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Here are 1-3 brief analogies for Glimpse (VRAR):

• Accenture for VR/AR solutions
• Salesforce for VR/AR business software
• IBM's VR/AR solutions division

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• Enterprise Immersive Training & Simulation: Develops and provides virtual and augmented reality solutions for corporate training, safety, and operational simulations.
• AR Commerce & Marketing Solutions: Offers augmented reality tools and platforms designed to enhance online shopping experiences and digital marketing campaigns.
• Custom VR/AR Application Development: Provides specialized software development services for creating bespoke virtual and augmented reality experiences across various industries.
• 3D Digital Asset Creation: Creates high-fidelity 3D models and digital assets optimized for use in AR, VR, and metaverse platforms.

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The Glimpse Group (symbol: VRAR) primarily sells its virtual reality (VR) and augmented reality (AR) software and services to other companies, making it a business-to-business (B2B) oriented company.

According to its most recent annual filings (10-K), Glimpse does not have any single customer that accounts for 10% or more of its total revenues. This indicates a diversified customer base across its various subsidiaries, rather than reliance on a few major clients. Consequently, specific names of major customer companies are not publicly disclosed by Glimpse.

However, based on the operations and target markets of its numerous subsidiaries, Glimpse serves a wide array of businesses within the following primary categories:

• Enterprise, Industrial, and Healthcare Clients: This extensive category includes companies in sectors such as automotive, aerospace, defense, manufacturing, logistics, and general enterprise, utilizing Glimpse's VR/AR solutions for professional training, simulation, design, and remote collaboration. It also encompasses hospitals, medical universities, and pharmaceutical companies leveraging immersive technologies for surgical training, medical education, and data insights.
• Retail, E-commerce, and Marketing Businesses: This segment comprises beauty and fashion brands, retailers, real estate developers, and marketing agencies. These clients utilize Glimpse's AR/VR platforms for immersive consumer experiences, virtual try-ons, enhanced product visualization, and digital marketing campaigns.
• Educational Institutions and Entertainment Entities: This category serves K-12 schools, higher education institutions, sports leagues, entertainment companies, and content creators. They adopt Glimpse's technologies for immersive learning platforms, virtual classrooms, interactive media production, and fan engagement experiences.

These categories represent the diverse types of organizations that constitute Glimpse's customer base.

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• Amazon.com, Inc. (AMZN)

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Lyron Bentovim, President, Chief Executive Officer and Chairman of the Board

Mr. Bentovim is a serial entrepreneur with over 25 years of leadership, operational, and investment experience in technology and finance companies, having led multiple public and private technology firms. He co-founded The Glimpse Group in 2016. Prior to Glimpse, he served as a managing partner at DarkLight Partners, advising public and private companies and startups on strategy, finance, and operations. He also held roles as Chief Operating Officer/Chief Financial Officer of Top Image Systems (NASDAQ: TISA), Chief Operating Officer/Chief Financial Officer of NIT Health, and Chief Operating Officer and Chief Financial Officer of Sunrise Telecom, Inc. (NASDAQ: SRTI). He holds an MBA from the Yale School of Management and a Law degree from the Hebrew University of Jerusalem.

Maydan Rothblum, Director, Principal Accounting Officer, Chief Operating Officer, Chief Financial Officer, Secretary and Treasurer

Mr. Rothblum is a Co-Founder of The Glimpse Group, established in 2016. He possesses 20 years of finance and operations experience, including serving as a Managing Director and Chief Operating Officer of a tech-focused private equity fund. He holds an MBA from Columbia.

David J. Smith, Co-Founder & Chief Creative Officer

Mr. Smith is a Co-Founder of The Glimpse Group, which was founded in 2016. He is recognized as a VR/AR expert and is the Founder and Organizer of the NYVR Meetup, which is the second-largest virtual reality meetup globally. His responsibilities at Glimpse include overseeing the production of VR and AR content and leading efforts to identify new subsidiary companies.

Tyler Gates, Chief Futurist Officer & Board Observer

Mr. Gates is a global thought-leader, inventor, and deep tech visionary with a focus on expanding human experience. He holds two Sensor Integrated Immersive Technology Patents.

Joseph Ceccarelli, Financial Controller

Mr. Ceccarelli serves as the Financial Controller for The Glimpse Group.

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Key Risks to The Glimpse Group (VRAR)

1. Financial Instability and Funding Challenges: The Glimpse Group has a history of significant net losses since its inception and is not forecast to achieve profitability in the near future. The company's revenue streams, particularly through its Brightline Interactive subsidiary, are heavily reliant on large, infrequent government contracts, leading to inherent quarterly revenue volatility and exposure to external political and budgetary risks. To sustain operations and growth, Glimpse may require additional capital, and continued reliance on equity issuance could result in further shareholder dilution.
2. Highly Competitive and Evolving Immersive Technology Market: The Glimpse Group operates in the rapidly developing and highly competitive immersive technology (Virtual Reality, Augmented Reality, and Spatial Computing) market. This environment necessitates continuous innovation and adaptation to swift technological changes and evolving industry standards. The company faces competition from larger entities with greater resources, which could impact its market share and pricing. Furthermore, the sector is characterized by high R&D costs and uncertain consumer and enterprise adoption timelines.
3. Customer Concentration: A substantial portion of The Glimpse Group's revenue is generated from a concentrated base of customers, particularly through large contracts with the Department of Defense. This customer concentration poses a significant risk, as the loss or reduction of business from these key clients could materially and adversely affect the company's financial condition and results of operations.

