Business
The Glimpse Group Reports Record Fiscal Third Quarter 2022 Financial Results
Fiscal Third Quarter Revenue Grows by 123% Year-over-Year to a Record $2.1 million, with Core Software & Services Revenue Growing by 176% Year-over-Year9
About this update from The Glimpse Group, Inc.
[{"type":"text","content":"Fiscal Third Quarter Revenue Grows by 123% Year-over-Year to a Record $2.1 million, with Core Software & Services Revenue Growing by 176% Year-over-Year9 Month Revenue Grows by 95% Year-over-Year to a Record $4.8 million, with Core Software & Services Revenue Growing by 171% Year-over-YearNEW YORK, NY / ACCESSWIRE / May 16, 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 third quarter and nine-month period ended March 31, 2022 (\"Q3 FY ‘22\", \"9M FY '22\"). The financial results for these periods include only two months of the Company's recent acquisition of Sector 5 Digital (\"S5D\"), which closed on February 1, 2022.Management Commentary by President & CEO Lyron BentovimQ3 FY ‘22 and 9M FY '22 were highlighted by:Record 9M FY '22 revenue of approximately $4.8 million, a 95% increase compared to 9M FY'21.Record 9M Core Software & Services revenue, which excludes project revenue, increased by 171% compared to 9M FY'21 and comprised approximately 60% of total revenue.While our FY ‘Q3 period (January-March) has historically been the slowest quarter of the year, we achieved record quarterly revenue of approximately $2.1 million for Q3 FY' 22, a 21% increase compared to our previous record achieved in Q2 FY'22 (Oct-Dec '21) and a 121% increase compared to Q3 FY'21. Including S5D, revenues would have been approximately $2.3 million for the full Q3 FY '22.Record 3-month Core Software & Services revenue, which excludes project revenue, increased by 176% compared to Q3 FY '21 and comprised approximately 58% of total revenue.As per our pro forma 8K/A filing on April 6, 2022, the combined revenue for Glimpse and S5D for the 6-month period ended December 30, 2021 was approximately $5.0 million. As per the proforma included in the footnotes of our current financial statements, the combined revenue for Glimpse and S5D for the 9-month period ended March 31, 2022 was approximately $7.3 million.Gross margin remains robust at over 80%, a direct result of the growth in our Core Software & Services revenue and our efficient operating structure.Post the S5D acquisition and internal growt...