In This Story
FingerMotion Inc. (FNGR+3.10%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing details financial statements for the quarter, showing an increase in revenue to $8,534,079 from $6,140,146 in the same quarter the previous year. This growth is attributed to increased revenue from Telecommunication Products & Services and SMS & MMS businesses.
Cost of revenue for the quarter rose to $8,090,509 from $5,502,151, primarily due to increased costs associated with Telecommunication Products & Services.
The company reported a gross profit of $443,570, a decrease from $637,995 in the previous year, due to changes in product mix.
General and administrative expenses decreased to $1,579,619 from $2,256,185, reflecting reduced consulting fees.
Net loss attributable to the company's shareholders was $1,660,801, down from $1,944,343 in the previous year. The decrease is attributed to reduced operating expenses.
Cash and cash equivalents were $164,600 as of November 30, 2024, compared to $1,517,232 as of February 29, 2024. The decrease is due to increased accounts receivable and investments in growth initiatives.
FingerMotion continues to focus on expanding its Telecommunication Products & Services and Big Data businesses, leveraging partnerships with China Unicom and China Mobile.
The filing also discusses the company's compliance with new Chinese regulations on data security and overseas listings, which may impact future operations.
The company acknowledges the risks associated with its VIE structure in China and the potential impact of geopolitical tensions on its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the FingerMotion Inc. quarterly 10-Q report dated January 14, 2025. To report an error, please email earnings@qz.com.