BEIJING, Dec. 27,
2022 /PRNewswire/ -- Luokung Technology Corp.
(NASDAQ: LKCO) ("Luokung," "we," "our" or the "Company"), today
announced preliminary revenue results for the six months ended
June 30, 2022, which remain subject
to semi-annual period end closing adjustments.
Luokung achieved record total revenue for the six months ended
June 30, 2022 of approximately
$62.8 million, compared to
$37.8 million in the prior-year
period.
For the six months ended June 30, 2022, revenue from advertising services
was $57.3 million, an increase of
$25.7 million, or 81.2%, from
$31.6 million for the six months
ended June 30, 2021. The increase was
mainly due to the integration and improvement of geographic
information points of interest (POI), characteristic areas of
interest (AOI) and other data with AI algorithms, which
subsequently improved advertising conversion to meet a growing
customer base and increased demand.
- Sales of Remote Sensing and GIS Data Management Service
Platform
For the six months ended June 30, 2022, revenue from sales of remote
sensing and GIS data management service platform software and
services decreased to $1.5 million,
from $4.4 million for the six months
ended June 30, 2021.
For the six months ended June 30, 2022,
revenue from smart transportation was $4.0 million, an
increase of $2.2 million, or 121.6%, from $1.8 million
for the six months ended June 30, 2021.
Management Commentary
Mr. Xuesong Song, Chairman and
CEO, stated, "In the first half of the 2022 fiscal year, our
revenue was $62.81 million, a 66.0%
increase from $37.83 million for the
same period of the 2021 fiscal year. Our continued investment in
technology has resulted in what we believe is a superior portfolio
of products and a competitive edge in the markets in which we
operate. We are very pleased with our market growth in 2022, which
has enabled us to achieve record revenues during this period. In
addition to the growth of our advertising revenue, we have
established cutting-edge technologies such as artificial
intelligence algorithms in smart transportation (autonomous
driving, smart highway and vehicle-road collaboration). Our revenue
increased to $4.0 million, or 121.6%
compared to the previous period. In addition, the market for smart
transportation is anticipated to grow with the rising demand to
integrate new technologies. In the first half of the 2022 fiscal
year, we made considerable progress in market expansion and in
building our customer base for the natural resource asset
management segment (carbon neutrality and environmental protection
remote sensing data service). As our data service products related
to carbon neutralization and peak carbon dioxide emissions are
expected to be implemented in many counties in China, and we believe the future growth of
this area of our business is substantial. We expect to build
on the positive momentum of the first half of 2022 as additional
business orders are executed and delivered in the remainder of the
fiscal year."
ABOUT LUOKUNG TECHNOLOGY CORP.
Luokung Technology Corp. is a leading spatial-temporal
intelligent big data services company, as well as a leading
provider of LBS for various
industries in China. Backed by its
proprietary technologies and expertise in HD Maps and multi-sourced
intelligent spatial-temporal big data, Luokung established
city-level and industry-level holographic Spatial-temporal digital
twin systems and actively serves industries including smart
transportation (autonomous driving, smart highway and vehicle-road
collaboration), natural resource asset management (carbon neutral
and environmental protection remote sensing data service), and LBS
smart industry applications (mobile Internet LBS, smart travel,
smart logistics, new infrastructure, smart cities, emergency rescue
,among others). The Company routinely provides important updates on
its website: https://www.luokung.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
Information regarding the Company's future growth prospect and
the preliminary unaudited financial results contained in this press
release may constitute forward-looking-information within the
meaning of securities laws. By their nature, forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause our actual results, performance or
achievements, or other future events, to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. The financial estimates
provided in this press release are to provide early guidance on the
semi-annual financial performance of the Company and readers are
cautioned that this information may not be appropriate for any
other purpose. When relying on the Company's forward-looking
statements and information to make decisions, investors and others
should carefully consider the foregoing factors and other
uncertainties and potential events including that the Company has
not finished its review of the full financial positions and the
Company may continue to incur net losses. The Company has assumed
that the material factors referred to herein will not cause such
forward-looking statements and information to differ materially
from actual results or events. However, there can be no assurance
that such assumptions will reflect the actual outcome of such items
or factors.
Other than as required under securities laws, we do not
undertake to update this information at any particular time.
Forward-looking information contained in this press release,
including with respect to any future growth, is based on our
current estimates, expectations and projections, which we believe
are reasonable as of the current date. The reader should not place
undue importance on forward-looking information and should not rely
upon this information as of any other date. All forward-looking
information contained in this press release is expressly qualified
in its entirety by this cautionary statement.
CAUTION REGARDING FINANCIAL ESTIMATES
The financial estimates set forth above are based on an initial
review of the Company's operations for the six months ended
June 30, 2022 and are subject to
change. The Company's independent registered public accounting firm
has not audited, reviewed or performed any procedures with respect
to the accompanying financial estimates and other data, and
accordingly does not express an opinion or any other form of
assurance with respect thereto. They should not be viewed as a
substitute for audited financial statements prepared in accordance
with generally accepted accounting principles and are not
necessarily indicative of the Company's results for any future
period.
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SOURCE Luokung Technology Corp.