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The Glimpse Group Inc. (VRAR-2.55%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports total revenue of $3.17 million for the three months ended December 31, 2024, compared to $2.08 million for the same period in 2023, representing a 52% increase. For the six months ended December 31, 2024, revenue was $5.61 million, up from $5.18 million in the previous year, an 8% increase.
Software services revenue for the three months ended December 31, 2024, was $3.13 million, up from $2.03 million in the same period the previous year. Software license revenue was $0.04 million, slightly down from $0.05 million in 2023.
Gross profit for the quarter was $2.03 million, with a gross profit margin of 64%, compared to $1.42 million and a 68% margin in the previous year. For the six months ended December 31, 2024, gross profit was $3.95 million, with a margin of 70%, up from $3.34 million and 64% in 2023.
Operating expenses for the quarter were $2.02 million, down from $2.23 million in the previous year. For the six-month period, operating expenses were $4.97 million, up from $4.33 million in 2023.
Research and development expenses decreased to $0.66 million from $1.39 million for the quarter and to $1.78 million from $3.07 million for the six-month period.
General and administrative expenses were $0.85 million for the quarter, down from $1.05 million, and $1.78 million for the six months, down from $2.14 million.
Sales and marketing expenses decreased to $0.38 million from $0.77 million for the quarter and to $1.12 million from $1.57 million for the six-month period.
The company reported net income of $0.02 million for the quarter, compared to a net loss of $0.74 million in the previous year. For the six-month period, the net loss was $0.98 million, compared to $0.86 million in 2023.
The company completed a securities purchase agreement in December 2024, raising $6.79 million through the sale of common stock and prefunded warrants.
The filing details a strategic realignment around Spatial Core and divestiture of non-core assets, including the divestiture of QReal, LLC and Glimpse Turkey.
As of December 31, 2024, The Glimpse Group had cash and cash equivalents of $8.45 million, with no outstanding debt obligations.
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 February 13, 2025. To report an error, please email earnings@qz.com.