Datasea enters into 5G AI multimodal communication cooperation agreement

Datasea announced that on March 26, 2024, its wholly-owned subsidiary Heilongjiang Xunrui Technology signed a 5G AI Multimodal Communication Cooperation Agreement with Xiamen Star Miracle Information Technology, 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. 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%.