WiMi HoloAR Lens Approved by the Federal Communications Commission to Enter the U.S. Market

Rhea-AI Summary

WiMi Hologram Cloud Inc. (Nasdaq: WIMI) announced its HoloAR Lens has received approval from the Federal Communications Commission to enter the U.S. market. This augmented reality (AR) headset features unique capabilities such as a 63-degree visual angle and a 1920x1080p display. In the first half of 2021, WiMi reported a 202.2% increase in global operating revenue and a 189.8% growth in gross profit. The company emphasizes its commitment to R&D with a 463.6% rise in R&D expenses to maintain competitiveness in the expanding Metaverse.

Positive

• HoloAR Lens received FCC approval to enter the U.S. market.
• Operating revenue increased 202.2% year-over-year in H1 2021.
• Gross profit rose 189.8% year-over-year in H1 2021.
• R&D expenses grew by 463.6% year-over-year, indicating strong investment in technology.

Negative

• None.

BEIJING, Jan. 20, 2022 /PRNewswire/ -- WiMi Hologram Cloud Inc. (Nasdaq: WIMI) ("WiMi" or the "Company"), a leading holographic AR application technology provider in global, today announced that its Augmented reality (AR) head-mounted display (HMD) product for the consumer market, "WIMI HoloAR Lens" has been approved by the Federal Communications Commission to enter the U.S. market.

"WIMI HoloAR Lens" approved by the Federal Communications Commission, is the first split glasses compatible with 6DOF spatial positioning scheme with dual cameras at home and abroad, which is conducive to rich use scenarios of spatial interaction. Holographic AR technology has been upgraded for multi-scene interaction applications such as spatial interaction and spatial positioning. More support for Metaverse multi-application development and user experience. "WIMI HoloAR Lens" has better product parameters than similar products, and is a more humanized and easy to wear AR projection display device. The WIMI HoloAR Lens can be expanded and connected to PCS, drones, Android and IOS smart phones. It is portable and mobile intelligent display device in multiple scenarios.

Compared with the 30-55 degree visual Angle in the industry, the product has a larger visual angle of 63 degrees, which greatly enhances the product's sense of visual immersion. The product can reach 10 meters 600 inches of huge screen display effect, 1920*1080p HIGH-DEFINITION display screen, 50,000/1 contrast, and 80 million full color, 1800Nit high brightness screen, 90Hz high refresh rate, so that users get more clear and realistic display effect; The whole machine is only 78G, the sense of pressure on the customer's face is very low, comfortable to wear, suitable for daily travel, high-speed rail, plane, subway, outdoor virtual communication and video conference; Also suitable for family fitness, family education and many other scenes; The optical program integrates the refractive error adjustment of 0-500 degrees, so that the virtual image can be seen clearly without the addition of myopia lens. The product has the strong advantage of expansion and upgrade. It can be equipped with 6DOF interactive scenes with dual controllers, open the entertainment application scenes of the product, and realize full stack support for Steam games. It is expected to be the main entry point for metaverse holographic AR's new technology in communication, social and entertainment interaction.

Shi Shuo, CEO of WiMi, said, "WIMI HoloAR Lens, an augmented reality (AR) headset display (HMD) product, has been approved by the FEDERAL Communications Commission to enter the US market and will be widely used in virtual social, virtual entertainment, virtual education, virtual communication and other fields.

In the first half of 2021, our global operating revenue increased approximately 202.2% year on year, our gross profit increased 189.8% year on year, our net profit increased 40.3% year on year, and our R&D expenses increased 463.6% year on year. We invested heavily in r&d to maintain our competitive edge in the Metaverse and holographic AR industries. With the widespread adoption of Metaverse, the holographic cloud industry in which WIMI is located will see explosive growth. We will continue to create long-term value for the company's shareholders by taking advantage of the growth opportunities in the Metaverse market and continuing to improve our Metaverse product matrix and expand our Metaverse market share."

About WIMI Hologram Cloud

WIMI Hologram Cloud, Inc.(NASDAQ: WIMI) was founded in 2015, which 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,metaverse holographic AR and VR equipment, metaverse holographic cloud software 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 virtual communication, metaverse holographic AR technology, metaverse virtual cloud service,and other holographic AR technologies.

Safe Harbor Statements

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 terminologysuch 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.

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SOURCE WiMi Hologram Cloud Inc.

FAQ

What is the WIMI HoloAR Lens approved for?

The WIMI HoloAR Lens has been approved by the FCC for entry into the U.S. market.

What are the key features of the WIMI HoloAR Lens?

It features a 63-degree visual angle, 1920x1080p display, and is designed for various applications including virtual education and entertainment.

What financial growth did WiMi report in 2021?

In H1 2021, WiMi reported a 202.2% increase in revenue and a 189.8% increase in gross profit.

How much did WiMi invest in research and development?

WiMi's R&D expenses increased by 463.6% year-over-year in the first half of 2021.

What market opportunities does WiMi see?

WiMi aims to capitalize on the growth opportunities in the Metaverse and holographic cloud industries.