Datasea Announces Fiscal Year 2024 Financial Results with Revenue 6.6x that of 2023 Primarily due to Growth of its 5G AI Business
Datasea Inc. (NASDAQ: DTSS) reported significant financial growth for fiscal year 2024, with revenue increasing by 558.6% to $24.0 million, primarily due to the rapid expansion of its 5G AI multimodal digital business in China. The company's capital reserve balance increased by 61.3% to $39.0 million, while noncurrent liabilities decreased to zero.
Key highlights include:
- Technological advancements in 5G AI multimodal digital technology
- Expansion of acoustic product distribution in the U.S. market
- Partnerships with major clients and retailers
- Launch of new acoustic health products
CEO Zhixin Liu emphasized the company's commitment to technological innovation and global expansion strategies in both the 5G AI and acoustics businesses.
Datasea Inc. (NASDAQ: DTSS) ha riportato una significativa crescita finanziaria per l'anno fiscale 2024, con un aumento del fatturato del 558,6% a $24,0 milioni, principalmente grazie alla rapida espansione della sua attività multimodale digitale AI 5G in Cina. Il saldo delle riserve di capitale dell'azienda è aumentato del 61,3% a $39,0 milioni, mentre le passività non correnti sono diminuite a zero.
I punti salienti includono:
- Progresso tecnologico nella tecnologia digitale multimodale AI 5G
- Espansione della distribuzione di prodotti acustici nel mercato statunitense
- Collaborazioni con grandi clienti e rivenditori
- Lancio di nuovi prodotti di salute acustica
Il CEO Zhixin Liu ha sottolineato l'impegno dell'azienda per l'innovazione tecnologica e le strategie di espansione globale sia nel business AI 5G che in quello degli acustici.
Datasea Inc. (NASDAQ: DTSS) informó un crecimiento financiero significativo para el año fiscal 2024, con un aumento de los ingresos del 558.6% a $24.0 millones, principalmente debido a la rápida expansión de su negocio digital multimodal de IA 5G en China. El saldo de las reservas de capital de la empresa aumentó en un 61.3% a $39.0 millones, mientras que las obligaciones no corrientes se redujeron a cero.
Los puntos destacados incluyen:
- Avances tecnológicos en la tecnología digital multimodal de IA 5G
- Expansión de la distribución de productos acústicos en el mercado de EE. UU.
- Asociaciones con importantes clientes y minoristas
- Lanzamiento de nuevos productos de salud acústica
El CEO Zhixin Liu enfatizó el compromiso de la empresa con la innovación tecnológica y las estrategias de expansión global en los negocios de IA 5G y acústica.
Datasea Inc. (NASDAQ: DTSS)는 2024 회계 연도에 대해 558.6%의 매출 증가를 보고하며 귀하의 매출이 $24.0 백만에 달했습니다. 이는 주로 중국에서의 5G AI 다중 모달 디지털 비즈니스의 빠른 확장 덕분입니다. 회사의 자본 준비금 잔액은 $39.0 백만으로 61.3% 증가했으며, 비유동 부채는 제로로 감소했습니다.
주요 하이라이트는 다음과 같습니다:
- 5G AI 다중 모달 디지털 기술의 기술 발전
- 미국 시장에서의 음향 제품 유통 확대
- 주요 고객 및 소매업체와의 파트너십
- 새로운 음향 건강 제품 출시
CEO Zhixin Liu는 5G AI 및 음향 비즈니스 모두에서 기술 혁신 및 글로벌 확장 전략에 대한 회사의 헌신을 강조했습니다.
Datasea Inc. (NASDAQ: DTSS) a annoncé une croissance financière significative pour l'exercice fiscal 2024, avec des revenus augmentant de 558,6 % pour atteindre 24,0 millions de dollars, principalement en raison de l'expansion rapide de son entreprise numérique multimodale AI 5G en Chine. Le solde des réserves de capital de l'entreprise a augmenté de 61,3 % pour atteindre 39,0 millions de dollars, tandis que les passifs non courants sont tombés à zéro.
