The Glimpse Group reported a modest-Q3 FY2025 revenue of approximately $1.4 million, reflecting a 25% year-over-year decline driven primarily by revenue recognition timing. Despite the revenue softness, the quarter demonstrated meaningful operating leverage: gross margin rose to about 72% (vs. ~70% in Q3 FY2024), and the company delivered positive cash flow from operations for the second consecutive quarter (approximately $0.13 million). Management emphasized Spatial Core as the primary growth engine, signaling expanding traction with DoD entities and growing enterprise opportunities, and highlighted ongoing large-DoD and seven-figure Spatial Core deals in the pipeline. For FY2025, management guided revenue to $10–$11 million, with Q4 expected to be between $3.2 and $3.8 million and EBITDA projected to be modestly positive in the near term as revenue recognition accelerates. The balance sheet remains clean and levered toward financial flexibility: about $7.0 million in cash and equivalents with no debt or preferred equity, underpinning potential strategic moves (including a suggested use of a $2 million common share buyback plan if warranted). While near-term profitability remains a work in progress, the company’s cash-generative capability, high gross margins, and a diversified immersive software portfolio position Glimpse to capitalize on Spatial Core’s monetization in the 3D/AI cloud space. Investors should monitor DoD budget timing, Spatial Core deal closures, and the progression of enterprise deployments as the key catalysts for a re-acceleration in revenue and a clearer path to sustained profitability.