The following is a summary of the The Glimpse Group, Inc. (VRAR) Q2 2024 Earnings Call Transcript:
Financial Performance:
The Glimpse Group reported Q2 2024 revenue of $2.08 million, down by 29% versus Q2 2023, while the six-month revenue decreased by 25% compared to the previous year.
The gross margin for Q2 2024 was 68%, slightly lower than the 70% during Q2 2023.
The company reported an adjusted EBITDA loss of $1.33 million for Q2 2024, an improvement from the Q2 2023 loss of $2.6 million.
As of the end of December 2023, the company held $5.2 million in cash and equivalents and had no outstanding corporate debt or preferred equity.
Business Progress:
The company is strategically transitioning towards providing enterprise software and services through its Spatial Core framework.
It is poised to sign multi-million dollar contracts with multiple Department of Defense entities, large enterprises, and other organizations.
Collaborations are being formed with tech giants like NVIDIA and Microsoft to align their technologies with the needs of enterprises.
Subsidiaries like QReal, Sector 5 Digital, and Glimpse Learning have secured contracts with Walmart, Colgate, and NYU Langone Hospital, and are expected to contribute to cash flow positively and achieve profitable growth.
Noncore assets are being divested and noncore cash expenses have been reduced by approximately 50% which has lowered the operational cash break-even point to $3 million revenue per quarter.
More details: The Glimpse IR
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