The Glimpse Group, Inc. - VRAR STOCK NEWS

Foretell Reality, a subsidiary of The Glimpse Group (NASDAQ:VRAR), has extended its partnership with Nova Southeastern University (NSU) to develop an AI-based immersive training system. This potential six-figure development and commercialization partnership aims to create a simulation and assessment platform for practicing professional skills in virtual reality (VR) environments with AI-powered characters.

The platform will enable the creation of flexible training scenarios with customizable AI characters and provide automatic analysis and feedback on learners' performance. This collaboration leverages VR and AI technologies to offer powerful learning opportunities in safe, controlled environments, fostering deeper engagement and improved knowledge retention.

NSU's Dean Andy Rosman emphasized the university's commitment to pushing the boundaries of higher education technology, while Glimpse's CEO Lyron Bentovim highlighted the integration of AI capabilities as a significant advancement in training simulations.

The Glimpse Group (NASDAQ:VRAR) reported financial results for fiscal year 2024, highlighting its transition to Spatial Core AI and Cloud-driven revenues. Key points include:

• FY'24 revenue of $8.8 million, a 35% decrease from FY'23
• Q4 FY'24 revenue of $1.7 million, a 41% decrease from Q4 FY'23
• Gross Margin for FY'24 at 67%
• Adjusted EBITDA loss of $4.63 million for FY'24
• Cash position of $1.85 million as of June 30, 2024

The company expects significantly higher revenue in upcoming quarters and anticipates being cash flow positive based on signed contracts alone. Glimpse is exploring strategic options to maximize shareholder value due to a perceived valuation disconnect.

The Glimpse Group (NASDAQ:VRAR) has entered into a two-year, mid-six figure contract with the College of Staten Island CUNY (CSI) Technology Incubator to design, deploy, and integrate immersive technologies in its new Innovation Hub. CSI received funding from New York State and Empire State Development to establish a state-of-the-art Virtual and Augmented Reality (VR/AR) Lab as part of New York State's Downtown Revitalization Initiative. The project has a total budget exceeding $3 million, supported by additional funding from the New York City Council.

The VR/AR Lab will be housed within the newly constructed Innovation Hub, offering cutting-edge equipment and technology for students and entrepreneurs, advanced instructional spaces, and collaborative workspaces. The project, to be implemented over the next two years, includes significant software licenses and services from several Glimpse subsidiary companies.

The Glimpse Group, Inc. (NASDAQ:VRAR), a diversified Immersive technology platform company, will release its fiscal year 2024 financial results on Monday, September 30, 2024 after market close. The company will host a conference call and webcast at 4:30 p.m. Eastern time to discuss the results, provide a corporate update, and conduct a Q&A session.

Participants can join the call using the following details:

• USA Dial In: 888-506-0062
• International: 973-528-0011
• Participant Access Code: 228384

A playback of the webcast will be accessible until September 30, 2025, and a teleconference replay will be available through October 14, 2024.

Brightline Interactive, a subsidiary of The Glimpse Group (NASDAQ:VRAR), has entered into a Cooperative Research and Development Agreement (CRADA) with the United States Army Combat Capabilities Development Command (DEVCOM) C5ISR Center. The collaboration focuses on developing and improving workflows for creating synthetic imagery to train and assess AI and machine learning algorithms.

Brightline's synthetic data generation toolsets aim to enhance traditional training datasets, accelerating AI/ML algorithm development across various industries, including spatial computing. This partnership, alongside Brightline's existing CRADA with the U.S. Navy, showcases the company's capabilities and solution effectiveness. The technology is expected to provide significant value in industrial, media, and military sectors.

Brightline Interactive (BLI), a subsidiary of The Glimpse Group (NASDAQ:VRAR), has secured a mid-six-figure contract modification from a top government systems integrator (GSI) to continue providing Virtual Reality (VR) training to a key U.S. government agency with over 45,000 employees. This partnership is part of the GSI's ten-year $1.7 billion U.S. government agency contract.

BLI's interactive digital twin environment, presented in VR, features an exact replica of an electrical facility with specific agency equipment. The hands-on VR training allows engineers to learn complex systems without real-world risks, enhancing skill acquisition, reducing training costs, and minimizing downtime. Additionally, BLI is developing an enterprise immersive platform to deliver VR training and other spatial and 3D content across the agency.

The Glimpse Group (NASDAQ:VRAR), a diversified Immersive technology platform company, has announced an upcoming investor webinar titled "The Intersection of Artificial Intelligence (AI) and Spatial Computing, Bringing the Power of AI into the 3D world". The webinar, scheduled for August 28, 2024, at 4:30 pm ET, will discuss the impact of AI and Spatial Computing on Glimpse's growth initiatives.

The event will be hosted by Tyler Gates, General Manager of Brightline Interactive and Chief Futurist of Glimpse, along with Lyron Bentovim, President & CEO of Glimpse. Investors can participate via phone or webcast, with playback available until August 28, 2025. This webinar highlights Glimpse's focus on integrating AI with its existing VR, AR, and Spatial Computing technologies, potentially signaling new developments in the company's product offerings and market strategy.

The Glimpse Group, a leading immersive technology platform specializing in VR, AR, and spatial computing, announced its participation in the Lytham Partners Spring 2024 Investor Conference. Scheduled for May 30, 2024, the event will include a webcast presentation at 11:00 a.m. ET and virtual one-on-one meetings with investors. Interested parties can access the webcast and schedule meetings through Lytham Partners' website. The presentation will be available for replay post-event.

The Glimpse Group (NASDAQ:VRAR) reported a 48% decline in Q3 FY'24 revenue to $1.9 million compared to $3.7 million in Q3 FY'23, reflecting a strategic shift to Spatial Computing, Cloud, and AI solutions. Operating expenses were reduced by 62% to $2.93 million, resulting in a net loss improvement to $1.54 million from $5.22 million. Gross margin slightly increased to 70%. The company secured a $4 million contract with the DoD and expects more contracts worth $8-12 million. Adjusted EBITDA loss decreased to $0.89 million. Cash and equivalents stood at $4.3 million with no corporate debt.