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Nov 30, 2022
Fingermotion Q3 2023 Earnings Report
Exceeded quarterly milestone with over $10 million in revenue, despite challenges from Chinese lockdowns.
Key Takeaways
FingerMotion reported Q3 2023 financial results, exceeding $10 million in revenue despite the impact of Chinese lockdowns. The company is optimistic about future revenue growth and margin recovery as China reopens and new business areas develop.
Revenue exceeded $10 million for the quarter.
Company anticipates even greater revenue growth in the upcoming months.
Top-up business was the focus due to lockdowns affecting corporate SMS customers.
Expects a resumption of the upward trend and a dramatic acceleration in topline revenue growth.
Fingermotion
Fingermotion
Forward Guidance
FingerMotion anticipates even greater revenue growth in the upcoming months as it deploys some of the $11 million held in reserve, which was raised pursuant to private placements in November 2022. The company expects a resumption of the upward trend and a dramatic acceleration in topline revenue growth. And while margins were temporarily depressed, they are expected to rebound substantially in the ensuing quarter. The device protection business is nearing the end of its test phase and the Company anticipates a full launch by the end of this fiscal year.
Positive Outlook
- Anticipates even greater revenue growth in the upcoming months
- Deploying some of the $11 million held in reserve
- Expects a resumption of the upward trend
- Expects a dramatic acceleration in topline revenue growth
- The device protection business is nearing the end of its test phase
Challenges Ahead
- Chinese ‘lockdowns’ had an impact on the Company’s revenue mix
- corporate SMS customers were not interested in driving traffic to retail establishments that were closed
- margins were temporarily depressed