In the ever-evolving landscape of technological innovation, the Glimpse Group, Inc. launches new strategic plan focused on spatial computing, cloud and AI-driven immersive software.
NEW YORK, NY – December 12, 2023- – An immersive technology platform company, Glimpse recently announced its plans for a strategic shift from current immersive technologies that include virtual-reality headsets, tablets and phones to spatial computing, cloud and AI-driven immersive software solutions. From cutting-edge software development to immersive content creation, Glimpse pushes the boundaries of what is possible in the realm of extended realities.
This AI emerger and player in the tech industry is featured in the PRSIM Emerging Next-Gen Tech Index.
Financial Highlights
In mid-November Glimpse reported its Q1 fiscal year 2024 financial results. Quarterly revenues were approximately $3.1M, an increase from the previous quarter. Gross margins were about 62%, adjusted EBITDA loss was $1.3M, its cash position was $6.5M and the capital structure remained clean with no debt, no convertible debt and no preferred equity. The company reduced its headcount by 40% and plans further reductions.
Glimpse has been progressing in its strategic shift to Spatial Computing, Cloud and AI driven immersive software solutions with plans to announce significant contracts in the coming months. Future revenues for the second quarter are expected to decline as the company executes its strategic plan, though revenues should be recognized from this shift in the third quarter. Gross margins are expected to remain in the 60-70% range —likely to sit at the higher end of the range, in the second half of the fiscal year.
Stock Metrics and Notable Moves
Glimpse resides in the nano cap universe with a market cap of $23M. It is currently trading at $1.39 close to the low end of its 52-week range ($0.86 – $6.90) and the 3-month average trading volume is about 95K shares. Over the past month the stock has traded up ~7% and YTD it is down ~53%.
The most recent trade-off occurred at the end of September as shares declined by 43%. Glimpse intends to realign its subsidiary companies around three core entities, BLI, QReal and S5D. The Glimpse executive management team believes the streamlined company should generate higher-quality, recurring software revenue over time.
Recent News
Most recently, Glimpse reported an update related to one of its subsidiaries, QReal. QReal creates, distributes and manages photorealistic, life-like, 3D and Augmented Reality (AR) content. This content is typically integrated in social media campaigns and e-commerce platforms with the goal of increasing sales, improving brand recognition, creating viral content and boosting e-commerce conversion.
QReal announced the completion of a paid engagement to create an interactive SNAP AR Lens in partnership with KillaBears and M7 Innovations. This lens has received exceptional initial activations while exploring the boundaries of AR and Web3.
Its commitment to innovation, financial stability, and transformative projects establishes Glimpse as a participant in the tech revolution, that can provide a glimpse into the limitless possibilities of tomorrow.
About PRISM MarketView:
Established in 2020, PRISM MarketView is dedicated to the monitoring and analysis of small cap stocks in burgeoning sectors. We deliver up-to-the-minute financial market news, provide comprehensive investor tools and foster a dynamic investor community. Central to our offerings are proprietary indexes that observe emerging sectors, including biotech, clean energy, next-generation tech, medical devices and beyond. Visit us at prismmarketview.com and follow us on Twitter.
PRISM MarketView does not provide investment advice.
Media Contact
Company Name: Prism MarketView
Contact Person: Prism MarketView
Email: info@prismmarketview.com
Phone: 646-863-6341
Country: United States
Website: https://prismmarketview.com