The Glimpse Group, Inc. (NASDAQ:VRAR) Q1 2024 Earnings Conference Call November 14, 2023 4:30 PM ET
Company Participants
Lyron Bentovim - President & Chief Executive Officer
Maydan Rothblum - Chief Financial Officer & Chief Operating Officer
Conference Call Participants
Casey Ryan - WestPark Capital
Operator
Welcome to the Glimpse Group Q1 Fiscal Year 2024 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 website for more supporting industry information.
I would now like to hand the call over to Lyron Bentovim, President and CEO [Technical Difficulty].
Lyron Bentovim
Thank you, everyone for joining us. I am pleased to welcome you to The Glimpse Group’s first quarter fiscal year 2024 financial results investor call for quarter ended September 30, 2023. This quarter was highlighted by continued execution on our strategic realignment of Glimpse towards providing immersive enterprise software and services that are driven by spatial computing, cloud and AI.
Q1 FY 2024 revenue of approximately $3.1 million, a 7% quarter-over-quarter increase compared to Q4 FY 2023 revenue of approximately $2.9 million and a 22% decrease compared to the record revenue of approximately $3.95 million in Q1 FY 2023. We continue to make strong progress in our previously detailed strategic shift to spatial computing, cloud and AI-driven immersive software solutions. We also expect to announce significant contracts in the coming months.
In parallel, we have been realigning the company, reducing head count and our investment in non-core areas while working on divesting non-core assets. As we make this transition, we expect Q2 FY 2024, a quarter are in currently to have lower revenue, but also expect a rebound in Q3 FY 2024, calendar 2024 Q1 revenue as we begin to recognize revenue and growth relating to our special core products and solutions.