Glimpse Group
The Glimpse Group Reports Record Fiscal First Quarter 2023 Financial Results
Q1 FY '23 (July - September ‘22) was highlighted by:
Recent Operational Highlights:
Recent IP Highlights
We expanded our Intellectual Property assets with two new patents via the BLI transaction:
We have several more patents in process and view our patents as forward looking, strategically positioned, with significant potential and importance when the immersive industry matures.
Summary
"Our first quarter of FY ‘23 served as continued validation of our organic and accretive acquisition growth strategies," said Lyron Bentovim, President and CEO of The Glimpse Group. "In a challenging environment, we maintained strong momentum, finalized the integration of our three recent acquisitions, and achieved a record revenue results, well above our previous records. We have consistently proven our ability to rapidly scale and are solidifying our position as a premier player in the immersive technology software and services space. With that, the immersive technology industry is still in its early stages of development and we are cognizant of the macro trends. Therefore - as a strategic goal - we are determined and committed to reach cash flow neutrality from the operations of our current business in 2023."
Q1 FY '23 Financial Summary
Date: Monday, November 14, 2022
Time: 4:30 p.m. Eastern time
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A playback of the webcast will be available through November 14, 2023. A replay of the teleconference will be available through Monday, November 28, 2022. To listen, call 1-877-481-4010 within the United States or 1-919-882-2331 when calling internationally and enter replay access code 47012. A webcast will also be available on the IR section of The Glimpse Group website or by clicking the webcast link above.
A non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with accounting principles generally accepted in the United States of America, or GAAP. Non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. Other companies may use different non-GAAP measures and presentation of results.
In addition to financial results presented in accordance with GAAP, this press release presents adjusted EBITDA, which is a non-GAAP measure. Adjusted EBITDA is determined by taking net loss and adding interest, taxes, depreciation, amortization and stock-based compensation expenses. The company believes that this non-GAAP measure, viewed in addition to and not in lieu of net loss, provides useful information to investors by providing a more focused measure of operating results. This metric is an integral part of the Company's internal reporting to evaluate its operations and the performance of senior management. A reconciliation of adjusted EBITDA to net loss, the most comparable GAAP measure, is available in the accompanying financial tables below. The non-GAAP measure presented herein may not be comparable to similarly titled measures presented by other companies.
The Glimpse Group (NASDAQ: VRAR, FSE: 9DR) is a diversified Virtual and Augmented Reality platform company, comprised of multiple VR and AR software & services companies, and designed with the specific purpose of cultivating companies in the emerging VR/AR industry. Glimpse's unique business model simplifies challenges faced by VR/AR companies and creates a robust ecosystem, while simultaneously providing investors an opportunity to invest directly into the emerging VR/AR industry via a diversified platform. For more information on The Glimpse Group, please visit www.theglimpsegroup.com
This press release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This press release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. All forecasts are provided by management in this release are based on information available at this time and management expects that internal projections and expectations may change over time. In addition, the forecasts are entirely on management's best estimate of our future financial performance given our current contracts, current backlog of opportunities and conversations with new and existing customers about our products and services. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
Maydan Rothblum CFO & COO The Glimpse Group, Inc. (917) 292-2685 maydan@theglimpsegroup.com
Mark Schwalenberg, CFA Director MZ Group - North America 312-261-6430 Glimpse@mzgroup.us www.mzgroup.us
Glimpse Group
The Glimpse Group is a Virtual Reality & Augmented Reality Platform Company Comprised of Multiple Software & Services Subsidiaries Creating Innovative VR/AR Solutions (products, software, and consulting services)