The Glimpse Group

Founded in 2016, The Glimpse Group develops enterprise-level augmented reality and virtual reality (AR/VR) platforms. Currently the company has nine subsidiaries including Adept XR which develops immersive learning solutions for industrial and corporate training. The company went public in July 2021 and trades on the NASDAQ under the symbol "VRAR." In September 2021, the company was added to the Russell Microcap Index. As of April 2022, the company had four operating hubs in the US, Turkey, Australia, and Israel (launched in March 2022). 

In July 2021, Adept XR Learning announced a software license and services partnership relationship with Edstutia, an online modular higher education alternative company. Edstutia plans to use Adept XR's VR software platform Elevate to build an immersive VR campus to enhance learning experiences, presentations, classroom discussions, and video "road trips" and simulations. The first VR campus is scheduled to launch in October 2021.

The company made a series of acquisitions in 2021–2022 to strengthen its product offering. In August 2021, the company acquired AR software company Auggd, allowing the company to integrate with Auggd’s proprietary technology and enter the Australian market, which led to the launch of its operating hub Glimpse Australia in February 2022. In September 2021, the company acquired XR Terra, which offers VR- and AR-driven education and training programs called “XR bootcamps” to software developers, 3D artists, and executives in collaboration with XR experts, enterprise partners, and academic institutions. Founder Hakan Satiroglu will continue to lead XR Terra as its general manager under Glimpse. In December 2021, the company acquired  Sector 5 Digital (S5D), an immersive technology company, for a potential purchase price of USD 27 million in a combination of cash and stock. The acquisition will strengthen The Glimpse Group’s financial and operational performance, expand its team, scale its product offering, and create synergies. In May 2022, the company entered into a definitive agreement to merge Brightline Interactive, an immersive technology provider, into a Glimpse subsidiary. The following month, the Glimpse Group announced that its subsidiary firm QReal, an augmented reality platform, acquired fellow solution provider, PulpoAR. 

Funding and financials

In October 2021, The Glimpse Group announced its listing on the Frankfurt Stock Exchange (FSE) under the ticker "9DR” allowing European equity investors to directly purchase shares from its outstanding common stock float currently trading on the Nasdaq exchange. In addition to the FSE, Glimpse's shares will also be available to trade on other German exchanges including the Börse Stuttgart, Börse München, Gettex Exchange, and Tradegate Exchange. In the same period, the company sold USD 15 million worth of its common stock and warrants, to institutional investors, in a private placement. 

For FY2021 ended June 30, the company reported total revenue of USD 3.42 million. This marks a 76% increase YoY, driven by new customers and increased business with existing customers. The company also reported VR software and services revenue of USD 1.73 million (up 239% YoY) and a gross profit margin of 57%, compared to 42% in FY2020. The expansion in gross profit margin was driven by an increase in services and software license revenue, improved project management, and higher utilization of internal staff. Operating expenses totaled USD 6.67 million (up 16% YoY) and net loss from operations was USD 4.71 million (an improvement of 4% YoY). Finally, the company reported a net loss of USD 6.09 million for FY2021, an increase of 22% from FY2020, primarily driven by an increase in one-time expenses related to its IPO.