The Glimpse Group, Inc. (NASDAQ:VRAR) has engaged Lucid Capital Markets, LLC as its investment‑banking partner to explore a potential initial public offering or spin‑off of its subsidiary Brightline Interactive (BLI). The engagement was announced on October 27, 2025.
Brightline Interactive, acquired by Glimpse in May 2022, develops the SpatialCore platform, an advanced spatial computing and AI‑driven simulation middleware that powers digital twins, robotics, drones, and autonomous vehicle training systems. BLI has secured contracts with the U.S. Department of Defense, including a $4.2 million contract in May 2024 and a synthetic training ecosystem for the DoD announced in July 2025.
While BLI has contributed positively to Glimpse’s revenue, the parent company’s overall financial performance has been mixed, with a three‑year revenue growth rate of –4.7 % as of October 2025 and a Q4 2025 decline of 29.6 %. The company has stated that the IPO or spin‑off is exploratory and no transaction is guaranteed. If completed, the move would provide BLI with a dedicated capital structure and potentially unlock shareholder value.
Glimpse expects the process to unfold over several months, with a target to complete the transaction by Q1 2026, subject to regulatory approvals and market conditions.
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