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- **Revenue Decline**: Q1 FY26 revenue down 43% YoY to $1.4M, driven by contract delays and government shutdowns.
- **Brightline IPO Push**: Strategic focus on spinning off Brightline as a pure-play spatial computing company, with potential H1 2026 IPO.
- **Foretell AI Momentum**: Immersive AI product seeing enterprise adoption in education/healthcare, targeting core revenue contribution.
- **Financial Resilience**: 72% gross margin, $5.56M cash with no debt, though EBITDA loss widened to $0.92M.
- **No Future Guidance**: Management refrains from providing FY26 revenue outlook due to uncertainty.

**【CEO Summary Section】**
- **Strategic Progress on Brightline IPO**: Initiated process to spin off Brightline Interactive as a standalone AI-driven spatial computing company, targeting a potential IPO in H1 2026. Brightline secured a multimillion-dollar contract with the Department of War (DoW) and is in advanced discussions for additional DoW contracts, though delayed by government shutdowns.
- **Foretell AI Growth**: Immersive AI simulation product gaining traction in education and healthcare, with accelerating enterprise license renewals. Aims to become a core revenue driver.
- **Other Contracts**: Signed mid-6-figure contracts with a major oil service company for 3D brand environments and animations.

**【CFO Financial Commentary】**
- **Revenue Performance**: Q1 FY26 revenue $1.4M (-43% YoY) due to contract timing and government delays. Gross margin improved to 72% (vs. 68% prior), with guidance of 65-75% range.
- **Financial Health**: Adjusted EBITDA loss $0.92M (vs. $0.46M prior). Cash position $5.56M with no debt. Breakeven at $10M annual revenue (FY25 level).
- **No Guidance**: With multiple moving parts, management declined to provide FY26 revenue outlook.

**【Q&A Highlights】**
- No questions submitted during the call session.

The Glimpse Group, Inc.(VRAR)-20251114-2026 Q1 Earnings call transcript

- **BLI Spin-off Announced**: Glimpse to spin out Brightline Interactive as a standalone spatial computing/AI middleware provider, with Glimpse shareholders receiving BLI shares.
- **Revenue Growth Accelerates**: FY25 revenue up 20% to $10.5M, Q4 revenue surging 105% YoY to $3.5M, driven by DOW contracts.
- **AI/Immersive Innovation**: 7 new patents, NIH grants for VR mental health training, and AIA launch with Florida university in Q1 2026.
- **Defense & Enterprise Focus**: BLI's Spatial Core middleware secures $4.2M DOW contracts, with pipeline expansion into robotics, autonomous vehicles, and digital twins.
- **Spin-off Timeline**: Expected to complete by early 2026, with no name change and continued focus on high-margin DOW/enterprise contracts.


**【CEO Opening Remarks】**
- Fiscal Year 2025 Highlights: 20% revenue growth to $10.5M, first-time cash flow neutrality, and $4.2M DOW contracts for Spatial Core. BLI's AI-driven spatial computing middleware is a key growth driver.
- Strategic Spin-off Plan: Board-approved spin-out of Brightline Interactive (BLI) to unlock value, with Glimpse shareholders receiving BLI shares. BLI will focus on DOW and enterprise big data contracts, while Glimpse retains education/healthcare businesses.
- Innovation Milestones: 7 new AI/immersive tech patents, NIH grants for VR mental health training, and partnerships with Yale, Montefiore, and energy tech firms.

**【CFO Financial Commentary】**
- FY25 Financials: $10.5M revenue (+20% YoY), 67.5% gross margin, $6.85M cash, and $0.27M net operating loss. Q4 revenue surged 105% YoY to $3.5M, driven by BLI contracts.
- FY26 Outlook: Revenue growth expected, but quarterly volatility due to DOW contract timing. Q1 FY26 revenue likely lower than Q4 FY25, with sequential growth thereafter.

