Genius Group Announces Preliminary First Half 2024 Financial Results: 130% Pro Forma Revenue Growth

In This Article:

Genius Group Limited
Genius Group Limited

SINGAPORE, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Genius Group Limited (NYSE American: GNS) (“Genius Group” or the “Company”), a leading AI-powered, Bitcoin-first education and acceleration group, today provided preliminary unaudited financial and operational results for the six months ended June 30, 2024.

“Whilst our auditors complete their review of our first half financial results of 2024 in the coming weeks, we are pleased to provide preliminary results on our revenue and adjusted EBITDA. We believe our 130% pro forma revenue growth continues our track record of exceeding the Edtech industry growth rate as a whole, and our reduction in EBITDA loss is a direct result of our strategy of becoming a self-sustaining, cash positive business.” said Roger Hamilton, CEO of Genius Group.

“We look forward to the coming month, in which we will be providing detailed first half financial results following the completion of our auditors’ review, together with guidance for the full year including our Bitcoin Treasury Plan. We believe our AI education and acceleration model, including our Genius Cities platform and latest AI avatars, provides a powerful value add layer to our Bitcoin-first strategy, and we believe in the coming year we will solidify our leadership position in delivering AI powered training and tools for the future of work.”

Preliminary Financial Highlights for the First Half of 2024

  • First half revenue of $13.2 million, compared to $11.8 million in 2023. First half revenue in 2024 excludes revenue from FatBrain AI prior to the asset purchase transaction that closed in March, and first half revenue in 2023 includes revenue from Entrepreneur Resorts Ltd, which was subsequently spun off from the Company in 2023.

  • First half adjusted EBITDA net loss of ($5.9) million, compared to ($7.3) million first half adjusted EBITDA net loss in 2023, with adjusted EBITDA in 2024 excluding adjusted EBITDA from FatBrain prior to the transaction closed in March, and first half adjusted EBITDA in 2023 including adjusted EBITDA from Entrepreneur Resorts Ltd.

Preliminary Pro Forma Financial Highlights for the First Half of 2024

  • First half pro forma revenue of $20.7 million, compared to $9.0 million in first half of 2023, representing a 130% increase.

  • First half 2024 pro forma adjusted EBITDA net loss of ($4.6) million, compared to ($7.3) million first half pro forma adjusted EBITDA net loss of ($7.3) million in 2023, representing a 37% reduction.

Financial results include the Fatbrain AI (LZGI) transaction following the signing of a settlement commitment where all parties have committed to reach an amicable settlement that includes proceeding with the LZGI transaction and effectively addressing and rectifying the various issues related to the transaction.