FingerMotion (OTCQX: FNGR), a mobile services and data company, has released its financial results for the fiscal year ending Feb. 28, 2021. A highlight of the report was record annual revenue of $16.68 million, which includes the company’s SMS (“SMS”) & MMS (“MMS”) and telecommunications products and services. That total represents an estimated 82% increase from FYE 2020. Other financial numbers worth noting include annual growth in SMS & MMS business revenue of $6.13 million, or 84% compared to the same period the year before; annual growth in telecommunications products and services business revenue of $1.39 million, or a 76% increase compared to the previous year; first revenues of $33,077 for the company’s big data business; and annual gross profit of $1.65 million, an increase of $0.68 million or 71% compared to FYE 2020. At the end of the reporting period, FingerMotion had a working capital surplus of $2.99 million and a positive shareholders’ equity of $2.11 million, with total assets worth $7.34 million, total current liabilities of $4.11 million and total liabilities reaching $5.23 million. “The fourth quarter generated $5.43 million in revenue and represented the third consecutive quarter of record revenue. If the current trajectory continues, revenue may easily exceed US$21 million for the FYE 2022,” said FingerMotion CEO Martin Shen in the press release. “The company recently announced that Top-up revenue could increase by as much as 1000% and that SMS revenue could increase by 20–30% in FYE 2022. This growth is expected to be fueled by an expansion of subscribers in new regions. These expansion zones are primarily attributable to strong relationships with the Company’s telecommunications partners that value our platform’s reliability and customer loyalty programs. As the company continues to capture more users on our platforms, the models become more sustainable.”
To view the full press release, visit https://ibn.fm/nCc0D
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 eventually expand the model to other regional markets. For more information about the company, please visit www.FingerMotion.com.
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