**【Q&A Key Highlights】**
- **BLI Spin-off Timeline**: Expected to complete by early 2026, with no name change. BLI will maintain Spatial Core focus on DOW and enterprise markets.
- **Market Expansion**: AIA (AI-driven immersive training) set to launch with Florida university in Q1 2026. Partnerships with tech giants to integrate solutions into enterprise workflows.
- **Financial Sustainability**: Current $6.85M cash position sufficient for operations, with no immediate funding needs.
- **Customer Adoption**: Transitioning from pilot programs to full-scale deployments in education, healthcare, and corporate training.


The Glimpse Group, Inc. (VRAR) Q4 2025 Earnings Call Transcript

- **Q4 Revenue Surge Expected**: $3.2-3.8M (vs. Q3 $1.4M), driven by $4M+ DoD Spatial Core delivery.
- **Cash Flow Turnaround**: 2nd straight positive quarter; FY25 EBITDA to near breakeven vs. -$4.6M YoY.
- **Spatial Core Milestones**: U.S. Navy simulator deployment, $7M+ enterprise deal, and $4M DoD contract closure in May.
- **Valuation Action**: Considering $2M buyback amid stock undervaluation.
- **Gross Margin Expansion**: 72% in Q3, targeting 55-75% range for FY25.


**【CEO Key Highlights】**
- **Revenue Momentum**: Q3 FY25 revenue of $1.4M reflects timing delays, but Q4 is projected to reach $3.2-3.8M, driven by Spatial Core contracts with DoD entities.
- **Cash Flow Improvement**: 2nd consecutive quarter of positive cash flow ($0.13M), up from -$0.92M YoY, due to cost control and reorganization.
- **Spatial Core Breakthroughs**: 
  - Brightline to deliver $4M+ DoD contract in May 2025, marking a fundamental achievement.
  - U.S. Navy simulator deployment completed, with potential follow-on contracts.
  - New $7-figure enterprise deal confirmed, with pipeline for additional 2025 signings.
- **Valuation Concerns**: Public valuation lags intrinsic value; may consider $2M share buyback to protect stock.

**【CFO Financial Summary】**
- **Revenue Trends**: FY25 full-year revenue expected at $10-11M (15-25% YoY growth), despite divestitures.
- **Gross Margin Expansion**: Q3 margin 72% vs. 70% YoY; forward guidance of 55-75% range due to higher Spatial Core/SaaS mix.
- **Profitability**: Q3 adjusted EBITDA loss of $1M vs. $0.9M YoY; Q4 EBITDA expected positive.
- **Balance Sheet Strength**: $7M cash + $0.65M AR; no debt, clean capital structure.

**【Key Business Updates】**
- **Fortell Reality**: AI-driven training contracts expanding.
- **Sector 5 Digital**: New clients include Halliburton, Ecolab, Walmart, AT&T.
- **Glimpse Lenses**: Snap revenue growth tracking well.
- **Glimpse Learning**: Healthcare/edu software licenses signed.


The Glimpse Group, Inc. (VRAR) Q3 2025 Earnings Call Transcript

- **Historic Milestone**: First public company quarter with positive EBITDA, cash flow, and net income.
- **Revenue Growth**: Q2 FY25 revenue up 52% YoY to $3.17M, FY25 projected to exceed $11M (+25% YoY).
- **Government Contract Progress**: $6.8M equity raise, $8.5M cash, no debt; Q4 FY25 revenue expected to jump to $3.3M-$4M.
- **AI Expansion**: Simulating real-world scenarios with AI-driven avatars, targeting healthcare, education, and corporate training.
- **Operational Efficiency**: Monthly expenses under $0.9M, positive cash flow in all remaining quarters.

**【CEO Opening Remarks】**
- Achieved **first-ever positive EBITDA, cash flow, and net income** in Q2 FY25, marking a historic milestone.
- Strategic focus on **SpatialCore and AI integration** driving growth, with government contracts delayed due to Continuing Resolution (expected resolution in March 2025).
- Q3 FY25 revenue expected to decline to $1.5M-$2M (negative EBITDA), offset by Q4 FY25 with $3.3M-$4M revenue and positive EBITDA.
- Full FY25 revenue projected to exceed $11M (+25% YoY), with EBITDA breakeven vs. prior year loss.
- Raised $6.8M in equity financing, with $8.5M cash on hand and no debt.

