Thank you for holding, and please remain on the line. The Glimpse Group event will begin momentarily. Thank you for your patience. Welcome to The Glimpse Group's Fiscal Year 2025 Financial Results Webinar. At this time, all participants are in listen-only mode. A question -and- answer session will follow the formal presentation. As a reminder, this conference is being recorded. The earnings release that accompanies this call is available on the investors' section of the company's website at https://ir.theglimpsegroup.com. Before we begin the formal presentation, I'd like to remind everyone that statements made on today's call and webcast, including those regarding future financial results and industry prospects, are forward-looking and may be subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the call. Please refer to the company's regulatory filings for a list of associated risks, and we would also refer you to the company's website for more supporting industry information. I would now like to hand the call over to Lyron Bentovim, President and CEO of The Glimpse Group. Lyron, the floor is yours. Thank you, Holly. Thank you, everyone, for joining us. I am pleased to welcome you to The Glimpse Group's Fiscal Year 2025 Financial Results Investor Call for our quarter ended June 30, 2025. Fiscal year 2025 was a remarkable year for Glimpse with many achievements: return to revenue growth, achievement of annual cash flow neutrality for the first time in the company's history, significant tier one customer wins, the divestiture of non-core assets, key technology development centered around integrating AI into our immersive products, the filing of seven new patents primarily focused on the integration of AI with immersive technologies, all while maintaining high gross margins and a clean balance sheet. Our software products and services are at the forefront of several key emerging technology segments: immersive, spatial computing, AI, cloud. We have established a track record of working with major customers across industries, as well as relationships with some of the leading companies in the tech world, and have a significant pipeline and growth potential. However, these have not translated into significant shareholder value creation, which has led us to strategically review and, with the board's approval, the plan that will unlock and create far more value for all of us as shareholders. I will go into more details later in my prepared remarks. Driving our growth going forward, our main engine is our subsidiary Brightline Interactive. As a quick reminder, BLI, through its product SpatialCore, provides advanced spatial computing, AI-driven operational simulation middleware software and solutions to the Department of Defense and big data-driven enterprises. SpatialCore sits at the intersection of spatial computing, immersive technologies, AI, cloud, and geospatial data. We view it as an operating system for computing, processing, and visualizing information in three-dimensional space on the cloud. BLI specializes in creating AI-supported workflows on top of dynamic synthetic environments that integrate multimodal and real-time data to accelerate decision-making, enhance mission readiness, and expand human and non-human training capabilities that can be used in a variety of arenas, including digital twins, robotics, drone, and autonomous vehicles. While SpatialCore is at the cutting edge of technology, it is not science fiction. It is based on BLI's established 15 years of technological development, deep knowledge-based, and rooted in proven paid-for contracts with major entities with high operational and executional requirements. In fiscal year 2025 alone, Brightline achieved several critical milestones, including successfully executing and delivering the development of a unified synthetic training ecosystem for a major Department of Defense entity, a $4 million+ initial contract. The system enables soldiers to train, plan, and execute missions in a fully virtualized environment, providing interfaces for collaboration and digital twin integration and functionality. Enter the $2 million SpatialCore contract with another Department of Defense entity as the direct prime to be delivered over the next 12 months. While we can't go into any additional details just yet, it has similar AI and deep tech characteristics as other SpatialCore contracts. Successfully delivered the first full-motion immersive simulator to the U.S. Navy, providing the U.S. Navy with advanced simulation capabilities that bridge the gap between the real and virtual worlds. This state-of-the-art system incorporates spatial computing elements to enable high-level, cost-effective simulations, ensuring that military personnel can train in realistic and immersive environments. Delivered an advanced immersive simulation to a large government service integrator, BLI was able to create a sophisticated spatial simulation in record time, setting what we believe has the potential to become a new industry standard. This initial simulation project was developed with the goal of allowing the GSI to gather simulation needs from others to then add