The Glimpse (US:VRAR)2024-11-14 21:05Revenue Performance - Q1 FY '25 revenue was approximately $2.44 million, a 44% increase from Q4 FY '24 but a 21% decrease from Q1 FY '24[1][2] - The company expects average quarterly revenue to exceed $3 million in the next three quarters, with total FY '25 revenue projected between $11-12 million, representing a 25-35% increase from FY '24[2] Gross Margin and EBITDA - Gross Margin for Q1 FY '25 was approximately 79%, up from 62% in Q1 FY '24, driven by increased Spatial Core revenues[3] - Adjusted EBITDA loss for Q1 FY '25 was approximately $0.46 million, an improvement from a loss of approximately $1.29 million in Q1 FY '24[3] - Adjusted EBITDA loss improved to $(0.46) from $(1.29) year-over-year, showing a reduction in operational losses[26] Cash Flow and Expenses - The company's cash operating expense base is now less than $1.0 million per month, with expectations of generating positive cash flow in the remaining quarters[4] - Cash used in operating activities was $(425,045), a decrease from $(1,683,217) in the previous year, indicating improved cash flow management[25] - Cash and cash equivalents at the end of the period were $1,413,794, down from $3,928,836, a decline of 64.0%[25] Contracts and Divestitures - The company secured several multi-million dollar contracts in Spatial Computing, with an aggregate short-term value of $5-10 million expected[6] - The divestiture of QReal is projected to create approximately $4.0 million in net cash value over two years, including annual cash expense savings of $1.2 to $1.5 million[11] Financial Position - As of September 30, 2024, the company had approximately $1.4 million in cash and equivalents, along with $0.9 million in accounts receivable[4] - The company maintains a clean capital structure with no debt and does not intend to raise capital in the foreseeable future[5] - Total assets as of September 30, 2024, were approximately $15.17 million, a decrease from $15.56 million as of June 30, 2024[21] Operating Expenses and Losses - Total operating expenses increased to $2,957,969 from $2,094,090, representing a 41.2% increase year-over-year[23] - Net loss for the period was $1,014,192 compared to a net loss of $119,443 in the previous year, indicating a significant increase in losses[24] - Basic and diluted net loss per share was $(0.06), compared to $(0.01) in the prior year[24] Share Count and Income - Weighted-average shares used to compute basic and diluted net loss per share increased to 18,164,217 from 14,730,386, reflecting a 23.5% increase in share count[24] - Interest income decreased to $20,711 from $51,276, a drop of 59.6% year-over-year[24] Research and Development - Research and development expenses decreased to $1,120,522 from $1,680,787, a reduction of 33.3%[23] Amortization and Depreciation - Total amortization and depreciation expenses were $155,594, down from $398,923, a decrease of 60.0%[25]