Looking Glass Labs Ltd (OTCMKTS:LGSLF) Stock Falls After Q1 Earnings

At this point in time many investors are interested in the upcoming Web3 space and there are many companies to choose from. One of the companies that you could look into this morning is Looking Glass Labs Ltd (OTCMKTS:LGSLF), which operates one of the leading Web3 platforms at this point.

Market Action

On Thursday, LGSLF stock decreased 17.76% to $0.1195 with more than 129.90K shares, compared to volume of 178.90K shares. The stock moved within a range of $0.1184 – 0.1540 after opening trade at $0.1540.

Looking Glass Labs Announces Financial Results for the First Fiscal Quarter of 2023

The company was in the news earlier on this week on Wednesday after it announced that it had filed its unaudited financial results for the first fiscal quarter of the fiscal year 2023 which had ended on October 22, 2022. It may be a good idea for investors to take a look at some of the highlights from the financial results. The company announced that it had generated revenues of as much as C$137,166 for the period. However, that was considerably lower than the revenues of C$6,496,863 that were generated in the prior year period. On the other hand, the gross profits generated by Looking Glass Labs came in at C$135,547 and that was again substantially lower than the gross profits of C$6,175,790 that had been generated in the prior year period. The net losses stood at C$2,348,191 as compared to net losses of C$5,770,700 in the same quarter last year.

Key Quote

Dorian Banks, Chief Executive Officer of LGL said, “Launching the Alpha Release of our Pocket Dimension metaverse assets in November was a major milestone for LGL and, based on countless positive reviews received so far, the community agrees. Our team continues to innovate and to be dedicated to the end-user. That focus is propelling us toward our goal of delivering the most realistic and highest utility metaverse experience in the industry.”