Luokung Technology Corp. (LKCO) stock surged 1.19% in the current-market trading session at the price of $0.76 despite no fundamental reason. The last reported news was its interim revenue results for the three and nine months ended on 30th September 2021.
Luokung Technology Corp. is one of the largest spatial-temporal intelligent data services corporations. It provides HD and LBS Maps for multiple companies in China.
LKCO Reported Interim Revenue Results
On 2nd December 2021, LKCO published interim revenue results for the three and nine months ended 30th September 2021. LKCO reported revenue of $37.0 million for the third quarter ended on 30th September 2021. Revenue totaled $5.8 million for the same quarter of 2020. For the nine months ended on 30th September 2021, the total revenue was approximately $74.9 million. The company reported revenue of $13.1 million for the same nine months ended on 30th September 2020.
LKCO First Half 2021 Financial Results
Earlier on 1st November 2021, LKCO reported its financial results for the first six months ended on 30th June 2021. The company has also provided its corporate updates.
Financial Summary
For the first half ended on 30th June 2021, LKCO reported an increase in revenue to $37.8 million. Revenue totaled $7.3 million for the six months ended 30th June 2020. Operating costs and expenses grew to $62.9 million for the first half of 2021. The company reported operating expenses of $24.2 million for the first half ended 30th June 2020. Loss from operations totaled $25.1 million for the first half ended on 30th June 2021. For the same six months of 2020, the loss from operations was $16.9 million.
LKCO reported a net loss of $26.7 million, or per share of $0.09, for the first half ended on 30th June 2021. For the same six months ended 30th June 2020, net loss was $18.9 million, or per share of $0.09. As of 30th June 2021, the company has a cash balance of $14.5 million. The cash balance totaled $0.07 million as of 31st December 2020. The company reported $51.2 million in the working capital deficit and $136.7 million in total shareholders’ equity on 30th June 2021.