The Glimpse Group Reports Fiscal Year 2024 Financial Results
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.
Il Glimpse Group (NASDAQ:VRAR) ha riportato i risultati finanziari per l'anno fiscale 2024, evidenziando la sua transizione verso le entrate derivanti da Spatial Core AI e Cloud. I punti chiave includono:
- Entrate per l'anno fiscale '24 di $8.8 milioni, una diminuzione del 35% rispetto all'anno fiscale '23
- Entrate del quarto trimestre dell'anno fiscale '24 di $1.7 milioni, una diminuzione del 41% rispetto al quarto trimestre dell'anno fiscale '23
- Margine lordo per l'anno fiscale '24 al 67%
- Perdita di EBITDA rettificato di $4.63 milioni per l'anno fiscale '24
- Posizione di cassa di $1.85 milioni al 30 giugno 2024
La società si aspetta un fatturato significativamente più alto nei prossimi trimestri e prevede di essere positiva in termini di flusso di cassa basandosi solo sui contratti firmati. Glimpse sta esplorando opzioni strategiche per massimizzare il valore per gli azionisti a causa di un apparente disconnect nella valutazione.
El Glimpse Group (NASDAQ:VRAR) reportó resultados financieros para el año fiscal 2024, destacando su transición hacia ingresos impulsados por Spatial Core AI y la nube. Los puntos clave incluyen:
- Ingresos para el año fiscal '24 de $8.8 millones, una disminución del 35% respecto al año fiscal '23
- Ingresos del cuarto trimestre del año fiscal '24 de $1.7 millones, una disminución del 41% respecto al cuarto trimestre del año fiscal '23
- Margen bruto para el año fiscal '24 del 67%
- Pérdida de EBITDA ajustado de $4.63 millones para el año fiscal '24
- Posición de caja de $1.85 millones a 30 de junio de 2024
La empresa espera ingresos significativamente más altos en los próximos trimestres y anticipa ser positiva en flujo de caja solo con los contratos firmados. Glimpse está explorando opciones estratégicas para maximizar el valor para los accionistas debido a un desconexión en la valoración percibida.
글림프 그룹 (NASDAQ:VRAR)은 2024 회계 연도 재무 결과를 보고하며 Spatial Core AI 및 클라우드 기반 수익으로의 전환을 강조하였습니다. 주요 사항은 다음과 같습니다:
- 2024 회계 연도 수익 $8.8 백만, 2023 회계 연도에 비해 35% 감소
- 2024 회계 연도 4분기 수익 $1.7 백만, 2023 회계 연도 4분기에 비해 41% 감소
- 2024 회계 연도 총 마진 67%
- 2024 회계 연도 조정 EBITDA 손실 $4.63 백만
- 2024년 6월 30일 기준 현금 보유액 $1.85 백만
회사는 향후 분기에서 상당히 높은 수익을 기대하며, 서명된 계약만으로도 캐시 플로우가 긍정적일 것으로 예상합니다. 글림프는 평가의 불일치로 인해 주주 가치를 극대화하기 위한 전략적 옵션을 탐색하고 있습니다.
Le Glimpse Group (NASDAQ:VRAR) a publié ses résultats financiers pour l'exercice 2024, mettant en évidence sa transition vers des revenus basés sur l'IA spatiale et le cloud. Les points clés incluent :
- Revenus pour l'exercice '24 de $8.8 millions, une diminution de 35 % par rapport à l'exercice '23
- Revenus du quatrième trimestre de l'exercice '24 de $1.7 millions, une diminution de 41 % par rapport au quatrième trimestre de l'exercice '23
- Marge brute pour l'exercice '24 de 67%
- Perte d'EBITDA ajusté de $4.63 millions pour l'exercice '24
- Position de trésorerie de $1.85 millions au 30 juin 2024
La société s'attend à des revenus nettement plus élevés dans les trimestres à venir et prévoit d'être positive en flux de trésorerie uniquement sur la base des contrats signés. Glimpse explore des options stratégiques pour maximiser la valeur pour les actionnaires en raison d'une déconnexion de valorisation perçue.
