The Glimpse Group, Inc. (NASDAQ:VRAR) Q3 2022 Earnings Conference Call May 16, 2022 4:30 PM ET

Company Participants

Lyron Bentovim – Chief Executive Officer

Maydan Rothblum – Chief Financial Officer and Chief Operations Officer

Mark Schwalenberg – Investor Relations, MZ Group

Conference Call Participants

Daniel Day – B. Riley Securities

Dillon Heslin – ROTH Capital Partners

Ignacio Benaldez – EF Hutton

Mark Schwalenberg

Okay. Welcome to The Glimpse Group Fiscal Third Quarter 2022 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 investor section in 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's 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 this 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. With that, I would like to now turn the call over to Lyron Bentovim, President and CEO of The Glimpse Group. Lyron, the floor is yours.

Lyron Bentovim

Thank you, Mark. And thank you, everyone for joining us. I am pleased to welcome you to The Glimpse groups fiscal third quarter of 2022 financial results investor call for our quarter ended March 31, 2022. Glimpse's fiscal third quarter was highlighted by record revenue, continued strong growth, high-gross margins, the completion of our largest acquisition to-date new partnerships and Tier-1 customers, international expansion, and additional issued patents. These continued to confirm the adoption of our enterprise focused VR/AR Software and Services solutions. As it relates to revenues, we had record revenue for the three and nine month’s period with revenue approximately doubling versus the previous year period. Q3, financial year 2022 was the first quarter in which we serve process $2 million in revenue compared to approximately $0.9 million for the same quarter last year, thereby breaking our previous record revenue of 1.7 million approximately achieved in December 21st quarter.

This is especially notable as our Q3 January to March is historically the slowest quarter of our fiscal year. Our reported numbers include only two months of S5D financials, which closed on February first 2022. On a pro - forma basis, if S5D had been included for the entire reported period, then our revenue would've been approximately 7.3 million for the nine-month period and approximately 2.3 million for the three months period. Importantly, our core services revenue, which have exclude project revenue also set a company record increasing by over a 170% compared to the same 3 and 9 month periods of fiscal 2021, comprising over 50% of total revenue. Given the current environment. I'm increasingly asked about our cash flow in general financial condition.