WiMi Hologram Cloud Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data WiMi Hologram Cloud Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue			45.8	117	146	98	82.6	75.4	60.1
Cost of revenue			21	91.4	107	77.4	58.1	54	44.6
Gross profit			24.8	26	39.1	20.5	24.5	21.4	15.5
Research and development			2.63	13	24.4	49	24.2	15.5	9
General and administrative			5.72	6.55	10.3	6.45	22.2	4.76	3.36
Operating expenses			8.62	49.5	80.5	64.9	112	25.5	21
Operating income			16.2	-23.5	-41.4	-44.3	-87.1	-4.04	-5.5
Interest expense				0.09
Interest income			0.18	0.07	0.53	0.54	1.94
Other non-operating income							14.7	19.3	55.9
Pre-tax income			15.1	-21.8	-40	-54.6	-72.4	15.3	50.4
Income tax			0.45	0.45	-0.13	-0.52	-0.36	0.91	1.04
Net income to minority interests				0.95	-2.89	-2.74	-12.6	4.41	5.39
Net income	10.7	13	14.7	-23.2	-37	-51.4	-59.5	9.97	44
EBITDA			18.2	-21.3	-38.4	-42.8	-86.9	-3.21	-4.79
EPS, basic			0.15	-0.18	0.06		-0.34	1.01	3.23
EPS, diluted			0.13	-0.18	0.06	-0.30	-0.34	1.01	2.27
Shares, basic (weighted)	100	100	100	129	167	8.61	8.72	9.82	13.6
Shares, diluted (weighted)	100	101	109	129	167	8.61	8.72	9.82	19.4

Balance sheet

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents		21.8	18.5	54.4	118	82.2	47.7	149	187
Short-term investments				5.04	5.26	5.52	61.5	118	293
Receivables			5.18	26.5	4.11	2.92	3.35	3.3	6.2
Inventory				0.63	1.07	0.35
Other current assets			0.87	5.47	0.94	0.73	0.14	2.48	3.6
Total current assets			25.4	94.5	142	96.2	121	280	501
Property, plant and equipment			0.11	0.11	3.9	3.47	13	17.5	10.4
Lease right-of-use assets				0.23	0.51	0.21	0.08	0.22	0.13
Goodwill	51	53.8	55.2	56.9	39.8	34.9
Intangible assets			3.95	6.32	4.37	0.96
Other non-current assets				85.1	89.8	81.3
Total assets			80.8	180	236	181	146	299	513
Accounts payable			5.55	4.19	4.39	3.63	4.26	3.87	4.99
Deferred revenue			0.07	1.61	3.44	1.61	1.47	0.5	1.03
Short-term debt				2			1.91	2.09	4.27
Total current liabilities			17.5	20.3	14.4	15.7	33	104	131
Lease liabilities				0.1	0.22	0.03		0.1	0.03
Other non-current liabilities						6.09
Total liabilities			20.2	25	26	15.9	38	107	134
Paid-in capital			24.1	143	228	223	227	255	399
Retained earnings			32.9	11.7	-25.8	-74.4	-133	-120	-78.9
Other comprehensive income			0.44	-5.43	-8.62	-1.09	8.4	0.78	-9.18
Shareholders' equity	13.1	46.5	60.6	153	198	151	106	139	314
Minority interests				1.81	11.8	14.1	1.21	53.7	64.8
Total equity	13.8	50	60.7	142	189	162	108	193	379
Total liabilities and equity			80.8	180	236	181	146	299	513
Shares outstanding						153	176

