Brightline Interactive (BTLN)
Market Price (10/22/2026): $3.6 | Market Cap: $9.6 MilSector: Information Technology | Industry: Systems Software
Brightline Interactive (BTLN)
Market Price (10/22/2026): $3.6Market Cap: $9.6 MilSector: Information TechnologyIndustry: Systems Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -31% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and Digital Content & Streaming. Themes include Experiential Retail, and Immersive Content & Simulations. | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.0 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1547% Expensive valuation multiplesP/SPrice/Sales ratio is 30x Stock price has recently run up significantly6M Rtn6 month market price return is 523%, 12M Rtn12 month market price return is 130% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -94%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -56%, Rev Chg QQuarterly Revenue Change % is -72% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 229% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1328%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1336% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 2272% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -176% High stock price volatilityVol 12M is 467% Key risksBTLN key risks include [1] slow enterprise adoption of VR/AR, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -31% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and Digital Content & Streaming. Themes include Experiential Retail, and Immersive Content & Simulations. |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.0 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1547% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 30x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 523%, 12M Rtn12 month market price return is 130% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -94%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -56%, Rev Chg QQuarterly Revenue Change % is -72% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 229% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1328%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1336% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 2272% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -176% |
| High stock price volatilityVol 12M is 467% |
| Key risksBTLN key risks include [1] slow enterprise adoption of VR/AR, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 10/21/2026
Brightline Interactive (BTLN) stock has gained about 375% since 6/30/2026 because of the following key factors:
1. Strategic Corporate Rebranding and Pivot to Physical AI.
Brightline Interactive, formerly known as The Glimpse Group, Inc. (GGRP), underwent a significant corporate rebrand in August 2026, transitioning its Nasdaq ticker symbol to BTLN and shifting its entire focus to the SpatialCore platform for Physical AI. This strategic pivot involved divesting non-core and underperforming subsidiaries and was spearheaded by a new leadership team that took charge effective June 1, 2026. The move was articulated by CEO Tyler Gates as an effort to simplify the business, accelerate revenue, build partnerships, and position SpatialCore as an interoperability infrastructure platform in the rapidly emerging Physical AI market.
2. Resolution of Nasdaq Delisting Threat.
A significant factor contributing to the stock's positive trend was the company's successful navigation of a Nasdaq delisting threat. Brightline Interactive received a staff determination to delist on September 11, 2026, due to its common stock trading below the required $1.00 minimum bid price. To regain compliance, the company implemented a 1-for-8 reverse stock split, effective September 28, 2026. This action proved successful, as Nasdaq confirmed on October 14, 2026, that Brightline Interactive had regained compliance with the minimum bid price requirement, removing a major overhang and uncertainty for investors.
Show more
Brightline Interactive (BTLN) stock has gained about 375% since 6/30/2026 because of the following key factors:
1. Strategic Corporate Rebranding and Pivot to Physical AI.
Brightline Interactive, formerly known as The Glimpse Group, Inc. (GGRP), underwent a significant corporate rebrand in August 2026, transitioning its Nasdaq ticker symbol to BTLN and shifting its entire focus to the SpatialCore platform for Physical AI. This strategic pivot involved divesting non-core and underperforming subsidiaries and was spearheaded by a new leadership team that took charge effective June 1, 2026. The move was articulated by CEO Tyler Gates as an effort to simplify the business, accelerate revenue, build partnerships, and position SpatialCore as an interoperability infrastructure platform in the rapidly emerging Physical AI market.
2. Resolution of Nasdaq Delisting Threat.
A significant factor contributing to the stock's positive trend was the company's successful navigation of a Nasdaq delisting threat. Brightline Interactive received a staff determination to delist on September 11, 2026, due to its common stock trading below the required $1.00 minimum bid price. To regain compliance, the company implemented a 1-for-8 reverse stock split, effective September 28, 2026. This action proved successful, as Nasdaq confirmed on October 14, 2026, that Brightline Interactive had regained compliance with the minimum bid price requirement, removing a major overhang and uncertainty for investors.
Show more
Updated on 10/21/2026
Brightline Interactive (BTLN) stock has gained about 375% since 6/30/2026 because of the following key factors:
1. Strategic Corporate Rebranding and Pivot to Physical AI.
Brightline Interactive, formerly known as The Glimpse Group, Inc. (GGRP), underwent a significant corporate rebrand in August 2026, transitioning its Nasdaq ticker symbol to BTLN and shifting its entire focus to the SpatialCore platform for Physical AI. This strategic pivot involved divesting non-core and underperforming subsidiaries and was spearheaded by a new leadership team that took charge effective June 1, 2026. The move was articulated by CEO Tyler Gates as an effort to simplify the business, accelerate revenue, build partnerships, and position SpatialCore as an interoperability infrastructure platform in the rapidly emerging Physical AI market.
