MicroCloud Hologram Inc. (NASDAQ: HOLO) stock price surges more than 40%

MicroCloud Hologram Inc. (NASDAQ: HOLO) saw its stock price surge more than 40% today as investors reacted to the company’s strong financial performance for fiscal year 2024.

MicroCloud Hologram Inc (NASDAQ:HOLO) saw its stock price surge more than 40% on Wednesday as investors reacted to the company’s strong financial performance for fiscal year 2024.

The Shenzhen-based holographic technology company reported that its shares reached $1.0650, climbing $0.3095 or 40.77% from the previous session.

Trading volume was exceptionally high at over 111 million shares, compared to the average daily volume of about 35 million shares.

The stock traded in a wide range throughout the day, moving between $0.6726 and $1.2100.

Despite the impressive daily gain, HOLO shares are still trading well below their 52-week high of $100.

The surge follows the release of MicroCloud’s fiscal year 2024 results, which revealed total operating revenue of RMB 290 million (approximately $40.76 million).

This represents a 42.16% increase compared to the previous year.

The company’s service business showed particularly strong growth, with revenue rising by 53.04% from RMB 181 million in 2023 to RMB 277 million in 2024.

MicroCloud also reported a dramatic improvement in its cash position, with cash and cash equivalents increasing by 575.54% year-over-year to RMB 851.47 million (approximately $118.45 million).

The company currently maintains a healthy current ratio of 13.53, holding more cash than debt.

Wei Peng, Chairman of the Board of Directors, attributed the successful year to several strategic priorities including financial resilience, market expansion, and commitment to technological innovation.

Peng highlighted the importance of aligning with market demands and praised the team’s dedication to innovation as key factors in driving the year’s achievements.

MicroCloud has outlined plans to continue investing in research and development of holographic technologies and enhancing its product and service quality.

The company aims to expand globally and further integrate cutting-edge solutions to maintain its competitive advantage in the market.