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

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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.

WiMi Hologram Cloud Inc. (NASDAQ: WIMI) ha riportato risultati finanziari solidi per il primo semestre del 2024. I ricavi totali dell'azienda sono aumentati del 10% arrivando a 290,8 milioni di RMB (40,8 milioni di USD) rispetto allo stesso periodo del 2023. In particolare, i ricavi dei servizi AR hanno registrato un incremento del 14% raggiungendo 290,8 milioni di RMB.

La posizione finanziaria di WiMi è migliorata notevolmente, con un reddito netto che ha raggiunto 12,3 milioni di RMB (1,7 milioni di USD), un netto recupero da una perdita netta nell'anno precedente. Le riserve di cassa dell'azienda sono cresciute sostanzialmente a 1.162,0 milioni di RMB (163,0 milioni di USD) al 30 giugno 2024.

Il CEO Shuo Shi ha attribuito le performance all'aumento della domanda per soluzioni olografiche e ai successi nello sviluppo del business. Ha sottolineato l'impegno di WiMi nella ricerca e sviluppo della tecnologia olografica, puntando a sfruttare i mercati di capitali pubblici per ulteriori crescita ed espansione dei servizi a livello globale.

WiMi Hologram Cloud Inc. (NASDAQ: WIMI) ha reportado resultados financieros sólidos para la primera mitad de 2024. Los ingresos totales de la empresa aumentaron un 10% alcanzando 290,8 millones de RMB (40,8 millones de USD) en comparación con el mismo período de 2023. Notablemente, los ingresos por servicios de AR vieron un incremento del 14% alcanzando 290,8 millones de RMB.

La posición financiera de WiMi mejoró significativamente, con un ingreso neto que alcanzó los 12,3 millones de RMB (1,7 millones de USD), una recuperación de una pérdida neta en el año anterior. Las reservas de efectivo de la empresa también crecieron sustancialmente, alcanzando 1.162,0 millones de RMB (163,0 millones de USD) al 30 de junio de 2024.

El CEO Shuo Shi atribuyó el rendimiento al aumento de demanda por soluciones holográficas y a los esfuerzos de desarrollo empresarial exitosos. Enfatizó el compromiso de WiMi con la investigación y desarrollo de tecnología holográfica, buscando aprovechar los mercados de capitales públicos para un mayor crecimiento y expansión de servicios a nivel global.

WiMi Hologram Cloud Inc. (NASDAQ: WIMI)는 2024년 상반기 강력한 재무 실적을 발표했습니다. 회사의 총 수익은 2023년 동기 대비 10% 증가한 2억 9천 8백만 RMB (4천 8백만 USD)에 도달했습니다. 특히, AR 서비스 수익은 14% 증가하여 2억 9천 8백만 RMB에 달했습니다.

WiMi의 재무 상황은 크게 개선되어 순이익이 1천 2백 3십만 RMB (1백 7십만 USD)에 도달하며, 이전 해의 순손실에서 반등했습니다. 회사의 현금 보유액도 크게 증가하여 2024년 6월 30일 기준 11억 6천 2백만 RMB (1억 6천 3백만 USD)에 이릅니다.

CEO Shuo Shi는 이러한 성과를 홀로그램 솔루션에 대한 수요 증가와 성공적인 비즈니스 개발 노력 덕분이라고 설명했습니다. 그는 WiMi의 홀로그램 기술 연구 및 개발에 대한 헌신을 강조하며, 공공 자본 시장을 활용해 서비스의 글로벌 성장과 확장을 목표로 하고 있습니다.

WiMi Hologram Cloud Inc. (NASDAQ: WIMI) a rapporté de solides résultats financiers pour le premier semestre de 2024. Les revenus totaux de l'entreprise ont augmenté de 10 % pour atteindre 290,8 millions de RMB (40,8 millions de USD) par rapport à la même période en 2023. Notamment, les revenus des services AR ont connu une augmentation de 14 % pour atteindre 290,8 millions de RMB.

