The Glimpse Group, Inc. (NASDAQ:VRAR) Q1 2023 Earnings Conference Call November 14, 2022 4:30 PM ET
Company Participants
Lyron Bentovim - President, CEO
Maydan Rothblum - CFO and COO
Conference Call Participants
Ignacio Bernaldez - EF Hutton
Austin Vetterick - ROTH Capital Partners
Operator
Welcome to The Glimpse Group First Quarter Fiscal Year 2023 Financial Results Conference Call. 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 press release that accompanies this call was issued at the close of market today and is available on the Investors section of the company's website at ir.theglimpsegroup.com.
Before we begin the formal presentation, I would like remind everybody 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 like to refer you to the company's website for more supporting industry information. The replay of this call will be available on the company's IR website under the Events and Presentations sections.
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. And thank you everyone for joining us. I'm pleased to welcome you The Glimpse Group's fiscal first quarter 2023 financial results investor call for a quarter ended September 30 2022. Glimpse's first quarter was highlighted by record revenue and continued momentum, driven by organic growth and several recent acquisitions.
Revenue, we had record revenue for fiscal first quarter of 2023 of approximately $4 million representing 287% growth for almost 4x compared to first quarter 2022 revenues of approximately $1 million and a 58% increase quarter-over-quarter compared to Q4 financial year fiscal year 2022, in which we have our prior record quarterly revenue of approximately $2.5 million.
The quarter's financials included two months of our acquisition of Brightline Interactive, which closed on August 1 2022. As mentioned previously Brightline generated over $5 million of revenue in 2021, with 65% of gross margins and positive net income. As a reminder, we IPO-ed in July 1, 2021 with approximately 3.4 million annual revenues for financial year '21 a number we significantly surpassed just this quarter alone.