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.
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