The following is a summary of the The Glimpse Group, Inc. (VRAR) Q2 2024 Earnings Call Transcript:

Financial Performance:

• The Glimpse Group reported Q2 2024 revenue of $2.08 million, down by 29% versus Q2 2023, while the six-month revenue decreased by 25% compared to the previous year.

• The gross margin for Q2 2024 was 68%, slightly lower than the 70% during Q2 2023.

• The company reported an adjusted EBITDA loss of $1.33 million for Q2 2024, an improvement from the Q2 2023 loss of $2.6 million.

• As of the end of December 2023, the company held $5.2 million in cash and equivalents and had no outstanding corporate debt or preferred equity.

Business Progress:

• The company is strategically transitioning towards providing enterprise software and services through its Spatial Core framework.

• It is poised to sign multi-million dollar contracts with multiple Department of Defense entities, large enterprises, and other organizations.

• Collaborations are being formed with tech giants like NVIDIA and Microsoft to align their technologies with the needs of enterprises.

• Subsidiaries like QReal, Sector 5 Digital, and Glimpse Learning have secured contracts with Walmart, Colgate, and NYU Langone Hospital, and are expected to contribute to cash flow positively and achieve profitable growth.

• Noncore assets are being divested and noncore cash expenses have been reduced by approximately 50% which has lowered the operational cash break-even point to $3 million revenue per quarter.

More details: The Glimpse IR

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