FingerMotion, Inc. (FNGR): Business Model Canvas [Dec-2025 Updated]

You're looking at FingerMotion, Inc.'s (FNGR) financials and seeing a company in the middle of a major strategic shift, so let's cut right to the canvas. Honestly, the FY 2025 numbers show the pivot: the core telecom segment brought in $27.29 million but carried a cost of revenue of $32.85 million, while the high-growth SMS/MMS business already generated $8.20 million, which explains that massive 243% marketing spend jump in Q3 2025. This canvas maps out exactly how FingerMotion, Inc. is reallocating its proprietary tech and carrier access to chase those higher-margin enterprise services-you need to see the key resources they are banking on to make this transition work.

FingerMotion, Inc. (FNGR) - Canvas Business Model: Key Partnerships

You're analyzing the core relationships FingerMotion, Inc. (FNGR) relies on to deliver its value proposition. These partnerships are critical, especially given the company's focus on the highly regulated and competitive Chinese mobile services market.

Major Chinese telecom operators (China Mobile, China Unicom, China Telecom) for wholesale minutes

FingerMotion, Inc. (FNGR) maintains a key differentiator: it is one of only a few companies in China with access to wholesale rechargeable minutes from China's largest mobile phone providers that can be resold to consumers. This access is foundational to its core mobile payment and recharge platform solutions in mainland China. While specific wholesale pricing or volume agreements for late 2025 aren't public, the scale of these partners shows the market FingerMotion operates within.

Here is a snapshot of the subscriber scale these partnerships touch, based on Q1 2025 data from the operators:

The sheer volume of connectivity managed by these partners underscores the potential reach for FingerMotion, Inc. (FNGR)'s platform.

Qingling Motors Group Co., Ltd. for intelligent commercial vehicle solutions

In June 2025, FingerMotion, Inc. (FNGR)'s subsidiary, JiuGe Technology, announced a collaboration with Qingling Motors Group Co., Ltd. to co-develop next-generation intelligent vehicle solutions. This alliance targets high-demand sectors like logistics and emergency response. The division of labor is clear: Qingling Motors handles vehicle design, chassis engineering, prototype production, and regulatory compliance, while JiuGe Technology provides system integration and software development. A joint technical taskforce was established to accelerate innovation and streamline product development.

Strategic alliances for regional expansion and scaling distribution (November 2025 roadmap)

The strategic roadmap announced in November 2025 centers on productizing solutions refined in China for deployment in broader regional markets. The long-term vision for the core China market is ambitious: FingerMotion, Inc. (FNGR) eventually hopes to serve over 1 billion users in the China market. The roadmap explicitly calls for identifying opportunities that support scale and distribution through strategic collaborations and acquisitions in these new markets.

The core priorities for this expansion phase include:

• Strengthening core operation in China.
• Productizing existing IP and analytics models for regional deployment.
• Identifying strategic collaborations for scale and distribution.

Technology collaborations across multiple sectors

Beyond the automotive sector with Qingling Motors, FingerMotion, Inc. (FNGR) has been building a foundation through technology collaborations across multiple sectors while refining its mobile recharge and data analytics competencies. The company is actively working to monetize its Big Data Business and expand its Command and Communications segment, which suggests ongoing or planned technology alliances in those areas. The launch of the JiuGe Procurement Platform in late 2025 is another example of productizing these developed technologies for enterprise use.

FingerMotion, Inc. (FNGR) - Canvas Business Model: Key Activities

Operating the core mobile payment and recharge platform in China is represented by the Telecommunications Products & Services segment, which generated annual revenue of $5.59 million for the fiscal year ended February 28, 2025, marking a year-over-year decline of 17%.

Executing the strategic pivot to higher-margin SMS & MMS services is evidenced by this segment's explosive growth, achieving annual revenue of $5.52 million in Fiscal Year 2025, a year-over-year increase of 206%.

Developing and deploying the Sapientus AI-powered big data platform is an ongoing activity, with initial revenue generation from related new initiatives including the DaGe Platform at $0.08 million and the Big Data segment revenue declining by 118% year-over-year for FY 2025. As of October 2025, Sapientus was strengthening business development in Southeast Asia, exploring pilots in Indonesia and Thailand.

Productizing intellectual property (IP) for deployment in broader regional markets is linked to Sapientus's validated analytic framework, which has resulted in the granting of seven patents by the National Copyright Administration of China (NCAC) over the past two years.

Developing the new Command and Communications segment, also referred to as the C2 Platform, generated initial revenue of $0.19 million in Fiscal Year 2025.

