MeritValue

Glimpse Group, Inc.

GGRPdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Glimpse Group, Inc. earns about -158% on invested capital, but has diluted owners by 170% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3.42M1$7.27M2$13.5M3$8.8M4$10.5M4
Net income−$6.09M5−$5.97M6−$28.6M7−$6.39M8−$2.55M8
Operating cash flow−$1.21M9−$4.94M10−$9.16M11−$5.21M12−$273,77412
Capital expenditure$28,00313$201,99813—$31,54814$42,50814
Free cash flow (derived)−$1.24M9−$5.14M10—−$5.24M12−$316,28212
Total debt—————
Cash & equivalents$1.77M15$16.2M16$5.62M17$1.85M18$6.83M18
Diluted shares7.3M11.7M13.9M16.7M19.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$8.63
your share of equity
Profit it earned you last year
−$1.3
Free cash flow it threw off
−$0.16
Debt you’d be carrying
—

10 shares is a claim on $8.63 of net worth that earned you −$1.3 and generated −$0.16 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-158% avg · 5y
FY21 —FY22 —FY23 -403%FY24 -52%FY25 -20%

It earned an average -158% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+170% shares · 5y

Share count is up 170% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-06-30 · accession 0001493152-22-027032 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-06-30 · accession 0001493152-23-034869 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-06-30 · accession 0001493152-24-038786 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-06-30 · accession 0001493152-25-016073 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-06-30 · accession 0001493152-22-027032 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-06-30 · accession 0001493152-23-034869 (NetIncomeLoss)
  7. 10-K · period ending 2023-06-30 · accession 0001493152-24-038786 (NetIncomeLoss)
  8. 10-K · period ending 2024-06-30 · accession 0001493152-25-016073 (NetIncomeLoss)
  9. 10-K · period ending 2021-06-30 · accession 0001493152-22-027032 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-06-30 · accession 0001493152-23-034869 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-06-30 · accession 0001493152-24-038786 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-06-30 · accession 0001493152-25-016073 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-06-30 · accession 0001493152-22-027032 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-06-30 · accession 0001493152-25-016073 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-06-30 · accession 0001493152-22-027032 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K/A · period ending 2022-06-30 · accession 0001493152-23-034869 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-06-30 · accession 0001493152-24-038786 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-06-30 · accession 0001493152-25-016073 (CashAndCashEquivalentsAtCarryingValue)