Glimpse Group, Inc. Reports Net Loss of $28.6 Million for the Year Ended June 30, 2023

New York-based technology company, Glimpse Group, Inc. [VRAR], has released its financial results for the year ended June 30, 2023. The company reported a net loss of $28.6 million, compared to a net loss of $5.97 million in the previous year. Glimpse Group generated annual revenue of $13.5 million, representing a significant increase from $7.27 million in the prior year.

Financial Performance

Despite the increase in revenue, Glimpse Group's operating expenses rose sharply to $38 million, driven by higher research and development expenses, general and administrative expenses, and sales and marketing expenses. As a result, the company's loss from operations before other income amounted to $28.8 million, compared to a loss of $6.34 million in the previous year.