Datasea Inc. Reports Net Loss of $9.5 Million for the Year Ended June 30, 2023

DATASEA INC. [DTSS], a leading provider of data solutions, announced its financial results for the year ended June 30, 2023. The company reported a net loss of $9.5 million and generated annual revenue of $7.0 million during the period.

Financial Performance

Despite the challenging market conditions, Datasea Inc. faced significant headwinds in generating profitability. The company's gross profit for the year amounted to $0.3 million, representing a decrease from the previous year's gross profit of $1.0 million. Operating expenses also rose to $10.0 million, compared to $8.2 million in the previous year. As a result, Datasea Inc. incurred a loss from operations of $9.7 million, a significant increase from the previous year's loss of $7.2 million.