Les faits marquants comprennent :
- Avancées technologiques dans la technologie numérique multimodale AI 5G
- Expansion de la distribution de produits acoustiques sur le marché américain
- Partenariats avec des clients et détaillants majeurs
- Lancement de nouveaux produits de santé acoustique
Le PDG Zhixin Liu a souligné l'engagement de l'entreprise envers l'innovation technologique et les stratégies d'expansion mondiale tant dans le secteur de l'IA 5G que dans celui de l'acoustique.
Datasea Inc. (NASDAQ: DTSS) berichtete über ein signifikantes finanzielles Wachstum für das Geschäftsjahr 2024, mit einem Umsatzanstieg von 558,6% auf 24,0 Millionen US-Dollar, hauptsächlich aufgrund der raschen Expansion seines 5G-AI-multimodalen digitalen Geschäfts in China. Der Kapitalreservesaldos des Unternehmens stieg um 61,3% auf 39,0 Millionen US-Dollar, während die langfristigen Verbindlichkeiten auf null sanken.
Die wichtigsten Highlights umfassen:
- Technologische Fortschritte in der 5G-AI-multimodalen digitalen Technologie
- Expansion der akustischen Produktverteilung auf dem US-Markt
- Partnerschaften mit großen Kunden und Einzelhändlern
- Einfürung neuer akustischer Gesundheitsprodukte
Der CEO Zhixin Liu hob das Engagement des Unternehmens für technologische Innovationen und globale Expansionsstrategien in den Bereichen 5G AI und Akustik hervor.
- Revenue increased by 558.6% to $24.0 million in fiscal year 2024
- Capital reserve balance grew by 61.3% to $39.0 million
- Noncurrent liabilities reduced to zero from $1.4 million in the previous year
- Received $21.4 million in cash prepayments from large clients
- Expanded distribution of acoustic products in the U.S. market through partnerships with iPower Inc. and Meglio Interiors
- Developed a comprehensive digital platform serving over 52 million enterprises and households in China
- None.
Insights
Datasea's fiscal year 2024 results show remarkable growth, with revenue surging
The elimination of non-current liabilities and a
With
The diversification into acoustics and expansion into the U.S. market through partnerships with iPower Inc. and Meglio Interiors represent promising avenues for growth, but success in these new ventures is not guaranteed and may require significant investment.
Datasea's focus on 5G AI multimodal digital technology positions it at the forefront of a rapidly evolving sector. The integration of text, sound, images and video with AI processing creates a versatile platform with applications across multiple industries. This aligns well with China's push for digital transformation and the projected
The company's emphasis on AI-driven content creation, automated marketing and real-time data processing addresses key pain points in digital marketing and customer engagement. However, this space is highly competitive, with tech giants also investing heavily in similar technologies.
In acoustics, Datasea's combination of ultrasonic technology with AI for applications like disinfection and brain health is innovative. The "Acoustics + AI" approach could create significant barriers to entry if patents are secured. However, the commercial viability and scalability of these products in the U.S. market remain to be proven.
The Total Value of 5G-AI Contracts Currently in Process Exceeds
Fiscal Year 2024 Financial Highlights
Revenue. For the fiscal year ended June 30, 2024, Datasea reported revenue of approximately
Noncurrent Liabilities: As of June 30, 2024, the Company had no non-current liabilities, as compared to approximately
Capital Reserve Balance. As of June 30, 2024, the Company's capital reserve balance was approximately
Zhixin Liu, CEO of Datasea, commented, "We are pleased with the tremendous progress achieved in fiscal year 2024, particularly with our success in the 5G AI multimodal digital business. Our commitment to technological advancement, along with the success of our customer acquisition strategy, has driven strong results in fiscal 2024. To add to our momentum, as of September 20, 2024, the Company had received approximately
"We are continuously upgrading our core 5G AI multimodal digital business through AI processing technology. This includes AI-driven creation and generation of various information forms such astext, sound, images, and video, as well as efficient transmission and AI digital marketing functions. We believe these advances will enable Datasea to maintain a leading position in shaping the 5G digital technology landscape," continued Ms. Liu.