Die Glimpse Group (NASDAQ:VRAR) hat die finanziellen Ergebnisse für das Geschäftsjahr 2024 veröffentlicht und dabei den Übergang zu Spatial Core AI und Cloud-basierten Einnahmen hervorgehoben. Wichtige Punkte sind:
- Umsatz im Geschäftsjahr '24 von $8.8 Millionen, ein Rückgang um 35% im Vergleich zum Geschäftsjahr '23
- Umsatz im vierten Quartal des Geschäftsjahres '24 von $1.7 Millionen, ein Rückgang um 41% im Vergleich zum vierten Quartal des Geschäftsjahres '23
- Bruttomarge für das Geschäftsjahr '24 bei 67%
- Verlust des bereinigten EBITDA von $4.63 Millionen für das Geschäftsjahr '24
- Liquide Mittel in Höhe von $1.85 Millionen zum 30. Juni 2024
Das Unternehmen erwartet in den kommenden Quartalen deutlich höhere Einnahmen und geht davon aus, dass es allein auf Basis der unterzeichneten Verträge cash-flow-positiv sein wird. Glimpse prüft strategische Optionen, um den Aktionärswert angesichts einer wahrgenommenen Bewertungsdiskrepanz zu maximieren.
- Secured a $4MM+ 12-month contract with a Department of Defense entity for Spatial Computing ecosystem
- Entered into a Cooperative Research and Development Agreement (CRADA) with the US Army Combat Capabilities Development Command
- Extended partnership with a Fortune 500 government Systems Integrator for VR Training
- Expecting Q1 FY'25 revenue to be significantly higher than Q4 FY'24
- Projecting Q2 and Q3 FY'25 revenue to exceed $3 million per quarter
- Anticipating positive cash flow in Q2 and Q3 FY'25 based on existing contracts
- Maintaining a clean capital structure with no debt, no convertible debt, and no preferred equity
- FY'24 revenue decreased by 35% compared to FY'23
- Q4 FY'24 revenue decreased by 41% compared to Q4 FY'23
- Adjusted EBITDA loss of $4.63 million for FY'24
- Received Nasdaq notification for not meeting minimum bid price requirement ($1.00/share)
- Current cash operating expense base of approximately $1.0 million/month
Insights
The Glimpse Group's FY2024 results reveal a company in transition, with some concerning trends but also potential for future growth. Key points:
- Revenue decreased by
35% to$8.8 million , primarily due to strategic shifts and industry slowdown. - Q4 FY'24 revenue fell
41% to$1.7 million . - Adjusted EBITDA loss improved to
$4.63 million from$6.46 million in FY'23. - Cash position of
$1.85 million with$0.7 million in receivables. - Projecting significant revenue increases in upcoming quarters, potentially exceeding
$3 million per quarter in Q2 and Q3 FY'25. - Expecting to be cash flow positive in Q2 and Q3 FY'25 based on existing contracts.
The transition to Spatial Core AI and Cloud-driven revenues shows promise, with several high-value contracts secured or in advanced stages. However, the company faces NASDAQ listing challenges and a perceived valuation disconnect. The strategic review to maximize shareholder value could be a critical turning point for VRAR.
Glimpse's pivot to Spatial Computing and AI-driven solutions is a strategic move aligning with industry trends. Notable developments include:
- A
$4 million+ DoD contract for Spatial Computing ecosystem with AI integration. - Partnerships with major players like NVIDIA and Cesium for real-time digital twin applications.
- Collaboration with the US Army for AI/ML algorithm training using synthetic imagery.
- Potential
$5-10 million in additional Spatial Core contracts in the pipeline.
This shift towards enterprise-scale, recurring software solutions in defense and government sectors could provide more stable, high-margin revenue streams. The focus on AI, cloud computing and digital twins positions Glimpse at the intersection of several high-growth tech sectors. However, the transition has disrupted existing revenue streams and the company must execute flawlessly to capitalize on these opportunities and justify its strategic pivot.
