The AR and VR markets are booming due to their adoption in several verticals. VRAR has been investing substantially to enhance its portfolio offerings, acquisitions, and strategic partnerships. In September, VRAR announced the acquisition of the assets of XR Terra, a provider of VR and AR software development and design training courses. The acquisition was structured as an asset acquisition, and VRAR assumed no liabilities. Moreover, this marks VRAR’s eleventh acquisition of a subsidiary company. The company also began development in the Non-Fungible Token (“NFT”) space. VRAR is focusing on utilizing the robust technologies of its subsidiary companies in the emerging NFT and Crypto segments. The company has also completed several partnerships over the past few months.
However, VRAR’s operating expenses increased 67% year-over-year in the company’s last reported quarter, leading to negative operating income of $1.40 million. Also, its net loss came in at $1.66 million, indicating a 29.7% increase year-over-year. The increase in expenses can be attributed to increased employee headcount to support growth, and expenses specific to VRAR status as a publicly-traded company.