2. Resolution of Nasdaq Delisting Threat.
A significant factor contributing to the stock's positive trend was the company's successful navigation of a Nasdaq delisting threat. Brightline Interactive received a staff determination to delist on September 11, 2026, due to its common stock trading below the required $1.00 minimum bid price. To regain compliance, the company implemented a 1-for-8 reverse stock split, effective September 28, 2026. This action proved successful, as Nasdaq confirmed on October 14, 2026, that Brightline Interactive had regained compliance with the minimum bid price requirement, removing a major overhang and uncertainty for investors.
3. Strategic Private Investment in Public Equity (PIPE).
Brightline Interactive secured a strategic $1.25 million private investment in public equity (PIPE) in late September 2026, which officially closed on October 1, 2026. This investment was notably led by Dr. Allan Evans, CEO of Unusual Machines, Inc., and other participating investors. The PIPE was structured with units of common stock and warrants priced at $0.70 per unit, which was above the company's closing share price on September 23, 2026. This capital infusion provides crucial funding for the continued development of the SpatialCore platform and supports Brightline's expansion into new markets within the Physical AI ecosystem, signaling a strong vote of confidence from a key industry player.
Show less
Brightline Interactive (BTLN) stock has gained about 375% since 6/30/2026 because of the following key factors:
1. Strategic Corporate Rebranding and Pivot to Physical AI.
Brightline Interactive, formerly known as The Glimpse Group, Inc. (GGRP), underwent a significant corporate rebrand in August 2026, transitioning its Nasdaq ticker symbol to BTLN and shifting its entire focus to the SpatialCore platform for Physical AI. This strategic pivot involved divesting non-core and underperforming subsidiaries and was spearheaded by a new leadership team that took charge effective June 1, 2026. The move was articulated by CEO Tyler Gates as an effort to simplify the business, accelerate revenue, build partnerships, and position SpatialCore as an interoperability infrastructure platform in the rapidly emerging Physical AI market.
2. Resolution of Nasdaq Delisting Threat.
A significant factor contributing to the stock's positive trend was the company's successful navigation of a Nasdaq delisting threat. Brightline Interactive received a staff determination to delist on September 11, 2026, due to its common stock trading below the required $1.00 minimum bid price. To regain compliance, the company implemented a 1-for-8 reverse stock split, effective September 28, 2026. This action proved successful, as Nasdaq confirmed on October 14, 2026, that Brightline Interactive had regained compliance with the minimum bid price requirement, removing a major overhang and uncertainty for investors.
3. Strategic Private Investment in Public Equity (PIPE).
Brightline Interactive secured a strategic $1.25 million private investment in public equity (PIPE) in late September 2026, which officially closed on October 1, 2026. This investment was notably led by Dr. Allan Evans, CEO of Unusual Machines, Inc., and other participating investors. The PIPE was structured with units of common stock and warrants priced at $0.70 per unit, which was above the company's closing share price on September 23, 2026. This capital infusion provides crucial funding for the continued development of the SpatialCore platform and supports Brightline's expansion into new markets within the Physical AI ecosystem, signaling a strong vote of confidence from a key industry player.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 374.1% change in BTLN stock from 6/30/2026 to 10/21/2026 was primarily driven by a 2271.5% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.77 | 3.65 | 374.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2 | 0 | -79.7% |
| P/S Multiple | 1.3 | 30.2 | 2271.5% |
| Shares Outstanding (Mil) | 3 | 3 | -1.4% |
| Cumulative Contribution | 374.1% |
Market Drivers
6/30/2026 to 10/21/2026| Return | Correlation | |
|---|---|---|
| BTLN | 374.1% | |
| Market (SPY) | 3.5% | -17.6% |
| Sector (XLK) | -1.0% | -3.8% |
Fundamental Drivers
The 607.4% change in BTLN stock from 3/31/2026 to 10/21/2026 was primarily driven by a 5137.4% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.52 | 3.65 | 607.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2 | 0 | -86.3% |
| P/S Multiple | 0.6 | 30.2 | 5137.4% |
| Shares Outstanding (Mil) | 3 | 3 | -1.4% |
| Cumulative Contribution | 607.4% |
Market Drivers
3/31/2026 to 10/21/2026| Return | Correlation | |
|---|---|---|
| BTLN | 607.4% | |
| Market (SPY) | 19.2% | -9.5% |
| Sector (XLK) | 42.0% | -4.3% |
Fundamental Drivers
The 122.6% change in BTLN stock from 9/30/2025 to 10/21/2026 was primarily driven by a 3585.8% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.64 | 3.65 | 122.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5 | 0 | -93.9% |
