Glimpse's Q2 FY ‘22 and 1H FY '22 were highlighted by
Glimpse's stated goal is to become a premier software and services company in the emerging VR/AR industry, with a global footprint. We intend to accomplish this with continued strong organic growth across our diverse base of wholly owned subsidiary companies and with further accretive and well structed acquisitions.
We continued to gain traction with customers for our AR/VR Enterprise focused software and services. A few recent examples in Q2 ‘FY 22:
Acquisitions, in parallel to organic growth, have been core to Glimpse's strategy since our inception, as we look to deepen and expand our subsidiary company base, market access and technologies. As previously reported, in 1H FY '22 we acquired three companies - Auggd in the Architecture, Engineering and Construction (AEC) space, XR Terra in the immersive technologies talent development segment and, most recently, Sector 5 Digital (S5D), a leading and award-winning immersive technologies company, with a first-tier customer base including the likes of American Airlines, BAE Systems, Ecolab, Halliburton and Textron Systems among others. All three acquisitions were well structured, with relatively small upfront payments and with most of the purchase price consideration dependent on the achievement of significant revenue growth milestones over the next three years, and primarily common stock payments based on Glimpse's stock price at those times.
The S5D acquisition, in particular, significantly and immediately improves our business, operating and financial scale while generating compelling go-to-market synergies across our diverse ecosystem. It also approximately doubles Glimpse's pre-acquisition annual revenue.
The evolution of the Metaverse continues to be a topic of wide discussion, with many leading companies announcing Metaverse initiatives. Glimpse's subsidiary companies provide the VR and AR software and service solutions that are enabling companies and organizations to make initial forays into the immersive world. As the Metaverse develops, we believe that Glimpse's subsidiary companies will be supplying the underlying immersive technologies and solutions ("picks and shovels") that will facilitate an enterprise's ability to build their presence and commerce footprint in the Metaverse.
Non-Fungible Tokens (NFTs) will be an important part of transacting and value creation in the Metaverse. To that end we created a limited-edition 3D collectible Glimpse Medal Non-Fungible Token which speaks to our advanced capabilities. In our view, The Glimpse Medal is one of the first fully "metaverse-ready" NFTs, meaning that it can seamlessly and easily be used across all AR and VR platforms - from AR on a mobile phone, to a 2D website on a computer, to a VR headset and brought into all existing (and future) NFT based virtual worlds. We plan to continue expanding our NFT capabilities and offerings by integrating it with our wide array of VR and AR technologies, across our diverse base of subsidiary companies, into the emerging Web3 ecosystem and related business applications.
Executive and Board Expansion:
In Q2 FY '22, we strengthened our Executive Team and Board of Directors:
Our expectation is for a strong 2H FY '22 (January-June '22). We believe that immersive technology (VR and AR), in conjunction with AI and Blockchain technologies, represent the next technology growth cycle, one that will evolve and grow over many years to come. While the immersive industry is nascent, our revenue growth and first tier customer base demonstrate clear industry development and adoption. With our unique diversified platform model, growing industry position, and well capitalized and clean balance sheet, we believe that Glimpse is well positioned to successfully scale while playing an enabling role in the development of the Enterprise-focused VR/AR industries in general and the Metaverse in particular.
Q2 FY'22 and 1H FY ‘22 Financial Summary:
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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 email@example.com
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)