FingerMotion
15.7.2021 22:01:35 CEST | ACCESS Newswire | Press release
NEW YORK, NY / ACCESSWIRE / July 15, 2021 / FingerMotion, Inc. (OTCQX:FNGR) (the "Company" or "FingerMotion"), a mobile data and services company, is pleased to report its financial results for the first quarter ended May 31, 2021. To review the full financial results, please view the Company's recent Form 10-Q filing at www.sec.gov/edgar/search, which should be read in connection with this news release.
Q1 2022 Financial Summary (results expressed in US$ unless otherwise indicated):
- Reported record quarterly revenue of $6.00 million (includes SMS & MMS, Telecommunications Products & Services and Big Data businesses);
- Reported quarterly growth in SMS & MMS business revenue of $1.81 million or 77% compared to Q1 2021;
- Reported quarterly growth in Telecommunications Products & Services business revenue of $1.34 million or 341% compared to Q1 2021;
- Reported revenues of $98,715 or 198% in Quarter over Quarter (Q4 2021 over Q1 2022) growth in Big Data;
- Reported quarterly cost of revenue of $5.38 million which was an increase of $2.93 million or 120% compared to Q1 2021;
- Reported quarterly loss of $909,506 which was an increase of $0.33 million or 57% compared to Q1 2021;
- Basic and Diluted loss per share of $0.02;
- At May 31, 2021, FingerMotion had $789,752 in cash, a working capital surplus of $2,352,502 and a positive shareholders equity of $1,455,643;
- Total Assets were $8.61 million, Total Current Liabilities were $6.05 million and Total Liabilities were $7.16 million; and
- 38,995,160 common shares were issued and outstanding as of May 31, 2021.
Strong growth continued in both the Telecommunications Products & Services (mobile recharge platform) and the SMS & MMS texting service.
"The first quarter generated $6.00 million in revenue and represented the fourth consecutive quarter of record revenue. If the current trajectory continues, revenue may exceed US$24 million for FYE 2022," stated Martin Shen, CEO of FingerMotion. "Growth continues to be fueled by an expansion of subscribers in new regions along with larger purchases of SMS from our corporate clientele. This is the second consecutive quarter of Big Data revenues and we expect it to continue and eventually outpace our existing revenue streams."
General and administrative expenses increased by $437,708 or 59% during the quarter which was primarily attributable to increased consulting and staff salaries that are a consequence of building out our 3 lines of business simultaneously. Research and development expenses increase to $135,429 during the quarter which was up 31% due to high data access and usage fees charged by the telecom companies.
"We are pleased to announce that the Company completed the 1st stage of prototyping of its insurtech model and expects completion by the end of this calendar year," stated Martin Shen.
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 over 1 billion users in the China market and eventually expand the model to other regional markets.
For further information:
info@fingermotion.com
718-269-3366
Safe Harbor Statement
This release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements give our current expectations of forecasts of future events. All statements other than statements of current or historical fact contained in this release, including statements regarding our future financial position, business strategy, new products, budgets, liquidity, cash flows, projected costs, regulatory approvals or the impact of any laws or regulations applicable to us, and plans and objectives of management for future operations, are forward-looking statements. The words 'anticipate,' 'believe,' 'continue,' 'could,' 'should,' 'estimate,' 'expect,' 'hope,' 'intend,' 'may,' 'plan,' 'project,' 'will,' and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations about future events. While we believe these expectations are reasonable, such forward-looking statements are inherently subject to risks and uncertainties, many of which are beyond our control. Our actual future results may differ materially from those discussed or implied in our forward-looking statements for various reasons. Factors that could contribute to such differences include, but are not limited to: international, national and local general economic and market conditions; demographic changes; the ability of the Company to sustain, manage or forecast its growth; the ability of the Company to manage its VIE contracts; the ability of the Company to maintain its relationships and licenses in China; adverse publicity; competition and changes in the Chinese telecommunications market; fluctuations and difficulty in forecasting operating results; business disruptions, such as technological failures and/or cybersecurity breaches; and the other factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this release are made only as of the date hereof. We do not undertake any obligation to update any such statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments.
SOURCE: FingerMotion, Inc.
View source version on accesswire.com:
https://www.accesswire.com/655723/FingerMotion-Reports-Q1-2022-Financial-Results
To view this piece of content from www.accesswire.com, please give your consent at the top of this page.
