SINGAPORE / ACCESSWIRE / May 30, 2024 / FingerMotion, Inc. (NASDAQ:FNGR) (hereinafter “company” or “Finger MotionSecure, a mobile services and data company…
2024 Financial Overview (Results in US Dollars unless otherwise stated):
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Annual revenue was reported to be $35.79 million, up $1.74 million or 5% compared to FY2023 (includes communications products and services business, SMS & MMS, and big data).
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The company reported that revenue from its communications products and services business is expected to increase by $5.78 million, or 21%, year over year compared to fiscal 2023.
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Revenues from the SMS and MMS business were reported to be down $3.94 million, or 60%, year over year for fiscal 2023 compared to fiscal 2022.
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Compared to FY2023, it reported a year-over-year decrease in big data revenue of $110,000 (25%).
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Gross profit was reported at $3.86 million, an increase of $1.54 million (67%) compared to FY2023.
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Cost of sales for the year is reported to be $31.93 million, which represents an increase of $190,000 (1%) compared to FY2023.
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Reported operating expenses were $7.68 million, a decrease of $1.31 million, or 15%, compared to fiscal 2023.
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Net loss for the year was reported to be $3.76 million, a decrease of $3.78 million (50%) compared to FY2023.
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Basic and diluted loss per share was $0.07.
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As of February 29, 2024, FingerMotion had $1.52 million in cash, $11.97 million in working capital surplus and $12.06 million in stockholders' equity.
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As of February 29, 2024, total assets were $18.81 million, and total current liabilities and debt were $6.75 million.
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As of February 29, 2024, 52,545,350 common shares are outstanding.
Significant year-over-year revenue growth highlighted the financial performance.
“We experienced a transitional year towards margin improvement and product diversification,” said Martin Shen, CEO of Fingermotion. “Gross profit growth was driven by our telecom products and services business, while we continued to invest in the future with our insurtech partners. Our goal to become debt-free was successful, and we expect margin improvement initiatives to continue to build our balance sheet as we move into a new era of growth. The launch of our cloud-based services has grown and is expected to be a key driver in the coming year, along with the growth of our lifestyle app and other new initiatives.”
General and administrative expenses increased $908,368 (16%) for the year, primarily due to various costs incurred to meet domestic and international operational and administrative requirements. Marketing expenses decreased $290,239 (67%) as a result of a focus solely on the communications division. Research and development expenses decreased $97,990 (12%) due to savings in data access and usage fees charged by communications companies.
About FingerMotion, Inc.
FingerMotion is an evolving technology company with its core focus on mobile payment and recharge platform solutions in China. As the user base of its core business continues to grow, the company is developing value-added technologies to offer to its users. The company's vision is to rapidly expand its user base through organic means and develop this growth into a highly engaged user ecosystem with innovative applications. Developing a highly engaged user ecosystem will strategically position the company to capture a large customer base. FingerMotion hopes to eventually serve over 1 billion users in the Chinese market and eventually expand this model to other regional markets.
For more information about FingerMotion, see below. https://fingermotion.com/
Company Contact:
Finger Motion Co., Ltd.
For more information, please email us at info@fingermotion.com.
Phone: 718-269-3366
Investor Relations Contact:
Skyline Corporate Communications Group LLC
Scott Powell, President
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835
Email: info@skylineccg.com
Safe Harbor Statement
Except for the statements of historical fact contained herein, the information presented in this news release constitutes “forward-looking statements” as that term is used under applicable U.S. securities laws. These statements relate to forecasts or future results, estimates of amounts that are not yet determinable, and analyses and other information that are based on management's assumptions. Any statements that express or contain discussions of predictions, expectations, beliefs, plans, projections, objectives, assumptions or other statements regarding future events or performance (often, but not always, using words or phrases such as “expects,” “does not expect,” “is expected,” “projects,” “does not anticipate,” “plans,” “estimates,” “intends,” or state that certain actions, events or results “may,” “could,” “would,” “might” or “will occur”) should be considered “forward-looking statements” and not statements of historical fact. These forward-looking statements are based on the Company's current expectations regarding future events and performance, including expected revenues. Although the Company believes that these expectations are reasonable, such forward-looking statements are inherently subject to risks and uncertainties, many of which are beyond the Company's control. The Company's actual future results may differ materially from those described or implied in its forward-looking statements for a variety of reasons. Factors that may cause such differences include, but are not limited to, general international, national and local economic and market conditions, demographic changes, the Company's ability to maintain, manage or forecast growth, the Company's ability to manage its VIE agreements, the Company's ability to maintain relationships and licenses in China, adverse publicity, competition and changes in China's telecommunications market, fluctuations in and difficulties in predicting operating results, business disruptions such as technology failures and cybersecurity breaches, and other factors discussed in the Company's periodic reports filed with the Securities and Exchange Commission and available on the Company's website at http://www.sec.gov. No assurance can be given that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers should therefore not place undue reliance on the forward-looking statements contained in this news release and any documents referenced in this news release. The forward-looking statements contained in this release are made only as of the date hereof. With respect to the forward-looking statements in this news release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reporting Act of 1995. The Company undertakes no obligation to update or supplement any forward-looking statements, whether as a result of new information, future events or otherwise. This news release does not constitute an offer or a solicitation of an offer to sell the Company's securities.
sauce: Finger Motion
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