BEIJING, Dec. 2, 2021 /PRNewswire/ -- Luokung
Technology Corp. (NASDAQ: LKCO) ("Luokung" or the "Company"), a
leading spatial-temporal intelligent big data services company and
provider of interactive location-based services ("LBS") and
high-definition maps ("HD Maps") in China, today announced interim revenue results
for the three and nine months ended September 30, 2021. The numbers presented herein
have not been reviewed by the Company's auditors.
Luokung achieved record total revenue for the nine months ended
September 30, 2021, of approximately
$74.9 million, compared to
$13.1 million in the prior-year
period. Revenue for the three months ended September 30, 2021 was $37.0 million, compared to $5.8 million in the prior-year period.
- LBS Business
For the nine months ended
September 30, 2021, revenue from the
LBS business was $65.4 million, an
increase of $52.5 million, or 409%,
from $12.8 million for the prior-year
period. Revenue for the third quarter of 2021 was $33.7 million, an increase of $28.0 million, or 485.3%, from $5.8 million in the prior-year period.
- Sales of Remote Sensing and GIS Data Management Service
Platform Software and Services
For the nine months
ended September 30, 2021, revenue
from sales of remote sensing and GIS data management service
platform software and services increased to $5.4 million, compared to $0.3 million for the prior-year period. Revenue
for the three months ended September 30,
2021 was $0.97 million,
compared to $0.01 million in the
prior-year period.
- Smart Transportation
Smart Transportation
contributed revenue of approximately $2.3
million and $4.1 million
during the three and nine months ended September 30, 2021, respectively. This revenue
was mainly driven by HD Map data services provided to auto makers
in connection with autonomous driving.
Management Commentary
Mr. Xuesong Song, Chairman and
CEO of Luokung, stated, "We continued to build upon the positive
momentum generated during the first half of 2021 and are pleased to
have achieved record revenues of $74.9
million in the nine months ended September 30, 2021, primarily driven by the
growth of our LBS business as a result of an expanding customer
base. The accelerated growth in our top line results was also
supported by increased sales of remote sensing and GIS data
management services platform software and services and increased
revenue contributions from our smart transportation business. We
expect that our competitive advantages and differentiated portfolio
of products and services for various applications will enable us to
continue strengthening our existing and potential partnership base.
We remain well positioned to execute on our growth strategies and
anticipate closing 2021 on a strong note, meeting our goal of
$100 million in revenues for the year
as we continue to see growth across all of our major lines of
business."
Update on Financial Reporting for the Remainder of
2021
As a foreign private issuer, Luokung is required to report its
results for the year ending December 31,
2021, by April 30, 2022,
according to Nasdaq Listing Rules and the rules of the U.S.
Securities and Exchange Commission (the "SEC"). The Company intends
to provide quarterly financial updates based on management's
estimates for the interim periods, in addition to financial results
filed or furnished with the SEC.
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 and HD Maps 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 unaudited revenue 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 revenue estimates in this press
release is provided by the management and have not been reviewed by
the auditors. 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, the Company does
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 the
Company's current estimates, expectations and projections, which it
believes 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 three and nine months
ended September 30, 2021, 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.
CONTACT:
The Company:
Mr. Jay Yu
Chief Financial Officer
Tel: +86-10-6506-5217
Email: ir@luokung.com
Investor Relations:
Ms. Carolyne Sohn
Vice President
The Equity Group Inc.
Tel: 415-568-2255
Email: csohn@equityny.com
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SOURCE Luokung Technology Corp.