The Glimpse Group reported QQ1 2025 revenue of approximately $2.44 million, marking a 41% QoQ increase from Q4 FY2024 but a 21% YoY decline compared with Q1 FY2024. The quarter benefited from a higher mix of Spatial Core revenues, which helped push gross margins to approximately 78.9% (vs. 62% in the year-ago quarter). Management emphasized ongoing strength in the Spatial Core and AI/cloud-driven immersive software pipeline, including multi-year DoD and enterprise opportunities with short-term contract values in the $5–$10 million range. Despite the top-line weakness versus a year ago, the company expects revenue in the next three quarters to average above $3 million per quarter and FY2025 revenue to be in the $11–$12 million range (a 25–35% year-over-year increase from FY2024). Adjusted EBITDA loss improved to about $0.46 million in QQ1 2025 from roughly $1.29 million in QQ1 2024, and management projects positive cash flow in the remaining quarters of FY2025 with no near-term capital raise and a clean balance sheet (no debt).