"In terms of our acoustics business, we are actively implementing a global strategy for marketing and distribution. To this end, we have partnered with several well-known
Business Highlights for Fiscal Year 2024:
Datasea's 5G AI Multimodal Digital Business
1. Technological Innovation and Platform Development
In fiscal 2024, Datasea made significant advances in 5G AI multimodal digital technology, offering disruptive functionality enhancements. The Company's 5G AI multimodal platform integrates various information formats—such as text, sound, images, and video — with advanced AI processing to deliver high-precision, intelligent digital services. The platform's ability to automate marketing, generate intelligent content, and provide real-time data processing has created a powerful video matrix and precision marketing tools.
These innovations have enhanced Datasea's competitive edge in the 5G AI field, resulting in improved customer acquisition and revenue growth. By leveraging 5G's low-latency and high-speed transmission, the platform supports large-scale, customized, multi-channel content distribution, opening new business models and marketing opportunities. These technological advances have solidified Datasea's leadership in
2. New Product Development and Applications
In fiscal 2024, the Company developed a highly-intelligent, comprehensive digital platform with solutions spanning multiple industries, including rural revitalization, logistics, and the beauty industry. Datasea's digital platform and solutions serve more than 52 million enterprises and households in
3. Customer Acquisition and Market Expansion
In fiscal 2024, Datasea experienced explosive growth in its 5G AI multimodal digital business, generating revenue of approximately
Datasea's Acoustics Business
1. Technological Innovation and Applications
Datasea continues to innovate in the field of acoustic technology, utilizing globally leading "Acoustics + AI" precision manufacturing as the framework for digital applications. With a focus on combining acoustic technology and artificial intelligence, we aim to provide high-tech acoustic products and solutions worldwide, positioning us as a key driver of the development of
Our technological innovations include areas such as non-audible sound, with the use of efficient ultrasonic disinfection technology for sanitization, odor removal, and air purification. We also leverage low-frequency and weak-intensity Magnetic Induction of Brain Rhythm (MIBR) based on Schumann resonance to improve sleep quality and brain health. In addition, we actively participate in the development of industry standards for acoustic technology, promoting the standardization and regulation of the field. Through international collaboration with technical partners in
2. Product Development and Launch
Our product portfolio and planning cover a wide range, from acoustic health to acoustic medicine and agriculture, demonstrating our broad approach to product innovation. In the field of acoustic health, we continuously upgrade multiple existing ultrasonic disinfection products, including devices for indoor, in-vehicle, and specialized purification scenarios. In fiscal 2024, we launched new products, like the "Datasea Tianer" series, focusing on improving air quality and comfort in home environments, and the Schumann resonance-based "Star Sleep" device for improving sleep quality. Looking ahead, we plan to introduce innovative products such as a brain health device and food and water cleaning disinfection devices, further expanding our market reach.
3. Market Expansion and Partnerships
In July 2023, Datasea expanded its international presence by establishing its wholly-owned subsidiary, Datasea Acoustics LLC, in
About Datasea Inc.
