- FingerMotion’s SMS & MMS, TPS, and Big Data divisions generated $6.00 million in revenue for Q1 2022
- The SMS & MMS and TPS businesses’ Q1 2022 revenues increased significantly compared to Q1 2021 figures
- Q1 2022 also marked the second consecutive quarter in which the big data division generated revenue, and a Q/Q increase at that
- FingerMotion is also targeting the accretive rich communications services (“RCS”) segment, with RCS expected to form its fourth division
On July 15, evolving technology company FingerMotion (OTCQX: FNGR) released its Q1 2022 results in which it reported record quarterly revenue of $6.00 million, generated by its SMS & MMS, Telecommunications Products & Services (“TPS”), and Big Data divisions. The SMS & MMS division’s revenue was up 77% or $1.81 million compared to Q1 2021, while the TPS division’s revenue grew by 341% or $1.34 compared to a similar period a year before (https://ibn.fm/S1osq).
Q1 2022 also marked the second consecutive quarter of revenue from the Big Data division with reported revenue of $98,715. This figure represented a 198% quarter-over-quarter increase, given that in Q4 2021, the division generated $33,077.
“Growth continues to be fueled by an expansion of subscribers in new regions along with larger purchases of SMS from our corporate clientele,” commented FingerMotion CEO Martin Shen. “This is the second consecutive quarter of Big Data revenues, and we expect it to continue and eventually outpace our existing revenue streams.”
The Q1 2022 results’ announcement followed on the heels of the June 2 release of the company’s financial results for the fiscal year ended February 28, 2021. Here, FNGR reported that its SMS & MMS business and TPS division posted annual revenue growths of $6.13 million (84%) and $1.39 million (76%), respectively, compared to the previous financial year. The two businesses cumulatively contributed to a record annual revenue of $16.68 million (https://ibn.fm/ml4Fh).
FingerMotion anticipates that if the current trajectory defined by the Q1 2022 results continues, its revenue for FY 2022 may exceed $24 million, which would represent a year-over-year jump of over 44%. The projected increase is likely to result from its existing operations, suggesting that the SMS & MMS, TPS, and Big Data businesses will continue soaring throughout the remainder of FY 2022.
Meanwhile, FNGR is also targeting another high growth opportunity in rich communication services (“RCS”), expected to form the company’s fourth division.
Rich communication services are emerging as a formidable technology enabling users to access various advanced capabilities from their native messaging service without installing a third-party application. Such capabilities include group chat, video calling, file sharing, and even additional features such as the ability to book a restaurant or flight. RCS has revolutionized text-based messaging by eliminating previous constraints that limited it to merely sending short text messages. With RCS, messaging has become a platform (https://ibn.fm/pfZPX).
MarketsandMarkets projects that the global RCS market will grow from $5.2 billion in 2020 to $11.7 billion by 2025, representing a CAGR of 17.6% CAGR. The Asia Pacific (“APAC”) region is expected to record the highest growth rate during the forecast period, with China playing a dominant role as a key contributor to the growth. The study credits the region’s increasing populations, advanced SMS systems, expanding retail industry, rise in smartphone usage, and growing mobile payments for being behind the growth (https://ibn.fm/PVlm3).
FingerMotion identified the accretive opportunities within the emerging RCS segment and, in March 2020, allocated resources for the R&D of a proprietary RCS platform. “This RCS platform is expected to be a proprietary business messaging platform that enables businesses and brands to communicate and service their customers on 5G infrastructure, delivering better user experience, more efficiently and cost-effectively. This is expected to open up a new marketing channel for the company’s current and prospective business partners,” reads a segment from FingerMotion’s annual report filed with the SEC as form 10-K (https://ibn.fm/Elhme).
For more information, visit the company’s website at 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
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