to this build or for further deployments in a cost-effective and scalable manner. Entered into a cooperative research and development agreement, CRADA, with the U.S. Army Combat Capabilities Development Command C5ISR Center, Brightline to develop, assess, and improve workflows to create and augment synthetic imagery for use in training and assessing artificial intelligence and machine learning algorithms. These, in addition to prior recent years' achievements, represent initial contracting and validation of BLI's technology and delivery capabilities. All of these have the potential to expand into multi-million, multi-year follow-on contracts, leading to eventually possible inclusion in programs of record, which are exceptionally large long-term U.S. Department of Defense contracts. In addition, Brightline Interactive has a robust pipeline of new potential customers, both in the U.S. Department of Defense space and in the enterprise big data segment: oil and gas, aviation, tech, and many others. We believe that Brightline Interactive's growth potential is immense, even if it does not immediately materialize to its fullest extent and takes time to fully develop. U.S. Department of Defense contracting, for example, is notoriously slow and quite complex. In parallel to Brightline Interactive, our other entities also achieved major milestones during the fiscal year, including an NIH grant in partnership with Yale Medical, Drexel University, and New Jersey Institute of Technology to advance VR education for adolescent and young adult cancer patients. Partnership with Montefiore Einstein for a VR study for teen mental health. Reedy Immersive Enterprise Service Agreement with a leading global energy tech company. Mortal Reality, our subsidiary, entered into several contracts for its AI-driven immersive training product, while Glimpse Learning entered into multiple software license contracts in the healthcare and educational segments. Despite all of these, we don't believe that our interesting value, and certainly not Brightline Interactive's, is reflected in The Glimpse Group's current valuation, not even remotely in our view. Indeed, based on our internal analysis, we believe that Brightline Interactive's public company comps alone in the defense tech AI segment trade at vast multiples of trailing annual revenue. Even if a significantly discounted revenue multiple was to be applied to Brightline Interactive, its valuation would far exceed The Glimpse Group's current valuation. We believe that Brightline Interactive's true value and potential is hidden within The Glimpse Group umbrella and is potentially encumbered by it. This being the case, and in light of The Glimpse Group's current position as a largely abundant illiquid microcap, we have reached the conclusion that the best way to maximize shareholder value for The Glimpse Group shareholders and to increase Brightline Interactive's chances of success is to spin out Brightline Interactive. If successful, Brightline Interactive will become an independent, publicly traded company, a pure-play, well-funded, standalone spatial computing, AI-driven cloud operational simulation middleware provider to the U.S. Department of Defense and big data-driven enterprises. While the final methodology has not been determined yet and success is not guaranteed, our Board of Directors has approved the strategy and general process, which we expect to play out in the coming months. As part of the process, the plan is for Glimpse shareholders to be issued shares in the spun-out BLI public entity as a distribution. In parallel, current Glimpse shareholders will maintain their holdings in Glimpse, which we believe could have considerable and attractive going-forward alternatives to pursue as a clean, healthy Nasdaq technology company. With that, I will now turn it over to Maydan Rothblum, Glimpse's CFO and COO, to review the financial results. Maydan? Thanks, Lyron. I will limit my portion to a summary review of our financial results. A full breakdown is available in our 10-K and press release that were filed earlier today and yesterday afternoon. Please note that I may refer to non-GAAP measures. For the calculation of non-GAAP measures, please refer to the MD&A section of our 10-K filing. Fiscal year 2025 revenue of approximately $10.5 million, an increase of approximately 20% compared to fiscal year 2024 revenue of approximately $8.8 million. The increase was primarily driven by an increase in SpatialCore revenues and despite the divestiture of non-core assets and entities. Q4 fiscal year 2025, that's the April to June 2025 quarter, revenue of approximately $3.5 million, an approximate 105% increase compared to Q4 fiscal year 2024 revenue of approximately $1.7 million, and an approximate 150% increase compared to Q3 fiscal year 2025, that's the January to March 2025 quarter, revenue of approximately $1.4 million. We expect fiscal year 2026 revenue to exceed fiscal year 2025 revenue. However, given the nature of Brightline Interactive's DOD-driven contracts, revenue recognition timing, and potential U.S. government budget delays, the per quarter revenue in fiscal year 