Today announced preliminary revenue results for the six months ended June 30, 2022, which remain subject to semi-annual period end closing adjustments.

Luokung achieved record total revenue for the six months ended June 30, 2022 of approximately $62.8 million, compared to $37.8 million in the prior-year period.

 Advertising Services 

For the six months ended June 30, 2022, revenue from advertising services was $57.3 million, an increase of $25.7 million, or 81.2%, from $31.6 million for the six months ended June 30, 2021. The increase was mainly due to the integration and improvement of geographic information points of interest (POI), characteristic areas of interest (AOI) and other data with AI algorithms, which subsequently improved advertising conversion to meet a growing customer base and increased demand.

 Sales of Remote Sensing and GIS Data Management Service Platform 

For the six months ended June 30, 2022, revenue from sales of remote sensing and GIS data management service platform software and services decreased to $1.5 million, from $4.4 million for the six months ended June 30, 2021.

 Smart Transportation

For the six months ended June 30, 2022, revenue from smart transportation was $4.0 million, an increase of $2.2 million, or 121.6%, from $1.8 million for the six months ended June 30, 2021.

Management Commentary

Mr. Xuesong Song, Chairman and CEO, stated, "In the first half of the 2022 fiscal year, our revenue was $62.81 million, a 66.0% increase from $37.83 million for the same period of the 2021 fiscal year. Our continued investment in technology has resulted in what we believe is a superior portfolio of products and a competitive edge in the markets in which we operate. We are very pleased with our market growth in 2022, which has enabled us to achieve record revenues during this period. In addition to the growth of our advertising revenue, we have established cutting-edge technologies such as artificial intelligence algorithms in smart transportation (autonomous driving, smart highway and vehicle-road collaboration). Our revenue increased to $4.0 million, or 121.6% compared to the previous period. In addition, the market for smart transportation is anticipated to grow with the rising demand to integrate new technologies. In the first half of the 2022 fiscal year, we made considerable progress in market expansion and in building our customer base for the natural resource asset management segment (carbon neutrality and environmental protection remote sensing data service). As our data service products related to carbon neutralization and peak carbon dioxide emissions are expected to be implemented in many counties in China, and we believe the future growth of this area of our business is substantial. We expect to build on the positive momentum of the first half of 2022 as additional business orders are executed and delivered in the remainder of the fiscal year."

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 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).