Glimpse Group Inc (The) Stock Price, News & Analysis

The Glimpse Group (NASDAQ:VRAR) announced a significant mid-6-figure contract through its subsidiary Sector 5 Digital (S5D) for creating 3D digital marketing assets for American Rheinmetall Vehicles. The project involves developing immersive technology for the U.S. military's Optionally Manned Fighting Vehicle program. S5D delivered multiple 3D videos and marketing images to showcase the Lynx OMFV, assisting ARV's marketing efforts. The deal highlights Glimpse's growing influence in the defense sector through innovative digital solutions.

The Glimpse Group (NASDAQ: VRAR) announced a significant technology and IP assignment agreement between its subsidiary, Immersive Health Group (IHG), and InciteVR, enhancing its capabilities in immersive clinical and nurse training. This partnership includes a nominal issuance of Glimpse shares at $7.00/share. InciteVR's solutions have trained over 95,000 learners, indicating a strong track record in immersive learning. Jim Kiggens, co-founder of InciteVR, will join IHG as Chief Product Officer, bringing valuable experience to drive growth.

QReal, a subsidiary of The Glimpse Group, Inc. (NASDAQ:VRAR), has launched the TRYO app, a multi-brand virtual try-on platform enabling users to try on footwear, watches, hats, and eyewear using advanced Augmented Reality and photogrammetry technology. The app aims to enhance e-commerce by allowing consumers to make more confident purchasing decisions, addressing the significant issue of online purchase returns. Initial offerings include over 500 3D models from leading brands, with plans for continuous expansion.

Glimpse Group (NASDAQ:VRAR) reported a record revenue of approximately $4.0 million for Q1 FY'23, marking a 287% year-over-year increase. This performance includes two months of Brightline Interactive's financials following its acquisition. Core Software & Services revenue rose by 49% year-over-year to $1.28 million. Despite a $1.1 million adjusted EBITDA loss, the company is focused on achieving cash flow neutrality in 2023. The company maintains a clean capital structure with no debt, and its cash position stands at $13.0 million.

Brightline Interactive, a subsidiary of The Glimpse Group, is set to demonstrate its immersive tech at the I/ITSEC tradeshow from November 28 to December 2, 2022. In collaboration with AT&T, Brightline will showcase two NOVA simulator domes and mixed reality users connected through a temporary 5G network, enabling advanced multi-user training. Tyler Gates, General Manager, emphasized the shift to cloud-based computing for future immersive experiences, marking a significant advancement in how enterprises utilize content.

Sector 5 Digital (S5D), a subsidiary of The Glimpse Group, Inc. (NASDAQ: VRAR), has secured a mid-six figure agreement with a global pharmaceutical company to enhance its interactive anatomy training platform. This platform, combining 2D and 3D technologies, educates Health Care Providers (HCPs) on facial anatomy for safe product injections. The new agreement aims to add features, improving educational opportunities. Jeff Meisner, General Manager of S5D, emphasized the company's commitment to advancing immersive technology in training.

The Glimpse Group, a diversified VR and AR platform company, will announce its fiscal Q1 2023 financial results on November 14, 2022, after market close. A conference call will follow at 4:30 p.m. Eastern Time, providing a corporate update and a Q&A session. Dial-in details are provided for participants. Glimpse's unique business model supports the VR/AR industry's growth, offering investors a chance to invest through a diversified platform. The company advises that forward-looking statements may involve risks and uncertainties, affecting actual results.

The Glimpse Group (NASDAQ:VRAR) announced that its subsidiary Sector 5 Digital has secured a mid 6-figure contract for developing a 3D interactive gamified experience and NFTs for a Fortune 50 technology company's partner event. The event took place simultaneously across six regional locations in the USA and virtually, showcasing the increasing adoption of immersive technologies by leading companies. This project demonstrates Glimpse's capability to deliver complex solutions and highlights the advantages of its diversified VR and AR platform.

Glimpse Group (NASDAQ: VRAR) reported a record FY 2022 revenue of $7.3 million, achieving a 113% increase year-over-year. Revenue from Core Software & Services surged by 143%, totaling approximately $4.18 million. Q4 revenue also reached a record $2.5 million, growing 152% year-over-year. The company maintains a robust 80% gross margin and a cash position of $18.25 million. Recent acquisitions, including Sector 5 Digital and Brightline Interactive, are expected to enhance market position.