BEIJING, May 14, 2021 (GLOBE NEWSWIRE) — 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 …

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