The Glimpse (VRAR) - 2025 Q2 - Quarterly Results

Financial Performance - Q2 FY '25 revenue was approximately $3.17 million, a 52% increase compared to Q2 FY '24 revenue of approximately $2.08 million[2] - Positive adjusted EBITDA of approximately $0.28 million in Q2 FY '25, compared to an adjusted EBITDA loss of approximately -$1.33 million for Q2 FY '24[2] - The company expects Q3 FY '25 revenue to decline to between $1.5 million and $2 million, but anticipates a strong Q4 FY '25 with revenue between $3.3 million and $4 million[2] - For FY '25, the company expects aggregate revenue to exceed $11 million, representing a 25%+ increase compared to $8.8 million for FY '24[2] - The company reported a net loss of $988,320 for the six months ended December 31, 2024, compared to a net loss of $857,810 for the same period in 2023[17] - Adjusted EBITDA for the six months ended December 31, 2024, was a loss of $0.17 million, improving from a loss of $2.61 million in the same period of 2023[18] Cash and Liquidity - The company's cash and equivalents as of December 31, 2024, were approximately $8.5 million, with an additional $1.4 million in accounts receivable[2] - Cash and cash equivalents at the end of the period increased to $8,445,288, up from $5,220,653 at the beginning of the year[17] - The company experienced a net cash used in operating activities of $253,153 for the six months ended December 31, 2024, significantly lower than $3,358,180 for the same period in 2023[17] - The company generated $6,785,552 from securities purchase agreements in financing activities, compared to $2,968,501 in the prior year[17] - The company’s accounts receivable decreased by $668,847 for the six months ended December 31, 2024[17] Contracts and Business Development - Brightline Interactive delivered a significant milestone on its $4 million+ Department of Defense contract during the quarter[9] - Brightline Interactive entered into an initial contract with the US Navy for an Immersive, AI-Driven Simulator System, setting the stage for potential follow-on contracts[9] - The company has made strong progress in commercializing its AI-driven immersive training product, experiencing encouraging initial traction with customers and partners[9] Capital Structure and Compliance - The company maintains a clean capital structure with no debt, no convertible debt, and no preferred equity[2] - The company regained compliance with Nasdaq Listing Rule 5550(a)(2), which requires a minimum bid price of $1.00 per share[2] Expenses and Divestitures - Stock-based compensation expenses for the six months ended December 31, 2024, were $407,231, down from $1,135,048 in the same period of 2023[17] - The company reported a depreciation and amortization expense of $272,615 for the six months ended December 31, 2024, compared to $720,458 in the same period of 2023[17] - The company recorded a net gain on divestiture of subsidiaries amounting to $1,397,066 for the six months ended December 31, 2024[17] - The company had a loss on subsidiary divestiture of $0.10 million for the three months ended December 31, 2024[18]