BEIJING, May 16, 2022
/PRNewswire/ -- Infobird Co., Ltd (Nasdaq: IFBD)
("Infobird", or the "Company"), a software-as-a-service provider of
AI-powered customer engagement solutions in China, today
announced it has filed its annual report on Form 20-F for the
fiscal year ended December 31, 2021, 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 for the fiscal year ended December 31, 2021, 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 2021 was approximately
$ 9.6 million, representing an
approximately 33.7 % decrease from the same period in 2020. The
decrease in revenues is primarily due to various factors including
the impacts of COVID-19, the expiration of the customized
cloud-based services contract and telecommunications services
contract with China Guangfa Bank on June 30,
2020, and the time needed to transition into a standard
cloud-based services focused business model. The Company reported a
net loss mainly due to higher operating expenses compared with fiscal year
2020. In order to expand the market and provide competitive
products to its clients, the Company expanded its marketing efforts
and sales forces to target more potential customers and invested
heavily to upgrade or expand standard cloud-based products in
fiscal year 2021, especially after the completion of the Company's
initial public offering in April
2021. As a result, the Company's selling expenses and
research and development expenses both increased and together
accounted for approximately 42.4% of the total operating expenses.
The remaining operating expenses in 2021 were general and
administrative expenses, where the increase was mainly due to
amortization expenses, bad debt allowance, and long-lived assets
impairment, which increase was primarily due to the delay of the Company's construction progress in
Guiyang and additional impairment
on its tangible assets.
Fiscal year 2021 also marks the first stage of the Company's
strategy to transition to a focus on standard cloud-based services,
and the Company believes it has made some positive progress with
such transition. The Company's standard cloud-based services
revenue in 2021 increased by approximately 41.5% compared with that
of the same period in 2020. The percentage of standard cloud-based
services over the total revenue for the year ended December 31, 2021 also increased to approximately
20.6% compared with approximately 9.7% for the same period in 2020.
The average revenue per user account for standard cloud-based
services also increased for the year ended December 31, 2021, primarily due to growing
client utilization of services as well increased demand for
AI-related products offered by the company. In addition, the
Company has expanded into various industries such as retail,
healthcare and new energy vehicle industries and has engaged with
several domestic and global leading enterprises by empowering them
with its intelligent and digitalized customer engagement
solutions.
Yimin Wu, chief executive officer
and chairman of the Infobird board of directors commented, "Fiscal
year 2021 marks a very important
milestone to us. We successfully became a public listed company on
Nasdaq and set the course for our business transition to standard
cloud-based services as our key strategy for the near future. We
have accumulated deep experiences in serving large enterprises in
the past with high security and service levels. Part of our growth
strategy revolves around leveraging our valuable know-how and
capabilities to serve more clients of different sizes. Therefore,
we believe our strategic transition from customized cloud-based
services to standard cloud-based services will not only help us to
expand the size of our addressable markets by accessing additional
potential customer groups, but also empower more clients to
transform their customer engagement in a more intelligent and
digitalized way. To achieve this goal, we have set a clear
go-to-market strategy to target both small to medium-sized
businesses and mid-to-large enterprises with our telemarketing team
and regional and industry sales teams while building a more solid
foundation as an organization for standard cloud-based services
expansion since 2021."
"The transition journey has been exciting and there have also
been days we encountered certain difficulties, but we faced them
directly in order to drive solutions. We also want to recognize and
thank all of our employees for many of the great achievements in
2021. Our standard cloud-based services have experienced growth and
we have entered into agreements with some leading enterprises
domestically and globally, which we believe will benefit us both in
the short and long term. We expect that our revenue for standard
cloud-based services will continue to increase in fiscal year 2022
as we move forward with our transition."
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.
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SOURCE INFOBIRD