Looking Glass Labs reported a year-over-year jump in fiscal first quarter revenue driven by non-fungible token (NFT) sales.
The Web3 platform specializing in NFT architecture, immersive metaverse environments, play-to-earn tokenization and virtual asset royalty streams posted revenue of $651,586, up from $137,066 in the year-ago quarter.
It also swung to a profit in the quarter, which ended on October 31, 2023.
It reported income of $296,268 or $0.15 per share, compared to a loss of $2,348,191 or a loss per share of $1.42 for the same period in 2022.
Management attributed its income to lower operating expenses than the year-ago quarter in addition to higher revenues.