FingerMotion (NASDAQ: FNGR), a mobile services and data company, is reporting its financial results for FY 2024, the yearlong period ended Feb. 29, 2024. Numbers worth noting from the report show annual revenue of $35.79 million, a 5% increase over FY 2023; year-over-year annual growth of $5.78 million in Telecommunications Products & Services business revenue, a 21% increase over FY 2023; an annual decline in year-over-year revenue in SMS & MMS business revenue and Big Data revenue, which totaled $3.94 million and $0.11 million respectively; and gross profits of $3.86 million, a $1.54 million increase over 2023 FY numbers. In addition, the report showed an increase in annual cost of revenue, which totaled $31.93 million for 2024; a decrease in operating expenses, which came in at $7.68 million for the year, and an annual net loss of $3.76 million, which was a decrease of $3.78 million or 50% compared to FY 2023, resulting in a Basic and Diluted loss per share of $0.07. As of Feb. 29, 2024, FingerMotion had $1.52 million in cash along with a working capital surplus of $11.97 million and a positive shareholders’ equity of $12.06 million; total assets for the company came in at $18.81 million with total current liabilities and total liabilities at $6.75 million; the company also reported 52,545,350 common shares were issued and outstanding as of Feb. 29, 2024. “The company experienced a transitional year toward higher margin endeavors and product diversification,” said FingerMotion CEO Martin Shen in the press release. “The rise in gross profit came from our Telecom Products and Services business while we continued to invest in the future with our insuretec partners. Our goal of eradicating debt was successful, and we hope that our margin-building initiatives will continue to build our balance sheet as we transition into a new era of growth. Our launch of cloud-based services is growing and expected to be a significant driver in the coming year, along with growth in our lifestyle app and other new initiatives.”
To view the full press release, visit https://ibn.fm/wu4vR
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.
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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