The Glimpse Group Issues 2024 Year End Shareholder Letter Highlighting Spatial Core Market Traction and Expected Profitability
The Glimpse Group, Inc. ("Glimpse") (NASDAQ:VRAR)(FSE:9DR), a diversified Immersive Technology platform company providing enterprise-focused Virtual Reality ("VR"), Augmented Reality ("AR") and Spatial Computing software and services, today issued a letter to shareholders from its President & CEO, Lyron Bentovim, summarizing key Glimpse developments for Calendar Year 2024.
Dear Shareholders:
2024 was a transformational year for Glimpse, in which we made significant strides in our strategic transition to focus on providing enterprise-scale Spatial Computing, Cloud and AI driven Immersive middleware software and solutions ("Spatial Core") - led by our subsidiary company Brightline Interactive. This successful transition included major contracts with leading U.S. Department of Defense ("DoD") and other large entities, while working directly with Nvidia, Microsoft, Cesium and many others.
In parallel, we streamlined our organizational structure and reached a point where we are cash flow profitable from operations. We achieved this milestone without raising capital and while maintaining a clean balance sheet with no debt, converts or preferreds. In fact, we expect our cash balance on December 31, 2024 to match and potentially exceed our cash balance on September 30, 2024 - the first time that has occurred in our history as a public company from internal operations only.
The Immersive industry itself also made important progress in 2024, with major initiatives and products announced by Apple, Meta, Nvidia, Google, Samsung, Snap and others. These bode well for the Immersive industry in general and for Glimpse in particular.
Spatial Core Summary:
In 2023 we commenced on a strategic transition, focusing our investment on Spatial Core. This transition was largely completed during 2024 and Spatial Core is now Glimpse's primary growth engine and value driver.
Spatial Core has tremendous potential and has gained strong traction during the year. We are working with some of the leading companies in the world to develop the Immersive middleware that takes in huge amounts of 2D data, creates detailed and life-like digital twins in 3D and then on top of that 3D data makes complex computations inside the digital twin environment while also adding important utility functions, all via the Cloud, in large scale and in real time.
I encourage you to view the Spatial Core webinar we hosted earlier this year: "The intersection of AI and Spatial Computing, bringing the power of bringing AI into the 3D world":
https://www.webcaster4.com/Webcast/Page/2934/51186
Examples of Spatial Core traction include:
Other Glimpse Entities Summary:
In parallel to Spatial Core, our other Immersive businesses continued their positive momentum. Some examples:
Immersive Industry:
While the Immersive industry, and Glimpse as a significant participant in it, has faced challenging headwinds over the past two years, we are now seeing and experiencing concrete positive growth indicators in both our business and the Immersive industry.
We believe that the Immersive industry is poised for significant growth, driven by:
Specifically, as it relates to Spatial Core, the following are key industry developments:
We believe that these industry developments, coupled with ongoing technological advancements, position the Immersive industry for potential rapid adoption and substantial market expansion in upcoming years.
2025 Expectations:
VRAR Stock
Summary Remarks
We have made major strides over the past year in repositioning and restructuring Glimpse strategically and operationally. It's an exciting time for the Immersive industry, Glimpse is positioned as a leading provider of enterprise Immersive software and services, and we are poised for revenue growth and cash profitability.
However, this is not reflected in our stock price, to the great detriment of our growth potential and shareholders. Going forward, we are going to continue our focus on profitable growth and in parallel aggressively explore all strategic options with the goal of unlocking the value of our business and/or underlying assets.
I thank you all for your interest in and support of Glimpse, and wish you all a nice holiday season and a happy and healthy 2025.
Lyron L. Bentovim
President & CEO
The Glimpse Group
About The Glimpse Group, Inc.
The Glimpse Group (NASDAQ: VRAR) is a diversified Immersive technology platform company, providing enterprise-focused Virtual Reality, Augmented Reality and Spatial Computing software & services. Glimpse's unique business model builds scale and a robust ecosystem, while simultaneously providing investors an opportunity to invest directly into this emerging industry via a diversified platform. For more information on The Glimpse Group, please visit www.theglimpsegroup.com
Safe Harbor Statement
This press release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This press release may contain certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements, if provided, are based on information available to the Company as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business. Forward-looking statements, if provided, include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "view," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. All forecasts, if provided, are based on information available at this time and management expects that internal projections and expectations may change over time. In addition, any forecasts, if provided, are entirely on management's best estimate of our future financial performance given our current contracts, current backlog of opportunities and conversations with new and existing customers about our products and services. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
Company Contact:
Maydan Rothblum
CFO & COO
The Glimpse Group, Inc.
(917) 292-2685
SOURCE: The Glimpse Group, Inc.