The Glimpse Group, Inc. (NASDAQ:VRAR) Q3 2023 Earnings Conference Call May 15, 2023 4:30 PM ET

Company Participants

Lyron Bentovim - President and Chief Executive Officer

Maydan Rothblum - Chief Financial Officer and Chief Operating Officer

Operator

Welcome to The Glimpse Group Fiscal Third Quarter 2023 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 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. Lyron, the floor is yours.

Lyron Bentovim

Thank you, Max, and thank you, everyone, for joining us. I am pleased to welcome you to The Glimpse Group’s fiscal third quarter 2023 financial results investor call for our quarter ended March 31, 2023. Glimpse’s fiscal third quarter was highlighted by continued revenue growth, combined with significant cost reductions as we drive towards our goal of achieving cash neutrality from operations in calendar year 2023 and the initial stages of a strategic repositioning towards providing immersive enterprise software and services that are driven by cloud computing and AI.

For our fiscal third quarter 2023, we generated revenue of approximately $3.7 million, the second largest revenue quarter in the company history and representing 79% growth compared to third quarter 2022 revenues of approximately $2 million. For the first 9 months of fiscal year 2023, we generated record revenue of approximately $10.6 million, representing 122% growth or 2.2x compared to the $4.8 million for the same period last year.

Our substantiated revenue pipeline is the largest in the company’s history. While we are generally encountering a slower sales cycle in the translation of these into signed contracts, a general indicator of a macroeconomic environment in our view, this pipeline could lead to significant revenue growth in the coming quarters. To illustrate this point, during the quarter, we announced new contracts with the U.S. Naval Surface Warfare Center, Dahlgren Division; Denny’s; the University of Maryland’s Robert H. Smith School of Business; and one of the largest telecom service providers, to name a few.