The Glimpse Group, Inc. (NASDAQ:VRAR) Q1 2025 Earnings Conference Call November 14, 2024 5:00 PM ET
Company Participants
Lyron Bentovim – President and Chief Executive Officer
Maydan Rothblum – Chief Financial Officer and Chief Operating Officer
Conference Call Participants
Casey Ryan – WestPark Capital
Operator
Welcome to The Glimpse Group’s First Quarter Fiscal Year 2025 Financial Results Webinar. At this time all participants are in a listen-only mode. [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 would 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 Lyron Bentovim, President and CEO of The Glimpse Group. Lyron, the floor is yours.
Lyron Bentovim
Thank you, Kelly, and thank you, everyone, for joining us. I am pleased to welcome you to The Glimpse Group’s Q1 fiscal year 2025 financial results investor call for quarter ended September 30, 2024.
During the quarter, we delivered the first phase of our large DoD contract and have made significant progress towards securing several multimillion-dollar enterprise scale spatial computing cloud and AI-driven immersive software solutions, Spatial Core contracts with multiple government DoD and large enterprise customers. The short-term aggregate value for those contracts is in the $5 million to $10 million range. We expect to get confirmation on one of these contracts in December 2024, and to receive additional confirmations in early 2025 due to budgetary delays.
In parallel to Spatial Core, our other immersive businesses continued their positive momentum from the previous quarter. Some recent examples: we entered into a mid-six figure contract with a large global water and hygiene infrastructure company for an augmented reality solution. We entered into a mid-six figure contract with a global energy company for immersive content. We entered into a multiyear mid-six figure contract with a state district for immersive education. Our subsidiary, QReal saw a significant increase in revenue, driven by demand from its largest customer for AR lenses and 3D models.