During our first three months as a Nasdaq listed public company, we demonstrated remarkable progress, highlighted by strong revenue growth, additional strategic acquisitions, establishment of key partnerships, and the fortification of our balance sheet. We continued to see robust revenue growth across our businesses and in particular our core VR/AR software and services revenue (excluding project revenue), which grew by over 500% period-to-period, primarily organically. As a result, our gross margins increased to approximately 85% of revenue.
Furthermore, we saw a seismic shift in the awareness of the potential of the immersive industry following Facebook's rebranding to Meta, as well as a wide array of other industry giants - such as Microsoft, AMD, Nvidia, Dropbox and Match Group - announcing metaverse plans. We believe that these will significantly propel the industry forward and serve as a strong accelerant, are complimentary and beneficial to Glimpse, and in alignment with our vision of becoming the premier software and services VR/AR company in the evolving metaverse landscape.
In October 2021, we capitalized on the opportunity provided by these macro tailwinds and completed a $15 million private placement comprised of common stock and warrants. In addition to the largely still unutilized IPO proceeds, this financing significantly solidified our financial base while providing sufficient capital for us to effectively pursue many of the growth opportunities in front of us. Importantly, this financing was structured in a healthy manner for the Company, with a select number of institutional investors and at a price that was approximately 43% above our recent July 1, 2021 IPO price and with warrants priced at approximately 110% above our IPO price. We currently have over $25 million of cash, no material liabilities, and a controlled and relatively low cash burn.
We expanded Glimpse's global investment profile with the listing of our common shares on the Frankfurt Stock Exchange and several other German exchanges including Börse Stuttgart, Börse München, Gettex Exchange and Tradegate Exchange. The Frankfurt Stock Exchange, in particular, is one of the world's largest electronic exchanges. These exchanges access our outstanding Nasdaq float and we expect that over time will become a streamlined conduit for European investors interested in purchasing Glimpse shares.
As we previously discussed, beyond continued strong organic growth, a key component of our strategy is to make select, accretive acquisitions to strengthen and expand the Glimpse ecosystem while broadening our strategic positioning in various growth industries.
We are having ongoing M&A conversations with numerous companies in the industry and expect to continue making accretive acquisitions, of various revenue size, as we progress.
In terms of partnerships, we are working with several of the industry leaders on expanding our existing relationships and are entering into new ones. As a recent example, our commitment to the development of the metaverse led us to a partnership with D-ID, a leader in Artificial Intelligence ("AI")-driven creative media. The jointly-developed technologies and products will combine D-ID's highly-realistic AI-powered Creative Reality™ technology with Glimpse Group's advanced VR/AR solutions. Together, these are expected to create experiences for metaverse users which are more immediate and realistic.
Looking ahead, this is an exciting time for Glimpse and the VR/AR industry. While it is still early in the industry's lifecycle, we believe that the development of the VR/AR industry in general and the metaverse in particular is likely to accelerate given the recent surge in awareness, interest, funding, activity and adoption. Glimpse is well positioned, financially, operationally and strategically to leverage its unique platform model of diverse subsidiaries targeting different industry segments to create scale and value. In parallel to our strong organic growth, we continue to seek additional accretive acquisitions that will fit into our ecosystem. Between these, our expectation is for a strong remainder to our FY '22 (October ‘21-June '22). We'd like to thank all of our shareholders for their ongoing support as we continue to push forward with creating a leading Enterprise-focused software and services company in the emerging XR space.
FYQ1 ‘22 Financial Summary:
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A non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with accounting principles generally accepted in the United States of America, or GAAP. Non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. Other companies may use different non-GAAP measures and presentation of results.
In addition to financial results presented in accordance with GAAP, this press release presents adjusted EBITDA, which is a non-GAAP measure. Adjusted EBITDA is determined by taking net loss and adding interest, taxes, depreciation, amortization and stock-based compensation expenses. The company believes that this non-GAAP measure, viewed in addition to and not in lieu of net loss, provides useful information to investors by providing a more focused measure of operating results. This metric is an integral part of the Company's internal reporting to evaluate its operations and the performance of senior management. A reconciliation of adjusted EBITDA to net loss, the most comparable GAAP measure, is available in the accompanying financial tables below. The non-GAAP measure presented herein may not be comparable to similarly titled measures presented by other companies.
The Glimpse Group (NASDAQ: VRAR) (FSE: 9DR) is a diversified Virtual and Augmented Reality platform company, comprised of multiple VR and AR software & services companies, and designed with the specific purpose of cultivating companies in the emerging VR/AR industry. Glimpse's unique business model simplifies challenges faced by VR/AR companies and creates a robust ecosystem, while simultaneously providing investors an opportunity to invest directly into the emerging VR/AR industry via a diversified platform. For more information on The Glimpse Group, please visit www.theglimpsegroup.com
This press release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This press release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. All forecasts are provided by management in this release are based on information available at this time and management expects that internal projections and expectations may change over time. In addition, the forecasts are entirely on management's best estimate of our future financial performance given our current contracts, current backlog of opportunities and conversations with new and existing customers about our products and services. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
The Glimpse Group is a Virtual Reality & Augmented Reality Platform Company Comprised of Multiple Software & Services Subsidiaries Creating Innovative VR/AR Solutions (products, software, and consulting services)