SINGAPORE - FingerMotion, Inc. (NASDAQ:FNGR) announced today that it has agreed to enter into a Memorandum of Understanding with BlueFlare Energy Solutions Inc. regarding the development of behind-the-meter AI compute infrastructure across Western Canada. The company’s stock jumped 14% over the past week following the announcement, though shares of the $55 million market cap firm remain down 65% over the past year.
Under the contemplated MOU, BlueFlare would serve as FingerMotion’s primary development partner across Alberta, British Columbia and Saskatchewan for the origination, design, engineering, construction and ongoing support of high-performance computing inference sites integrated with co-located bitcoin mining operations, according to a press release statement.
The MOU is intended to be substantially non-binding with respect to principal commercial terms, which would remain subject to negotiation and execution of definitive agreements. Certain provisions including exclusivity, anti-circumvention, confidentiality and public-disclosure provisions would be binding once executed.
Two initial project sites have been identified for potential development within the territory. The parties agreed to use commercially reasonable efforts to negotiate a Commercial Term Sheet for at least one site within 90 days following execution of the MOU, though this milestone is aspirational and non-binding.
The contemplated exclusivity arrangement would make BlueFlare FingerMotion’s sole partner within the three provinces for HPC inference sites and co-located bitcoin mining infrastructure. The exclusivity commitment is non-reciprocal, allowing BlueFlare to pursue projects with other parties.
FingerMotion is pursuing a strategy of building modular, micro-scale AI and HPC compute capacity through behind-the-meter natural gas-powered sites in Western Canada. The company stated it believes this approach could provide greater control over energy costs and power availability. The expansion comes as FingerMotion faces financial headwinds, with revenue of $24.1 million in the last twelve months declining 32% year-over-year and gross profit margins of just 2.9%. According to InvestingPro analysis, the company currently trades near its Fair Value, with a "WEAK" overall financial health score. InvestingPro offers access to over 10 additional exclusive tips and comprehensive financial metrics for FNGR.
"The cooperation framework we are establishing with BlueFlare gives FingerMotion a credible Western Canadian foothold in the rapidly growing North American AI infrastructure market," said Martin Shen, Chief Executive Officer of FingerMotion.
The Government of Alberta has established a target of attracting C$100 billion in data center investment by 2030. Alberta produces in excess of 10.9 billion cubic feet of natural gas per day.
FingerMotion is a mobile services and technology company expanding into North American AI and HPC infrastructure.
In other recent news, FingerMotion, Inc. has announced a significant development in its business strategy with plans to acquire Telforge, Inc. through a share exchange agreement. The agreement involves issuing up to 7,333,333 shares of FingerMotion common stock to Telforge shareholders. At the closing of the transaction, 2,333,333 shares will be released, while the remaining 5,000,000 shares will be held in escrow and released upon meeting specific revenue and contract value targets. Additionally, FingerMotion has unveiled its intention to develop modular edge computing facilities aimed at supporting artificial intelligence workloads. This initiative is part of the company’s broader diversification strategy, which includes exploring opportunities in AI and high-performance computing sectors. The company has not yet entered into any definitive agreements in these new sectors. These recent developments underscore FingerMotion’s strategic shift toward business diversification and international expansion.
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