Transition to Spatial Core AI and Cloud Driven Revenues Gaining Traction
Expect Significantly Higher Revenue In The Upcoming Quarters
Expect to Be Cash Flow Positive In The Upcoming Quarters Based on Signed Contracts Alone
Extreme Valuation Disconnect A Catalyst For Strategic Review To Maximize Shareholder Value
NEW YORK, NY / ACCESSWIRE / September 30, 2024 / The Glimpse Group, Inc. ("Glimpse") (NASDAQ:VRAR), a diversified Immersive Technology platform company providing enterprise-focused Virtual Reality ("VR"), Augmented Reality ("AR") and Spatial Computing software and services, provided financial results for its fiscal year ended June 30, 2024 ("FY'24").
Business Commentary by President & CEO Lyron Bentovim
Strategic Summary:
Spatial Core:
As discussed in previous releases, in FY '24 we strategically transitioned the Company to primarily focus its development resources on providing enterprise-scale Spatial Computing, Cloud and AI driven Immersive recurring software solutions - "Spatial Core" - led by Brightline Interactive ("BLI").
Spatial Core Traction :
$4M M+, 12-month contract with a Department of Defense ("DoD") entity for a Spatial Computing ecosystem, integrating AI workflows and accelerated compute for a variety of defense use-cases.Entered into a Cooperative Research and Development Agreement (CRADA) with the US Army Combat Capabilities Development Command (DEVCOM), Command, Control, Communication, Computers, Cyber, Intelligence, Surveillance and Reconnaissance (C5ISR) Center, to develop, assess and improve workflows to create and augment synthetic imagery for use in training and assessing AI and machine learning ML algorithms.
Extended partnership with a Fortune 500 government Systems Integrator (GSI) for VR Training in Digital Twin Environments to a key U.S. government agency with over 45,000 employees on a mid six figure contract.
BLI, Cesium & NVIDIA teamed up at the GEOspatial INTelligence (GEOINT) Symposium 2024 to introduce Brightline's Spatial Core which uses AI workflows for complex computations on top of real life data sets, enabling powerful real time, massive data driven, digital twin and simulation applications.
Successfully Completed the Cooperative Research and Development Agreement (CRADA) with the US Naval Surface Warfare Center, Dahlgren Division (NSWCDD) for the adaptation of immersive technologies.
Completed a contract to support a major immersive technology hardware provider to accelerate their computing interfaces into GPU-enabled cloud, with streaming and visualization capabilities.
We are in an advanced process of securing several additional multi-million dollar Spatial Core contracts with multiple Government, DoD and large enterprise customers. The short-term aggregate value for these contracts is in the
$5 -10 million range. While there is no guarantee that some or all of these will come to fruition, we anticipate that, subject to government annual budgeting timing, a good portion of these will be signed before yearend ‘24, with additional potential contract signings in CY '25.Each of these potential contracts has significant growth elements built into them that could lead to significant annual recurring software revenue once the original contracts have been successfully performed.
Non Spatial Core:
We have continued the process of consolidating and pruning the rest of our business to focus on sustainable profitable growth. As a result, our other entities are generating positive momentum. For example:
In recent months, QReal has seen an increase in its revenues with Snap for AR 3D models and lenses.
Glimpse Learning entered into a two year, mid-six figure contract with the College of Staten Island CUNY ("CSI") Technology Incubator for the design, deployment and integration of a suite of immersive technologies in its new Innovation Hub. This is a cross Glimpse project, with a strong software license component
Sector 5 Digital ("S5D") entered into a 6-figure engagement with one of the world's largest architecture firms to visualize in AR the new business campus of a multinational retail company.
Foretell Reality entered into a 6-figure partnership with a large University to develop an AI-driven VR training system enabling students and trainees to learn various professional skills through conversation-centric simulations with an AI-based avatar in different immersive settings.
