Announces Filing of Annual Report on Form 20-F
May 14 2021 - 4:35PM
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.”
“We believe the 2020 fiscal year marked an
important turning point for Infobird as we began to shift the focus
of our business from customized cloud-based services to standard
cloud-based services. We are in the early stages of executing this
growth strategy but have begun to see tangible results from these
efforts, as our average monthly paid user accounts for standard
cloud-based services increased by approximately 30.5% compared with
the same period in 2019,” Mr. Wu continued. “We have also invested
significant resources in research and development to develop and
launch a series of new standard SaaS products embedded with our AI
capabilities. In addition, we have been enhancing our sales and
marketing efforts to not only acquire new high-quality customers in
the finance industry but to also expand into several other
industries, including retail and healthcare. With a large
proportion of our IPO proceeds devoted to strengthening sales and
marketing, we expect to expand our client base through actively
promoting our standard cloud-based services. We expect that our
standard cloud-based services will constitute the major portion of
our fiscal year 2021 revenue as compared to customized cloud-based
services. We expect the revenue for the fiscal year 2021 to
increase to between $22 million and $25 million and also expect to
operate at a healthier revenue composition that drives from a more
diverse base of clients.
“We believe the strategic transformation of the
focus of our business from customized cloud-based services to
standard cloud-based services will not only enhance our success in
serving mid-to-large financial institutions and large customers
across industries but will also serve to promote our SaaS solutions
to more small and medium-sized enterprises in China that cannot
afford customized SaaS or customized software development, enabling
them to benefit from high-quality standard AI-powered SaaS in
customer engagement.”
About Infobird Co., Ltd
Infobird, headquartered in Beijing, China, is a
software-as-a-service provider of innovative AI-powered, or
artificial intelligence-enabled, customer engagement solutions in
China. For more information, visit Infobird’s website at
www.Infobird.com.
Forward-Looking Statements
This release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All forward-looking statements are inherently uncertain,
as they are based on current expectations and assumptions
concerning future events or future performance of Infobird. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which are only predictions and speak only as of the
date hereof. In evaluating such statements, prospective investors
should review carefully various risks and uncertainties identified
in this release and matters set in Infobird’s SEC filings. These
risks and uncertainties could cause Infobird’s actual results to
differ materially from those indicated in the forward-looking
statements.
Contacts
Infobird ContactInfobird Co.,
LtdYimin Wu, Chief Executive Officer and Chairman of the Board of
Directorswuym@infobird.com86-010-52411819
Corporate
CommunicationsInvestorBrandNetwork (IBN) Los Angeles,
California www.InvestorBrandNetwork.com310.299.1717 Office
Editor@InvestorBrandNetwork.com
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