NEW YORK, NY, December 07, 2023 – In the ever-evolving landscape of technological innovation, the Glimpse Group, Inc. (VRAR) emerges as a beacon of creativity and ingenuity, weaving a future where virtual and augmented realities seamlessly blend with our daily lives. Glimpse, combines reality with the extraordinary, allowing for the future to become a tangible reality.
Company Snapshot: A Glimpse into Glimpse Group
At the heart of Glimpse’s mission is the belief that immersive technologies hold the key to shaping the future. Glimpse has established a collective group of virtual reality (VR) and augmented reality (AR) software, each specializing in various aspects of VR/AR its product uses span across education, events, meetings, healthcare, engineering and consulting. From cutting-edge software development to immersive content creation, Glimpse pushes the boundaries of what is possible in the realm of extended realities.
The company recently has announced its intentions to pivot from the current immersive technologies that include virtual-reality headsets, tablets and phones which possess computing limitations. Glimpse plans to institute a strategic shift and provide spatial computing, cloud and AI driven immersive software solutions. This AI emerger and player in the tech industry is featured in the PRISM Emerging Next-Gen Tech Index.
Financial Highlights: Clean Capital Structure, Strategic Shifts, and Q1 Results
In mid-November Glimpse reported its Q1 fiscal year 2024 financial results. Quarterly revenues came in at ~$3.1M, which was an increase from the previous quarter. Gross margins were around 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 to continue to reduce it further.
As for the company vision of its future, Glimpse has been progressing in its strategic shift to Spatial Computing, Cloud and AI driven immersive software solutions with the intention to announce some significant contracts in the coming months. Future revenues for Q2 are expected to decline as they execute their strategic plan. However, it is anticipated that revenues will be recognized from this shift in Q3. Gross margins are expected to remain in the 60%-70% range and are likely to sit at the higher end of the range in the second half of the fiscal year.
Stock Metrics and Notable Moves: A Nuanced Nano
Glimpse resides in the nano cap universe with a market cap sitting around $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 sending shares on the decline by 43% which was preceded by the company’s disappointing earnings announcement that included plans to undergo a strategic repositioning toward running devices on cloud-based immersive software. Glimpse will be realigning its subsidiary companies around three core entities, BLI, QReal and S5D. Management believes the streamlined company should be able to generate higher-quality, recurring software revenue over time.
Recent News: AR and Web 3.0 Collaboration
Most recently, Glimpse reported news on one of its subsidiaries, QReal which 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. The lens has This lens has received exceptional initial activations while exploring the boundaries of AR and Web3.
As we journey further into the 21st century, companies like Glimpse Group illuminate the path to a future where imagination knows no bounds. With a commitment to innovation, financial stability, and transformative projects, Glimpse stands as a participant in the tech revolution, beckoning us to 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.
SOURCE: PRISM MarketView
PRISM Next Gen Tech Company Spotlight: The Glimpse Group’s Journey into the Future https://t.co/Fia3Me9hVr#VR #AR #VirtualReality #AugmentedReality #stockstowatch #stocksinfocus #investors#PrismMarketView #PrismMediaWire #PrismDigitalMedia— PrismMarketView (@PrismMarketView) December 7, 2023