| P/S Multiple | 0.8 | 30.2 | 3585.8% |
| Shares Outstanding (Mil) | 3 | 3 | -1.5% |
| Cumulative Contribution | 122.6% |
Market Drivers
9/30/2025 to 10/21/2026| Return | Correlation | |
|---|---|---|
| BTLN | 122.6% | |
| Market (SPY) | 17.0% | -2.5% |
| Sector (XLK) | 34.3% | -0.1% |
Fundamental Drivers
The 98.4% change in BTLN stock from 9/30/2023 to 10/21/2026 was primarily driven by a 12079.4% change in the company's P/S Multiple.| (LTM values as of) | 9302023 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.84 | 3.65 | 98.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13 | 0 | -97.6% |
| P/S Multiple | 0.2 | 30.2 | 12079.4% |
| Shares Outstanding (Mil) | 2 | 3 | -32.0% |
| Cumulative Contribution | 98.4% |
Market Drivers
9/30/2023 to 10/21/2026| Return | Correlation | |
|---|---|---|
| BTLN | 98.4% | |
| Market (SPY) | 87.1% | 2.3% |
| Sector (XLK) | 134.1% | 3.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BTLN Return | -44% | 146% | -95% | 119% | -63% | 332% | -77% |
| Peers Return | 3% | -28% | 50% | 80% | 37% | -7% | 156% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| BTLN Win Rate | 33% | 33% | 33% | 42% | 25% | 40% | |
| Peers Win Rate | 55% | 35% | 58% | 68% | 60% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BTLN Max Drawdown | - | -77% | -96% | -65% | -71% | -60% | |
| Peers Max Drawdown | -29% | -40% | -24% | -21% | -27% | -38% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PLTR, TRMB, ADSK, PTC, LHX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/21/2026 (YTD)
How Low Can It Go
| Event | BTLN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -41.1% | -18.8% |
| % Gain to Breakeven | 69.7% | 23.1% |
| Time to Breakeven | 42 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -26.1% | -7.8% |
| % Gain to Breakeven | 35.4% | 8.5% |
| Time to Breakeven | 120 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -75.3% | -9.5% |
| % Gain to Breakeven | 304.4% | 10.5% |
| Time to Breakeven | 425 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -70.2% | -24.5% |
| % Gain to Breakeven | 235.1% | 32.4% |
| Time to Breakeven | 233 days | 427 days |
In The Past
Brightline Interactive's stock fell -41.1% during the 2025 US Tariff Shock. Such a loss loss requires a 69.7% gain to breakeven.
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Asset Allocation
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| Event | BTLN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -41.1% | -18.8% |
| % Gain to Breakeven | 69.7% | 23.1% |
| Time to Breakeven | 42 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -26.1% | -7.8% |
| % Gain to Breakeven | 35.4% | 8.5% |
| Time to Breakeven | 120 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -75.3% | -9.5% |
| % Gain to Breakeven | 304.4% | 10.5% |
| Time to Breakeven | 425 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -70.2% | -24.5% |
| % Gain to Breakeven | 235.1% | 32.4% |
| Time to Breakeven | 233 days | 427 days |
In The Past
Brightline Interactive's stock fell -41.1% during the 2025 US Tariff Shock. Such a loss loss requires a 69.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Brightline Interactive (BTLN)
Brightline Interactive (BTLN) is a virtual reality (VR) and augmented reality (AR) platform company that develops and provides enterprise-focused software, services, and solutions. The company leverages immersive technologies to address complex challenges and enhance capabilities across a wide range of industries and professional applications. Its core business revolves around creating and delivering sophisticated VR and AR tools for various organizational needs.
The company offers a diverse portfolio of products and services. Key offerings include QReal for creating photorealistic 3D and AR content, and the XR Platform which provides cloud-based backend infrastructure for VR/AR companies, including image recognition and subscription management. Brightline Interactive also specializes in VR/AR solutions for education and training through Adept XR Learning and Early Adopter, catering to corporate training, higher education, and K-12 schools. Furthermore, it provides specialized applications like AUGGD for the architecture, engineering, and construction sectors, Immersive Health Group for healthcare, and Foretell Reality and Pagoni VR (Chimera) for virtual meetings and broadcasting.
Brightline Interactive serves a broad and diverse customer base. Its primary markets span various enterprises, including those in architecture, engineering, and construction, as well as the healthcare industry. The company also caters extensively to the education sector, from K-12 programs and higher education institutions to corporate training departments. Additionally, its VR broadcasting solutions reach entertainment venues, sports facilities, and houses of worship, demonstrating its widespread application across professional and institutional environments.
