Audited Financial Results
The audited financial results are for the seven companies within Genius Group (excluding the FatBrain AI and pending OpenExO transactions completed and to be completed in 2024) and including nine months of Entrepreneur Resorts Ltd prior to its spin off in October 2023.
| ● | During the year ended December 31, 2023, overall revenue totaled $23.1 million, or an increase of 27%, compared to $18.2 million in the previous year. This was driven by an increase in Education Revenue of 37% from $13.6 million to $18.6 million and decrease in campus revenue by 4% from $4.6 million in 2022 to $4.5 million in 2023 as a result of the ERL spin off. |
| ● | Gross profit increased to $11.9 million or 52% of revenue compared to $8.6 million, or 47% or revenue in 2022. |
| ● | Operating expenses decreased to $48.3 million in 2023 compared to $51.1 million in 2022. The decrease in our operating expenses is the result of lower impairments offset by continued investment in our business. |
| ● | Net loss for 2023 was ($5.7) million compared to a net loss of ($56.0) million in 2022. Earnings per diluted share were $(0.10) in 2023 compared to $(2.47) in 2022. |
| ● | Cash and equivalents on December 31, 2023 were $1.3 million. Total assets at December 31, 2023 were $43.2 million. |
Pro Forma Financial Results
Genius Group pro forma financial results is for the seven companies within Genius Group, taking into account the Group Companies including FatBrain AI with the transaction completed in March 2024, and excluding Entrepreneur Resorts Ltd, which spun off in October 2023, and pending OpenExO, as the agreement was completed in 2024 but final closing is pending various closing conditions being met.
The Pro Forma Financial Results should be viewed as the current group's financial performance, of which the audited financial results represent a subset of this group – the group prior to the 2024 FatBrain AI transaction. The historical results do not necessarily indicate our expected results for any future periods.
| ● | During the year ended December 31, 2023, overall pro forma revenue totaled $70.4 million, compared to $28.1 million in 2022. |