VRAR - Earnings call 1 2024 | The Glimpse Group, Inc.

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Operator

Welcome to The Glimpse Group Q1 Fiscal Year 2024 Financial Results Webinar. [Operator Instructions] As a reminder, this conference is being recorded. The earnings release that accompanies this call is available on the Investors section of the company's website at https://ir.theglimpsegroup.com/.

Before we begin the formal presentation, I'd like to remind everyone that statements made on today's call and webcast, including those regarding future financial results and industry prospects are forward-looking and may be subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the call. Please refer to the company's regulatory filings for a list of associated risks, and we would also refer you to the company's website for more supporting industry information. I would now like to hand the call over to Lyron Bentovim, President and CEO of The Glimpse Group. yours. is floor The

Lyron Bentovim

XXXX. for Glimpse I'm year Group call September results everyone, you XXXX to to investor XX, ended quarter The first for joining you, pleased us. welcome financial Thank quarter fiscal

strategic million This quarter was driven and Glimpse of by FY a by a software spatial providing million, enterprise approximately revenue that quarter-over-quarter increase a and QX to realignment to compared 'XX AI. 'XX $X.X on immersive QX QX continued $X.XX towards FY of services X% compared of of 'XX. FY execution the approximately approximately and highlighted in our are revenue computing, cloud decrease XX% revenue $X.X record million

Cloud to progress We make and detailed in immersive strong strategic software previously solutions. Spatial continue our AI-driven Computing, shift to

to on significant In assets. reducing headcount the coming expect have realigning noncore also in divesting working investment in announce areas the months. been contracts while noncore and company, we parallel, We our

the QX solutions. calendar 'XX Core As we expect relating revenue 'XX, growth in FY make as 'XX, but QX revenue, have and a Spatial this in expect to and rebound also QX products transition, FY to lower our currently, begin quarter recognize to we we revenue we're

built Core provided partners large scale the accelerated systems with the infinite to of harnessing technological which are complex on and compression AR of that Live As VR Microsoft, developed twin-based systems us technology Core, in cloud examples computed Department integrate deliver AI limitations real that experiences, this full and are the industry NVIDIA Interactive, we reflect remain, from divestiture massive in then and we are to must essentially applications. Spatial net of GPU simultaneously on and creation potential subsidiaries. devices. it legacy noncore that the time is digital they last simulations subsidiary powerful reach to Brightline be robotics expected activities traditional cloud for immersive for tablets workflows end engine SXD, quick whether content multiple scale. By that, immersive headsets, as and and realigning the or contributors. are Defense will immersive our strongly access computing I The include creating of open is computing the of standards discussed for to rapid Brightline the by subsidiary such, phones. earnings be untethered business and by call, engine company, simulations, be training, its shutdown and our devices, and including believe the immersive Glimpse, primarily our headsets, mass in Spatial state-of-the-art of scale, of growth allows to positive cash and QReal companies

operating capital financial Rothblum, to clean balance that, our As over in it significant remarks, we expense Maydan now his Maydan in Glimpse's turn will detail to steps results. and have COO, sheet. With structure to I CFO to base, continue reduce recently clean raised Maydan? taken prepared review and the maintain a will

Maydan Rothblum

financial results. non-GAAP I'll that our full in the refer limit in XX-Q today. to A our market EBITDA of were after that and a and Please to I'll release summary is Lyron. Thanks, breakdown adjusted portion note filed review other close my available press measures.

for million approximately which of to For the filings. Revenue a under section record you cycle MD&A lengthening non-GAAP was XX, fiscal the of website X $X.X revenue for approximately our decrease to QX our approximately ended year internal XX% months ended September fiscal industry. Gross X SEC 'XX XX% in quarter find general fiscal to The other XX%. to effects QX in the year sales of the of in year approximately margin a 'XX. 'XX calculation compared $X.XX compared EBITDA the and of QX our our our September adjusted XXXX, refer million addition decrease was please for on measures, restructuring XX, for and reflects months immersive can filing, being XXXX, XX-Q technology

