Financial Results
Fiscal Third Quarter FY 2023 Revenues Grew by 79% Year-over-Year to Approximately $3.7 Million; Revenue for 9M FY 2023 Grew by 122% Year-over-Year to a Record
About this update from The Glimpse Group, Inc.
[{"type":"text","content":"Fiscal Third Quarter FY 2023 Revenues Grew by 79% Year-over-Year to Approximately $3.7 Million; Revenue for 9M FY 2023 Grew by 122% Year-over-Year to a Record of Approximately $10.6 Million; Significantly Reduced Cash Operating Expense Base; Launched a Strategic Initiative Focused On Providing Cloud and AI Based Immersive Software Enterprise SolutionsNEW YORK, NY / ACCESSWIRE / May 15, 2023 / The Glimpse Group, Inc. (NASDAQ:VRAR)(FSE:9DR) (\"Glimpse\" or the \"Company\"), a diversified immersive technology platform company providing enterprise-focused Virtual Reality and Augmented Reality (\"VR\" and \"AR\") software & services, provided financial results for its fiscal third quarter ended March 31, 2023 (\"Q3 FY'23\").Business Commentary by President & CEO Lyron BentovimQ3 FY '23 (January - March ‘23) and 9M FY '23 (July '22 -March '23) were highlighted by:Q3 FY'23 quarterly revenue of approximately $3.7 million, a 79% increase compared to Q3 FY'22 revenue of approximately $2.0 million, representing the second highest quarterly revenue in the Company's history.9M FY '23 record revenue of approximately $10.6 million, a 122% increase compared to 9M FY '22 revenue of approximately $4.8 million.Gross Margin was approximately 67% for Q3 FY ‘23 and 69% for 9M FY'23.Adjusted EBITDA loss for Q3 FY '23 was approximately $1.1 million, compared to EBITDA loss of approximately $2.6 million in the prior quarter ended December 31, 2022. Cash flow used in Operating Activities was approximately $1.1 million for Q3 FY '23, compared to approximately $3.4 million in the prior quarter ended December 31, 2022 and $3.1 million in the quarter ended September 30, 2022. This significant improvement reflects the cost cutting measures we initiated as we continue to progress toward our goal of achieving cash flow neutrality from existing operations in CY '23.The Company's cash and equivalent position (including short term investments) as of March 31, 2023 was approximately $8.3 million, including $2 million cash held in escrow for potential future performance payments relating to the S5D acquisition. We do not expect to utilize our current cash balance as part of the purchase price of any acquisition we may make in the foreseeable future.We continue to maintain a clean capital structure with no debt, no convertible debt and no preferred equity.As part of ...