The Glimpse Group reported its financial results for the fiscal year ended June 30, 2024, on September 30, 2024. The company announced GAAP EPS of -$0.38, missing estimates by $0.01, and revenue of $8.8 million, missing estimates by $0.3 million.
Despite the revenue and EPS misses, the company highlighted a strategic transition in FY24 to primarily focus its development resources on enterprise-scale Spatial Computing, Cloud, and AI-driven Immersive recurring software solutions, branded as 'Spatial Core.' This shift is led by its subsidiary Brightline Interactive.
Management expects significantly higher revenue and positive cash flow in the upcoming quarters based on signed contracts. The company also noted an 'extreme valuation disconnect' between its intrinsic value and public market valuation, which is acting as a catalyst for a strategic review to maximize shareholder value. The EBITDA loss for FY24 was ($4.63 million), an improvement from ($6.46 million) in the prior year.
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