The overall financial context for these activities as of February 28, 2025, included total annual revenue of $35.61 million, a net loss of $5.11 million, and a working capital surplus of $6.90 million.

Here's a quick look at the revenue contribution by segment for the fiscal year ended February 28, 2025:

The company is also engaged in the following specific operational developments:

• Introducing a new Enterprise Procurement Platform as of December 1, 2025.
• Focusing Sapientus near-term efforts on accelerating collaboration with telcos, insurers, and distributors in Southeast Asia.
• Maintaining a cash position of $1.13 million at the end of the fiscal year.
• Reporting a Price to Book Value per Share Ratio of 6.00.

FingerMotion, Inc. (FNGR) - Canvas Business Model: Key Resources

You're looking at the core assets FingerMotion, Inc. (FNGR) relies on to execute its strategy in late 2025. These aren't just ideas; they are the tangible and intangible things the company owns or controls that are essential for its business model to work.

The financial context for these resources as of the end of Fiscal Year 2025 (ended February 28, 2025) shows a company with a total revenue base of $35.61M, though it is still operating at a net loss of $5.11M for that year. The most recent reported quarter, Q3 2025 (ended November 30, 2024), showed revenue acceleration to $8.53M, with a gross profit margin of 5.20%.

Here's a breakdown of the specific Key Resources:

• Proprietary technology platforms like the DaGe Platform, which generated initial revenue of $0.08M in FY 2025.
• The Command & Communication (C2) Platform, another China-proven asset, which brought in initial revenue of $0.19M in FY 2025.
• The Sapientus analytics models, which represent the intellectual property for data analysis.
• The core business asset: Exclusive access to wholesale rechargeable minutes from major Chinese carriers, evidenced by the Telecommunications Products & Services segment revenue of $5.59M in FY 2025.
• The rapidly growing user ecosystem centered around the Da Ge app, which has secured 650,000 active subscribers.
• The physical network supporting the Da Ge app, which has onboarded 20,000 car care service stations to date.

The success in monetizing mobile data assets is clear in the SMS & MMS business, which saw revenue jump by 206% year-over-year in FY 2025, reaching $5.52M. This shows the IP and models are definitely working in specific areas of the China market.

Here's a quick look at how the key revenue-generating segments contributed to the $35.61M total revenue in FY 2025:

The company's liquidity position as of February 28, 2025, showed cash and equivalents of $1.13M, supported by a working capital surplus of $6.90M. Finance: draft 13-week cash view by Friday.

FingerMotion, Inc. (FNGR) - Canvas Business Model: Value Propositions

You're looking at the core value delivered by FingerMotion, Inc. (FNGR) across its evolving portfolio as of late 2025. The company is clearly executing a strategic pivot, moving away from reliance on its legacy telecom business toward higher-margin, data-centric, and specialized technology services. Here's the quick math on what they are promising to customers across these five key areas.

High-volume, reliable mobile top-up and data plans for consumers.

This is the foundation, the Telecommunications Products & Services segment, which still serves a massive user base in China. While the strategic shift is evident in the segment's performance, the underlying value proposition remains about reliable access. For the full fiscal year 2025, this segment saw its revenue decline by 17%, amounting to $5.59 million in annual revenue for FY 2025. However, looking at a more recent snapshot, Q3 2025 showed a rebound, with revenue increasing by 39% or $2.36 million year-over-year for that quarter. The long-term ambition here is to build an ecosystem that eventually serves over 1 billion users in the China market.

Explosive growth in high-margin SMS & MMS for enterprise marketing.

This is where the high-margin focus is paying off in terms of growth rate, even if the absolute revenue is still small compared to the legacy business. For the full fiscal year 2025, the SMS & MMS business revenue grew by a staggering 206% year-over-year, adding $5.52 million to reach $5.52 million in annual revenue. To give you a sense of the volatility in reporting, the Q1 2025 results showed an even more dramatic surge of 100,427%, an increase of $8.16 million. Still, the Q3 2025 revenue for this segment was only $44,457. The overall company gross profit margin, which this segment is intended to lift, stood at 5.50% on a trailing twelve-month basis.

Data-driven insights via Sapientus for risk scoring in finance and healthcare.

Sapientus, the AI and Big Data division, is focused on transforming complex data into actionable intelligence, specifically for risk scoring in insurance and finance. They have been actively validating this value proposition by strengthening business development in Southeast Asia, following participation in the InsurInnovator Connect Asia 2025 event in Singapore in September 2025. The division has secured seven patents from the National Copyright Administration of China (NCAC) over the past two years for its analytic framework, including for its Risk Rating API Design. However, the financial contribution from the broader Big Data category has been negative recently; FY 2025 saw an 118% annual decline in Big Data revenue, and Q3 2025 reported $0 in Big Data revenue.