Financial Summary:
FY '24 revenue of approximately
$8.8 million , a35% decrease compared to FY '23 revenue of approximately$13.5 million , primarily driven by: i) our strategic shift to Spatial Core which led to a turnover in our legacy customer base, which was more Immersive marketing oriented iii) consolidation and divestiture of some of our entities and iii) a general slowdown in corporate disposable spending in general and in the Immersive industry in particular.Q4 FY '24 (April - June) quarterly revenue of approximately
$1.7 million , a41% decrease compared to Q4 FY '23 revenue of approximately$2.9 million .Looking forward, we expect: i) revenue for Q1 FY '25 (ending September '24) to be significantly higher than Q4 FY '24 revenue, and ii) revenue for Q2 FY '25 (ending December '24) and Q3 FY '25 (ending March '25) will each exceed
$3 million per quarter.Gross Margin for FY ‘24 was approximately
67% compared to68% for FY ‘23. We expect our Gross Margins to continue to remain in the 60-70% range.Adjusted EBITDA loss for FY '24 was approximately
$4.63 million , compared to an EBITDA loss of approximately$6.46 million for FY ‘23. Our current cash operating expense base (pre revenue) is approximately$1.0 million /month. Given our projected revenue for Q2 FY '25 and Q3 FY '25, we expect to generate positive cash flow in each of those two quarters based on existing contracts only and our current operating expense base.The Company's cash and equivalent position as of June 30, 2024 was approximately
$1.85 million , with an additional$0.7 million in accounts receivable. We do not intend to raise capital in the foreseeable future, especially since we expect our operations to generate positive cash and add to our cash balance between now and year-end ‘24We continue to maintain a clean capital structure with no debt, no convertible debt and no preferred equity.
For the full detail of our financial results, please refer to our 8K and 10K filed on 9/30/24.
VRAR Stock/Valuation
On September 3, 2024, the Company received a letter from Nasdaq notifying the Company that it no longer met the minimum bid price requirement for continued listing (
$1.00 /share). We have until March 3, 2025 to cure this deficiency and, if not cured by then, the Company can apply for an additional 180 day extension to cure (to approximately September 2, 2025).The Company's receipt of the notification letter has no immediate effect on the listing of our common shares, which continue to trade uninterrupted on Nasdaq under the ticker "VRAR". In addition, it does not affect the Company's business, operations or reporting requirements with the Securities and Exchange Commission ("SEC").
In order to regain compliance with Nasdaq, the Company may consider various potential measures to resolve the deficiency, such as: leveraging its unutilized share buyback pool, insider buying and press releases announcing significant business developments when/if those materialize. Such measures, if any are taken, may help cure the deficiency in due time. The Company is not considering a reverse stock split at this time, a position that may change in the future.
In light of Spatial Core's AI and Cloud driven revenues with large DoD entities, our strong pipeline of revenues and our expectation to generate positive cash flows going forward, we believe that there is a sharp disconnect between our intrinsic value and our current public company valuation. As such, the Board of Directors of the Company is exploring strategic options to maximize shareholder value.
Fiscal Year 2024 Conference Call and Webcast
Date: Monday, September 30, 2024
Time: 4:30 p.m. Eastern time
USA Dial In: 888-506-0062
International: 973-528-0011
Participant Access Code: 228384
Webcast: https://www.webcaster4.com/Webcast/Page/2934/51301
Please dial in at least 10 minutes before the start of the call to ensure timely participation.
A playback of the webcast will be available through September 30, 2025. A replay of the teleconference will be available through October 14, 2024. To listen, please call USA: 877-481-4010 or International: 919-882-2331; Replay Passcode: 51301. A webcast will also be available on the IR section of The Glimpse Group website ( ir.theglimpsegroup.com ) or by clicking the webcast link above.
Note about Non-GAAP Financial Measures
A non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with accounting principles generally accepted in the United States of America, or GAAP. Non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. Other companies may use different non-GAAP measures and presentation of results.