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	10.7	13	14.7	-22.2	-35.9	-53.2	-72.1	14.4	49.4
Depreciation and amortization			1.99	2.23	2.91	1.51	0.18	0.84	0.71
Stock-based compensation				29.3	1.66	0.93	7.86		3.14
Deferred income tax			0.22	-0.24	-0.47	-0.54	-0.38	0.08	-0
Change in receivables			1.3	-17	1.47	-0.56	12.1	0	-2.83
Change in inventory			0.77	0.5
Change in payables			0.81	-0.32	0.87	-0.34	0.69	-0.32	1.21
Cash from operations			20.6	-10.3	9.12	-34.2	12.5	74.1	16.7
Capital expenditures			-0.03	-0.07	-3.95	-0.16	-9.61	-0	-8.36
Acquisitions	-2.69	-1.92	-3.84			-0.01	0.01	0.01
Purchases of investments				-26.6	-31.6	-85	-97.1	-154	-211
Cash from investing			-18.1	-35	-37.3	-13	-43	-58	-125
Debt issued							1
Debt repaid						-10.9		-1.86
Stock issued								2.87	123
Cash from financing			-5.87	86.2	90.9	15.6	0.54	92.9	162
Exchange rate effect			0.09	-4.37	-2.46	5.74	-3.15	-7.15	-19.4
Net change in cash			-3.28	36.6	60.3	-25.8	-33.1	102	34.6
Free cash flow			20.6	-10.3	5.18	-34.4	2.89	74.1	8.39
Interest paid				0.02	0.02	0	0.1	0.11	0.11
Income taxes paid			0.66	0.76	0.69	0.18	0.03	0.06	0

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $0.79 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	25.8%	Gross profit / revenue.
Operating margin	-9.2%	Operating income / revenue.
EBITDA margin	-8.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	83.9%	Pre-tax income / revenue.
Net margin	73.2%	Net income / revenue.
FCF margin	14.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	27.9%	Cash from operations / revenue.
Effective tax rate	2.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	19.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.8%	Net income / average total assets.
Return on invested capital (ROIC)	-9.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	15.0%	Research and development expense / revenue.
Stock-based pay / revenue	5.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	13.9%	Capital expenditures / revenue.
D&A / revenue	1.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-20.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-15.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-12.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-27.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-9.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-9.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	341.5%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	124.8%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-77.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-88.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	126.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	27.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	15.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	71.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	41.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	23.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	97.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	31.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-31.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.82x	Current assets / current liabilities.
Quick ratio	3.71x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	3.67x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	26.2%	Total liabilities / total assets.
Working capital	$370.2M	Current assets - current liabilities.
Tangible book value	$314.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.15x	Revenue / average total assets.
Fixed asset turnover	4.31x	Revenue / average property, plant and equipment.
Receivables turnover	12.6x	Revenue / average receivables.
Days sales outstanding	29 days	365 x average receivables / revenue.
Days payables	36 days	365 x average accounts payable / cost of revenue.
FCF conversion	19.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	49.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.27	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$3.23	Net income per basic share, as reported (split-adjusted).
Revenue per share	$3.09	Revenue / diluted weighted shares.
FCF per share	$0.43	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.86	Cash from operations / diluted weighted shares.
Book value per share	$16.19	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$16.19	Tangible book value / shares outstanding.
Cash per share	$24.74	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$7.3M	Share price x shares outstanding.
Enterprise value	-$473.2M	Market cap + total debt - cash - short-term investments.
P/E	0.17x	Market cap / net income. Only when net income is positive.
P/S	0.12x	Market cap / revenue.
P/B	0.02x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.02x	Market cap / tangible book value, when positive.
P/FCF	0.87x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	0.43x	Market cap / cash from operations, when positive.
FCF yield	115.6%	Free cash flow / market cap.
Earnings yield	605.8%	Net income / market cap (the inverse of P/E).

What was WiMi Hologram Cloud Inc.'s revenue in fiscal 2025?

WiMi Hologram Cloud Inc. reported revenue of $60.1M for fiscal 2025, 20.3% lower than the year before.

Was WiMi Hologram Cloud Inc. profitable in fiscal 2025?

Yes. Net income was $44.0M, a net margin of 73.2%.

How much free cash flow did WiMi Hologram Cloud Inc. generate in fiscal 2025?

Cash from operations of $16.7M minus capital expenditures of $8.4M left free cash flow of $8.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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