$Genius Group (GNS.US)$ NEWS Genius Group Announces 2023 Fin...

Jaguar8 commented on a stock · May 15, 2024 12:31

NEWS

Genius Group Announces 2023 Financial Results, 150% Pro Forma Revenue Growth to $70.4 million

Positive
27% increase in audited revenue to $23.1 million.
150% rise in pro forma revenue to $70.4 million.
24% increase in students and users to 5.5 million.
Gross profit increased to $11.9 million or 52% of revenue.
Significant reduction in net loss after tax to $5.7 million, a 90% decrease.
Pro forma net loss reduced to $0.8 million.
Reiterated 2024 pro forma revenue guidance of at least $105 million.
Successful acquisition of FatBrain AI.
Launch of Genius City model in global cities.
Expansion and integration of AI tools and platforms.
Negative
Operating expenses remained high at $48.3 million.
Net loss for 2023 was still significant at $5.7 million.
Cash and equivalents were low at $1.3 million as of December 31, 2023.
Campus revenue decreased by 4% due to the ERL spin-off.
Pro forma cost of revenue was high at $53.3 million, impacting gross profit margins.

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