The Glimpse Group Provides Preliminary Unaudited Fiscal Year 2021 Strong Revenue Growth Results
July 12 2021 - 8:30AM
via NewMediaWire – The Glimpse Group, Inc. (NASDAQ: VRAR)
(“Glimpse” or the “Company”), a diversified Virtual Reality and
Augmented Reality (“VR” and “AR”) platform company providing
enterprise-focused VR and AR software & services solutions,
provided preliminary revenue results for the Fiscal Year (“FY”)
2021.
Preliminary FY 2021 Results (ending June 30, 2021)
The Company expects total revenues for FY 2021 to exceed $3.25
million, representing a significant year-over-year increase of over
65% compared to revenues of $1.94 million in FY 2020. This growth
was entirely organic and achieved in a challenging COVID-19 year.
The Company expects to continue its rapid organic growth in FY
2022, without taking into account additional growth driven by
potential accretive acquisitions.
VR & AR software and non-project services revenue grew by
over 200% year-over-year and represented approximately 50% of total
FY ’21 revenues, compared to approximately 25% in the prior fiscal
year.
As for the Company’s balance sheet, immediately post its July 1,
2021 Nasdaq IPO, the Company had a cash balance of approximately
$13.7 million, no material liabilities, no preferred stock issued,
no outstanding convertible debt and nominal warrants related to
underwriting fees.
Final recognized revenue and any other financials are subject to
review, may change and will be released with the Company’s audited
financial statements and related annual report.
Management Commentary
“Our revenues are significant relative to the early stage of the
emerging VR/AR industry, and our year-over-year revenue growth
continues to demonstrate the early success of our innovative VR/AR
enterprise software and services model,” said Lyron Bentovim,
President & CEO of The Glimpse Group. “I am especially proud of
our growth in light of the COVID-19 headwinds we faced. As global
VR/AR adoption continues to rise and businesses increasingly
embrace productive, ROI-driven uses for enterprise VR/AR software,
Glimpse is well positioned as the only pure play, Nasdaq listed,
diversified, VR/AR software and services company.”
About The Glimpse Group, Inc.
The Glimpse Group (NASDAQ: VRAR) is a diversified Virtual and
Augmented Reality platform company, comprised of multiple VR and AR
software & services companies, and designed with the specific
purpose of cultivating companies in the emerging VR/AR industry.
Glimpse's unique business model simplifies challenges faced by
VR/AR companies and creates a robust ecosystem, while
simultaneously providing investors an opportunity to invest
directly into the emerging VR/AR industry via a diversified
platform. For more information on The Glimpse Group, please visit
www.theglimpsegroup.com.
Safe Harbor Statement
This press release does not constitute an offer to sell or a
solicitation of offers to buy any securities of any entity. This
press release contains certain forward-looking statements based on
our current expectations, forecasts and assumptions that involve
risks and uncertainties. Forward-looking statements in this release
are based on information available to us as of the date hereof. Our
actual results may differ materially from those stated or implied
in such forward-looking statements, due to risks and uncertainties
associated with our business. Forward-looking statements include
statements regarding our expectations, beliefs, intentions or
strategies regarding the future and can be identified by
forward-looking words such as “anticipate,” “believe,” “could,”
“estimate,” “expect,” “intend,” “may,” “should,” and “would” or
similar words. All forecasts are provided by management in this
release are based on information available at this time and
management expects that internal projections and expectations may
change over time. In addition, the forecasts are entirely on
management’s best estimate of our future financial performance
given our current contracts, current backlog of opportunities and
conversations with new and existing customers about our products
and services. We assume no obligation to update the information
included in this press release, whether as a result of new
information, future events or otherwise.
Company Contact:Maydan RothblumCFO & COOThe Glimpse
Group, Inc.(917) 292-2685maydan@theglimpsegroup.com
Investor Relations:Mark Schwalenberg, CFADirectorMZ Group
– North America312-261-6430Glimpse@mzgroup.uswww.mzgroup.us
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