FingerMotion (NASDAQ: FNGR), a mobile services and data company, is reporting its financial results for the first quarter ended May 31, 2023. Highlights of the report include record quarterly revenue of $12.17 million, representing a 15% increase over Q1 2023; a quarterly increase in Telecommunications Products & Services business revenue of $10.5 million or 692% compared to Q1 2023; and quarterly Big Data revenue of $0.15 million compared to no revenue reported in Q1 2023. The report also noted a quarterly decline in SMS & MMS business revenue of $3.3 million and a 157% increase in quarterly cost of revenue with a reported quarterly loss of $1.26 million, which represented a 12% decrease compared to Q1 2023. The report also noted that at the end of quarter, FingerMotion had $5.42 million in cash and cash equivalents, a working capital surplus of $13.76 million and a positive stockholders’ equity of $13.99 million, with total assets reported at $14.60 million. In addition, 51,988,030 common shares were issued and outstanding as of May 31, 2023. The report also showed that FingerMotion has improved its balance sheet and exceeded the quarterly milestone of more than $10 million in revenue for the quarter. In addition, the report indicated a 10% increase in general and administrative expenses, which was attributed to additional consulting, travel and entertainment expenses related to potential funding activities as well as information technology and technical fees. Research and development expenses came in at $172,099 during the quarter, which was a 19% decrease. “The Chinese ‘lockdowns’ are over now, but during the quarter they still had an impact on the company’s revenue mix,” said FingerMotion CEO Martin Shen in the press release. “The company managed the quarter by focusing available resources to the top-up business. During the lockdown, our corporate SMS & MMS customers were not interested in driving traffic to retail establishments that were closed. Now that China has opened up again, the company expects an upward trend in revenue growth and a rebound in its margins in the ensuing quarter. We are also optimistic that we will see notable growth in our Big Data division in the future.”
To view the full press release, visit https://ibn.fm/ee1cx
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 expand the model to other regional markets. For more information about the company, please visit www.FingerMotion.com.
NOTE TO INVESTORS: The latest news and updates relating to FNGR are available in the company’s newsroom at https://ibn.fm/FNGR
About TechMediaWire
TechMediaWire (“TMW”) is a tech-focused financial news and content distribution company, one of 50+ brands within IBN, providing: (1) access to a network of wire solutions via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible; (2) article and editorial syndication to 5,000+ news outlets; (3) enhanced press release solutions to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of corporate communications solutions. As a specialized communications platform with an extensive team of contributing journalists and writers, TMW is uniquely positioned to best serve private and public tech companies that desire to reach a wide audience comprising investors, consumers, journalists and the general public. By putting a spotlight on the latest and greatest in the tech industry, TMW brings its clients unparalleled visibility, recognition and brand awareness. TMW is where investors come to learn about the next big things in tech and the companies that are making them happen.
To receive SMS text alerts from TechMediaWire, text “TECH” to 844-397-5787 (U.S. Mobile Phones Only)
For more information, please visit https://www.TechMediaWire.com
Please see full terms of use and disclaimers on the TechMediaWire website applicable to all content provided by TMW, wherever published or re-published: https://TechMediaWire.com/disclaimer
TechMediaWire (TMW)
Los Angeles, CA
www.TechMediaWire.com
212.418.1217 Office
[email protected]
TechMediaWire is part of IBN.