FingerMotion Reports FY 2023 Financial Results

Singapore, May 30, 2023 (GLOBE NEWSWIRE) -- FingerMotion, Inc. (NASDAQ: FNGR) (the “Company” or “FingerMotion”), a Big Data company with revenue streams from mobile recharge, SMS, and Insuretec services, is pleased to report its financial results for the year ended February 28, 2023. To review the full financial results, please view the Company's recent 10-K filing at www.sec.gov/edgar/search, which should be read in connection with this news release.

FY 2023 Financial Summary (results expressed in US$ unless otherwise indicated):

• Reported annual revenue of $34.05 million which was an increase of $11.12 million or 49% compared to FY 2022 (includes SMS & MMS, Telecommunications Products & Services businesses, and Big Data);
• Reported Year over Year annual growth in Telecommunications Products & Services business revenue of $18.35 million or 212% compared to FY 2022;
• Reported Year over Year annual decline in SMS & MMS business revenue of $7.53 million or 53% compared to FY 2022;
• Reported Year over Year annual growth in Big Data revenue of $0.31 million or 233% compared to FY 2022;
• Reported gross profits of $2.32 million which was a decrease of $0.5 million or 17.6% compared to FY 2022;
• Reported annual cost of revenue of $31.74 million which was an increase of $11.62 million or 58% compared to FY 2022;
• Reported operating expenses of $8.98 million which was an increase of $1.30 million or 17% compared to FY 2022;
• Reported annual net loss of $7.54 million which was an increase of $2.60 million or 53% compared to FY 2022;
• Basic and Diluted loss per share of $0.17;
• At February 28, 2023, FingerMotion had $9.24 million in cash, a working capital surplus of $15.23 million and a positive shareholders’ equity of $12.97 million;
• At February 28, 2023, total assets were $17.55 million, total current liabilities were $2.04 million and total liabilities were $4.57 million; and
• 49,432,214 common shares were issued and outstanding as of February 28, 2023.

Strong revenue growth year over year highlighted the financial performance. 

“The Company deepened its commitment to expanding its cooperation with partners in the fintech and insuretech sectors,” stated Martin Shen, CEO of FingerMotion. “We also strengthened our core Top-up business which saw record revenues in the past year.  In terms of our financial performance, our balance sheet has never looked stronger as we raised equity in order to grow the business and eradicate our debt.  Our shareholder equity hit close to a record $13 million, which is impressive considering we were a touch over $5 million last year.  We launched our device protection product and expect in future reports for it to be another business element.”