Start Time: 16:30 January 1, 0000 4:54 PM ET
The Glimpse Group, Inc. (NASDAQ:VRAR)
Q4 2023 Earnings Conference Call
September 28, 2023, 16:30 PM ET
Company Participants
Lyron Bentovim - President and CEO
Maydan Rothblum - CFO and COO
Conference Call Participants
Casey Ryan - WestPark Capital
Jordan Satary - Beeline Advisory
Operator
Welcome to The Glimpse Group Fiscal Year 2023 Financial Results Webinar. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. 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 Web site 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 Web site for more supporting industry information.
I would now like to hand the call over to Lyron Bentovim, President and CEO of The Glimpse Group. The floor is yours.
Lyron Bentovim
Thank you, John, and thank you everyone for joining us. I am pleased to welcome you to The Glimpse Group’s fiscal year 2023 financial results investor call for our year ended June 30, 2023. Glimpse’s fiscal year was highlighted by strong revenue growth year-over-year, combined with significant cost reductions and a strategic repositioning towards providing immersive enterprise software and services that are driven by spatial computing, cloud and AI.
Our 2023 revenue of approximately 13.5 million, an 85% increase compared to 2022 revenue of approximately 7.3 million, primarily driven by the acquisitions of Brightline Interactive and Sector 5 Digital. Since the company’s IPO in July 2021, our annual revenues have increased by approximately 4x from an IPO base of approximately 3.4 million.
While the immersive industry has rose significantly over the past few years, it has yet to reach high adoption levels on either the enterprise or the consumer sides. Over the last few months, we have seen a change in the market. Organizations are no longer just looking for one-time proof of concept project to test out immersive technologies. They are looking to fully integrate immersive technologies strategically into many aspects of their business.