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Here are 1-3 brief analogies for Brightline Interactive (BTLN):
Shopify for enterprise VR/AR
Adobe for immersive content and applications
Microsoft for enterprise VR/AR solutions
AI Analysis | Feedback
- QReal: Software for creating and distributing photorealistic 3D and AR content.
- Adept XR Learning: Provides VR training solutions for higher education and corporate clients.
- PostReality: A cloud-based SaaS platform for creating AR presentations.
- XR Platform: A cloud-based backend infrastructure for VR/AR companies, supporting image recognition, storage, and payment management.
- D6 VR: A VR-based software platform for analysis, presentations, and education.
- Immersive Health Group: A digital health platform utilizing VR/AR technology to address healthcare challenges.
- Foretell Reality: An enterprise solution designed for virtual reality meetings and interactions.
- Early Adopter: Offers immersive VR and AR EdTech solutions for K-12 schools and pediatric hospitals.
- AUGGD: Provides AR software and services specifically for the architecture, engineering, and construction industries.
- Glimpse Turkey: Develops web-optimized 3D models, primarily supporting the QReal platform.
- Custom AR Applications: Develops specialized augmented reality applications tailored to client needs.
- White Label XR Solutions: Offers customizable VR and AR solutions that can be rebranded by other companies.
- Pagoni VR (Chimera): Provides VR video broadcasting solutions for real-time communication in virtual environments.
AI Analysis | Feedback
Brightline Interactive (BTLN), operating as The Glimpse Group, Inc., primarily sells its virtual reality (VR) and augmented reality (AR) software, services, and solutions to other companies and institutions. The provided company description does not list specific customer names. However, based on the diverse range of products and solutions offered, its major customer categories include:
- Educational and Training Institutions: This encompasses a wide range of clients including higher education institutions (universities), K-12 schools, and corporations seeking VR-based training solutions for their employees.
- Enterprise and Industry-Specific Businesses: This category covers various business clients, including those in architecture, engineering, and construction (AEC) industries, as well as general enterprises requiring custom AR/VR applications, photorealistic 3D/AR content, or cloud-based AR presentation tools.
- Specialized Sector Clients: This group includes healthcare organizations (hospitals, health groups leveraging VR/AR for complex challenges), other VR/AR companies (utilizing BTLN's backend infrastructure), and entertainment/event venues (such as sports venues, houses of worship, and other entertainment facilities needing VR video broadcasting solutions).
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Brightline Interactive (symbol: BTLN) has a management team with extensive experience in technology and finance.
Tyler Gates
Chief Executive Officer Tyler Gates has been instrumental in leading Brightline Interactive since 2012, guiding its evolution from a spatial computing and simulation company to its current focus on Physical AI and autonomous systems. He was the CEO of Brightline Interactive prior to its acquisition by The Glimpse Group. On June 1, 2026, he was appointed CEO of The Glimpse Group, which subsequently rebranded as Brightline Interactive. Gates is recognized as the visionary behind SpatialCore, the company's platform designed for interoperability and operational context in Physical AI. He also served as the founding President of the Washington, D.C. chapter of the VR/AR Association.William J. Keneally
Chief Financial Officer William J. Keneally was appointed as Chief Financial Officer of Brightline Interactive on June 1, 2026, coinciding with the company's strategic shift. He is a CPA (inactive) and an Operating Partner in the CFO Practice at TechCXO. Keneally's prior experience includes CFO roles at publicly traded companies such as RiceBran Technologies (NASDAQ: RIBT) and CTPartners (NYSE: CTP). He has also served as CFO for several private equity-backed portfolio companies, including Design Environments (Blackford Capital), GroundLink (Comvest), Gullivers Travel Associates (Travelport/Blackstone), and Metiom (Forstmann Little and Chase Capital Group). His background also includes roles as Vice President & Controller for Carson Wagonlit Travel and COO for CrossBay Capital Partners, and he began his career at Arthur Andersen.Jason Powers
Chief Technology Officer Jason Powers has been a key figure in Brightline's technology development for 18 years, overseeing the evolution of its platform from immersive defense training systems to its current Physical AI infrastructure. His career spans various industries, including manufacturing, consumer electronics, and defense modeling and simulation. Powers has over two decades of experience in development, specializing in interactive applications and integrating cutting-edge technologies.Nick Fry
Chief Product Officer Nick Fry leads Brightline Interactive's product vision and its research and development laboratory. He is a creative technologist with over ten years of experience in the convergence of design, engineering, and applied AI. Fry has developed machine-learning-powered solutions for diverse sectors, including healthcare, education, manufacturing, and urban planning, and has led Emmy award-winning teams and projects.Demetrios Soutsos
Chief Strategy Officer Demetrios Soutsos is Brightline's Chief Strategy Officer, playing a crucial role in shaping the company's market position. He joined Brightline at the beginning of its government contracting work and has been central to significant company decisions. Since 2023, he has been responsible for supporting and authoring major proposals and white papers, effectively translating complex defense requirements into competitive submissions for Department of Defense programs. Soutsos currently oversees partnerships, growth strategy, and mission programs for the company.AI Analysis | Feedback
Key Risks to Brightline Interactive (BTLN)
- Market Adoption and Rapid Technological Change: Brightline Interactive operates in the virtual reality (VR) and augmented reality (AR) market, which is still an emerging technology. The widespread adoption of VR/AR by enterprises across various sectors (such as education, healthcare, architecture, engineering, and construction) might be slower or differ from current projections, directly impacting the demand for the company's diverse software and solutions. Additionally, the VR/AR technological landscape is characterized by rapid advancements and innovation, requiring continuous investment in research and development to ensure that its offerings remain competitive and avoid obsolescence.
