WiMi reports cash reserves surge to $455 million

BEIJING - WiMi Hologram Cloud Inc. (NASDAQ:WIMI), with a market capitalization of $352.57 million, reported that its total cash, cash equivalents, and short-term investments reached approximately RMB 3.266 billion (USD 455 million) as of Thursday, according to a press release statement. According to InvestingPro data, the company maintains strong liquidity with a healthy current ratio of 2.71.

The holographic augmented reality technology provider’s financial position includes bank cash of approximately RMB 1.741 billion (USD 242 million) and Bitcoin-related securities derivatives and short-term investments totaling approximately RMB 1.525 billion (USD 212 million). InvestingPro analysis indicates the company holds more cash than debt on its balance sheet, trading at an attractive Price/Book ratio of 0.25.

The company stated it plans to allocate USD 450 million toward investments in quantum technology and holographic technology applications, while also increasing capital deployment in blockchain and Bitcoin-related cryptocurrency applications.

WiMi Hologram Cloud specializes in various holographic technologies including AR automotive applications, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, and holographic software development.

The company’s announcement represents a significant improvement in its operating performance compared to previous periods, though specific comparative figures were not provided in the statement.

WiMi Hologram Cloud trades on the Nasdaq stock exchange and focuses on professional areas including holographic AR automotive HUD software, head-mounted light field holographic equipment, and holographic cloud software among other offerings.

In other recent news, WiMi Hologram Cloud Inc. announced its exploration of quantum machine learning algorithms. The company aims to enhance the efficiency of training large-scale machine learning models by combining classical machine learning algorithms with quantum acceleration technology. This innovative approach involves constructing sparse neural networks that help reduce the computational burden, thereby enabling quantum acceleration. These developments reflect WiMi’s commitment to integrating advanced technologies into its operations. The announcement highlights the company’s focus on leveraging cutting-edge solutions to improve its machine learning capabilities. While the company has not disclosed specific timelines or detailed outcomes, the exploration of quantum algorithms signifies a strategic move towards technological advancement.

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