VRAR

Bull points

• Gross margin for Q1 fiscal year 26 was approximately 72% compared to approximately 68% for fiscal year 25. We expect our gross margins to remain in the 65 to 75% range.
• The company's cash and equivalent position as of September 30, 2025 was approximately 5.56 million with an additional 0.66 million in accounts receivable.
• We continue to maintain a clean capital structure with no debt, no convertible debt, no preferred equity, and as of October 2025, no contingent liabilities after making the final performance payments relating to Brightline's acquisition in 2022.

Bear points

• Q1 fiscal year 26 revenue of approximately $1.4 million, reflecting a 43% decrease compared to Q1 fiscal year 25, that's for the period ending September 30, 2024, revenue of approximately $2.4 million.
• Adjusted EBITDA loss for Q1 fiscal year 26 was 0.92 million compared to 0.46 million loss for Q1 fiscal year 25, reflecting the lower revenues in this quarter.
• Since there are many moving parts currently in play, we will not be providing revenue guidance for the remaining of our fiscal year, ending in June 30th, 2026.