In addition to financial results presented in accordance with GAAP, this press release presents adjusted EBITDA, which is a non-GAAP measure. Adjusted EBITDA is determined by taking net loss and adding interest, taxes, depreciation, amortization and stock-based compensation expenses. The company believes that this non-GAAP measure, viewed in addition to and not in lieu of net loss, provides useful information to investors by providing a more focused measure of operating results. This metric is an integral part of the Company's internal reporting to evaluate its operations and the performance of senior management. A reconciliation of adjusted EBITDA to net loss, the most comparable GAAP measure, is available in the accompanying financial tables below. The non-GAAP measure presented herein may not be comparable to similarly titled measures presented by other companies.
About The Glimpse Group, Inc.
The Glimpse Group (NASDAQ: VRAR) is a diversified Immersive technology platform company, providing enterprise-focused Virtual Reality, Augmented Reality and Spatial Computing software & services. Glimpse's unique business model builds scale and a robust ecosystem, while simultaneously providing investors an opportunity to invest directly into this emerging 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 may contain certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements, if provided, are based on information available to the Company 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, if provided, include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "view," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. All forecasts, if provided, are based on information available at this time and management expects that internal projections and expectations may change over time. In addition, any forecasts, if provided, 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 Rothblum
CFO & COO
The Glimpse Group, Inc.
(917) 292-2685
maydan@theglimpsegroup.com
THE GLIMPSE GROUP, INC.
CONSOLIDATED BALANCE SHEETS
| As of |
|
| As of |
| |||
ASSETS |
|
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 1,848,295 |
|
| $ | 5,619,083 |
|
Accounts receivable |
|
| 723,032 |
|
|
| 1,453,770 |
|
Deferred costs/contract assets |
|
| 170,781 |
|
|
| 158,552 |
|
Prepaid expenses and other current assets |
|
| 778,181 |
|
|
| 562,163 |
|
Total current assets |
|
| 3,520,289 |
|
|
| 7,793,568 |
|
|
|
|
|
|
|
|
| |
Equipment, net |
|
| 167,325 |
|
|
| 264,451 |
|
Right-of-use assets, net |
|
| 452,808 |
|
|
| 627,832 |
|
Intangible assets, net |
|
| 487,867 |
|
|
| 4,284,151 |
|
Goodwill |
|
| 10,857,600 |
|
|
| 11,236,638 |
|
Other assets |
|
| 72,714 |
|
|
| 71,767 |
|
Total assets |
| $ | 15,558,603 |
|
| $ | 24,278,407 |
|
|
|
|
|
|
|
|
| |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Accounts payable |
| $ | 181,668 |
|
| $ | 455,777 |
|
Accrued liabilities |
|
| 340,979 |
|
|
| 635,616 |
|
Accrued non cash performance bonus |
|
| - |
|
|
| 1,041,596 |
|
Deferred revenue/contract liabilities |
|
| 72,788 |
|
|
| 466,393 |
|
Lease liabilities, current portion |
|
| 364,688 |
|
|
| 405,948 |
|
Contingent consideration for acquisitions, current portion |
|
| 1,467,475 |
|
|
| 5,120,791 |
|
Total current liabilities |
|
| 2,427,598 |
|
|
| 8,126,121 |
|
|
|
|
|
|
|
|
| |
Long term liabilities |
|
|
|
|
|
|
|
|