- Competition: The VR/AR market is attracting significant investment and new entrants, leading to increasing competition from both specialized startups offering niche solutions (e.g., VR training, AR content creation) and larger technology companies potentially expanding their presence in these areas. This intense competition could impact Brightline Interactive's market share, pricing power, and ability to attract and retain clients.
- Dependency on Enterprise Spending: As a company primarily focused on providing enterprise-level VR/AR software, services, and solutions, Brightline Interactive's revenue is susceptible to the economic health of its client industries. Economic downturns, reductions in corporate innovation budgets, or shifts in enterprise investment priorities could lead to decreased demand for the company's offerings, impacting its financial performance.
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The emergence of comprehensive, integrated virtual reality (VR) and augmented reality (AR) ecosystems and platforms from major technology companies presents a clear emerging threat. The launch of devices such as Apple's Vision Pro, coupled with the continued development and expansion of Meta's Quest ecosystem and Microsoft's Mixed Reality platforms (including HoloLens and Azure-based solutions), signifies a trend where tech giants are building end-to-end solutions. These solutions encompass hardware, operating systems, developer tools, and often first-party applications. This approach directly threatens The Glimpse Group's various enterprise-focused VR/AR software, services, and solutions by potentially marginalizing smaller, independent providers within these dominant platforms or by directly competing with their specialized offerings at a significantly larger scale.
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Brightline Interactive, Inc. (NASDAQ: BTLN), formerly known as The Glimpse Group, Inc., completed a corporate rebrand and began trading under its new ticker symbol BTLN on August 20, 2026. This rebranding signifies a strategic shift from a diverse portfolio of virtual reality (VR) and augmented reality (AR) businesses to a concentrated focus on its SpatialCore platform. The company has divested or discontinued non-core operations to align with this new strategy.
Brightline Interactive's primary product is now SpatialCore, an interoperability infrastructure platform designed for Physical AI. SpatialCore connects autonomous systems, sensors, artificial intelligence (AI) platforms, digital environments, and real-world data to establish a shared operational context. The company is targeting defense, government (civil federal and state-level), and commercial markets with this platform.
The addressable markets for Brightline Interactive's SpatialCore platform can be contextualized within the broader Extended Reality (XR) market, which encompasses VR and AR, and the emerging Physical AI market, particularly for enterprise, government, and defense applications.
While specific market size data for "Physical AI" as a distinct, comprehensively measured market is still emerging, the components and applications of SpatialCore fall within these larger technology sectors:
* Global Extended Reality (XR) Market: The global extended reality (XR) market, which includes VR, AR, and mixed reality (MR), was valued at approximately USD 20.43 billion in 2025 and is projected to reach USD 106.42 billion by 2031, growing at a compound annual growth rate (CAGR) of 31.67% from 2026 to 2031. Another estimate places the global XR market size at USD 251.64 billion in 2025, increasing to USD 334.51 billion in 2026, with a projection to reach USD 3,935.80 billion by 2035 at a CAGR of 31.65% from 2026 to 2035. North America held the largest share of the XR market in 2025. The XR software and services market alone is expected to grow from US$44.7 billion in 2024 to US$299.3 billion in 2030, with enterprise XR revenue reaching US$129.9 billion in 2030.
* VR/AR in Enterprise Training: Given Brightline Interactive's experience in training scenarios and simulations for government and commercial customers, the AR and VR in Training Market is relevant. This market is projected to grow from USD 18.6 billion in 2026 to USD 83.8 billion by 2033 globally, at a CAGR of 24.0% from 2026 to 2033. North America accounted for approximately 35% of the global AR and VR in Training market value in 2025, equating to about US$6.3 billion. Another source values the global AR and VR in training market at USD 25.3 billion in 2025, expected to reach USD 126.4 billion by 2035, growing at a CAGR of 17.5% during 2026–2035. North America leads this market with over a 45% share in 2025, generating around USD 11.39 billion in revenue. The enterprise VR training market alone is anticipated to exceed $10.9 billion in 2026.
