FingerMotion (NASDAQ: FNGR), a mobile services and data company, is reporting its financial results for first quarter 2023, which is the period ending May 31, 2022. A highlight of the report showed a record quarterly revenue of $4.86 million; the report noted that that number included FNGR’s SMS & MMS and telecommunications products & services businesses. The report also noted a 13% quarterly decline in the company’s telecommunications products & services business revenue, along with a quarterly cost of revenue of $4.48 million and a reported quarterly loss of $1.44 million. FNGR also noted that its big data business showed no revenue for the quarter. The report showed assets for the company totaled $9.21 million with current liabilities reaching $5.31 million and total liabilities reaching $5.43 million; the report also showed 42,777,260 common shares were issued and outstanding as of May 31, 2022. General and administrative expenses for the company were up or 5% during the quarter, primarily attributable to costs from building out five lines of business simultaneously, with R&D costs showing an increase of 56% from Q1 2022. The company stated that “softness” in the quarter was a direct result of “lockdowns in China, which had a significant effect on operations, but towards the end of the quarter, were returning to prelockdown levels. “One factor that that seems to be overriding the softness experienced during the lockdown is the migration to 5G,” said FingerMotion CEO Martin Shen in the press release. “The mobile recharge business has strong underpinnings and is expected to continue its growth trajectory and a government stimulus plan may provide a boost to revenue as mobile phone sales started trickling in. . . . We are pleased to announce that the company officially launched its device protection insurance program that has the potential for compounding growth month over month if subscriber growth hits expected targets.”
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About FingerMotion Inc.
FingerMotion is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. As the user base of its primary business continues to grow, the company is developing additional value-added technologies to market to its users. The vision of the company is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications. Developing a highly engaged ecosystem of users would strategically position the company to onboard larger customer bases. FingerMotion eventually hopes to serve more than 1 billion users in the China market and eventually expand the model to other regional markets. For more information about the company, please visit www.FingerMotion.com.
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