FingerMotion (NASDAQ: FNGR), a mobile services and data company, is reporting on its financial results for the third quarter of fiscal 2024, the period ended Nov. 30, 2023. Numbers to note from the report include quarterly revenue of $6.14 million, which includes the company’s SMS & MMS, Telecommunications Products & Services businesses as well as Big Data, totaled $5.26 million, or 46% decrease, compared to Q3 2023; a quarterly decrease in Telecommunications Products & Services business revenue of $4.22 million or 41% compared to Q3 2023; quarterly Big Data revenue of $.01 million compared to $.19 million in Q3 2023; quarterly SMS & MMS business revenue of $.01 million compared to $.87 million in Q3 2023; quarterly cost of revenue of $5.50 million, which was down 48%, or $5.04 million, from Q3 2023; a gross profit of $.64 million, down $.22 million, or 26%, when compared to Q3 2023, with a quarterly loss of $1.94 million, which was a decrease of $0.58 million compared to Q3 2023. The report also noted a basic and diluted loss per share of $0.04 versus a loss per share of $0.06 for Q3 2023. The reported also noted that as of Nov. 30, 2023, the company had $1,934,565 in cash and cash equivalents, a working capital surplus of $12,510,848 and a positive shareholders equity of $12,636,828 with assets totaling $17.57 million, current liabilities totaling $4.92 million and total liabilities reaching $4.92 million. “The numbers do not reflect the optimism that management sees going forward,” said FingerMotion CEO Martin Shen in the press release. “We were looking for positive cash flow from our diversification into new business segments by the end of the quarter but missed the cutoff. Exciting new business segments are underway in the current quarter that could improve revenues, margins, and get us close to our goal of profitability. We are building this business for the long term and innovate our way out of market challenges.”
To view the full press release, visit https://ibn.fm/iP25g
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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