Datasea Inc. ("Datasea") is a leading provider of products, services, and solutions for enterprise and retail customers in two innovative industries, acoustic high tech and 5G-AI multimodal digitalization. The Company's advanced R&D technology serves as the core infrastructure and backbone for its products. Its 5G multimodal communication segment operates on a cloud platform based on AI. Datasea leverages cutting-edge technologies, precision manufacturing and ultrasonic, infrasound and directional sound technology in its acoustics business to combat viruses and prevent human infections, and it is also developing applications in medical ultrasonic cosmetology. In July 2023, Datasea established a wholly-owned subsidiary, Datasea Acoustics LLC, in
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and as defined in the
Investor and Media Contact:
Datasea Investor Relations
Email: investorrelations@shuhaixinxi.com
sunhezhi@shuhaixinxi.com
Precept Investor Relations LLC
David Rudnick
+1 646-694-8538
david.rudnick@preceptir.com
DATASEA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
DATASEA INC. | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
JUNE 30, | JUNE 30, | |||||||
2024 | 2023 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | $ | 181,262 | $ | 19,728 | ||||
Accounts receivable | 718,546 | 255,725 | ||||||
Inventory, net | 153,583 | 241,380 | ||||||
Value-added tax prepayment | 107,545 | 71,261 | ||||||
Prepaid expenses and other current assets | 1,486,956 | 701,423 | ||||||
Total current assets | 2,647,892 | 1,289,517 | ||||||
NONCURRENT ASSETS | ||||||||
Long-term investment | - | 55,358 | ||||||
Property and equipment, net | 48,466 | 85,930 | ||||||
Intangible assets, net | 546,001 | 1,185,787 | ||||||
Right-of-use assets, net | 49,345 | 137,856 | ||||||
Total noncurrent assets | 643,812 | 1,464,931 | ||||||
TOTAL ASSETS | $ | 3,291,704 | $ | 2,754,448 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 1,075,641 | $ | 1,005,059 | ||||
Unearned revenue | 49,239 | 609,175 | ||||||
Accrued expenses and other payables | 596,714 | 1,409,939 | ||||||
Due to related parties | 654,560 | 1,162,856 | ||||||
Operating lease liabilities | 53,530 | 124,640 | ||||||
Bank loan payable | 1,170,298 | 594,906 | ||||||
Total current liabilities | 3,599,982 | 4,906,575 | ||||||
NONCURRENT LIABILITIES | ||||||||
Operating lease liabilities | - | 26,449 | ||||||
Bank loan payable- non-current | - | 91,215 | ||||||
Loan payable- non-current | - | 1,310,306 | ||||||
Total noncurrent liabilities | - | 1,427,970 | ||||||
TOTAL LIABILITIES | 3,599,982 | 6,334,545 | ||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||
Common stock, 3,589,620 and 1,889,315 shares issued and outstanding as of June 30, 2024 and 2023, respectively | 3,589 | 1,889 | ||||||
Additional paid-in capital | 38,957,780 | 24,148,868 | ||||||
Accumulated comprehensive income | 242,208 | 393,252 | ||||||
Accumulated deficit | (39,440,322) | (28,063,258) | ||||||
TOTAL COMPANY STOCKHOLDERS' DEFICIT | (236,745) | (3,519,249) | ||||||
Noncontrolling interest | (71,533) | (60,848) | ||||||
TOTAL DEFICIT | (308,278) | (3,580,097) | ||||||
TOTAL LIABILITIES AND DEFICIT | $ | 3,291,704 | $ | 2,754,448 | ||||
DATASEA INC. | ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||||||
YEARS ENDED JUNE 30, | ||||||||
2024 | 2023 | |||||||
Revenues | $ | 23,975,867 | $ | 3,640,690 | ||||
Cost of revenues | 23,501,762 | 3,505,209 | ||||||
Gross profit | 474,105 | 135,481 | ||||||
Operating expenses | ||||||||
Selling | 3,279,627 | 372,639 | ||||||
General and administrative | 8,960,523 | 7,377,421 | ||||||
Research and development | 359,342 | 569,635 | ||||||
Total operating expenses | 12,599,492 | 8,319,695 | ||||||
Loss from operations | (12,125,387) | (8,184,214) | ||||||
Non-operating income (expenses) | ||||||||
Other expenses | (97,893) | (24,530) | ||||||
Interest income | 1,975 | 148 | ||||||
Total non-operating expenses, net | (95,918) | (24,382) | ||||||
Loss before income tax | (12,221,305) | (8,208,596) | ||||||
Income tax | - | - | ||||||
Loss before noncontrolling interest from continuing operations | (12,221,305) | (8,208,596) | ||||||
