Business
FingerMotion Reports Q1 2024 Financial Results
NEW YORK, NY and SINGAPORE / ACCESSWIRE / July 14, 2023 / FingerMotion, Inc. (NASDAQ:FNGR) (the "Company" or "FingerMotion"), a mobile services and data
About this update from Fingermotion, Inc.
[{"type":"text","content":"NEW YORK, NY and SINGAPORE / ACCESSWIRE / July 14, 2023 / FingerMotion, Inc. (NASDAQ:FNGR) (the \"Company\" or \"FingerMotion\"), a mobile services and data company, is pleased to report its financial results for the first quarter ended May 31, 2023. To review the full financial results, please view the Company's recent Form 10-Q filing at www.sec.gov/edgar/search or on the Company's website at www.fingermotion.com/investor-relations/financial-information/details, which should be read in connection with this news release.Q1 2024 Financial Summary (results expressed in US$ unless otherwise indicated):Reported record quarterly revenue of $12.17 million (includes SMS & MMS, Telecommunications Products & Services and Big Data businesses);Reported a quarterly increase in revenues of $7.31 million or 151% compared to Q1 2023;Reported quarterly increase in Telecommunications Products & Services business revenue of $10.5 million or 692% compared to Q1 2023;Reported quarterly Big Data revenue of $0.15 million compared to $Nil in Q1 2023;Reported quarterly decline in SMS & MMS business revenue of $3.3 million or 100% compared to Q1 2023;Reported quarterly cost of revenue of $11.51 million which was an increase of $7.03 million or 157% compared to Q1 2023;Reported quarterly loss of $1.26 million which was an decrease of $0.18 million or 12% compared to Q1 2023;Basic and Diluted loss per share of $0.02 versus a loss per share of $0.03 for Q1 2023;On May 31, 2023, FingerMotion had $5.42 million in cash and cash equivalents, a working capital surplus of $13.76 million and a positive stockholders' equity of $13.99 million;Total Assets were $14.60 million, Total Current Liabilities were $0.61 million and Total Liabilities were $0.61 million;51,988,030 common shares were issued and outstanding as of May 31, 2023.The Company has significantly improved its balance sheet and exceeded the quarterly milestone of over $10 million in revenue for the quarter.\"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. \"The Company managed the quarter by focusing available resources to the top-up business. During the lockdown, our corporate SMS & MMS customers were not interested in driving traffic to retail establishments that were closed. Now that China...