Summary by Moomoo AI
Infobird Co., Ltd reported financial results for fiscal year 2023, marking a strategic transformation following the sale of its China operations in August 2023. The company generated revenue of $280,000 from its new Hong Kong-based operations in 2023, with a gross profit of $154,729, while recording a net loss of $2.9 million compared to a net loss of $16.2 million in 2022.The company completed a significant restructuring by selling its China-based SaaS business to CRservices Limited for HK$10,000 in August 2023. This strategic shift resulted in a net gain of $22.9 million from discontinued operations, though the company recorded an impairment charge of $17.6 million on receivables from the discontinued operations. The company maintained a working capital position of $5.4 million as of December 31, 2023.Looking ahead, Infobird is focusing on expanding its presence globally through its Hong Kong operations, with plans to establish new offices in Southeast Asia and Europe. The company has moved key technical staff to Hong Kong and is actively recruiting local talent to support its international growth strategy in finance, real estate and hotel management sectors.
