WiMi Hologram Cloud reports cash reserves of $455 million

BEIJING - WiMi Hologram Cloud Inc. (NASDAQ:WIMI), a provider of hologram augmented reality technology with a market capitalization of $352 million, reported Friday that its total cash, cash equivalents, and short-term investments reached approximately RMB 3.266 billion (approximately $455 million) as of August 8. According to InvestingPro data, the company maintains a healthy current ratio of 2.71, with liquid assets comfortably exceeding short-term obligations.

The company’s cash reserves include approximately RMB 1.741 billion ($242 million) in bank cash and RMB 1.525 billion ($212 million) in Bitcoin-related securities derivatives and short-term investments.

WiMi plans to allocate $450 million toward investments in quantum technology and holographic technology applications, while increasing capital deployment in blockchain and Bitcoin-related cryptocurrency applications.

The company stated in a press release that the increase in cash reserves demonstrates its operational strategies and management capabilities. WiMi indicated that the strengthened financial position will enable it to pursue new development opportunities and enhance investment in research and development.

WiMi Hologram Cloud focuses on various professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, holographic semiconductor technology, and holographic cloud software, among other services and technologies in the augmented reality sector.

In other recent news, WiMi Hologram Cloud Inc. reported a significant increase in its financial reserves, with total cash, cash equivalents, and short-term investments reaching approximately $455 million. This financial position includes bank cash of around $242 million and Bitcoin-related securities derivatives and short-term investments totaling about $212 million. Additionally, WiMi announced its exploration of quantum machine learning algorithms aimed at enhancing the efficiency of training large-scale machine learning models. The company is combining classical machine learning algorithms with quantum acceleration technology to construct sparse neural networks. These developments are part of WiMi’s ongoing efforts to innovate in the field of machine learning. The company’s approach is designed to reduce computational burdens while enabling quantum acceleration. These recent developments reflect WiMi’s strategic focus on advancing its technological capabilities.

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