WiMi Files Its Annual Report on Form 20-F

Rhea-AI Summary

WiMi Hologram Cloud Inc. (Nasdaq: WIMI), a leading hologram augmented reality (AR) technology provider, has filed its annual report on Form 20-F for fiscal year 2024 with the SEC. The company achieved a remarkable financial turnaround, reporting a net income of RMB 103.3 million (USD 14.4 million) in 2024, compared to a net loss of RMB 510.4 million in 2023.

The company's financial position strengthened significantly with cash and cash equivalents and short-term investments increasing by 148.0% to RMB 1.92 billion (USD 266.9 million) in 2024, up from RMB 773.9 million in 2023. This enhanced financial status positions WiMi to pursue new development opportunities and invest in innovation research.

Positive

• Achieved profitability with net income of RMB 103.3M in 2024, reversing previous year's loss
• 148% increase in cash and investments to RMB 1.92B strengthens financial position
• Enhanced liquidity provides resources for new development and innovation investments

Negative

• None.

Insights

Financial Analyst

WiMi achieves remarkable financial turnaround, transforming a RMB 510.4M loss into RMB 103.3M profit while boosting cash reserves by 148% to RMB 1.92B.

WiMi's 2024 annual report reveals a dramatic financial transformation that merits serious attention. The company has executed a complete reversal of fortune, converting a substantial RMB 510.4 million net loss in 2023 into a RMB 103.3 million (USD 14.4 million) net profit in 2024. This represents a RMB 613.7 million improvement in bottom-line performance year-over-year.

Even more striking is WiMi's liquidity position. The company increased its cash and short-term investments by RMB 1.14 billion, representing a 148% year-over-year growth. This brings total cash and short-term investments to RMB 1.92 billion (USD 266.9 million), providing substantial financial flexibility.

This financial turnaround indicates effective cost management and operational improvements within WiMi's hologram AR technology business. While the report doesn't detail specific operational metrics or revenue figures, the transition from significant losses to profitability suggests either substantial cost reduction, revenue growth, or a combination of both.

The dramatically strengthened cash position provides WiMi with enhanced capabilities for future investments in research, development, and strategic growth initiatives within the AR technology space, as explicitly mentioned in the filing. This financial foundation positions the company to potentially accelerate innovation and market expansion efforts in the rapidly evolving hologram and augmented reality sector.

BEIJING, April 22, 2025 /PRNewswire/ -- WiMi Hologram Cloud Inc. (Nasdaq: WIMI) ("WiMi" or the "Company"), a leading hologram augmented reality ("AR") technology provider, today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the Securities and Exchange Commission (the "SEC").

The company reported that its operation result made a significant turnaround, transitioning from a net loss of around RMB 510.4 million in 2023 to a net income of approximately RMB 103.3 million (USD 14.4 million) in 2024. This remarkable shift highlights the company's effective operation strategies and strong management.

Moreover, the company had a substantial increase in its cash and cash equivalents and Short-term investments, which further solidifies its financial position. Our Cash and cash equivalents and Short-term investments increased by approximately RMB 1.14 billion, or 148.0%, from approximately RMB 773.9 million for the year ended December 31, 2023 to approximately RMB 1.92 billion (USD 266.9 million) for the year ended December 31, 2024.This improved financial situation equips the company to pursue new development opportunities, invest in innovation research, and drive future business growth. 

The information disclosed in this press release does not purport to be complete and is qualified in its entirety by reference to the Company's annual report on Form 20-F. The annual report, which contains the Company's audited consolidate statements, can be accessed on the SEC's website at http://www.sec.gov  and on the Company's investor relations website at http://ir.wimiar.com/. 

The Company will provide a copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders upon request. Requests should be directed to Investor Relations Department, Room#1508, 4th Building, Zhubang 2000 Business Center, No. 97, Balizhuang Xili, Chaoyang District, Beijing, The People's Republic of China..

About WIMI Hologram Cloud Inc.

WiMi Hologram Cloud Inc. (NASDAQ: WIMI), whose commercial operations began in 2015, 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. For more information, please visit http://ir.wimiar.com. 

Safe Harbor / Forward-Looking Statement

This press release contains "forward-looking statements" within the meaning of 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, as well as 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 U.S. 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. A number of 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 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, and 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-files-its-annual-report-on-form-20-f-302434280.html

SOURCE WiMi Hologram Cloud Inc.

FAQ

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

WiMi reported a net income of RMB 103.3 million (USD 14.4 million) for fiscal year 2024, marking a significant turnaround from a net loss of RMB 510.4 million in 2023.

How much did WIMI's cash and investments increase in 2024?

WIMI's cash and cash equivalents and short-term investments increased by 148.0% to RMB 1.92 billion (USD 266.9 million) in 2024, up from RMB 773.9 million in 2023.

Where can investors access WIMI's 2024 annual report?

WIMI's 2024 annual report can be accessed on the SEC's website (www.sec.gov) and the company's investor relations website (ir.wimiar.com).

What is the significance of WIMI's financial turnaround in 2024?

WIMI's transition from a RMB 510.4 million loss to RMB 103.3 million profit demonstrates effective operational strategies and strong management, while strengthening its financial position for future growth.