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| Statement |
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| This is one of the key philosophies behind Spatial Core and an important competitive advantage if we are to be at the center of this |
| Hey, it was a better quarter than we certainly had expected |
| In parallel, we have positioned our other subsidiary companies to be cash flow positive and achieve profitable growth as they execute on their plans |
| We are making significant progress and expect strong revenue development in the coming months |
| Our Spatial Core pipeline continues to grow rapidly with several multi-million dollar contracts that are very close to the goal line |
| That's a good job, I think |
| And then the 68% gross margin number, I think, was good and sort of in the range that you've indicated is sort of where we expect the business going forward |
| We serve as middleware, connecting their cloud and AI technologies and services with the needs of enterprises and organizations creating a win-win-win |
| Figures that we believe are attainable once some of the large contracts we have in the pipeline materialize |
| We are now positioned to reach profitability when we return to prior revenue levels |
| It feels like a constructive quarter |
| And then really help our customers, on the other hand, take advantage of these solutions |
| In the aggregate, we have reduced cash expenses by approximately 50% from their high |
| Good |
| During this quarter, we made substantial progress on our strategic realignment of Glimpse towards providing immersive enterprise software and services that are driven by Spatial Computing, Cloud and AI or Spatial Core as we refer to it internally, led by our subsidiary company, Brightline Interactive |
| As Maydan will detail in his prepared remarks, while we have increased our investment in Spatial Core, we have also taken major steps to reduce our operating expense base |
| As we complete our strategic transition, we expect our gross margins to continue to remain in the 65% to 70% range and potentially increase afterwards |
| Great |
| Great |
| So congratulations |
| In parallel, the immersive industry continues to develop as demonstrated by the recent launch of the Apple Vision Pro |
| I thank you all for your interest and support of The Glimpse Group |
| Terrific |
| Terrific |
| While investing in the development of our Spatial Core solutions, we are continuing to reduce noncore cash expenses |
| And then sort of bigger picture, I think you actually made a really good point about sort of immersive experiences and let's say, tools and techniques, training and different applications need data processing in the cloud, will that be part of the service offering from The Glimpse Group and our subsidiaries as sort of some capability to access that? Or will we just sort of stay in sort of enabling software/middleware type of space and sort of allow all that data processing to happen elsewhere? Lyron Bentovim Our partners such as NVIDIA and Microsoft, they've built pretty amazing solutions out there |
| The headset's launch has ignited new interest in immersive solutions, and we have started working with a variety of customers, ranging from federal agencies to large and small enterprises on a variety of enterprise applications and use cases |
| Well, thank you |
| So we don't want to reinvent the wheel and definitely not to compete with our big partners, but we want to take what they're building and enable our customers to use those smartly |
| Thank you |
| Statement |
|---|
| Revenue for the six months ended December 31, 2023, was approximately $5.18 million compared to approximately $6.9 million for the six months ended December 31, 2022, a decrease of 25% |
| Revenue for the three months ended December 31, 2023, were approximately $2.08 million compared to approximately $2.95 million for the three months ended December 31, 2022, a decrease of 29% |
| This decline is in line with our previously announced expectations as we continue to, A, strategically transition our business from predominantly immersive, marketing-driven projects to enterprise scale, spatial computing, cloud, AI-driven immersive recurring software solutions; and B, as we divest noncore operating assets |
| As we discussed in our last call, we expected our strategic transition to result in short-term reduction in revenues as we divested and shut down noncore operating assets and reduced our expenses targeting other nonessential opportunities |
| Adjusted EBITDA loss was $1.33 million for the three months ended December 31, 2023, compared to $2.6 million loss for the three months ended December 31, 2022 |
| Adjusted EBITDA loss of $2.6 million for the six months ended December 31, 2023, compared to $3.64 million loss for the six months ended December 31, 2022 |
| We expect this revenue decline to stabilize in Q1 of calendar year 2024 and growth to resume in calendar Q2 of 2024 as we ramp up Spatial Core revenues and as our other remaining subsidiary companies execute on their growth plans |
| The reduced EBITDA loss for both periods was driven by the cash operating – by the reduction in cash operating expenses |
| While we cannot guarantee that these opportunities will materialize into signed contracts, we have good reason to believe that they will in the coming weeks and months |
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