WiMi Hologram Cloud Inc.Announces 202.2% Revenue Increase and 189.8% Gross Margin in H1 2021, Business News

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BEIJING, September 22, 2021 / PRNewswire / – WiMi Hologram Cloud Inc. (Nasdaq: WIMI) (“WiMi” or the “Company”), one of the world’s leading providers of full-featured holographic augmented reality (“AR”) technology application solutions, has today announced its unaudited financial results for the six months ended June 30, 2021.

Financial Highlights for the Ended Semester June 30, 2021

  • Total revenue increased 202.2% to reach 516.2 million RMB (WE $ 79.9 million) for the closed semester June 30, 2021, compared to 170.8 million RMB for the six months ended June 30, 2020.
  • Gross margin increased by 189.8% for 153.1 million RMB (WE $ 23.7 million) for the closed semester June 30, 2021, compared to 52.8 million RMB for the six months ended June 30, 2020.
  • R&D spending increased by 463.6% to 86.1 million RMB ($ 13.3 million) for the closed semester June 30, 2021.
  • Net income increased by 40.3% for 32.1 million RMB (WE $ 5 million) for the completed six months June 30, 2021, compared to 22.9 million RMB for the six months ended June 30, 2020.

Shuo Shi, the founder and CEO of the company said, “We believe that the demand for 3D vision in holographic augmented reality applications is growing rapidly, reflecting the huge market potential of the holographic augmented reality business. We started to develop smart chips and provide software solutions. in September 2020. For the past six months June 30, 2021, approximately 53.1% of our turnover comes from the semiconductor business. In addition, through the accumulation of our experience in the industry, driven by the development of holographic technology and the growing market demand for 3D holographic visual solutions, our holographic augmented reality (AR) business has also experienced a rapid growth over the past six months. June 30, 2021, our professional holographic augmented reality customers went from 175 to 298. For the past semester June 30, 2021, our overall operating revenues increased by approximately 202.2% compared to the same period in 2020, our gross margin increased by 189.8% year-on-year and our R&D expenses increased 463.6% year over year. We are increasing R&D investments and rapidly improving the capabilities of AR holographic technology, in order to maintain the company’s competitive advantage in the AR holographic industry. Looking ahead to 2021, driven by the metaverse and holographic AR industries, we believe performance will continue to grow at high speed. “

About WIMI Hologram Cloud

WIMI Hologram Cloud, Inc. (NASDAQ: WIMI) was founded in 2015, which is a full-service holographic cloud technical solution provider that focuses on professional fields, including automotive AR holographic software HUD, 3D holographic pulse LiDAR , head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation, metaverse AR and VR holographic equipment, metaverse holographic cloud software and others. Its holographic AR services and technologies include automotive application of holographic AR, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, technology holographic AR entertainment, holographic ARSDK payment, interactive holographic virtual communication, metaverse holographic AR technology, metaverse virtual cloud service and other holographic augmented reality technologies.

Safe Harbor declarations

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “will”, “expect”, “anticipate”, “the future, “” intends “,” plans “,” believes “,” estimates “and similar statements. Statements that are not historical facts, including statements about the beliefs and expectations of the Company, are forward-looking statements. Among other things, the business outlook and management quotes in this press release, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written forward-looking statements. or oral in its periodic reports to the United States Securities and Exchange Commission (“SEC”) on Forms 20-F and 6-K, in its annual report to shareholders, in communications press releases and other written documents and 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 objectives and strategies of the Company; the future business development of the Company, its financial position and its results of operations; the expected growth of the AR holographic industry; and the Company’s expectations regarding demand and market acceptance for 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, and the Company assumes no obligation to update any forward-looking statement, except as required by applicable law.


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