* 3D Content Creation (relevant for QReal as a former product and foundational technology): The global 3D digital asset market is projected to expand from USD 28.3 billion in 2024 to USD 51.8 billion by 2029 globally, at a CAGR of 12.9%. Another source estimates the global 3D digital asset market size to be worth around USD 90.8 Billion by 2033, from USD 25.6 Billion in 2023, growing at a CAGR of 13.5% during the forecast period from 2024 to 2033. The AI-Generated 3D Asset Market, a more specific segment, was valued at USD 1.63 billion in 2024 and is expected to reach USD 9.24 billion by 2032 globally. The U.S. AI-Generated 3D Asset Market was valued at USD 0.46 billion in 2024 and is expected to reach USD 2.56 billion by 2032.
* VR/AR in Healthcare: For services like Immersive Health Group, the global augmented and virtual reality in healthcare market is expected to be worth around USD 19.1 billion by 2033, growing from USD 3.3 billion in 2023 at a CAGR of 19.1% during the forecast period from 2024 to 2033. North America held the largest share of this market in 2023, accounting for 51.9% of the total market. The U.S. AR and VR in healthcare market size reached US$0.94 billion in 2025 and is anticipated to increase to US$1.17 billion in 2026, forecasted to achieve a value of around US$8.81 billion by 2035.
* VR/AR in Education: For solutions like Adept XR Learning and Early Adopter, the global AR and VR in Education Market size was valued at USD 4.72 billion in 2024 and is expected to grow to USD 28.05 billion by 2032. Another projection estimates the global AR and VR in Education market size to be worth around USD 75 Billion by 2033, from USD 11.9 Billion in 2023. North America held a dominant market position in 2023, capturing more than a 35% share, with demand in North America valued at US$4.1 billion in 2023.
Brightline Interactive has identified a government integration opportunity pipeline exceeding $100 million in potential opportunities under evaluation, with the company believing it can competitively address up to $40 million of these identified opportunities.
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Brightline Interactive (NASDAQ: BTLN), formerly The Glimpse Group, Inc., has recently undergone a significant rebrand and strategic transformation, shifting its focus from a diversified portfolio of businesses to a concentrated technology company centered on its SpatialCore platform. This strategic pivot, coupled with other initiatives, is expected to drive future revenue growth over the next 2-3 years.
Here are 3-5 expected drivers of future revenue growth for Brightline Interactive:
- Expansion of SpatialCore Platform Adoption: Brightline Interactive's primary growth driver is its SpatialCore platform, an interoperability infrastructure for Physical AI designed to connect autonomous systems, sensors, AI platforms, digital environments, and real-world data. The company's strategy is to scale this platform as a category leader in Physical AI, which is anticipated to experience significant growth in the coming years.
- Growth in Government and Commercial Contracts: The company is actively pursuing and expanding its footprint in government and commercial markets, leveraging its experience in military and special operations. Brightline has identified a government integration opportunity pipeline exceeding $100 million, with a goal to competitively address up to $40 million of these opportunities. This expansion includes civil federal, state, commercial, and industrial markets.
- Shift to Integration and Recurring Revenue Model: Brightline Interactive is transitioning its revenue model to focus on two key areas: upfront integration services for connecting various systems to SpatialCore, followed by recurring, consumption-based revenue as customers continuously utilize the platform. This model is designed to generate both near-term revenue from integration work and sustainable, long-term revenue streams from ongoing platform usage.
- Strategic Technology Partnerships: The company is forming strategic partnerships across various technology sectors, including autonomy, robotics, sensors, artificial intelligence, communications, and defense technology. These collaborations aim to position SpatialCore as a foundational interoperability layer within the broader Physical AI ecosystem, allowing for mutual growth through a network of partners, customers, and suppliers.
- Focused Operations through Divestiture: By divesting non-core and underperforming subsidiaries, Brightline Interactive is simplifying its business operations and reallocating resources to accelerate growth within its core SpatialCore platform and the emerging Physical AI market. This sharpened focus is expected to enhance efficiency and concentrate efforts on high-potential revenue streams.
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Share Issuance
- The Glimpse Group, Inc. announced the pricing of a $1.845 million investment in May 2026, which involved the issuance of shares.
- In November 2025, the company filed to potentially issue up to $100 million in mixed securities.
- The number of common shares outstanding increased from 21,066,006 as of September 26, 2025, to 21,698,812 as of May 15, 2026.
Inbound Investments
- In May 2026, The Glimpse Group, Inc. announced the pricing of a $1.845 million investment as it transitioned into a Physical AI company.