**【CFO Financial Highlights】**
- Q2 FY25 revenue: $3.17M (+52% YoY, +30% QoQ), driven by SpatialCore and other businesses.
- Gross margin: 64% (vs. 68% Q2 FY24), stable in 60%-70% range forward.
- Adjusted EBITDA: $0.28M (vs. -$1.33M YoY), net cash flow: $0.17M (vs. -$1.68M YoY).
- FY25 cash operating expenses: <$0.9M/month, positive cash flow expected in all remaining quarters.

**【Q&A Key Takeaways】**
1. **Revenue Split**: ~40% government, 60% commercial (stable FY25, aiming to increase government share post-budget resolution).
2. **AI Integration**: Simulating real-world scenarios (e.g., doctor-patient interactions) with AI-driven avatars, expanding commercial use cases.
3. **Operating Expenses**: Stable at $0.9M/month, no immediate plans for expansion.
4. **Government Contracts**: Potential for follow-on DoD contracts in 2025, with FY25 budget delay impacting near-term opportunities.
5. **Competitive Position**: Focus on building industry standards (e.g., middleware for 3D data visualization), not direct competitor comparison.

The Glimpse Group, Inc. (VRAR)-13 Feb 25-2025 Q2 Earnings call transcript

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Glimpse Group Inc (VRAR)-15 Feb 22-2022 Q2 Earnings call transcript

Glimpse Group Inc (VRAR)-16 Nov 21-2022 Q1 Earnings call transcript

- **Revenue Growth**: 76% YoY to $3.42M, with 50% from recurring software/services.
- **Margin Expansion**: Gross margin 57.3% (vs. 41.5% prior year), targeting 70-80% long-term.
- **Strategic Acquisitions**: 10 subsidiaries acquired, 100% accretive. Recent Auggd acquisition expands into AR for AEC sector.
- **Metaverse Play**: Building enabling tech for virtual offices, schools, and stores. Early-stage but sees long-term opportunity.
- **Financial Health**: $13M cash, no debt. Backlog of $1.5-2M in near-term projects/licenses.


**【CEO Summary Section】**
- Fiscal 2021 revenue grew 76% YoY to $3.42 million, driven by software and services (50% of total revenue) and 10 subsidiary acquisitions, including Auggd in AR for architecture/engineering/construction.
- Recurring software/SaaS revenue (licenses, subscriptions) rose 100% YoY, while non-project VR/AR software/services revenue jumped 239%.
- Gross margin improved to 57.3% (vs. 41.5% prior year), with cash-based margin at 74% (vs. 53% prior year).
- Strategic focus: diversify into high-growth VR/AR verticals (marketing, education, corporate training, Metaverse) and expand IP portfolio (4 issued patents, 9 pending).

**【CFO Financial Commentary】**
- Total revenue: $3.42M (76% YoY), with 50% from recurring software/services vs. 26% prior year.
- Operating expenses: $6.67M (16% YoY growth), but net loss narrowed 4% YoY to $6.09M.
- Cash position: $13M (after July 2021 IPO), no debt/liabilities.
- Backlog: $1.5-2M in near-term projects/licenses.

**【Q&A Highlights】**
- **Recurring Revenue**: Software/SaaS is 50% of total, up from 25% prior year. Management expects this to grow as a percentage of revenue.
- **Margins**: Gross margin improving due to higher software/services mix. Long-term target: 70-80% margins typical of software companies.
- **Acquisition Strategy**: 100% accretive acquisitions (earn-outs, equity-based). Recent Auggd acquisition expanded into Australia's AR market.
- **Metaverse Play**: Positioning as enabling technology for virtual offices, schools, and stores. Early-stage but sees long-term opportunity.
- **Customer Expansion**: 73% new customers, 27% repeat business. Focus on upselling existing customers into adjacent use cases.


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