Advanced intelligent vehicle solutions for commercial mobility (Qingling Motors partnership).

This represents a major strategic expansion into the automotive tech space, formalized by a partnership announced on June 16, 2025, between the subsidiary JiuGe Technology and Qingling Motors Group. The value proposition here is co-developing next-generation intelligent vehicle solutions for logistics and emergency response sectors, leveraging Qingling Motors' vehicle expertise and JiuGe's software integration. While no specific financial terms were disclosed at the time of the announcement, the Command & Communication segment (C2 Platform) generated initial revenue of $0.19 million in FY 2025, with Q3 2025 revenue hitting $28,730.

Cloud-based value-added services for corporate customers.

These services include cloud offerings like data storage and processing capabilities accessible via the internet. This is being rolled out through new platforms. The DaGe Platform, for example, generated initial revenue of $0.08 million in FY 2025. The C2 Platform, which also falls under this umbrella, added $0.19 million in FY 2025 revenue. Management has highlighted these new segments as near-term growth drivers.

Here is a snapshot of the revenue contribution from the newer, value-added segments versus the legacy business for the full fiscal year ended February 28, 2025:

The overall total annual revenue for FingerMotion, Inc. in FY 2025 was $35.61 million, a slight decrease of 0.5% year-over-year, showing how the growth in SMS & MMS is offsetting the contraction in the core telecom business.

Finance: draft 13-week cash view by Friday.

FingerMotion, Inc. (FNGR) - Canvas Business Model: Customer Relationships

You're looking at a company actively shifting its customer engagement model, moving from traditional, high-volume telecom services toward more specialized, data-driven relationships. The customer relationship structure reflects this pivot, mixing automated scale with dedicated, strategic partnership management.

Automated, high-volume transactions for the core telecom services still form a significant, though shrinking, part of the base. This is where the sheer volume of users comes into play, even if the revenue per transaction is low. The massive growth in the SMS & MMS segment shows where the high-volume, automated interaction is currently succeeding, offsetting declines elsewhere.

• SMS & MMS business revenue reached $5.52 million in Fiscal Year 2025.
• This SMS & MMS segment saw year-over-year growth of 206% in Fiscal Year 2025.
• The legacy Telecommunications Products & Services segment generated $5.59 million in Fiscal Year 2025, a year-over-year decline of 17%.

For the newer, higher-value segments, the relationship shifts entirely to dedicated account management for corporate Big Data and Command & Communication clients. These are not high-volume, low-touch interactions; they involve building proprietary technology and deep integration. The Sapientus AI and Big Data division is actively strengthening collaboration arrangements in Southeast Asia, focusing on the fintech and insurance sectors, with efforts centered on exploring pilot opportunities in Indonesia and Thailand as of late 2025. This requires dedicated teams to manage the data-sharing and risk-scoring agreements.

• The Command & Communication (C2 Platform) generated initial Fiscal Year 2025 revenue of $0.19 million.
• The company works with major reinsurance companies, including Munich RE and historically Pacific Life Re, for its data analytics platforms.

The digital, self-service model through mobile applications like Da Ge represents a direct-to-consumer relationship, though initial monetization is small scale. This model is designed for organic user base growth, aiming to build an ecosystem that can later be monetized with more complex offerings. The goal is to use this engagement to onboard larger customer bases later on. Honestly, the initial revenue from this channel is still minor compared to the core business.

The DaGe Platform generated initial Fiscal Year 2025 revenue of $0.08 million.

Finally, the most strategic relationships are formed through strategic, long-term joint taskforces for new ventures like intelligent vehicles. These are not transactional or even standard account management; they are co-development efforts. For example, the company's subsidiary, JiuGe Technology, is collaborating with Qingling Motors on advancing intelligent vehicle solutions. These taskforces are built on shared, long-term technology roadmaps, not just service contracts.

Here's the quick math on how the customer revenue streams broke down for the Fiscal Year ending February 28, 2025, showing the mix of customer interaction types:

What this estimate hides is the operational complexity; while the Big Data revenue declined 118% in FY 2025, the management is focused on building out the Southeast Asia footprint for the Sapientus platform, which suggests the relationship-building phase for that segment is still heavily weighted toward development and partnership validation rather than immediate, large-scale revenue recognition. Finance: draft 13-week cash view by Friday.

FingerMotion, Inc. (FNGR) - Canvas Business Model: Channels

You're looking at how FingerMotion, Inc. (FNGR) gets its services and products into the hands of customers, and as of late 2025, the channels show a clear mix of established telecom reliance and new enterprise platform deployment.

