The Glimpse Group (NASDAQ: VRAR) stock surged by 11.67% at last close while the VRAR stock price gains by 5.22% in the pre-market trading session. The Glimpse Group is a diverse Virtual and Augmented Reality platform firm that is made up of various VR and AR software and services companies and was created with the goal of developing businesses in the burgeoning VR/AR sector. Glimpse’s innovative business model makes it easier for VR/AR start-ups to solve problems and build a strong ecosystem.
VRAR stock’ Financial Highlights
The Glimpse Group has released preliminary revenue figures for the first quarter of its fiscal year 2022.
Total revenues for Q1 FY ’22 are expected to be about $1.0 million, indicating a substantial increase of almost 300 percent year over year relative to revenues of around $0.26 million in Q1 FY ’21. This increase was mostly organic, although it was hampered by a revenue delay from Q1 FY’21 to Q2 FY’21 owing to COVID-19 restrictions. Without accounting for further growth driven by possible accretive acquisitions, the Company intends to maintain its fast organic growth in FY 2022.
Core VR and AR software and services revenue (excluding project revenues) increased by almost 500 percent year over year, accounting for about 80% of total Q1 FY ’22 revenues, up from about 50% in the prior year’s first quarter.
Final recognized revenue and any other financials are up for review and liable to change and will be issued together with the Company’s financial statements and accompanying quarterly report.
Lyron Bentovim, President & CEO of The Glimpse Group stated,
Their sales are considerable in comparison to the early stages of the growing VR/AR sector, as previously stated, and their year-over-year revenue growth tends to illustrate the strength of their broad ecosystem of expanding VR and AR firms. As the first pure-play, NASDAQ-listed, diversified VR/AR software and services company, Glimpse is ideally positioned to capitalize on the tremendous growth possibilities in this growing market following our July 2021 IPO and with a strong and clean financial sheet.
