Glimpse Group (VRAR) Provides a Line of Sight into Business Reports Fiscal Year 2024 Update

Yesterday after the close the Glimpse Group (VRAR) reported its FY 2024 results. Highlights from the report included its transition to spatial core AI and Cloud Driven revenues have been gaining traction, the company is expecting significantly higher revenues in the upcoming quarters and are intending to be cash flow positive in the upcoming quarters which is being based on signed contracts alone.

However, its current financial summary was not as upbeat as its headlining update. The company reported FY ’24 revenue of approximately $8.8M, a 35% decrease compared to FY ’23 revenue of approximately $13.M. This decrease is driven by its shift to Spatial Core which caused a turnover in its legacy customer base. The Company’s cash and equivalent position as of June 30, 2024 was ~$1.85M, with an additional $0.7 million in accounts receivable.

Furthermore, Glimpse Group received a letter from Nasdaq with regards to the company no longer meeting the minimum bid price requirement for continued listing ($1.00/share).  Glimpse has until March 3, 2025 to cure this deficiency and, if not cured by then, can apply for an additional 180 day extension to cure (to approximately September 2, 2025).