Full Fiscal Year 2022 Total Revenues Grew by 113% Year-over-Year to a Record $7.3 million; Core Software & Services Revenue Grew by 143% Year-over-Year
Fourth Quarter Fiscal Year 22 Revenue Grew by 152% Year-over-Year to a Record $2.5 million, with Core Software & Services Revenue Growing by 98% Year-over-Year
Q4 FY ‘22 and FY '22 were highlighted by:
Recent Operational Highlights:
Recent IP Highlights
We maintained momentum expanding our Intellectual Property assets with four recent new patents issuances:
We have several more patents in process and view our patents as forward looking, strategically positioned, with significant potential and importance when the immersive industry matures.
"Our fiscal 2022 was a transformational year, commencing with our Nasdaq IPO and ending with our acquisition of Brightline Interactive, highlighting the consistent execution of our organic and accretive acquisition growth strategy. We continue to make strong strides in becoming a premier player in the immersive technology software and services space," said Lyron Bentovim, President and CEO of The Glimpse Group.
"Our achievements were further reflected in our financial results, consistently generating record revenues quarter to quarter toward a $15 million annual revenue run rate or approximately 4.5X revenue growth in just over a year's time.
"In conjunction with our fiscal year earnings report, we also filed a Form S-8 with the SEC to register the executive founders and board of director's stock options and founder shares (a Form S-8 registering the Company's employee stock options was filed with the SEC approximately one year ago). The founders, executives and board have not sold a single share in the company's history nor is there any intention to sell in the foreseeable future. In fact, the group has been a purchaser of common shares on the open market, despite already having a large position in the Company. As the largest shareholders in the Company, we have a strong, long-term commitment to its success and the growth is in front of us. We view this registration is a technicality and a natural step in our development as a public company.
"This is a very exciting time in the life cycle of the immersive technology sector in general and Glimpse in particular. While still early, the industry is coming together - hardware, software, telecom infrastructure, market awareness, and enterprise adoption are all making significant strides in sync. Looking ahead, we expect to continue on our growth path both organically and via accretive acquisitions. On numerous fronts, we are well positioned to capitalize on our strategy and many industry opportunities", concluded Lyron Bentovim.
Q4 FY '22 and FY '22 Financial Summary (inclusive of S5D financials for February 1 - June, 30 2022 only):
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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 is a Virtual Reality & Augmented Reality Platform Company Comprised of Multiple Software & Services Subsidiaries Creating Innovative VR/AR Solutions (products, software, and consulting services)