Mobile applications (e.g., Da Ge app) for consumer services

The consumer-facing channel relies heavily on proprietary applications. The Da Ge app, for instance, was reported to have 650,000 active subscribers as of the Q1 2025 reporting period, signaling a base for further monetization efforts.

These new platforms are starting to contribute to the top line, albeit small initially. The DaGe Platform generated initial revenue of $0.08 million for the full fiscal year 2025, which ended February 28, 2025.

JiuGe Procurement Platform for enterprise customers (launched December 2025)

A major new channel for enterprise services is the JiuGe Procurement Platform, which officially launched on December 1, 2025. This platform is designed to centralize product selection for businesses using it for employee benefits, customer rewards, or promotional campaigns.

The initial rollout is focused on key partnerships:

• Piloting with China Mobile's Shanghai operations.
• Piloting with China Mobile's Jiangxi operations.
• Piloting with Juneyao Airlines.

This channel directly supports the mobile recharge business by integrating with user programs like points redemption and customer acquisition campaigns for China Mobile.

Telecom operator networks for distribution of mobile products

The backbone of FingerMotion, Inc.'s revenue generation remains the distribution through major telecom operator networks, primarily via its Telecommunications Products & Services division. This division was the primary growth engine for the Q3 2025 revenue of $8.53 million.

However, this core channel is showing strain. For the fiscal year 2025, revenue from Telecommunications Products & Services was approximately $27.29 million, but this represented a 17% year-over-year decline.

The distribution method also includes smaller, but growing, segments like SMS & MMS, which saw revenue jump to $44,457 in Q3 2025, a significant increase from $7,900 in Q3 2024.

Direct sales teams for corporate Big Data and cloud services

For corporate value-added services, including cloud services for data storage and processing, the channel appears underdeveloped or facing headwinds as of late 2025. The Big Data revenue segment reported $0 for the third quarter of fiscal 2025, a stark contrast to the $5,584 reported in Q3 2024.

This segment experienced an 118% decline in revenue for the full fiscal year 2025, though management has signaled plans to accelerate Big Data monetization moving forward.

Here's a quick look at the channel performance based on the latest reported figures:

The JiuGe Procurement Platform, launched in December 2025, is a new enterprise channel intended to strengthen the value proposition with China Mobile and other clients, but its financial contribution for 2025 is not yet quantified.

FingerMotion, Inc. (FNGR) - Canvas Business Model: Customer Segments

You're looking at the customer base for FingerMotion, Inc. (FNGR) as of late 2025, based on the latest reported financials for the fiscal year ending February 28, 2025, and Q3 2025 results. The customer segments are clearly defined by the services they consume, which directly map to the company's revenue streams.

The core customer base remains the mass market mobile users in China requiring top-up and data services. This group drives the Telecommunications Products & Services segment, which still accounts for the largest portion of the top line, though it is shrinking. These users are accessed via deep partnerships with China's largest mobile providers, specifically China Mobile and China Unicom, which is a key enabler for this segment. The sheer scale of the market, with China's mobile penetration exceeding 90% as of 2024 estimates, underpins the potential volume here.

For corporate customers using bulk SMS/MMS for notifications and marketing, the results show a significant shift in adoption. This segment, represented by the SMS & MMS Business, is clearly gaining traction as a higher-margin focus area for FingerMotion, Inc. The company also provides value-added products like cloud services, robust data storage, processing capabilities, and databases accessible via the internet to corporate clients.

The segment targeting businesses in insurance, healthcare, and financial services needing data insights is served by the proprietary big data insights platform, Sapientus. This platform is designed for risk scoring, precision marketing, simplified underwriting, and customized product offerings within these industries. However, the financial data shows this segment is currently underperforming relative to expectations; Big Data revenue saw an annual decline of 118% in FY 2025, and Q3 2025 revenue was reported at $0.

Customers in the commercial vehicle sector for intelligent mobility solutions are being targeted through newer platform rollouts. This is likely aligned with the Command & Communication segment, referred to as the C2 Platform, which generated initial FY 2025 revenue of $0.19 million. Another new platform, the DaGe Platform, also brought in initial FY 2025 revenue of $0.08 million, suggesting early adoption in new areas.

Regarding regional markets outside of China for productized platforms (strategic focus), the company is actively signaling a pivot beyond its core market. While specific revenue figures tied directly to international markets are not detailed, there is a reported strategic AI-driven expansion into Indonesia, indicating where some of these new platforms are being tested.

