Datasea Reports Full Fiscal Year 2023 Financial Results, maintaining a continued focus on Intelligent Acoustics and 5G Messaging business.

BEIJING: Datasea Inc., (NASDAQ: DTSS) ("Datasea" or the "Company"), a Nevada incorporated digital technology corporation engaged in converging and innovative business segments for intelligent acoustics and 5G messaging technology in China, today announced financial results for its full fiscal year ended June 30, 2023, and provided an update on its key strategic and operational initiatives.

"Internationalization has always been a crucial strategy for us. Datasea established a wholly-owned subsidiary, Datasea Acoustics LLC, based in the State of Delaware, USA, which is a critical milestone for our company. We will introduce cutting-edge antiviral acoustic solutions to the U.S. market and even the international market and also launch new products such as ultrasonic Skin Repair Robot to meet the ever-increasing demands of the global market. Additionally, we can expand our product and service portfolio by engaging in cross-border mergers or forming international joint ventures to meet evolving market demands worldwide," said Zhixin Liu, CEO of Datasea.

Datasea achieved a number of new milestones in this fiscal year, while our net sales decreased and the decline was partially due to the negative impact of the coronavirus pandemic. The COVID-19 pandemic has adversely disrupted the supply chain and negatively impacted our production and marketing. The decline of our net sales was also partially due to our strategic restructuring of our business lines. However, we adopt the differentiation strategy as well as strive for healthy and sustainable growth. We believe this strategic restructuring reflects our forward-looking vision and correct values.

"Despite these, I am pleased with our performance, including the continuous improvement of technology and research and development capabilities, a wide range of acoustic product portfolio, the establishment of multiple marketing and sales channels and the cooperation of domestic and international leading technology laboratories. A more important measure of our success than short-term revenue is the establishment of Acoustic Intelligence as the core of our company's strategy. We will strive to make achievements in three promising domains such as ultrasound, Schumann resonance technology and directional sound," said Zhixin Liu, CEO of Datasea.

Full Year Financial Highlights

Revenue was $7,045,311 for the year ended June 30, 2023, compared to $17,080,911 for the year ended June 30, 2022, representing a...