- FingerMotion Inc. reported total annual revenue of $16.68 million for the 2021 financial year ended February 28, 2021
- This FYE 2021 results represented an 82% growth from the FYE 2020 results
- The company also posted $2.11 million in positive shareholders’ equity
- The growth was attributed to an increase in subscriber numbers, resource optimization, and the mix between Top-up and SMS product and service offerings
Founded in 2016 as a mobile gaming enterprise, FingerMotion (OTCQX: FNGR) has become a leading mobile services and data company. In the 2021 financial year, FingerMotion, Inc posted its highest revenue and year-over-year revenue growth thus far, as indicated in its reports for the fiscal year ending February 28, 2021.
According to the press release (https://ibn.fm/Wss7I) dated June 2, 2021, FingerMotion Inc. reported annual revenue of $16.68 million, an 82% growth from the previous financial year 2020. Its SMS and MMS segment posted business revenue of $6.13 million for the 2021 fiscal year, an 84% growth from the year prior. This growth showed the company’s commitment to innovation and streamlining its operations for the overall development of the enterprise.
FingerMotion Inc.’s fourth quarter for the 2021 fiscal year generated revenue totaling $5.43 million in its third consecutive quarter of record revenue.
“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,” said Shen in a statement accompanying the announcement.
The 2021 impressive fiscal performance was mainly attributed to the company’s commitment to growth in its subscribers, a factor that, Mr. Shen noted, will further allow for the increase in revenue for the coming financial year. Additionally, Mr. Shen stated that the company’s resolve to expand into new regions, coupled with fostering solid relationships with other players in the telecommunications industry, is set to guarantee its platform’s reliability and spur customer loyalty.
FingerMotion Inc. is also dedicated to research and development. In the 2021 financial year, it spent $0.55 million, a 42% increase from the previous financial year in the research and development of new products for its customers. Going forward, the company seeks to invest in its Big Data Insights division, an investment that will yield multiple contracts relating to its Insuretech line of products. In the 2021 fiscal year, FingerMotion’s Big Data business reported first revenues of $33,077, with prospects for further growth in the coming financial year. This shows FingerMotion’s pledge to innovation and its overall outlook on the opportunities that currently exist in the market.
In terms of profit, FingerMotion ended its 2021 financial year with a 71% growth. Shen attributed this progression to its resource optimization and its delicate mix between Top-up and SMS product and service offerings. He noted, however, that the company’s biggest challenge currently is access to non-dilutive capital.
The company’s overall growth for the 2021 financial year was great news for shareholders, having posted $2.11 million in positive shareholders’ equity.
“For FingerMotion’s shareholders, this is a big step forward because many senior exchanges require a certain amount of positive shareholders’ equity to qualify under listing standards,” said Martin J. Shen.
As the company continues to evolve and innovate, the future looks bright for FingerMotion Inc. The 2022 financial year continues to develop additional value-added technologies to appeal more to its users. The company’s overall vision is to rapidly yet organically grow the user base and have this growth morph into an ecosystem of users with high engagement rates utilizing its innovative applications. Every segment of FingerMotion Inc’s offerings feeds into the other. The company hopes this is the ecosystem that will eventually serve over 1 billion users, starting with the Chinese market before finally expanding to other regional markets.
For more information, visit the company’s website at www.FingerMotion.com.
NOTE TO INVESTORS: The latest news and updates relating to FNGR are available in the company’s newsroom at https://ibn.fm/FNGR