Shares of Virtual and Augmented Reality platform company, The Glimpse Group, Inc. (VRAR) are up more than 10% in the morning trade on Wednesday after reporting nearly 300% revenue growth in the first quarter.
Revenue for the first quarter increased 292% to $1.02 million from $0.26 million in the same quarter a year ago, driven by growth in customer base.
Net loss for the quarter, however, widened to $1.66 million fromnet loss of $1.28 million last year, on higher expenses.
“Glimpse is well positioned, financially, operationally and strategically to leverage its unique platform model of diverse subsidiaries targeting different industry segments to create scale and value. In parallel to our strong organic growth, we continue to seek additional accretive acquisitions that will fit into our ecosystem. Between these, our expectation is for a strong remainder to our FY ’22,” commented President & CEO Lyron Bentovim.
VRAR touched a new high of $21 this morning, before slipping to trade at $18.76 currently.
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