The Glimpse (US:VRAR)2022-05-16 23:49Financial Data and Key Metrics Changes - The company achieved record revenue of approximately $2.05 million for Q3 fiscal year 2022, a 123% increase compared to $0.92 million in Q3 fiscal year 2021 and a 21% increase from the previous record of $1.69 million in Q2 fiscal year 2022 [10][11] - Total revenue for the nine months ended March 31, 2022, was approximately $4.8 million, a 95% increase from $2.4 million for the same period in 2021 [11] - The company reported a net loss of $1.8 million for Q3 fiscal year 2022, compared to a net loss of $1.2 million in the prior year, reflecting a 42% increase in losses [16] Business Line Data and Key Metrics Changes - Core services revenue increased by over 170% compared to the same periods in fiscal 2021, comprising over 50% of total revenue [3] - Software services revenue for Q3 fiscal year 2022 was approximately $1.9 million, a 156% increase from $0.8 million in Q3 fiscal year 2021 [12] - Non-project revenue accounted for approximately 58% of total revenues for Q3 fiscal year 2022, up from 47% in the same quarter of the previous year [14] Market Data and Key Metrics Changes - The company noted strong customer traction and entered into new paid customer agreements with several Fortune 500 companies, indicating a growing market presence [4][5] - The company is focusing on the integration of augmented reality (AR) applications into corporate workflows, driven by marketing strategies targeting younger generations [28] Company Strategy and Development Direction - The company aims to capitalize on the growth opportunities in the immersive technology sector, with a focus on strategic acquisitions and partnerships [5][22] - The integration of Sector 5 Digital (S5D) is progressing well, with numerous opportunities for collaboration with existing subsidiaries [43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to weather potential economic challenges due to a strong balance sheet and controlled cash burn rate [19][22] - The company anticipates strong revenue growth into 2023, driven by increasing adoption of immersive technologies and blockchain [22] Other Important Information - The company ended the fiscal quarter with approximately $20 million in cash, including $2 million held in escrow for potential future performance payments related to the S5D acquisition [18] - The company has a clean capital structure with no debt or preferred equity, allowing for flexibility in operations [4][19] Q&A Session Summary Question: Insights on enterprise augmented reality market - Management noted that the integration of private 5G networks is crucial for the growth of augmented reality applications in corporate settings, particularly for marketing purposes [28] Question: Relationship between Metaverse, NFTs, and blockchain - Management highlighted that blockchain technology will play a key role in the Metaverse, providing currency, identity verification, and asset management through NFTs [30][31] Question: M&A pipeline and interesting acquisition targets - Management confirmed ongoing advanced conversations with multiple companies for potential acquisitions, focusing on creating value for shareholders [33] Question: Integration of Sector 5 Digital - The integration of S5D into the Glimpse ecosystem has been successful, with collaborative opportunities already being explored [43]