Contingent consideration for acquisitions, net of current portion |
|
| 1,413,696 |
|
|
| 4,505,000 |
|
Lease liabilities, net of current portion |
|
| 178,824 |
|
|
| 423,454 |
|
Total liabilities |
|
| 4,020,118 |
|
|
| 13,054,575 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
|
|
|
|
Preferred Stock, par value |
|
| - |
|
|
| - |
|
Common Stock, par value |
|
| 18,158 |
|
|
| 14,702 |
|
Additional paid-in capital |
|
| 74,559,600 |
|
|
| 67,854,108 |
|
Accumulated deficit |
|
| (63,039,273 | ) |
|
| (56,644,978 | ) |
Total stockholders' equity |
|
| 11,538,485 |
|
|
| 11,223,832 |
|
Total liabilities and stockholders' equity |
| $ | 15,558,603 |
|
| $ | 24,278,407 |
|
THE GLIMPSE GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
| June 30, |
| ||||||
| 2024 |
|
| 2023 |
| |||
Revenue |
|
|
|
|
|
| ||
Software services |
| $ | 8,130,515 |
|
| $ | 12,587,192 |
|
Software license/software as a service |
|
| 673,684 |
|
|
| 895,172 |
|
Total Revenue |
|
| 8,804,199 |
|
|
| 13,482,364 |
|
Cost of goods sold |
|
| 2,941,460 |
|
|
| 4,266,013 |
|
Gross Profit |
|
| 5,862,739 |
|
|
| 9,216,351 |
|
|
|
|
|
|
|
|
| |
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development expenses |
|
| 5,455,612 |
|
|
| 8,793,991 |
|
General and administrative expenses |
|
| 4,292,001 |
|
|
| 5,037,359 |
|
Sales and marketing expenses |
|
| 2,819,668 |
|
|
| 7,489,978 |
|
Amortization of acquisition intangible assets |
|
| 1,241,228 |
|
|
| 2,045,587 |
|
Goodwill impairment |
|
| 379,038 |
|
|
| 12,855,723 |
|
Intangible asset impairment |
|
| 2,563,331 |
|
|
| 2,496,119 |
|
Change in fair value of acquisition contingent consideration |
|
| (4,272,080 | ) |
|
| (696,722 | ) |
Total operating expenses |
|
| 12,478,798 |
|
|
| 38,022,035 |
|
Loss from operations before other income |
|
| (6,616,059 | ) |
|
| (28,805,684 | ) |
|
|
|
|
|
|
|
| |
Other income |
|
|
|
|
|
|
|
|
Interest income |
|
| 221,764 |
|
|
| 242,401 |
|
Net Loss |
| $ | (6,394,295 | ) |
| $ | (28,563,283 | ) |
|
|
|
|
|
|
|
| |
Basic and diluted net loss per share |
| $ | (0.38 | ) |
| $ | (2.05 | ) |
|
|
|
|
|
|
|
| |
Weighted-average shares used to compute basic and diluted net loss per share |
|
| 16,681,234 |
|
|
| 13,929,135 |
|
THE GLIMPSE GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Year Ended June 30, |
| ||||||
| 2024 |
|
| 2023 |
| |||
Cash flows from operating activities: |
|
|
|
|
|
| ||
Net loss |
| $ | (6,394,295 | ) |
| $ | (28,563,283 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Amortization and depreciation |
|
| 1,361,628 |
|
|
| 2,192,982 |
|
Common stock and stock option based compensation for employees and board of directors |
|
| 2,175,072 |
|
|
| 4,974,519 |
|
Accrued non cash performance bonus fair value adjustment |
|
| (551,239 | ) |
|
| - |
|
Acquisition contingent consideration fair value adjustment |
|
| (4,272,080 | ) |
|
| (696,722 | ) |
Impairment of intangible assets |
|
| 2,942,369 |
|
|
| 15,351,842 |
|
Gain on divestiture of subsidiary |
|
| 1,000,000 |
|
|
| - |
|
Reserve on note received in connection with divestiture of subsidiary |
|
| (1,000,000 | ) |
|
| - |
|
Issuance of common stock to vendors |
|
| 100,372 |
|
|
| 5,238 |
|
Adjustment to operating lease right-of-use assets and liabilities |
|
| (110,866 | ) |
|
| (8,330 | ) |
|
|
|
|
|
|
|
| |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
| 730,738 |
|
|
| 132,193 |
|