About ACCESS Newswire
Subscribe to releases from ACCESS Newswire
Subscribe to all the latest releases from ACCESS Newswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from ACCESS Newswire
LiberNovo Summer Kickoff Across Europe: A Five-Day Flash and Two Show Floors22.5.2026 11:00:00 CEST | Press release
HONG KONG, HK / ACCESS Newswire / May 22, 2026 / LiberNovo's Summer Kickoff Flash opens Friday, May 22 across the EU (9:00 CEST) and UK (8:00 BST) and runs five days. LiberNovo Omni ships in a regional bundle with €651 off in the EU and £549.50 off in the UK. Verified students and educators can stack another 5% on top. What's in the Bundle EU: LiberNovo Omni paired with the StepSync footrest and a matching StepSync Mat. €1,066 flash, regular €1,717, or 38% off. UK: LiberNovo Omni paired with the StepSync footrest and an Eye Mask. £969.50 flash, regular £1,519, or 36% off. Designed Around Motion LiberNovo Omni adapts to the body in real time. Three features handle the work: Bionic FlexFit Backrest. Eight independent panels follow the spine through every shift in posture, instead of one rigid surface pushing back. Automatic armrests. They track with the chair's recline so you don't reset them between positions, and they slide back into the base when you scoot under the desk so they don't
GA-ASI Completes First Flight of MQ-9B With AEW Pods21.5.2026 17:00:00 CEST | Press release
New Development Effort Will Enable Airborne Early Warning Capability for MQ-9B SAN DIEGO, CA / ACCESS Newswire / May 21, 2026 / General Atomics Aeronautical Systems, Inc. (GA-ASI) flew its MQ-9B Remotely Piloted Aircraft for the first time with Airborne Early Warning (AEW) pods. The much-anticipated AEW capability is being provided through a partnership with Saab. Once the AEW sensor, named LoyalEye, is made available to MQ-9B operators and new customers, it will deliver persistent and cost-effective air surveillance capabilities in regions where it is currently unavailable. GA-ASI conducted a validation flight of MQ-9B using AEW radar pods on May 19 from GA-ASI's Desert Horizon flight operations facility in Southern California using a company-owned aircraft. The flight signaled the first step in a development process that is expected to take several months and culminate with a full-capability demonstration later this year. GA-ASI and Saab announced their partnership last year with the
AI Trading Changing Stock, Gold, and Forex Trading Market: Funds Coin's Multi-Agent Trading Update Dominates20.5.2026 11:00:00 CEST | Press release
DENVER, CO / ACCESS Newswire / May 20, 2026 / Ten years ago, algorithmic trading was the exclusive territory of investment banks and hedge funds. Today, a retail trader with $100 and a smartphone can access the same class of automated execution that once required a team of quants and millions in infrastructure. That's not an exaggeration. It's the shift that's quietly reshaping stock and forex markets, and AI trading agents are at the center of it. The Old Way Is Breaking Down Manual trading made sense when markets moved slowly enough for humans to keep up. That world no longer exists. Forex markets process over $7 trillion in daily volume. Crypto trades around the clock across hundreds of exchanges. Stock prices react to news in milliseconds. The information moves faster than any individual trader can process, and emotions, such as fear, greed, and hesitation, make an already difficult job even harder. The traders who thrived in this environment were either exceptionally disciplined o
Karbon-X and Evertrak Sign Letter of Intent to Advance Infrastructure-Linked Plastic Waste Reduction Credit Initiative19.5.2026 19:45:00 CEST | Press release
Proposed initiative would evaluate the potential generation of Verra-aligned Plastic Waste Reduction Credits for approximately 200,000 railroad ties made from recycled plastic currently installed across railroad infrastructure in North America. CALGARY, AB / ACCESS Newswire / May 19, 2026 / Karbon-X Corp. (OTCQB:KARX) ("Karbon-X" or the "Company"), a vertically integrated climate solutions company operating across compliance and voluntary environmental markets, today announced the signing of a Letter of Intent with Evertrak LLC ("Evertrak"), the leading manufacturer of Glass Fiber Reinforced Composite (GFRC) railroad ties made from recycled plastic, to explore an infrastructure-linked Plastic Waste Reduction Credit ("PWRC") initiative under Verra's Plastic Waste Reduction (PWR) Standard. Across North America, 20 million railroad ties made from wood are replaced annually. Approximately 4-6 million of those ties are less than 12 years old. Safe, resilient, and efficient railroad infrastr
AP Technologies Acquires Blueacre Technology, Adding Nitinol and Precision Laser Processing to Its Catheter Platform19.5.2026 16:00:00 CEST | Press release
Acquisition extends AP Technologies' vertically integrated catheter platform into nitinol and precision laser processing. Dundalk, Ireland joins the company's network of Centers of Excellence as its first European operation. SINGAPORE AND DUNDALK, IRELAND / ACCESS Newswire / May 19, 2026 / AP Technologies, a vertically integrated contract manufacturer of catheters and medical tubing, today announced the acquisition of Blueacre Technology, a Dundalk, Ireland specialist in laser micromachining and nitinol processing for the medical device industry. The acquisition establishes AP Technologies' first European operation in Ireland's medtech corridor, and extends its catheter platform into the laser-processed metallic components used in next-generation minimally invasive devices. Terms were not disclosed. Blueacre brings nearly two decades of capability in laser micromachining and nitinol processing for the medical device industry, including femtosecond and picosecond laser cutting, laser we
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom
