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The Agreement with an Estimated Value of $30 Million Supports its Revenue Guidance of $86 Million, a 1,128% Year-Over-Year Increase for its Full Fiscal Year
BEIJING, March 26, 2024 /PRNewswire/ -- Datasea Inc. (NASDAQ:DTSS) ("Datasea" or the "Company"), a Nevada corporation engaged in innovative businesses in high-tech intelligent acoustics and 5G-Artificial Intelligence ("AI") multimodal communication technology in the United States and China, today announced that on March 26, 2024, its wholly-owned subsidiary Heilongjiang Xunrui Technology Co., Ltd. ("Xunrui Technology") signed a 5G AI Multimodal Communication Cooperation Agreement (the "Agreement") with Xiamen Star Miracle Information Technology Co., Ltd. ("Star Miracle"), a marketing services and application service provider.
According to the Agreement, Star Miracle can purchase 5G multimodal communication delivery services from Xunrui Technology over the course of 12 months, which commenced on March 15, 2024, that have an estimated total value of $30 million (approximately RMB 210 million).
Ms. Liu Zhixin, CEO of Datasea, commented: "We are pleased to enter into this Agreement as it is expected to increase new customer orders affirming Datasea's advanced capabilities in the AI-5G multimodal communication services sector. The Agreement aligns with our mission to become a leading provider of digital technology solutions and our commitment to increase our market share in China's 5G multimodal communication services market. We believe that Datasea can leverage more opportunities of this nature as we enter into new agreements with key customers in this sector to generate additional revenue."
Star Miracle is a leading marketing services and application service provider (ASP) that offers high-quality mobile phone packages, prepaid fuel service plans, and prepaid recharge plans to tens of thousands of Chinese enterprises, e-commerce platforms, and individuals. The Agreement between the Company's subsidiary and Star Miracle reflects the highly-recognized value of Datasea's 5G multimodal communication platform, which provides AI-enhanced 5G multimodal communication services, data interfaces and related services and management.
The Company believes that the demand for 5G multimodal communication services in China will continue to be characterized by strong demand. Datasea recorded $18.2 million in revenue from 5G multimodal communication related services for the first half of its 2024 fiscal year, a 1,037.5% year-over-year increase, resulting from its ability to provide customers with efficient and top-notch services. The Agreement supports the Company's previously announced forecasted revenue of approximately $86 million for its full fiscal year ended June 30, 2024, a year-over-year increase of approximately 1,128%.
Posted In: DTSS
