The Glimpse Group Inc. (NASDAQ: VRAR) stock declined by 9.86% at last close whereas the VRAR stock-price gains by 5.33% in the after-hours trading session. The Glimpse Group is a diverse Virtual and Augmented Reality Platform Company that is made up of various VR and AR software and services firms and was created with the goal of nurturing enterprises in the growing VR/AR sector.
VRAR stock’ Financial Highlights
The Glimpse Group announced its financial result for the full year 2021. Given below is the summary:
- Total revenue for the fiscal year ended June 30, 2021, was nearly $3.42 million, up from $1.95 million for the fiscal year ended June 30, 2020, a 76 percent increase, and better than their initial projection of $3.25 million released in July 2021. Due to the acquisition of new clients and expanded business with current customers, this growth has been driven despite substantial COVID-19-related obstacles.
- The gross profit margin for the year ended June 30, 2021, was about 57 percent, compared to roughly 42 percent for the year ended June 30, 2020. The rise in gross profit margin was largely attributable to increasing income from services and Software Licenses, enhanced project management, and increased internal employee utilisation.
- Operating costs for the fiscal year ended June 30, 2021 were about $6.67 million, up from $5.73 million for the fiscal year ended June 30, 2020, a 16 percent increase.
- Net loss from operations was about $4.71 million for the full year 2021, relative to a net loss of nearly $4.92 million for the full year 2020, an increase of approximately 4% period-to-period.
- For the year ended June 30, 2021, net cash utilised in operating operations was about $1.21 million, opposed to approximately $2.02 million for the year ended June 30, 2020, a 40% improvement.
Lyron Bentovim, President and CEO of The Glimpse Group stated that,
Looking ahead, they plan to maintain their strong organic revenue growth while completing more strategic and accretive acquisitions to push business forward and expand their scale in the fledgling AR and Virtual sector. As a result, they estimate sales in Q1 FY ’22 (July-September ’21) to be substantially higher than in the same period the previous year.
