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

Core Insights - WiMi Hologram Cloud Inc. reported a significant increase in total revenues and a shift from net loss to net income for the first half of 2024, indicating strong business performance and growth potential in the holographic AR market [2][3]. Financial Performance - Total revenues rose by approximately RMB 26.1 million, or 10%, from approximately RMB 264.8 million in the first half of 2023 to approximately RMB 290.8 million (USD 40.8 million) in the first half of 2024 [2]. - AR service revenue increased by approximately RMB 36.0 million, or 14%, from approximately RMB 254.8 million in the first half of 2023 to approximately RMB 290.8 million (USD 40.8 million) in the first half of 2024 [2]. - The company transitioned from a net loss of approximately RMB 18.4 million in the first half of 2023 to a net income of approximately RMB 12.3 million (USD 1.7 million) in the first half of 2024 [2]. - As of June 30, 2024, the company had cash, cash equivalents, and short-term investments totaling approximately RMB 1,162.0 million (USD 163.0 million), compared to approximately RMB 773.8 million (USD 108.7 million) as of December 31, 2023 [2]. Market Outlook - The CEO highlighted a rapid growth in demand for 3D vision in the holographic AR application field, indicating a substantial market opportunity for the company [3]. - The company aims to leverage public capital markets to enhance its holographic technology research and development, which is expected to drive future business growth and service expansion [3]. Company Overview - WiMi Hologram Cloud, Inc. specializes in a range of holographic AR technologies and solutions, including automotive HUD software, 3D holographic pulse LiDAR, and various holographic software applications [4].