Deferred costs/contract assets |
|
| (12,229 | ) |
|
| 433,557 |
|
Prepaid expenses and other current assets |
|
| (216,018 | ) |
|
| (182,410 | ) |
Other assets |
|
| (948 | ) |
|
| 149,963 |
|
Accounts payable |
|
| (274,109 | ) |
|
| (419,716 | ) |
Accrued liabilities |
|
| (294,637 | ) |
|
| (120,181 | ) |
Deferred revenue/contract liabilities |
|
| (393,605 | ) |
|
| (2,412,066 | ) |
Net cash used in operating activities |
|
| (5,209,847 | ) |
|
| (9,162,414 | ) |
Cash flow from investing activities: |
|
|
|
|
|
|
|
|
Purchases of equipment |
|
| (31,548 | ) |
|
| (146,333 | ) |
Acquisitions, net of cash acquired |
|
| - |
|
|
| (2,627,261 | ) |
Payment of contingent consideration for acquisitions |
|
| (1,497,894 | ) |
|
| (1,000,000 | ) |
Sale of investments |
|
| - |
|
|
| 239,314 |
|
Net cash used in investing activities |
|
| (1,529,442 | ) |
|
| (3,534,280 | ) |
Cash flows provided by financing activities: |
|
|
|
|
|
|
|
|
Proceeds from securities purchase agreement, net |
|
| 2,968,501 |
|
|
| - |
|
Proceeds from exercise of stock options |
|
| - |
|
|
| 66,111 |
|
Cash provided by financing activities |
|
| 2,968,501 |
|
|
| 66,111 |
|
|
|
|
|
|
|
|
| |
Net change in cash, cash equivalents and restricted cash |
|
| (3,770,788 | ) |
|
| (12,630,583 | ) |
Cash, cash equivalents and restricted cash, beginning of year |
|
| 5,619,083 |
|
|
| 18,249,666 |
|
Cash and cash equivalents, end of year |
| $ | 1,848,295 |
|
| $ | 5,619,083 |
|
|
|
|
|
|
|
|
| |
Non-cash Investing and Financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Issuance of common stock for satisfaction of contingent liability |
| $ | 974,646 |
|
| $ | 3,059,363 |
|
Issuance of common stock for non cash performance bonus |
| $ | 490,357 |
|
| $ | - |
|
Lease liabilities arising from right-of-use assets |
| $ | - |
|
| $ | 429,329 |
|
Common stock issued for acquisition |
| $ | - |
|
| $ | 2,846,144 |
|
Contingent acquisition consideration liability recorded at closing |
| $ | - |
|
| $ | 7,325,000 |
|
Common stock issued for purchase of intangible asset - technology |
| $ | - |
|
| $ | 326,435 |
|
Issuance of common stock for satisfaction of prior year acquisition liability |
| $ | - |
|
| $ | 734,037 |
|
Issuance of common stock for satisfaction of contingent liability, net of note extinguishment |
| $ | - |
|
| $ | 318,571 |
|
Extinguishment of note receivable for satisfaction of contingent liability |
| $ | - |
|
| $ | 250,000 |
|
The following table presents a reconciliation of net loss to Adjusted EBITDA for the three and nine months ended June 30, 2024 and 2023 (in $ million):
| For the Years Ended |
| ||||||
| June 30, |
| ||||||
| 2024 |
|
| 2023 |
| |||
| (in millions) |
|
|
|
| |||
Net loss |
| $ | (6.39 | ) |
| $ | (28.56 | ) |
Depreciation and amortization |
|
| 1.36 |
|
|
| 2.19 |
|
EBITDA loss |
|
| (5.03 | ) |
|
| (26.37 | ) |
Stock based compensation expenses |
|
| 2.28 |
|
|
| 4.98 |
|
Change in fair value of acquisition contingent consideration |
|
| (4.27 | ) |
|
| (0.70 | ) |
Intangible asset impairment |
|
| 2.94 |
|
|
| 15.35 |
|
Change in fair value of accrued performance bonus |
|
| (0.55 | ) |
|
| - |
|
Acquisition related expenses |
|
| - |
|
|
| 0.28 |
|
Adjusted EBITDA loss |
| $ | (4.63 | ) |
| $ | (6.46 | ) |
SOURCE: The Glimpse Group, Inc.
View the original press release on accesswire.com
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