Business
The Glimpse Group Reports Record Fiscal First Quarter 2023 Financial Results
Fiscal First Quarter FY 2023 Total Revenues Grew by 287% Year-over-Year to a Record of Approximately $4.0 million; Committed to Reaching Cash Flow Neutrality
About this update from The Glimpse Group, Inc.
[{"type":"text","content":"Fiscal First Quarter FY 2023 Total Revenues Grew by 287% Year-over-Year to a Record of Approximately $4.0 million; Committed to Reaching Cash Flow Neutrality From Existing Operations in CY ‘23NEW YORK, NY / ACCESSWIRE / November 14, 2022 / The Glimpse Group, Inc. (NASDAQ:VRAR, FSE:9DR) (\"Glimpse\" or the \"Company\"), a diversifiedVirtual 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 first quarter ended September 30, 2022 (\"Q1 FY'23\").Business Commentary by President & CEO Lyron BentovimQ1 FY '23 (July - September ‘22) was highlighted by:Record Q1 FY'23 quarterly revenue of approximately $4.0 million, a 287% increase compared to Q1 FY'22 revenues of approximately $1.0 million, and a 58% increase compared to Q4 FY '22, in which we had our prior record quarterly revenue of approximately $2.5 million.Record Q1 FY'23 Core Software & Services revenue, which excludes project revenue, of approximately $1.28 million, an increase of 49% compared to Q1 FY'22.The Q1 FY'23 results include two months of Brightline Interactive (\"BLI\") financials, the acquisition of which closed on August 1, 2022. BLI generated approximately $5 million of revenues in calendar year 2021, with 65% gross margins and positive net income.The Company's cash and equivalent position as of September 30, 2022 was approximately $13.0 million, including $2 million cash held in escrow for potential future performance payments relating to the S5D acquisition. With the core S5D and Brightline acquisitions complete, 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, no preferred equity or any other material cash obligations.In Q1, 2023, Gross Margin was approximately 70% and Adjusted EBITDA loss for the quarter was $1.1 million, compared to a $0.6 million Adjusted EBITDA loss for the three months ended September 30, 2021.The Company's operating cost structure remains predominantly variable. Through continued revenue growth, combined with expense controls, we are committed to reaching cash flow neutrality from our existing operations in calendar year...