2025 is expected to be quite choppy, with significant movement from quarter to quarter. We expect Q1 fiscal year 2026 to be significantly lower than Q4 fiscal year 2025 and revenues to grow sequentially in the following quarters. Gross margin for fiscal year 2025 was approximately 67.5%, on par with 67% for fiscal year 2024. We expect our gross margins to remain in the 65%- 75% range due to a larger portion of revenue coming from SpatialCore and software license sales. We were essentially cash break-even for the fiscal year, marking an extraordinary turnaround. Net operating cash loss in fiscal year 2025 was approximately - $0.27 million compared to a net operating cash loss of approximately - $5.2 million for fiscal year 2024, reflecting our significant reorganization efforts, cost reductions, revenue growth, and the maintenance of high gross margins. The company's cash and equivalent position as of June 30, 2025, was approximately $6.85 million, with an additional $0.85 million in accounts receivable. We continue to maintain a clean capital structure, no debt, no convertible debt, and no preferred equity. I'd now like to pass it back to Lyron for some closing remarks, after which we will begin our Q&A session. Lyron? Thank you, Maydan. Fiscal year 2025 was a pivotal year for The Glimpse Group. We executed on our plan and made great strides, and there are immense opportunities ahead of us. We are determined to try and unlock shareholder value and have several options to achieve this. We intend to aggressively pursue these in the coming months, all the while keeping a sharp focus on our existing businesses and continuing to drive their growth. During this period, we may need to minimize public communications. I thank you all for your interest in and support of The Glimpse Group, and now I'll turn the call back over to Holly to take some questions. Thank you, Lyron. If you'd like to submit a question, you can either type it in the chat box below or raise your hand. We'll start with any audio questions and follow that with some write-in questions as time allows. If you would like to ask a question by phone, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Our first question is coming from Casey Ryan with West Park Capital. Good morning, gentlemen. Thanks for the update. Pretty significant. Can I ask, as we look at markets, do you feel like BLI's opportunities are primarily in defense and defense-related industries, or is there some overlap with other opportunities in education and healthcare? I'm just trying to understand what would be left with the core business and what would be going with BLI outside of defense contracts currently. Yes. Good morning, Casey. I'll take kind of two separate parts of the question. In terms of Brightline Interactive's opportunity, obviously, we've made significant strides with the Department of Defense, and we've got multiple paths that each lead to pretty significant opportunities. In addition to that, we've basically started exploring how to work with our SpatialCore product with enterprises. It's going to take probably longer to get significant revenue from that, but we see this as a pretty tremendous opportunity for Brightline Interactive. Education and healthcare are less the focus for Brightline Interactive, but that's the focus of some of the other entities within The Glimpse Group, where we see a significant opportunity integrating immersive technologies with AI and offering a variety of solutions that will help educational organizations, both at the college level and at the K-12 level, as well as healthcare enterprises to utilize our technology to simulate, train, and practice certain scenarios. Okay. That's helpful. I know it's early days. We haven't worked out all the details, but from the announcement today to sort of some endpoint where there's something with BLI that happens that's fully consummated, are we looking at a timeframe that's maybe 12 months, or does that feel too long to you, and you think it's something sooner than that? That is way too long. We expect to initiate the process in the coming weeks and expect that process to take several months to go through, but we expect something to happen if we're successful at the beginning of the calendar year. Okay. Terrific. In terms of the education markets, I guess, and maybe other commercial markets outside of defense, where do you think your customers feel like they're still learning how to integrate the technologies, or do you think they're getting closer to integrating them into their normal operations and expanding them broadly, say, a college or K-12 institution? That's a good question, Casey. I think that we are very close to that kind of transition of basically organizations trying things out to organizations fully ready to jump into the water and start swimming. We're working with one of the leading universities in Florida as our primary first beta partner for our AI solution. We're planning in the fall semester, in the spring semester starting in January, to fully launch that solution in partnership with them. That will be a significant test and probably one of the more advanced willingness