Glance Reports Second Quarter 2018 Results

Glance Technologies (CSE:GET) has announced its financial results for Q2 ended May 31, 2018.

As quoted in the press release:

Our second quarter involved a difficult proxy contest and I want to reiterate my appreciation to our shareholders for their patience and support as the company emerges from the impact of this contest,” said Glance CEO Desmond Griffin, “now that this is behind us, we are reinvigorated and concentrating our energy and efforts on our long-term strategy of building and enhancing our technology and growing an ecosystem of engaged merchants and users. Further, with the recent change in management, we have progressed to a more cost-conscious and performance-based culture and we are focused on executing on our strategy.”

“We firmly believe that mobile devices are the future of payments and consumer engagement, and that blockchain is a fundamentally transformative technology,” said Griffin, “We believe we are positioned to take advantage of these two powerful trends as we continue to focus on:

• growing the Glance Pay network,
• expanding our target market to additional verticals and geographies,
• allowing merchants to download an app (Glance PayMe™) to be up and running quickly,
• improving capacity for monetization with a strengthened product offering,
• preventing fraud through our anti-fraud technology,
• building out a blockchain technology platform,
• developing our Glance Coin rewards platform and cryptocurrency, and
• maintaining a strong balance sheet.”

Q2 2018 Financial Highlights:

(all figures are rounded to the nearest thousand)

• Revenue of $229,000, compared to $127,000 in Q2 2017. The current period includes licensing revenue of ($51,000) and marketing revenue ($25,000), in addition to application and service fees ($153,000). As anticipated, licensing revenues have fluctuated significantly in recent quarters due to certain license agreements specifying large initial payments and fluctuations may continue in future quarters depending on the nature of any new deals signed.
• Operating expenses of $3,851,000 compared to $1,264,000 in Q2 2017, reflecting the significant ramping of the business over the past year.
• Software development costs were $745,000 compared to $130,000 in Q2 2017, reflecting the expansion of the development team and the Company’s move into the blockchain space.
• A notable expense change was corporate communication and investor media expenses, which were $347,000 compared to $150,000 in Q2 2017. However, this was a significant decrease from the $2,353,000 which was spent in Q1 2018 and was consistent with the Company’s previous indications that it intended to reduce spend in that category as it works to spread awareness efficiently and effectively.

Click here to read the full press release.