La situation financière de WiMi s'est considérablement améliorée, avec un revenu net atteignant 12,3 millions de RMB (1,7 million de USD), un retournement par rapport à une perte nette l'année précédente. Les réserves de liquidités de l'entreprise ont également augmenté de manière significative, atteignant 1 162,0 millions de RMB (163,0 millions de USD) au 30 juin 2024.

Le PDG Shuo Shi a attribué cette performance à la demande croissante pour des solutions holographiques et à des efforts de développement commercial réussis. Il a souligné l'engagement de WiMi envers la recherche et le développement de la technologie holographique, visant à tirer parti des marchés de capitaux publics pour favoriser une croissance et une expansion des services au niveau mondial.

WiMi Hologram Cloud Inc. (NASDAQ: WIMI) hat starke Finanzergebnisse für das erste Halbjahr 2024 berichtet. Die Gesamteinnahmen des Unternehmens stiegen um 10% auf 290,8 Millionen RMB (40,8 Millionen USD) im Vergleich zum gleichen Zeitraum 2023. Besonders die Einnahmen aus AR-Diensten verzeichneten einen Anstieg von 14% auf 290,8 Millionen RMB.

Die finanzielle Lage von WiMi hat sich erheblich verbessert, mit einem Nettogewinn von 12,3 Millionen RMB (1,7 Millionen USD), was eine Wende von einem Nettoverlust im Vorjahr darstellt. Die Bargeldreserven des Unternehmens wuchsen ebenfalls erheblich auf 1.162,0 Millionen RMB (163,0 Millionen USD) bis zum 30. Juni 2024.

CEO Shuo Shi führte die Leistung auf die steigende Nachfrage nach holographischen Lösungen und erfolgreiche Geschäftsentwicklungsbemühungen zurück. Er betonte WiMis Engagement für die Forschung und Entwicklung von holographischer Technologie und plant, die öffentlichen Kapitalmärkte für weiteres Wachstum und die Expansion von Dienstleistungen weltweit zu nutzen.

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.

Insights

WiMi Hologram Cloud's H1 2024 results show promising growth and financial stability. Total revenues increased by 10% year-over-year to RMB 290.8 million (USD 40.8 million), driven by a 14% increase in AR service revenue. The company's transition from a net loss to a net income of RMB 12.3 million (USD 1.7 million) is particularly noteworthy.

The substantial improvement in cash reserves, from RMB 773.8 million to RMB 1,162.0 million (USD 163.0 million), strengthens WiMi's financial position and provides resources for future growth and R&D investments. This cash cushion is important for a technology company operating in the rapidly evolving AR market.

While the growth is encouraging, investors should note that WiMi's market cap of $90.8 million is significantly lower than its cash reserves, suggesting potential undervaluation or market skepticism about the company's long-term prospects. The focus on holographic AR technology aligns with industry trends, but sustained profitability and market adoption will be key factors to watch in upcoming quarters.

WiMi's focus on holographic AR technology positions it well in a rapidly growing market. The 14% increase in AR service revenue indicates strong demand and potential market leadership. However, the company's ability to maintain this growth trajectory will depend on continued innovation and adaptation to evolving AR applications.

The CEO's mention of "climbing demand for holographic solutions" and "3D vision" aligns with industry trends towards more immersive and interactive technologies. WiMi's commitment to R&D is important in this fast-paced sector, where technological advancements can quickly shift market dynamics.

Investors should monitor WiMi's product pipeline, patent portfolio and partnerships to gauge its competitive position. The company's ability to leverage its strong cash position for strategic investments or acquisitions could be a key differentiator in the crowded AR space. As the AR market matures, WiMi's success will likely hinge on its ability to deliver scalable, enterprise-grade solutions that offer clear ROI for customers across various industries.

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.

Cision 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).

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