of an organization to really jump into the immersive AI space. Okay. That sounds very compelling. Just jumping back to BLI, do we sort of sense that there will be a name change, or do we think Brightline has a good brand name and that will be the name that we move forward with? It feels like all the key players would know that name already, but I just wonder that. We do not expect any name changes. We expect because Brightline Interactive has a significant brand in the space that it's here, both primarily with customers, partners, technology. There's no reason to change the name. It's a good name. Okay. Perfect. This is a significant and, you know, potentially a great strategic move. Thank you for the update. I'll sort of drop off the question line and let others ask questions as we go forward. Thank you. Thank you, Casey. Our next question is from Richard Molinsky with Max Ventures. Hey, Lyron. First of all, congratulations in turning the company's cash flow around. That was a big change. This Brightline seems very, very exciting. I'm wondering, I did love the news release of what you're doing with teen mental health at Montefiore. I know you said the government is really the number one market for you, but the healthcare could be like number two. I'm wondering whether your services and your AI, you could go to some major companies and offer the services for them to sell it to their customers and increase the sale that way besides you doing it on your end. Good morning, Richard. This is exactly the path we're planning on taking in 2026 with some of our AI solutions, kind of AIA product. We are looking at finding partners in certain industries that specialize in that industry. They've been offering basically 2D solutions to their customers in a variety of fields. We want to integrate their know-how in their industry with our AIA solutions and then allow them to offer the solution on our platform to their customers, integrating immersive AI into their solutions. That's definitely a game plan for us for 2026 for the AIA product. Right. When realistically do you think this spin-off could happen, in your estimate? Is it six months down the road, three months? Do you have any idea when you'd want this to happen? Our plan is to make it happen as quickly as possible. As I responded to Casey's question, I expect this to happen early in 2026 if everything goes according to plans. All right. That's terrific. With one of my last questions, you've been really good monitoring the, you know, managing the cash. Do you expect, you know, the cash, you won't have any cash needs at all at this point in time based on what you currently have in the bank and your projections? Yes, we expect to be fully able to operate with the cash we have. All right. I greatly appreciate it. Great job. I look forward to seeing the progress and further contracts. Thank you, Rich. Thank you. Our next question for today is from Hung Nguyen, a private investor. Hi. As far as enterprises, do you plan to get into the training of employees for private enterprises as far as system and processing? Thank you for the question. Our subsidiaries are not focused directly on corporate training solutions, but our AI solution allows employees to soft skill train various scenarios in a very effective way, and that's definitely part of our go-to market. Thank you. At this time, we'll turn to some write-in questions. If you'd like to ask a question, please use the chat function. Our first online question is, is the proposed spin-out of Brightline Interactive given the overhead costs of being a small public company are high and profits are still small? Thank you for the question. We've basically taken that into consideration, and definitely, that's a kind of reason against doing it and part of the reason we've not explored this now. We believe even with the cost of maintaining two public entities, the value that will be created to Glimpse shareholders and the potential for Brightline Interactive to access capital as part of the process make this a significantly valuable opportunity for Glimpse shareholders. Our next online question is, when can we expect this spin-off? Very exciting developments with Brightline Interactive. Do you see joint ventures with larger companies wanting to offer Brightline Interactive services to their customers? To this question, the first, we expect, if everything goes according to plan, to have this happen early in 2026. We're definitely constantly looking at partnerships for Brightline Interactive. We have significant relationships with some of the world-leading technology companies, and we expect to continue to work with them and strengthen the relationships. I'd now like to turn the call back over to Lyron for closing remarks. Thank you, Holly. I would like to thank each and every one of you for joining our earnings conference call. We look forward to continuing to update you on our ongoing progress and growth. If we were unable to answer any of your questions, please reach out to us directly. Thank you and have a great day. This does conclude today's webinar. Thank you for your participation and have a wonderful day.