Summary by Moomoo AI
MicroCloud Hologram Inc. reported financial results for H1 2024. Total revenue increased 31.4% YoY to RMB 128.7M, driven by a 56.7% rise in services revenue to RMB 121.1M, offsetting a 63.3% decline in product revenue. Gross profit fell to RMB 23.4M from RMB 50.0M, with gross margin dropping to 18.2% from 51.0%.Operating expenses surged 92.4% to RMB 157.5M, mainly due to a 185% increase in R&D expenses to RMB 141.0M. Net loss widened to RMB 121.7M from RMB 29.0M in H1 2023. Cash and cash equivalents stood at RMB 630.1M as of June 30, 2024, bolstered by RMB 733.8M received from a convertible promissory note.The company attributed the revenue growth to increased customer demand and business combinations, while citing market competition for the margin decline. MicroCloud Hologram cautioned that as an early-stage company, it faces risks in product development, securing contracts, and building its customer base.
