Glimpse Group, Inc. (NASDAQ:VRAR) Q3 2024 Earnings Conference Call May 15, 2024 4:30 PM ET
Company Participants
Lyron Bentovim - Chairman & CEO
Maydan Rothblum - Co-Founder, CFO, COO, Secretary, Treasurer & Non Independent Director
Conference Call Participants
Operator
Welcome to The Glimpse Group Quarter Three Fiscal Year 2024 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 https://ir.theglimpsegroup.com/.
Before we begin the formal presentation, I'd like to remind everyone that the statements made on today's call and webcast include 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 ours.
Lyron Bentovim
Thank you, Kat, and thank you, everyone, for joining us. I am pleased to welcome you to The Glimpse Group's Third Quarter Fiscal Year 2024 Financial Results Investor Call for our quarter ended March 31, 2024.
During this quarter, we've made concrete intangible strides that validate our strategic transition to focus on providing enterprise scale, spatial computing, cloud and AI-driven immersive recurring software solutions or Spatial Core, as we refer to it internally, led by our subsidiary company Brightline Interactive. We announced today that Brightline Interactive entered into a $4 million-plus 12-month contract with the Department of Defense, DoD entity, for a spatial computing ecosystem, integrating AI workflow, and accelerated compute for a variety of defense use cases.
The ecosystem will empower users to combine massive data sets and perform complex calculations to analyze and process spatial data in order to derive insights, make predictions and perform calculations on one-for-one digital twins addressing challenges in infrastructure, maintenance, operations, training and simulations.
In parallel, we are in the process of securing several additional multimillion dollar Spatial Core contracts with multiple government, Department of Defense and large enterprise customers. The shorter-term aggregate value of these contracts is in the $8 million to $12 million range. While there is no guarantee that some or all of these will come to fruition. We anticipate that a good portion of these will close before calendar year-end 2024 with additional potential in the pipeline for calendar year 2025.