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• The emergence of highly integrated, proprietary hardware/software ecosystems, such as Apple's Vision Pro, which could consolidate enterprise VR/AR development around a closed platform and proprietary tools, potentially marginalizing cross-platform solutions.
• Rapid advancements in generative artificial intelligence for 3D content creation, which could drastically reduce the need for manual development and specialized platforms by automatically generating high-quality VR/AR assets and experiences.
• Aggressive platform plays by major technology companies, such as NVIDIA Omniverse and Microsoft Mesh, which are evolving into comprehensive, end-to-end solutions for industrial metaverse and enterprise XR, potentially displacing specialized providers.

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The Glimpse Group (symbol: VRAR) operates in the immersive technology space, providing enterprise-focused virtual reality (VR), augmented reality (AR), and spatial computing software and services.

The addressable markets for their main products and services are:

• Virtual Reality (VR) Market: The global virtual reality market size was valued at approximately $15.9 billion in 2024. Projections estimate it to reach between $38.0 billion by 2029 and $435.36 billion by 2030. North America held a significant market share, with one source indicating 35.53% in 2024.
• Augmented Reality (AR) Market: The global augmented reality market size was estimated at approximately $83.65 billion in 2024, with some valuations as high as $93.67 billion in 2024. This market is projected to grow substantially, with estimates ranging from $511.75 billion by 2030 to $1,716.37 billion by 2032. North America held the largest share in 2024, with figures around 31.29% to 38.6%.
• Immersive Technology Market (including Spatial Computing): The global immersive technology market, which encompasses VR, AR, and spatial computing, was valued at approximately $33.52 billion to $40.88 billion in 2024. It is projected to reach between $169.23 billion by 2030 and $250.96 billion by 2034. North America was the largest revenue-generating market in 2023 and 2024, accounting for approximately 41.8% to 46.4% of the global market.
• Metaverse Market: The global metaverse market size was valued between $105.40 billion and $132.60 billion in 2024. It is projected to grow to approximately $936.57 billion by 2030 or $1,583.87 billion by 2033, with some forecasts going as high as $7,639.70 billion by 2032. North America dominated the metaverse industry in 2024, with market shares ranging from 42.8% to 70.78%.

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Here are 3-5 expected drivers of future revenue growth for Glimpse (VRAR) over the next 2-3 years:

1. Growth in Spatial Core Revenues: Glimpse's "Spatial Core" platform, which provides enterprise-focused Virtual Reality, Augmented Reality, and Spatial Computing software and services, is identified as the company's primary growth engine. This growth is significantly driven by contracts with the U.S. Department of Defense (DoD) and expansion into various enterprise applications.
2. Integration of AI into Immersive Products: The company has a strategic focus on integrating Artificial Intelligence (AI) into its immersive technologies. Glimpse has filed several new patents primarily centered around the integration of AI with immersive technologies, indicating a commitment to innovation in this area to drive future product and service offerings.
3. Expansion into Enterprise and Government Markets: Glimpse is actively expanding its reach in high-value enterprise applications across various sectors. This includes securing significant government contracts, such as those with the U.S. Department of Defense and the U.S. Navy, and forging new agreements with large entities like a global energy technology company. The company also focuses on expanding into healthcare and education sectors for its immersive solutions.
4. Potential Spin-off of Brightline Interactive: Glimpse plans to pursue a potential IPO/spin-off of its subsidiary, Brightline Interactive (BLI), as an independent public entity. This strategic move aims to unlock additional shareholder value by creating a pure-play, standalone company specifically focused on defense technology and AI-driven spatial computing middleware, which could lead to increased valuation and investor interest for both entities.

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Share Repurchases

• In May 2025, Glimpse highlighted a potential stock buyback, indicating a possible utilization of its $2 million untapped common share buyback plan to safeguard the stock.

Share Issuance

• In July 2021, Glimpse completed an initial public offering (IPO) of 2,012,500 shares of common stock at $7.00 per share, generating gross proceeds of approximately $14.1 million.
• In October 2021, Glimpse engaged in a private placement of common stock and warrants with institutional investors, raising $15.0 million at $10.00 per share, with estimated net proceeds of approximately $13.7 million.
• In December 2024, the company closed a $7.29 million registered direct offering, issuing 2.75 million shares of common stock and/or pre-funded warrants at $2.65 per share to an institutional investor, yielding net proceeds of $6.74 million for general corporate purposes and working capital.

Inbound Investments

• In December 2024, Glimpse secured a $7.29 million strategic investment from an institutional investor through a registered direct offering, with proceeds aimed at accelerating Spatial Computing, AI, and Immersive capabilities and supporting customer contracts.
• In October 2021, Glimpse completed a $15.0 million private placement financing with institutional investors.

Outbound Investments

• In October 2024, Glimpse divested QReal and its related Turkey-based operating entity, a move expected to generate approximately $4 million in net cash value over two years and $1.2 million to $1.5 million in annual cash savings. Glimpse received a $1.56 million senior secured convertible note and a minority equity stake in the new independent entity operating QReal's business.
• In October 2025, Glimpse initiated an IPO/spin-off for its subsidiary, Brightline Interactive (BLI), intending to distribute shares of the spun-out BLI public entity to current Glimpse shareholders, who will retain their existing Glimpse holdings. This initiative aims to create a pure-play, standalone, and well-capitalized public company focused on defense tech/AI.

Capital Expenditures

• Proceeds from the December 2024 offering are allocated to accelerate Spatial Computing, AI, and Immersive capabilities and support customer contracts.
• The company's investment strategy for the December 2024 offering proceeds over the next 12-18 months focuses on Research & Development for Spatial Core (AI-driven immersive middleware software and solutions), strategic partnerships, customer contracts (including significant Department of Defense agreements), and general working capital.