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Genius Group | 6-K: Report of foreign private issuer (related to financial reporting)

SEC announcement ·  May 16 01:30
Summary by Futu AI
Genius Group Limited, a leading provider of AI-powered, digital-first education solutions, announced its financial results for the fiscal year ended December 31, 2023. The company reported a 27% increase in audited revenue to $23.1 million, up from $18.2 million in the previous year. Pro forma revenue saw a significant increase of 150% to $70.4 million, including revenue from the FatBrain AI transaction. The number of students and users grew by 24% to 5.5 million. Gross profit rose to $11.9 million, or 52% of revenue, compared to 47% in the previous year. The net loss after tax was significantly reduced by 90% to $5.7 million from $56.0 million in 2022. The company also reiterated its 2024 pro forma revenue guidance of at least $105 million. CEO Roger James Hamilton highlighted the year's growth and cost reductions...Show More
Genius Group Limited, a leading provider of AI-powered, digital-first education solutions, announced its financial results for the fiscal year ended December 31, 2023. The company reported a 27% increase in audited revenue to $23.1 million, up from $18.2 million in the previous year. Pro forma revenue saw a significant increase of 150% to $70.4 million, including revenue from the FatBrain AI transaction. The number of students and users grew by 24% to 5.5 million. Gross profit rose to $11.9 million, or 52% of revenue, compared to 47% in the previous year. The net loss after tax was significantly reduced by 90% to $5.7 million from $56.0 million in 2022. The company also reiterated its 2024 pro forma revenue guidance of at least $105 million. CEO Roger James Hamilton highlighted the year's growth and cost reductions, setting the stage for strong growth in 2024. The company completed the acquisition of FatBrain AI and is in the process of completing the OpenExO transaction, which is expected to further its AI education and acceleration group. Genius Group also launched its Genius City Model in Singapore, Dubai, and Abu Dhabi, with plans to expand to nine additional cities in 2024. The audited financial results reflect the performance of seven companies within the Genius Group, excluding FatBrain AI and OpenExO transactions. The company maintains its financial guidance for 2024, expecting continued revenue growth and a path to sustainable, cash positive, profitable growth.

This announcement is a separate document:

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