Infobird Co., Ltd Announces Filing of Annual Report on Form 20-F

BEIJING, May 15, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Infobird Co., Ltd (Nasdaq: IFBD) (“Infobird”), a software-as-a-service (“SaaS”) provider of AI-powered customer engagement solutions in China, today announces that it has filed its annual report on Form 20-F for the fiscal year ended Dec. 31, 2020, with the U.S. Securities and Exchange Commission (the “SEC”). The annual report on Form 20-F, which contains Infobird’s audited consolidated financial statements, can be accessed through the SEC’s website at www.sec.gov or Infobird’s website at www.Infobird.com.

In addition, Infobird will provide a hard copy of its annual report on Form 20-F, containing its audited consolidated financial statements, free of charge to its shareholders upon request. Requests should be directed to Infobird Co., Ltd, Room 12A05, Block A, Boya International Center, Building 2, No. 1 Courtyard, Lize Zhongyi Road, Chaoyang District, Beijing, China 100102.

Total revenues for fiscal year 2020 were approximately $14.5 million, representing a 20.4% decrease from the same period in 2019, primarily due to the negative impact of the COVID-19 pandemic on Infobird’s business operations. In addition, one of Infobird’s major customers changed its internal telemarketing strategy, which resulted in the decrease of usage of Infobird’s SaaS services. The decrease from total revenues was offset by an increase in revenue from new customers in the finance industry as well as other industries, such as healthcare and IT services. As Infobird continued to invest heavily in developing and upgrading new standard SaaS products embedded with its AI capabilities, Infobird’s research and development expenses increased by 26.8% compared to 2019, which also contributed to a 20.4% decrease in net income to approximately $4.1 million for the fiscal year 2020, down from approximately $5.1 million for the same period in 2019. However, the net profit margin remained at a healthy level at approximately 28% in 2020.

“The customer engagement industry in China is developing rapidly as the SaaS industry continued to grow at a fast rate of 43.5% from 2019 to 2020,” said Yimin Wu, chief executive officer and chairman of the Infobird board of directors. “We believe we are one of the leading and long-standing Chinese SaaS providers in the booming customer engagement industry, with over 10 years of experience. We adopt a unique cloud-native architecture and offer a comprehensive portfolio of customer engagement SaaS solutions that are highly intelligent, AI-powered and proven to be stable and secure at scale with ultra-large concurrence.”