The Glimpse Group, Inc. - VRAR STOCK NEWS

The Glimpse Group (NASDAQ:VRAR) will announce its Fiscal First Quarter 2022 financial results on November 15, 2021, after market close. A conference call is scheduled for 4:30 p.m. Eastern Time to discuss the results and provide a corporate update. Investors can join the call using the provided dial-in information or via webcast. Glimpse operates as a diversified platform for Virtual Reality and Augmented Reality solutions, offering an ecosystem for VR/AR companies. The company emphasizes its focus on cultivating growth in the emerging VR/AR industry.

The Glimpse Group, Inc. (NASDAQ: VRAR) has announced a private placement of $15 million in common stock and warrants to institutional investors. This includes the sale of 1.5 million shares and warrants to purchase 750,000 shares, priced at $10 per share. The transaction is expected to close on November 2, 2021, subject to usual conditions. The gross proceeds are estimated at $13.7 million after fees. CEO Lyron Bentovim stated that the financing will strengthen the company's financial position and support growth opportunities, as they already have over $12 million in cash and no significant liabilities.

The Glimpse Group, Inc. (NASDAQ:VRAR) has announced its listing on the Frankfurt Stock Exchange under the trading symbol 9DR. This move aims to attract European investors and increase trading liquidity for the company. The Frankfurt Stock Exchange is among the largest trading centers globally, facilitating investment from major financial hubs in Europe. Glimpse's CEO, Lyron Bentovim, expressed the company's goal to enhance its presence in international markets, thereby creating value for shareholders. The company focuses on Virtual Reality and Augmented Reality software and services.

The Glimpse Group (NASDAQ:VRAR) reported preliminary Q1 FY 2022 revenues of approximately $1.0 million, marking a significant 300% year-over-year growth from $0.26 million in Q1 FY 2021. Core software and services revenue grew by 500%, representing about 80% of total revenues. The company attributes its growth largely to organic expansion, despite minor revenue delays caused by COVID-19. Management expressed confidence in the company's strong position within the growing VR/AR sector, particularly following their IPO in July 2021.

QReal, a subsidiary of The Glimpse Group (NASDAQ:VRAR), has appointed Ege Islekel as Creative Manager. Islekel, known for his work with Facebook's Spark AR, has designed over 100 branded AR Instagram effects, garnering significant views. His expertise will enhance QReal's AR content creation for various industries, including e-Commerce and retail. General Manager Mike Cadoux emphasized Islekel's potential to strengthen QReal's position in the growing enterprise AR market, responding to increasing demand from customers and partners.

The Glimpse Group, Inc. (NASDAQ:VRAR) will present at the LD Micro Main Event from October 12-14, 2021 in Los Angeles, California. CEO Lyron Bentovim will deliver a keynote on "How the Metaverse will Transform Business" on October 12, 2021, at 9:00 PM Eastern. Additional details include a live audio webcast and one-on-one investor meetings throughout the conference. The company focuses on VR and AR solutions, aiming to cultivate the emerging industry while offering investors a diversified platform.

The Glimpse Group, Inc. (NASDAQ:VRAR) announced the acquisition of XR Terra, an EdTech company focused on training XR professionals, with an expected closing on October 1, 2021. XR Terra generated approximately $0.5 million in its first year, primarily from B2C revenues. This asset acquisition, structured primarily in equity, aims to enhance Glimpse's offerings by leveraging B2B relationships. Hakan Satiroglu, founder of XR Terra, will continue as General Manager and join Glimpse's executive team. The acquisition is expected to be accretive and aligns with Glimpse's strategic growth objectives in the XR market.

The Glimpse Group (NASDAQ:VRAR) reported a 76% increase in total revenues, reaching approximately $3.42 million for FY 2021, exceeding prior estimates. Core software and services revenue saw a remarkable 239% growth, contributing $1.73 million. Despite challenges from COVID-19, the company achieved an improved gross profit margin of approximately 57%, up from 42%. The net loss increased to $6.09 million, largely due to IPO-related expenses. The company is focused on strategic acquisitions and innovative patent developments to enhance its position in the AR/VR market.

NEW YORK, NY / ACCESSWIRE / September 23, 2021: The Glimpse Group, Inc. (NASDAQ:VRAR) will hold a virtual non-deal roadshow webinar on October 6, 2021, at 11:00 a.m. ET. During the event, management will provide an overview of the company's business model and discuss growth strategies. Participants can access the presentation via a webcast and engage in a Q&A session. Dial-in numbers and a replay option will be available thereafter. The Glimpse Group is focused on developing a diversified VR and AR platform for enterprise solutions.