Source: investing, 20/11/2024, Wednesday
SINGAPORE – Genius Group Limited (NYSE American: GNS), a global education and accelerator focused on artificial intelligence and Bitcoin, has announced preliminary unaudited financial results for the first half of 2024. The company reported a significant increase in adjusted revenue by 130%, to $20.7 million, up from $9.0 million in the same period last year. The first half of 2024 also saw a decrease in EBIT. Depreciation and Amortization (EBITDA) adjusted by 37%.
with a net loss of $4.6 million compared to a net loss of $7.3 million in the first half of 2023.
Recorded revenue growth and improved EBITDA are part of the company’s strategic shift towards a sustainable and positive cash flow business model. These preliminary results exclude Fat Brain AI contributions prior to the completion of the asset purchase in March 2024.
and include the performance of Entrepreneur Resorts Ltd, which was separated from the company in 2023.
Roger Hamilton, CEO of Genius Group, expressed confidence in the company’s direction and AI-based education and acceleration model.
which includes the Genius Cities platform and smart avatars. Hamilton expects the detailed financial results, expected to be released after the completion of the auditor’s review.
to show further progress for the company and its leadership in AI-powered training for the future of work.
The financial results also reflect the listing of the Fatbrain AI transaction following the signing of the settlement obligation by all parties involved. The company serves a user base of 5.4 million in more than 100 countries.
and offers a range of AI-powered training, tools and talent through its digital marketplace.
Adjusted EBITDA, a non-IFRS financial measure, was introduced to provide an additional tool to understand a company’s financial performance.
excluding certain non-operating expenses for better comparisons between periods.
This update is based on a press release and contains forward-looking statements subject to risk and uncertainty. The company advised against relying on these preliminary results as an indicator of future performance.
In other recent news, Genius Group Limited has launched a global AI learning platform, GeniusGroup.AI.
as part of its expansion strategy. The platform, designed to deliver AI training and resources.
provides a range of smart avats and a global marketplace for smart avatars and agents. The company, which serves 5.4 million users in more than 100 countries, saw revenue increase 27% to $23.1 million in a year. 2023, with a target of $105 million for 2024.
Genius Group recently reconfigured its board and management team, appointing four new directors and an interim chief financial officer.
while four directors resigned due to conflicts of interest and violations of fiduciary and legal duties. The company’s CEO, Roger James Hamilton, has acquired 500,000 ordinary shares and received approval to purchase up to 10 million shares, reflecting confidence in the company’s trajectory.
In addition, Genius Group successfully completed the first phase of a $22 million contract with the Government of Kazakhstan to develop sovereign AI and acquired approximately $3.8 million from the 2024-C chain safeguards exercise, operated by H.C. Wainwright & Co. In a strategic move, the company announced a 1-to-10 reverse stock consolidation and canceled its extraordinary general meeting after revaluation of the proposed stock consolidation plan. These are the latest developments of Genius Group.
Genius Group’s recent financial results reflect a company in transition, with promising developments and ongoing challenges. According to Investing Pro data, Genius Group’s revenue for the past twelve months through the fourth quarter of 2023 was $23.06 million.
with strong revenue growth of 26.76% over the same period. This corresponds to the reported 130% increase in Adjusted revenue for the first half of 2024, indicating a strong upward trend in revenue performance.
However, the company’s financial health presents a mixed picture. Tip from InvestingPro highlights that Genius Group “burns cash quickly,” which corresponds to the reported adjusted EBITDA loss.
although improved from the previous year. This cash burn is underscored by another tip that notes that “short-term liabilities exceed liquid assets,” suggesting potential concerns about Liquidity.
On the market front, Genius Group’s stock showed significant volatility. The company generated a strong return of 39.77% over the past month.
but has seen a significant decline of 85.29% over the past year. This volatility is captured in advice from InvestingPro stating that “the stock generally trades with high price fluctuations.
For investors looking for a more comprehensive analysis, InvestingPro offers 11 additional tips on Genius Group.
providing a deeper understanding of the company’s financial position and performance in the market. These insights can be especially valuable given the company’s evolving business model and focus on AI and Bitcoin education.