Capital Expenditures
- As of June 30, 2025, the company continued to allocate efforts to building and evolving its technology platform, holding 10 issued patents and 13 patent applications in process.
Peer Outperformance in Systems Software
BTLN has trailed 60% of its 68 Systems Software peers over 5Y. Systems Software ranks 12th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Systems Software constituents that BTLN has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
97%
of 86 industry peers · 129.6% return
3Y
89%
of 72 industry peers · 267.6% return
5Y
40%
of 68 industry peers · -62.5% return
No Systems Software peer with a comparable growth profile has beaten BTLN by more than 20pp over 5Y.
Median price return by industry across the Information Technology sector, ranked by 5Y. Systems Software is BTLN's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 10 | 37.5% | 145.2% | 232.4% | TTMI 655% · FLEX 519% · JBL 355% |
| Semiconductor Materials & Equipment | 27 | 58.3% | 82.3% | 91.1% | AXTI 585% · KLAC 411% · LRCX 394% |
| Technology Distributors | 9 | 42.1% | 93.1% | 82.5% | AVT 177% · SNX 154% · CNXN 112% |
| Communications Equipment | 36 | 4.1% | 107.5% | 63.7% | AAOI 928% · LITE 902% · ANET 646% |
| Electronic Components | 26 | -2.5% | 76.6% | 53.3% | CLS 3161% · BELFA 1221% · APH 317% |
| Semiconductors | 54 | 9.8% | 42.5% | 31.9% | MU 1263% · NVDA 882% · AVGO 618% |
| Technology Hardware, Storage & Peripherals | 21 | 11.9% | 72.7% | 23.7% | SMCI 906% · STX 876% · DELL 841% |
| Electronic Equipment & Instruments | 27 | -15.3% | 25.6% | -3.9% | PI 219% · OSIS 106% · KEYS 93% |
| Internet Services & Infrastructure | 6 | -0.9% | 47.8% | -5.2% | GDDY 56% · VRSN 45% · DOCN 6% |
| IT Consulting & Other Services | 29 | -21.4% | 1.0% | -23.5% | CHRN 437268% · INOD 472% · APLD 428% |
| Application Software | 126 | -21.3% | -7.8% | -46.2% | PLTR 714% · FROG 172% · AGYS 121% |
| Systems Software ← | 69 | -15.8% | 26.3% | -50.6% | ZETA 309% · CRWD 237% · FTNT 160% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 196.62 |
| Mkt Cap | 34.6 |
| Rev LTM | 4,969 |
| Op Inc LTM | 1,652 |
| FCF LTM | 1,870 |
| FCF 3Y Avg | 1,366 |
| CFO LTM | 1,926 |
| CFO 3Y Avg | 1,393 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.6% |
| Rev Chg 3Y Avg | 10.7% |
| Rev Chg Q | 9.7% |
| QoQ Delta Rev Chg LTM | 2.3% |
| Op Inc Chg LTM | 35.1% |
| Op Inc Chg 3Y Avg | 21.2% |
| Op Mgn LTM | 22.8% |
| Op Mgn 3Y Avg | 19.2% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 26.7% |
| CFO/Rev 3Y Avg | 21.9% |
| FCF/Rev LTM | 26.1% |
| FCF/Rev 3Y Avg | 20.8% |
Price Behavior
Price Behavior
| Market Price | $3.65 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 07/01/2021 | |
| Distance from 52W High | -32.5% | |
| 50 Days | 200 Days | |
| DMA Price | $2.37 | $1.16 |
| DMA Trend | up | up |
| Distance from DMA | 54.2% | 215.5% |
| 3M | 1YR | |
| Volatility | 920.7% | 466.7% |
| Downside Capture | -890.43 | -71.95 |
| Upside Capture | 123.72 | 60.18 |
| Correlation (S&P 500) | -13.8% | -2.9% |
BTLN Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -34.67 | -19.65 | -11.14 | -4.79 | -1.03 | 0.40 |
| Up Beta | � | -0.91 | -0.69 | 1.48 | 1.90 | 1.11 |
| Down Beta | -198.13 | -123.11 | -32.58 | -7.51 | 0.18 | -0.01 |
| Up Capture | 0% | 116% | 146% | 51% | 7% | 99% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 2 | 8 | 15 | 46 | 100 | 318 |
| Down Capture | -7029% | -3729% | -2710% | -2475% | -304% | 93% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 1 | 10 | 18 | 48 | 118 | 372 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTLN | |
|---|---|---|---|---|
| BTLN | -57.9% | 92.5% | -0.67 | - |
| Sector ETF (XLK) | 31.5% | 26.5% | 1.00 | 20.7% |
| Equity (SPY) | 16.2% | 12.7% | 0.90 | 19.7% |
| Gold (GLD) | -6.0% | 29.0% | -0.22 | 13.9% |
| Commodities (DBC) | 50.2% | 20.7% | 1.85 | 5.1% |
| Real Estate (VNQ) | 3.1% | 13.8% | -0.03 | -1.2% |
| Bitcoin (BTCUSD) | -25.3% | 43.4% | -0.55 | 26.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTLN | |
|---|---|---|---|---|
