FingerMotion Reports Q3 2023 Financial results

NEW YORK (NY) / ACCESSWIRE / January 17, 20,23 / FingerMotion, Inc. (NASDAQ:FNGR) (the “Company“FingerMotion“, a data and mobile services company, is happy report its third quarter financial results. The quarter ended November 30, 2022. You can view the complete financial results in the company’s latest Form 10-Q filing here www.sec.gov/edgar/searchThis should be read in conjunction with the news release.

Q3 2023 Financial Summary (results expressed as US$ unless stated otherwise)

• Reported record quarterly revenue of $11.40 million (includes SMS & MMS, Telecommunications Products & Services businesses, and Big Data);

• Reports a 93% quarterly increase in revenue compared to Q3 2022

• Reported sequential quarterly revenue growth of $6.42million from Q2 2023. This represents a 129% increase quarter-over quarter.

• Reported quarterly increase in Telecommunications Products & Services business revenue of $7.07 million or 215% compared to Q3 2022;

• Big Data Revenue reported quarterly at $.19M compared with nil in the third quarter 2022

• Reported quarterly decline in SMS & MMS business revenue of $1.75 million or 67% compared to Q3 2022;

• The reported quarterly cost of revenue was $10.54million, which is an increase of $5.61million or 114% over Q3 2022

• Reported quarterly loss of $2.52million, which was an increase in $1.49 million (or 143%) compared to Q3 202022

• Basic and Diluted loss per shares of $0.06, versus $0.02 per share for Q3 2022

• FingerMotion had $11,870256 in cash on November 30, 2022. It also had a $16,713,400 working capital surplus and positive shareholders’ equity at $12,193,986

• Total Assets were $21.90 Million, Total Current Liabilities at $4.87 Million and Total Liabilities at $9.71million;

• As of November 30, 2022, 46,316 635 common shares had been issued and were still outstanding

The quarter’s revenue exceeded $10 million, which was the quarterly milestone. The Company anticipates further revenue growth in the coming months as it deploys some the $11,000,000 held in reserve. This was made pursuant to private placements that took place in November 2022.

“The Chinese ‘lockdowns’ are over now, but during the quarter they still had an impact on the Company’s revenue mix,” said Martin Shen, CEO of FingerMotion Inc. “The Company managed the quarter by focusing available resources to the Top-up business as our corporate SMS customers were not interested in driving traffic to retail establishments that were closed. China has reopened and the Company is expecting a significant acceleration in topline revenue growth. Margins were temporarily lower, but they should rebound significantly in the next quarter. We are encouraged to see revenue from subscriptions and sales of mobile phones. We are optimistic that there will be significant growth in this area as well as Big Data in the near future.

General and administrative costs increased by $114.686 or 8.8% in the third quarter. This is due to an increase of consulting, travel, as well as other expenses associated with the quarter’s funding and promotional activities. Due to the higher data access fees charged to telecom companies, research and development costs rose to $180.158 in the quarter. This was an increase of 14%.

“The Company expects that the full launch of the device protection business will be completed by the end the fiscal year.”

AAbout FingerMotion, Inc.

FingerMotion, a rapidly growing technology company, has a core competency as a mobile payment and recharge platform solution provider in China. The Company is currently developing new value-added technologies for its customers. The Company’s goal is to quickly grow the user base using organic methods and develop an ecosystem of users who are highly engaged with its innovative applications. The Company will be able to expand its customer base by building a strong user base. FingerMotion hopes eventually to reach over 1 Billion users in China, and then expand to other markets.

Contact Us:

FingerMotion, Inc.
Send an email for more information: [email protected]
Phone: 718-269-3366

Contact us for Investor Relations

Skyline Corporate Communications Group LLC
Scott Powell, President
One Rockefeller Plaza 11th Floor
New York, NY 10020
Office: (646) 893-5835
Email: [email protected]

Safe Harbor Statement

Except for statements of historical fact, this news release contains “forward-looking information” as that term is defined under the United States securities laws. These statements refer to analyses and other information that are based upon forecasts or future outcomes, estimates of amounts yet to be determinable and assumptions by management. Other statements that discuss or refer to future events or performance, including those that involve predictions, expectations or beliefs, projections, goals, objectives, assumptions, or other information (often using words and phrases such as “expects”, but not always “is expected”, or “anticipates”, “is not anticipated”, “anticipates”, or “doesn’t anticipate”, “plans”, estimates, or “intends”, as well as stating that certain actions or events “may”, “could”, or “might”, or “would”, “would”, or “would”, or “might”, “might”, or will” be taken, or achieved), or that are forward-looking statements”. These forward-looking statements are based on our current expectations regarding future events and performance, including anticipated revenues. These expectations are reasonable. However, forward-looking statements can be affected by risks and uncertainties. For various reasons, our actual future results could differ materially from the ones we have projected or implied in these forward-looking statements. There are many factors that could cause such differences, including but not limited to: global, national and/or local general economic and social conditions; demographic changes; Company’s ability and ability to sustain, monitor, and forecast its growth; Company’s ability and ability to manage its VIE contract; Company’s ability and ability to maintain its licenses and relationships in China; adverse publicity; changes in the Chinese telecoms market; volatility and difficulty in forecasting operating performance; and other factors discussed in the Company’s periodic reports, which are filed withhttp://www.sec.gov). These statements are not guaranteed to be accurate because actual results and future events may differ from what is stated. Readers should not place undue trust in forward-looking statements made in this news conference or in any document mentioned in this news conference. These forward-looking statements are only accurate as of the date they were made. The Company claims the safe harbor provided by the Private Securities Litigation Report Act 1995 for forward-looking statement in this newsrelease. The Company does not assume any obligation to modify or supplement forward-looking statements, whether they are based on new information, future events, or other factors. This news release does not constitute an offer or solicitation to sell our securities.

SOURCE: FingerMotion

Accesswire.com:
https://www.accesswire.com/735527/FingerMotion-Reports-Q3-2023-Financial-Results