Glimpse Group holds annual meeting, re-elects directors

NEW YORK – The Glimpse Group, Inc. (VRAR), a computer programming services company with a market capitalization of $22.35 million and impressive recent stock performance of over 46% in the past week, announced today the results of its annual general meeting held on Thursday.

According to InvestingPro data, the company maintains a solid gross profit margin of 72%. Shareholders voted on several key proposals, including the re-election of board members and executive compensation.

At the meeting, a quorum was achieved with approximately 52% of the outstanding shares represented. The stockholders approved the re-election of Tamar Elkeles and Ian Charles as Class I Directors to the board, each to serve a three-year term ending at the company's 2027 annual meeting or until their earlier resignation or removal.

InvestingPro analysis reveals that while the company faces some challenges with cash burn, it maintains more cash than debt on its balance sheet, positioning it for potential growth opportunities.

Additionally, the advisory vote on the company's fiscal year 2024 executive compensation was passed. This non-binding vote reflects shareholder support for the company's executive pay structure.

The appointment of Turner, Stone & Company, L.L.P as the independent registered public accounting firm for the fiscal year ending June 30, 2025, was also ratified by the stockholders.

The detailed voting results were as follows: Tamar Elkeles received 13,378,277 votes for, 545,673 against, and 12,675 abstentions; Ian Charles received 13,145,702 votes for, 778,249 against, and 12,683 abstentions. The proposal concerning executive compensation had 11,474,458 votes for, 2,118,044 against, and 344,124 abstentions.

The ratification of the accounting firm saw 19,057,194 votes for, 1,148,263 against, and 119,439 abstentions. Investors seeking deeper insights into VRAR's financial health and growth prospects can access comprehensive analysis and 12 additional ProTips through InvestingPro's detailed research reports.

These outcomes were shared in a press release statement based on the company's recent SEC filing. The Glimpse Group, Inc., incorporated in Nevada and headquartered in New York, is listed on The Nasdaq Stock Market LLC under the ticker symbol VRAR. The company's fiscal year ends on June 30, and it operates under the SIC code 7371 for computer programming services.

In other recent news, The Glimpse Group reported mixed Q1 results but expressed optimism about future growth.

The company revealed that Q1 revenue reached approximately $2.44 million, marking a 44% increase from the last quarter, although this was a 21% decrease year-over-year. Despite this, The Glimpse Group anticipates average quarterly revenues to exceed $3 million and total revenues for FY 2025 to be between $11 million and $12 million.

The company also noted an improvement in its financial health, with gross margins standing at 79% and an adjusted EBITDA loss of $0.46 million, showing significant progress from the previous year's loss of $1.29 million. In a strategic move, The Glimpse Group announced the divestiture of its subsidiary, QReal, which is expected to streamline operations and improve cash flow.

In addition to these financial updates, the company highlighted the completion of the first phase of a significant Department of Defense contract and progress on multimillion-dollar contracts in spatial computing and AI-driven immersive software.

These developments are expected to contribute significantly to future revenues. The company is also exploring strategic options to enhance growth and correct the perceived undervaluation in the market.

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