The Glimpse Group, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending December 31, 2024. The company achieved total revenue of approximately $3.17 million for the three months ended December 31, 2024, marking a 52% increase from $2.08 million in the same period of the previous year. For the six months ended December 31, 2024, revenue rose to $5.61 million, an 8% increase compared to $5.18 million in the prior year. The growth in revenue was primarily driven by an influx of new customers in the Spatial Core segment, which focuses on immersive technology solutions.
In terms of profitability, Glimpse reported a net income of $25,872 for the three months ended December 31, 2024, a significant turnaround from a net loss of $738,367 in the same quarter of 2023. However, for the six-month period, the company recorded a net loss of $988,320, slightly higher than the loss of $857,810 reported in the previous year. The increase in operating expenses, which totaled $4.97 million for the six months ended December 31, 2024, compared to $4.33 million in the same period of 2023, contributed to the ongoing losses.
Strategically, Glimpse has undergone a realignment, divesting its non-core assets, including the sale of its subsidiary QReal, LLC, effective October 1, 2024. This divestiture is expected to streamline operations and enhance focus on the Spatial Core business. The company retains revenue from QReal's largest customer until it collects $1.35 million, after which it will receive a revenue share for 18 months. Additionally, Glimpse completed a Securities Purchase Agreement in December 2024, raising approximately $6.79 million through the sale of common stock and prefunded warrants.
Operationally, Glimpse reported a total of 45 full-time employees as of December 31, 2024, primarily consisting of software developers and engineers. The company also noted a significant customer concentration, with three customers accounting for approximately 80% of total gross revenues during the quarter. The gross profit margin for the three months ended December 31, 2024, was approximately 64%, down from 68% in the previous year, reflecting a shift in revenue mix towards lower-margin project work.
Looking ahead, Glimpse Group anticipates continued growth driven by its focus on immersive technology solutions and the Spatial Core strategy. The company believes it is well-positioned to meet its operational plans and obligations, with a cash position of approximately $8.45 million as of December 31, 2024. The management remains optimistic about the future, citing the potential of the immersive technology market and the strategic advantages of its diversified business model.
About Glimpse Group, Inc.
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