Income (loss) before noncontrolling interest from discontinued operations | 833,546 | (1,489,419) | ||||||
Less: loss attributable to noncontrolling interest from continuing operations | (10,695) | (8,819) | ||||||
Less: loss attributable to noncontrolling interest from discontinued | - | (209,504) | ||||||
Net loss attribute to noncontrolling interest | (10,695) | (218,323) | ||||||
Net loss to the Company from continuing operations | (12,210,610) | (8,199,777) | ||||||
Net income (loss) to the Company from discontinued operations | 833,546 | (1,279,915) | ||||||
Net loss to the Company | (11,377,064) | (9,479,692) | ||||||
Other comprehensive item | ||||||||
Foreign currency translation gain (loss) attributable to the Company | (151,044) | 109,665 | ||||||
Foreign currency translation gain attributable to noncontrolling interest | 10 | 29,734 | ||||||
Comprehensive loss attributable to the Company | $ | (11,528,108) | $ | (9,370,027) | ||||
Comprehensive loss attributable to noncontrolling interest | $ | (10,685) | $ | (188,589) | ||||
Basic and diluted net loss per share | $ | (4.38) | $ | (5.70) | ||||
Weighted average shares used for computing basic and diluted loss per share * | 2,597,077 | 1,663,458 | ||||||
* retroactively reflect 1-for-15 reverse stock split effective on January 19, 2024 | ||||||||
DATASEA INC. | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
YEARS ENDED JUNE 30 | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities: | ||||||||
Loss including noncontrolling interest | $ | (11,387,759) | $ | (9,698,015) | ||||
Adjustments to reconcile loss including noncontrolling interest to net cash | ||||||||
Gain on disposal of subsidiary | (833,546) | - | ||||||
Bad debt reversal | - | (50,421) | ||||||
Depreciation and amortization | 494,480 | 701,430 | ||||||
Loss on disposal of fixed assets | 2,979 | 2,443 | ||||||
Operating lease expense | 167,969 | 620,696 | ||||||
Stock compensation expense | 6,749,326 | 4,378,887 | ||||||
Investment loss | 56,081 | - | ||||||
Changes in assets and liabilities: | ||||||||
Accounts receivable | (717,220) | (15,387) | ||||||
Inventory | 91,076 | (46,919) | ||||||
Value-added tax prepayment | (51,078) | (29,212) | ||||||
Prepaid expenses and other current assets | (810,421) | (141,545) | ||||||
Accounts payable | 597,744 | 839,735 | ||||||
Unearned revenue | (472,584) | 353,849 | ||||||
Accrued expenses and other payables | (108,736) | 523,534 | ||||||
Payment on operating lease liabilities | (177,194) | (575,156) | ||||||
Net cash used in operating activities | (6,398,883) | (3,136,081) | ||||||
Cash flows from investing activities: | ||||||||
Acquisition of property and equipment | (6,868) | (3,881) | ||||||
Acquisition of intangible assets | (161,054) | (80,438) | ||||||
Cash disposed due to disposal of subsidiary | (35) | - | ||||||
Long-term investment | - | (28,812) | ||||||
Net cash used in investing activities | (167,957) | (113,131) | ||||||
Cash flows from financing activities: | ||||||||
Due to related parties | 360,804 | 1,110,238 | ||||||
Proceeds from loan payables | - | 2,197,400 | ||||||
Repayment of loan payables | (1,582,513) | (198,431) | ||||||
Net proceeds from issuance of common stock | 8,061,286 | - | ||||||
Net cash provided by financing activities | 6,839,577 | 3,109,207 | ||||||
Effect of exchange rate changes on cash | (111,203) | (4,484) | ||||||
Net increase (decrease) in cash | 161,534 | (144,489) | ||||||
Cash, beginning of period | 19,728 | 164,217 | ||||||
Cash, end of period | $ | 181,262 | $ | 19,728 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid for interest | $ | 20,516 | $ | 25,501 | ||||
Cash paid for income tax | $ | - | $ | - | ||||
Supplemental disclosures of non-cash financing activities: | ||||||||
Right-of-use assets obtained in exchange for operating lease liabilities | $ | 125,280 | $ | 241,093 | ||||
Transfer of debt owing to the Company's' CEO to Mr. Wanli Kuai | $ | 730,163 | $ | - | ||||
The notes to the consolidated financial statements as filed with the SEC on Form 10-K are an integral | ||||||||
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SOURCE Datasea Inc.
FAQ
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