Mon, Sep 30, 8:09 PM (81 days ago)
The Glimpse Group, Inc. reported a significant decline in financial performance for the fiscal year ending June 30, 2024, with total revenue of approximately $8.80 million, down 35% from $13.48 million in the previous year. This drop was primarily attributed to a strategic shift towards Spatial Computing and the consolidation of multiple entities. The company recorded a net loss of $6.39 million, an improvement of 78% compared to a loss of $28.56 million in 2023, driven by reduced operating expenses, particularly in sales and marketing, which decreased by 62%. Operating expenses were $12.47 million, down 67% from $38.02 million, reflecting cost-cutting measures and a reduction in headcount. The gross profit margin remained stable at 67%. The company faced risks associated with customer concentration, as two customers accounted for 38% of revenues. Glimpse has raised $3.30 million through a securities purchase agreement and is currently under scrutiny by Nasdaq for failing to meet minimum bid price requirements, which could impact its market position. The company has an accumulated deficit of $63 million and continues to seek ways to ensure liquidity and operational sustainability amid ongoing losses.