In This Story
The Glimpse Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenue to $2.44 million from $3.10 million in the same quarter of the previous year. This decrease is attributed to a strategic shift and divestiture of several entities.
Cost of goods sold for the quarter was $0.52 million, representing 21% of revenue, compared to 38% in the same quarter of the previous year. The decrease in cost ratio is due to a reduction in reliance on outside contractors.
The company reported a gross profit of $1.92 million for the quarter, consistent with the previous year, despite the decrease in revenue.
Operating expenses increased to $2.96 million from $2.09 million, primarily due to a non-cash gain in the previous year not recurring in 2024.
Net loss for the quarter was $1.02 million, compared to $0.12 million in the previous year. The increase in net loss is largely due to the absence of a prior year's non-cash gain.
Cash used in operating activities was $0.42 million, an improvement from $1.68 million in the previous year, reflecting expense reductions.
The company had cash and cash equivalents of $1.41 million as of September 30, 2024. The company acknowledges its dependence on additional funding to meet future obligations.
The filing also details a notification from Nasdaq (NDAQ-0.10%) regarding non-compliance with the minimum bid price requirement, with a compliance deadline of March 3, 2025.
The Glimpse Group divested its subsidiary QReal, LLC, retaining certain revenue rights and receiving a convertible note and equity stake in the new entity.
The company continues to focus on its strategic realignment around Spatial Core and the divestiture of non-core assets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the The Glimpse Group Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.