to to the to our expect expect XX% XX% be to our reduced million fiscal margins the remain had in the in we for end 'XX continue as QX base. In gross mix EBITDA a specific depending range revenue margins Adjusted fiscal and past the our do in by so 'XX, shift was revenue the range this an XX% EBITDA year, cash compared us $X.XX investments. higher at will approximately approximately half year and This annualized, approximately continue of approximately headcount revenues higher we flow enable loss We QX year quarter, strategic which had into to of a quarter's fiscal $X.XX of of for year place. the level neutrality going the plan. as reach at second loss growth strategic will of million our comes to, excluding on part forward, to

of ago, our breakeven was financing $XX are million XXXX, Today, position direct closing annual at million year was breakeven a illustrate, cash of the revenue. After approximately on October XX, a to excess of Just cash registered point annual reported cash $XX of we revenue. approximately in $X.X the approaching million. company's previously

to price will being in once may week closing or place utilize of anticipate in utilizing to to outstanding next operations remarks, value create the the back front On or exceptional share into in That for not the in has plan of Board the it regarding company debt obligations. some said, our stock growth company XX, session. to like buyback has business, which to the the the enter now where cases years. Since we our circumstances in it company. I'd Lyron extraordinary debt, Q&A so. we mentioned, begin the common after equity next a we for November the been us Lyron opportunities put plan $X committed no this preferred corporate pass XXXX, do are buyback opportunities X million to be authorized Directors As of of up investing over we in repurchase utilized convertible

Lyron Bentovim

Thank you, Maydan.

Spatial solutions AI. by potential to hardware-centric to be transformation Our compute driven from and has initiative Core a for key enabler those the industry's the a immersive cloud

are all initiative, technology contributions. on is remaining in R&D market XXXX to company this this to the effort solutions efforts Glimpse We in subsidiary support our this generating other cash expected focusing on based with on positive by bringing

to growth you all cash revenues support continue announced questions. in We have clean Core thank significant The for addition a in the of call Spatial to we I'll level progress have support and expect interest strong customer Glimpse reaching to strides we coming to the of made and make to months. in neutrality balance the underlying In contract development parallel, some the towards the previously technologies, materialize your contracts, current the over at and the our take and of operator back now sheet Group, to investments. I turn large

Operator

question WestPark do Capital. from We a Casey Instructions] have Ryan with [Operator

Casey Ryan

for thanks today. update the Gentlemen,

what's the announced restructuring, do you with. talking -- when you any there multiple think update Do be of other much or on strategic how I interest any moving you those? forward? that there looking sort or initial around -- were have actions to are sort that in now, take sense you may entities of from Are as noncore deemed of is value parties like opportunities there

Lyron Bentovim

question, Casey. for you your Thank

right as generate better of in operate, remarks, we Glimpse which within will the at and outside we mentioned stay then exploring kind of and and the in we process companies structure. So on should which that understanding continue being ones have, company the our cash the one to forward, these prepared are drive looking and are flow the of off

the haven't we and of probably of in kind So full the yet, gotten point decision kind on to quarters that. progress around coming those as will update we

Casey Ryan

Maybe my those. of short too line thinking time on was the

of process, sort X-month sounds process, I a it of So a maybe think. is like this not XX-month sort

Lyron Bentovim

on months, so closer realignment that. a just XX X had of our to but still kind Probably months we're ago, than call month we strategic working

Casey Ryan

but Yes. get not excited to pressure No, trying I'm you, to update. the I'm

if extending as your in fashion. So of -- I'm change? sort focus the specific you into Is on? maybe a that the shape the and looks like of just opportunity have opportunities is Core that Spatial out question, related change other that have like. maybe visibility that high is one revenue Or some it the you what some and business you curious sounds probability visibility then sort on like to

Lyron Bentovim

that engagements will done we these Yes. some transition No, to a be period. business, see the actually the over work the think will I we visibility be nature more that of since as and the and of kind long-term be will the more able have of revenue will we

So I quarters. we more see do visibility had than in now previous kind of

Operator

Instructions] [Operator

Lyron Bentovim

ongoing our Thank of not continuing were directly. and look see you, please one of earnings conference would unable do your to every each to so and questions, out We answer like I questions, any our for to If forward growth. us joining to you to reach you everyone. update thank on call. write-in I we any progress

Operator

you. webinar. participation, Thank does day. have Thank This conclude you for today's a wonderful and your

You time. this lines may at disconnect phone your

The Glimpse Group, Inc. (VRAR) 14 Nov 232024 Q1 Earnings call transcript