| BTLN | -39.8% | 359.4% | 0.37 | - |
| Sector ETF (XLK) | 20.9% | 26.0% | 0.71 | 6.0% |
| Equity (SPY) | 13.6% | 17.1% | 0.61 | 5.2% |
| Gold (GLD) | 17.7% | 18.9% | 0.76 | 2.3% |
| Commodities (DBC) | 9.5% | 19.5% | 0.37 | 2.9% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 0.5% |
| Bitcoin (BTCUSD) | 7.6% | 51.7% | 0.33 | 3.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTLN | |
|---|---|---|---|---|
| BTLN | -27.9% | 350.1% | 0.33 | - |
| Sector ETF (XLK) | 24.3% | 25.0% | 0.88 | 6.1% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 5.2% |
| Gold (GLD) | 12.2% | 16.4% | 0.61 | 2.3% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 2.8% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 0.4% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 3.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 10/13/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/14/2026 | 15.9% | 50.0% | 39.5% |
| 2/17/2026 | -14.5% | -22.4% | -22.7% |
| 11/13/2025 | -7.0% | -20.9% | -30.5% |
| 5/15/2025 | 19.0% | 13.8% | 16.4% |
| 2/13/2025 | 3.4% | -10.3% | -31.4% |
| 11/14/2024 | -17.0% | -13.3% | 67.1% |
| 5/15/2024 | 2.7% | -3.5% | -1.8% |
| 2/14/2024 | 11.6% | 21.5% | 0.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 5 | 6 |
| # Negative | 11 | 15 | 14 |
| Median Positive | 11.2% | 13.8% | 31.8% |
| Median Negative | -6.7% | -9.1% | -22.3% |
| Max Positive | 19.0% | 50.0% | 67.1% |
| Max Negative | -43.4% | -60.9% | -71.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/14/2026 | 15.9% | 50.0% | 39.5% |
| 2/17/2026 | -14.5% | -22.4% | -22.7% |
| 11/13/2025 | -7.0% | -20.9% | -30.5% |
| 5/15/2025 | 19.0% | 13.8% | 16.4% |
| 2/13/2025 | 3.4% | -10.3% | -31.4% |
| 11/14/2024 | -17.0% | -13.3% | 67.1% |
| 5/15/2024 | 2.7% | -3.5% | -1.8% |
| 2/14/2024 | 11.6% | 21.5% | 0.8% |
| 11/14/2023 | -5.6% | -1.6% | -3.2% |
| 9/28/2023 | -43.4% | -60.9% | -71.2% |
| 5/15/2023 | -4.7% | -3.2% | -3.4% |
| 2/14/2023 | -2.2% | -21.1% | -23.4% |
| 11/14/2022 | -4.8% | -7.1% | -21.9% |
| 9/28/2022 | -14.6% | -11.6% | -18.7% |
| 7/19/2022 | 4.0% | -5.6% | 34.2% |
| 5/16/2022 | 18.0% | 8.9% | -1.4% |
| 2/14/2022 | 4.7% | -9.1% | -42.7% |
| 11/15/2021 | 11.2% | -6.1% | -38.3% |
| 9/28/2021 | -6.7% | 0.3% | 29.5% |
| 7/12/2021 | -4.2% | -6.0% | -3.2% |
| SUMMARY STATS | |||
| # Positive | 9 | 5 | 6 |
| # Negative | 11 | 15 | 14 |
| Median Positive | 11.2% | 13.8% | 31.8% |
| Median Negative | -6.7% | -9.1% | -22.3% |
| Max Positive | 19.0% | 50.0% | 67.1% |
| Max Negative | -43.4% | -60.9% | -71.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 09/28/2026 | 10-K |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-Q |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 09/29/2025 | 10-K |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-Q |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 09/30/2024 | 10-K |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-Q |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 09/28/2023 | 10-K |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-Q |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 09/28/2026 | 10-K |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-Q |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 09/29/2025 | 10-K |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-Q |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 09/30/2024 | 10-K |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-Q |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 09/28/2023 | 10-K |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-Q |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 09/28/2022 | 10-K |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 02/14/2022 | 10-Q |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 09/28/2021 | 10-K |
| 03/31/2021 | 07/02/2021 | 424B4 |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Systems Software Resources |
| CNET |
| ZDNet |
| Gartner |
| Software Development Times |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 10/21/2026