Here's a quick look at the revenue contribution by segment for the full fiscal year 2025:

The total reported annual revenue for FingerMotion, Inc. in FY 2025 was $35.61 million, a slight decrease of 0.5% year-over-year. The company reported a net loss of $5.11 million for the same period.

FingerMotion, Inc. (FNGR) - Canvas Business Model: Cost Structure

You're looking at the cost side of the FingerMotion, Inc. (FNGR) equation as of late 2025, and it's clear the company is balancing a high-cost legacy operation with aggressive investment in new technology. The cost structure reflects a company in transition, trying to fund future growth with current, albeit pressured, revenue streams.

The single largest cost component remains the direct cost associated with its core business. For the full Fiscal Year 2025, the annual cost of revenue hit $32.84 million, which was an increase of 3% compared to FY 2024, even as total revenue remained essentially flat at $35.61 million for the year. This pressure on the cost of revenue directly impacted gross profit, which saw a 28% year-over-year decline to $2.76 million in FY 2025.

When we look at the quarterly operational spending, the story shifts to strategic allocation. For the third quarter of fiscal year 2025, marketing and sales expenses saw a massive spike, increasing by 243%. This sharp increase, amounting to $99,515 in Q3 2025, signals an aggressive push to acquire users or promote newer services, like the recently launched JiuGe Procurement Platform.

Conversely, management showed discipline in overhead. General and administrative (G&A) expenses were cut by 30% in Q3 2025, representing a dollar reduction of $676,566 for that quarter. This cost-cutting helped narrow the net loss for the quarter to $1.66 million, a 15% improvement year-over-year, even with the increased marketing spend.

Here's a quick look at the major cost movements we see from the Q3 2025 results:

The overall operating expenses for the full FY 2025 were reported at $8.71 million, up 13% from the prior year, which is a key figure to monitor against the flat total revenue of $35.61 million.

The strategic pivot toward higher-margin, data-driven platforms necessitates specific investment areas that form part of the overall cost base, even if specific dollar amounts aren't broken out in the standard reporting:

• Technology development and maintenance costs for proprietary platforms, such as the Rich Communication Services (RCS) platform currently under review.
• Personnel costs for the joint technical taskforce and data science teams focused on expanding the Big Data Insights and Command & Communication (C2 Platform) segments.

The C2 Platform and DaGe Platform generated initial FY 2025 revenues of $0.19 million and $0.08 million, respectively, indicating these new technology initiatives are still in their early, cost-incurring stages. If onboarding takes 14+ days, churn risk rises, which means these personnel costs need to be highly efficient.

Finance: draft 13-week cash view by Friday.

FingerMotion, Inc. (FNGR) - Canvas Business Model: Revenue Streams

You're looking at the financial engine of FingerMotion, Inc. as of late 2025. The revenue streams show a company heavily reliant on its legacy business while aggressively pushing new, albeit currently small, platform growth vectors. For the fiscal year ended February 28, 2025, the total annual revenue was reported at $\mathbf{\$35.61 \text{ million}}$.

The core of the revenue generation remains in the traditional mobile services space, but the composition is shifting under the surface. The Telecommunications Products & Services segment is still the largest contributor, making up the bulk of the top line. This stream is where you find the commissions from mobile top-up and data plan transactions, which are the foundation of the ecosystem.

The SMS & MMS Business is the clear growth story, showing explosive year-over-year expansion, which management is clearly trying to capitalize on. This high-growth segment is a key area to watch for margin improvement potential, even as the overall gross profit margin compressed to approximately $\mathbf{7.8\%}$ in FY 2025.

Here is a breakdown of the key revenue components for the fiscal year 2025:

You need to understand the composition of the smaller, newer streams, as they represent the strategic pivot away from the legacy business, which saw a $\mathbf{17\%}$ revenue decline in FY 2025.

• Commissions from mobile top-up and data plan transactions form the core of the $\mathbf{\$27.29 \text{ million}}$ Telecommunications Products & Services revenue.
• The SMS & MMS Business generated revenue of approximately $\mathbf{\$8.20 \text{ million}}$ for FY 2025, a significant increase over the prior year.
• The Command and Communications segment contributed $\mathbf{\$0.19 \text{ million}}$ in revenue for the full fiscal year 2025.
• Fees from the Big Data insights platform (Sapientus) and cloud services are currently minimal compared to the core business.

The DaGe Platform, another new initiative, added $\mathbf{\$0.08 \text{ million}}$ to the total revenue for FY 2025. Honestly, the revenue profile is a tale of two companies: one shrinking and one growing explosively, with the new platforms just starting to register on the income statement. Finance: draft 13-week cash view by Friday.