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

Rhea-AI Summary

WiMi Hologram Cloud (Nasdaq: WIMI) announced on March 28, 2022, that its consumer VR head-mounted display, WIMI HoloVR, has received FCC approval to enter the U.S. market. The device features advanced specifications, including a 105-degree field of view, 3840x2160 resolution, and a heart rate monitor, targeting various applications in entertainment and education. Financial performance in H1 2021 showed a 202.2% revenue increase, with gross profits rising 189.8%. The company is investing significantly in R&D, anticipating growth in the holographic AR sector driven by the Metaverse.

Positive

• Received FCC approval for the WIMI HoloVR device to enter the U.S. market.
• Innovative features like heart rate monitoring and high-resolution display.
• Significant revenue increase of 202.2% year-on-year in H1 2021.
• Gross profit increased by 189.8% year-on-year in H1 2021.
• Increased R&D expenses by 463.6% year-on-year, indicating strong investment in growth.

Negative

• None.

BEIJING, March 28, 2022 /PRNewswire/ -- WiMi Hologram Cloud Inc. (Nasdaq: WIMI) ("WiMi" or the "Company"), a leading global holographic AR application technology provider, today announced that its Virtual reality (VR) head-mounted display (HMD) product for the consumer market, "WIMI HoloVR" has been approved by the Federal Communications Commission to enter the U.S. market.

The new head display device "WiMi HoloVR" that has been licensed by the US Federal Communications Commission, is the first VR device that supports double-clicking See through in China. It adopts the leading color SEe-Through dual-camera scheme, which has a 105 degrees visual Angle, and supports SLAM spatial positioning and gesture recognition. Perfectly adapted to hand 6DoF positioning technology, with unlimited application expansion space; It uses a VR game pad with broadband vibration technology, which can imitate a variety of vibration experience, providing a 0-1000Hz frequency point response with less than 10ms latency, and supports the official SDK program. It is worth mentioning that, under the background of people's concern about health, the product's handle has added a heart rate monitoring function; The product adopts Qualcomm Snapdragon XR2 processor, with the display resolution of 3840X2160 standard 4K level, 1058PPI, ultra HD picture quality, ultra-high refresh rate of 90Hz, ultra-low delay, and smooth game experience. Diopter adjustment scheme, focusing left and right eyes separately, myopia users below 800 degrees do not need to wear glasses; Ultra-light and ultra-thin Fresnel lens, optical module only 35g, super large Angle of view 110 degrees, perfect immersion experience. Use 6000mAh large capacity lithium battery, can support more than 3 hours of game time. In addition, the battery life can be extended to 9000mAh and the service time can be increased to more than 5 hours through the official launch of the fun headset. Beamforming transmission technology, perfect restoration of high-quality audio sources, to providing extremely optimized auditory experience. Perfect support for wireless and wired streaming mode, support Wi-Fi FI5 wireless streaming and 5G module, streaming Steam mass content. The device is expected to be the main entry point for new metaverse holographic VR technology in communication, social and entertainment interactions.

Mr. Shuo Shi, CEO of WiMi , commented, "WIMI HoloVR an Virtual reality (VR) head-mounted display (HMD) product, has been approved by the Federal Communications Commission to enter the U.S. 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), 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, metaverse holographic AR / 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 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 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.

Contacts
WIMI Hologram Cloud Inc.
Email: pr@wimiar.com 

ICR, LLC
SharonZhou
Tel: +1 (646) 975-9495
Email: wimi@icrinc.com 

View original content:https://www.prnewswire.com/news-releases/wimi-holovr-approved-by-the-federal-communications-commission-to-enter-the-us-market-301511541.html

SOURCE WiMi Hologram Cloud Inc.

FAQ

What is the significance of WIMI HoloVR's FCC approval?

The FCC approval allows WIMI Hologram Cloud to launch its VR head-mounted display in the U.S. market, expanding its operational reach.

How did WIMI perform financially in H1 2021?

In H1 2021, WIMI reported a 202.2% increase in revenue and a 189.8% increase in gross profit year-on-year.

What are the key features of WIMI HoloVR?

WIMI HoloVR features a 105-degree field of view, 3840x2160 resolution, heart rate monitoring, and advanced gesture recognition capabilities.

What future growth opportunities does WIMI anticipate?

WIMI expects significant growth in the holographic AR sector driven by the increasing adoption of the Metaverse.

When was the WIMI HoloVR announced?

The WIMI HoloVR was announced on March 28, 2022.