Looking Glass Labs Ltd highlighted the evolution of its Pocket Dimension metaverse offering and the execution of its Web 3.0 design work and associated services to third parties as the company released results for its fiscal second quarter.
In the results statement, CEO Dorian Banks said: “The company navigated some challenging economic and industry conditions in the second quarter of 2023 and across the first half of its fiscal year."
“My outlook for the company is optimistic as we continue to seek accretive partnerships and revenue opportunities into the future,” he added.
For the three months ended January 31, 2023, the company reported revenue of C$72,938, down from C$311,825 for the same quarter a year earlier. That resulted in six-month revenues of C$210,004, compared to C$6.8 million in 1H 2022, which it said was primarily due to the lack of revenue from non-fungible token (NFT) sales as well as a decrease in design services and royalty income.
Gross profit for 1Q declined to C$52,065 from C$287,125, with 1H gross profit easing C$187 612 from C$6.5 million.
The company reported a 1Q net loss of C$6.1, up from a C$3.5 million net loss a year earlier. Its 1H net loss was C$8.44 million, as compared to net income of C$2.27 million in 1H 2022.
Total assets on January 31, 2023, amounted to C$5,45 million compared to C$7.6 million a year earlier, which it said was mainly attributable to a change in the amount of goodwill.
Headquartered in Vancouver, British Columbia, Looking Glass Labs is a leading Web3 innovation platform specializing in consumer engagement applications to leverage immersive metaverse environments, play-to-earn tokenization and blockchain monetization strategies.
Its leading brand, House of Kibaa (HoK), designs and curates a next-generation metaverse for 3D assets, which allows functional art and collectibles to exist simultaneously across different NFT blockchain environments. HoK has successfully released digital assets including GenZeroes, which sold out in just 37 minutes for total proceeds to LGL of C$6.2 million, in addition to a perpetual 5% royalty stream on secondary market sales.
Contact the author at stephen.gunnion@proactiveinvestors.com