Summary by Moomoo AI
Genius Group reported significant financial improvements in H1 2024, with net assets increasing 177% to $54.6M from $19.7M at 2023 year-end. The company reduced its operating expenses to $10.8M from $15.4M YoY, while net loss per share decreased 74% to $0.84. Revenue declined to $4.9M from $11.8M due to strategic divestitures.The company has nullified its previously announced FatBrain acquisition and is pursuing arbitration to rescind the LZGI transaction, seeking to recover 7.3M shares and $6.6M in cash. Any recovered cash will be converted to Bitcoin as part of the company's new Bitcoin Treasury strategy, which has already invested $20M to acquire 214 Bitcoin.Looking ahead, Genius Group projects a net asset value of $75M for full-year 2024, with over $20M in its Bitcoin Treasury. The company has launched several strategic initiatives including AI-powered education solutions and Bitcoin Academy, targeting an initial Bitcoin Treasury of 1,000 Bitcoin while focusing on achieving profitable operations.
