WiMi Hologram Cloud Inc. reports H1 2024 revenue and profit growth, significant cash reserve improvement

Rhea-AI Summary

WiMi Hologram Cloud Inc. (NASDAQ: WIMI) has reported strong financial results for the first half of 2024. The company's total revenues increased by 10% to RMB 290.8 million (USD 40.8 million) compared to the same period in 2023. Notably, AR service revenue saw a 14% increase to RMB 290.8 million.

WiMi's financial position improved significantly, with net income reaching RMB 12.3 million (USD 1.7 million), a turnaround from a net loss in the previous year. The company's cash reserves also grew substantially to RMB 1,162.0 million (USD 163.0 million) as of June 30, 2024.

CEO Shuo Shi attributed the performance to increasing demand for holographic solutions and successful business development efforts. He emphasized WiMi's commitment to holographic technology research and development, aiming to leverage public capital markets for further growth and expansion of services globally.

Positive

• Total revenues increased by 10% to RMB 290.8 million (USD 40.8 million)
• AR service revenue grew by 14% to RMB 290.8 million
• Net income improved to RMB 12.3 million (USD 1.7 million) from a previous net loss
• Cash reserves increased to RMB 1,162.0 million (USD 163.0 million), up from RMB 773.8 million

Negative

• None.

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BEIJING, Oct. 15, 2024 /PRNewswire/ -- WiMi Hologram Cloud Inc. (NASDAQ: WIMI) ("WiMi" or the "Company"), a leading global Hologram Augmented Reality ("AR") Technology provider,  today announced its unaudited financial results for the six months ended June 30, 2024.

Financial Highlights for the Six Months Ended June 30, 2024

1. Our total revenues increased by approximately RMB 26.1 million, or 10%, from approximately RMB 264.8 million for the six months ended June 30, 2023 to approximately RMB 290.8 million (USD 40.8 million) for the six months ended June 30, 2024.
2. Our AR service revenue increased by approximately RMB 36.0 million, or 14%, from approximately RMB 254.8 million for the six months ended June 30, 2023 to approximately RMB 290.8 million (USD 40.8 million) for six months ended June 30, 2024.
3. Our net income/loss increased from approximately RMB 18.4 million of net loss for the six months ended June 30, 2023 to approximately RMB 12.3 million (USD1.7 million) of net income for the six months ended June 30, 2024.
4. As of June 30, 2024, we had cash, cash equivalents and short-term investment of approximately RMB 1,162.0 million (USD 163.0 million), relative to approximately RMB 773.8 million(USD 108.7 million)  December 31, 2023.

Shuo Shi, the Founder and Chief Executive Officer of the Company said, "The holographic AR application field is experiencing a rapid growth in demand for 3D vision, which undoubtedly reveals the huge market opportunity behind the holographic AR business. Looking back at the first half of the year, the significant change in the company's performance was mainly due to the climbing demand for holographic solutions from our customers, as well as the company's remarkable achievement in business development in 2024. WiMi has always been committed to the research, development and application of holographic technology, and is striving to bring excellent holographic technology services to our customers around the world. In the future, we will fully utilize the resources of the public capital markets to further strengthen our holographic technology research and development and drive business growth. We firmly believe that this will help us launch and expand new services, designs and products to our global customers more rapidly and efficiently".

About WIMI Hologram Cloud

WIMI Hologram Cloud, Inc. (NASDAQ:WIMI) is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies.

Safe Harbor Statements

This press release contains "forward-looking statements" within the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar statements. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Among other things, the business outlook and quotations from management in this press release and the Company's strategic and operational plans contain forward−looking statements. The Company may also make written or oral forward−looking statements in its periodic reports to the US Securities and Exchange Commission ("SEC") on Forms 20−F and 6−K, in its annual report to shareholders, in press releases, and other written materials, and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. Several factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, financial condition, and results of operations; the expected growth of the AR holographic industry; and the Company's expectations regarding demand for and market acceptance of its products and services.

Further information regarding these and other risks is included in the Company's annual report on Form 20-F and the current report on Form 6-K and other documents filed with the SEC. All information provided in this press release is as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement except as required under applicable laws.

View original content:https://www.prnewswire.com/news-releases/wimi-hologram-cloud-inc-reports-h1-2024-revenue-and-profit-growth-significant-cash-reserve-improvement-302276284.html

SOURCE WiMi Hologram Cloud Inc.

FAQ

What was WiMi Hologram Cloud's (WIMI) revenue for H1 2024?

WiMi Hologram Cloud's total revenue for H1 2024 was RMB 290.8 million (USD 40.8 million), representing a 10% increase from the same period in 2023.

How much did WIMI's AR service revenue grow in H1 2024?

WIMI's AR service revenue grew by 14% to RMB 290.8 million (USD 40.8 million) in H1 2024 compared to H1 2023.

What was WiMi Hologram Cloud's (WIMI) net income for H1 2024?

WiMi Hologram Cloud reported a net income of RMB 12.3 million (USD 1.7 million) for H1 2024, improving from a net loss in the same period of 2023.

How much cash and cash equivalents did WIMI have as of June 30, 2024?

As of June 30, 2024, WiMi Hologram Cloud had cash, cash equivalents, and short-term investments totaling approximately RMB 1,162.0 million (USD 163.0 million).