FingerMotion (NASDAQ: FNGR), a big data company with revenue streams from mobile recharge, SMS, and Insuretec services, has released its financial report for the year ended February 28, 2023. Highlights of the report include reported annual revenue of $34.05 million, up 49% over FY 2022; 212% annual year-over-year growth in the company’s telecommunications products and services business; a decline in the business revenue for the company’s SMS & MMS business revenue, which totaled $7.53 million; 233% annual year over year growth of big data, resulting in $0.31 million revenue; total gross profits of $2.32 million; annual cost of revenue of $31.74 million, a 58% increase over FY 2022; operating expenses of $8.98 million, also an increase over FY 2022; a $2.6 million increase in annual net loss, which totaled $7.54 million; and basic and diluted loss per share of $0.17. The company also reported total assets of $17.55 million with total current liabilities coming in at $2.04 million and total liabilities reaching $4.57 million; the company had 49,432,214 common shares issued and outstanding as of Feb. 28, 2023. “The company deepened its commitment to expanding its cooperation with partners in the fintech and insuretech sectors,” said FingerMotion CEO Martin Shen in the press release. “We also strengthened our core Top-up business, which saw record revenues in the past year. In terms of our financial performance, our balance sheet has never looked stronger as we raised equity in order to grow the business and eradicate our debt. Our shareholder equity hit close to a record $13 million, which is impressive considering we were a touch over $5 million last year. We launched our device protection product and expect in future reports for it to be another business element.”
To view the full press release, visit https://ibn.fm/zmFhP
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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