The Glimpse Group, Inc. (VRAR) has seen a sudden increase of 5.34% in the aftermarket. However, the last trading session closed at $7.31 with an incline of 0.83%.
QReal Hires Leading Instagram Enterprise Augmented Reality Experience Designer, Ege Islekel, as Creative Manager
On 5th October 2021, VRAR stated that the company has hired Ege Islekel as the Creative Manager. Mr Islekel started designing the Facebook Spark AR Experience in early 2018 after completing his master’s degree. He became one of the most popular designers in the Facebook Spark AR Community.
Mr Islekel has designed and built over 100 branded AR Instagram effects for well-known worldwide businesses. He has a lot of expertise with AR filters, photorealistic rendering, 3D modelling, and animation, and he’ll now be in charge of QReal’s Instagram AR Lens development and AR design process.
Acquisition of 11th Subsidiary Company: XR Terra
VRAR stated on 30th September 2021 that it has purchased the assets of XR Terra, a Boston-based firm, with a closing date of October 1, 2021.
Moreover, XR Terra was created in 2019 in response to the rising demand for a structured, outcome-oriented training program. XR Terra collaborates with XR specialists, business partners, and academic institutions to develop an industry-driven training programme with the objective of graduating market-competitive XR talent and matching each programme graduate with XR jobs at top companies. Lastly, XR Terra made around $0.5 million in revenue in its first fiscal year of operation, mostly from direct to consumer (B2C) sales.
VRAR reported the fiscal Year 2021 Financial Results
VRAR announced the fiscal year 2021 financial results on 28th September 2021. Total revenue for the year ended June 30, 2021, was about $3.42 million. Despite severe COVID-19-related obstacles, this growth was accomplished because of the acquisition of new clients. The gross profit margin for the year ended June 30, 2021, was about 57 per cent. Furthermore, the rise in gross profit margin was largely attributable to increasing income from services. For the year ended June 30, 2021, the cash-based gross profit margin was approximately 74 per cent, excluding the stock option-based cost of revenue costs, compared to roughly 53 per cent for the year ended June 30, 2020. Finally, operating costs for the fiscal year ended June 30, 2021, was about $6.67 million.
