Business
The Glimpse Group Reports Record Fiscal Second Quarter 2022 Financial Results
6 Month Revenue Grows to a Record $2.71 million a 78% Increase Year-over-Year, with Core Software & Services Revenue Growing 166% Year-over-YearFiscal Second
About this update from The Glimpse Group, Inc.
[{"type":"text","content":"6 Month Revenue Grows to a Record $2.71 million a 78% Increase Year-over-Year, with Core Software & Services Revenue Growing 166% Year-over-YearFiscal Second Quarter Revenue Grows to a Record $1.69 millionNEW YORK, NY / ACCESSWIRE / February 14, 2022 / The Glimpse Group, Inc. (NASDAQ:VRAR)(FSE:9DR) (\"Glimpse,\" \"The Glimpse Group\" or the \"Company\"), a diversified Virtual Reality and Augmented Reality (\"VR\" and \"AR\") platform company providing enterprise-focused VR and AR software & services solutions, announced financial results for its fiscal second quarter ended December 31, 2021 (\"Q2 FY '22\").Management Commentary by President & CEO Lyron BentovimGlimpse's Q2 FY ‘22 and 1H FY '22 were highlighted by:Entered into a definitive agreement to acquire Sector 5 Digital (\"S5D\"), the largest Glimpse acquisition to date. The acquisition closed on February 1, 2022.Record 6-month FY '22 (1H FY '22) revenue of $2.71 million, a 78% increase compared to 1H FY'21 (excluding the S5D acquisition).Record 6-month Core Software & Services revenue, excluding project revenue, increased by 166% compared to 1H FY'21 (excluding Glimpse project-based revenue and the S5D acquisition).Including S5D's unaudited 6-month revenue of approximately $2 million, the combined Company's revenue was approximately $4.7 million for 1H FY ‘22. With continued internal growth, we are now on an expected annual revenue run rate of over $10 million, without any additional organic growth or any additional potential acquisitions.Record quarterly revenue of $1.69 million, a 65% increase compared to Q1 FY'22 (excluding the S5D acquisition) and a 34% increase compared to Q2 FY'21 which significantly benefitted from a delay in recognized revenue from Q1 FY'21 to Q2 FY '21 due to Covid limitations.During the quarter, we completed a $15 million private placement comprised of common stock at approximately 43% premium to our IPO price and warrants priced at approximately 110% premium to our IPO price.Post the S5D acquisition, between our combined revenues and with over 120 VR and AR software developers, engineers and 3D artists, and 5 issued patents, we believe that we are one of the largest independent VR&AR software and services companies.Post the recent S5D acquisition, we currently have over $21 million of cash (including $2MM in escrow for potential future S5D perf...