Genius Group Announces 2023 Financial Results, 150% Pro Forma Revenue Growth to $70.4 million

Core Viewpoint - Genius Group Limited reported significant growth in revenue and a substantial reduction in costs for the fiscal year 2023, positioning the company for strong growth in 2024 [3][6]. Business Highlights for Fiscal 2023 - The company completed the acquisition of FatBrain AI and is in the process of finalizing the OpenExO transaction, which will enhance its AI education offerings [3][12]. - Genius Group is launching the Genius City Model in various global cities to create localized learning ecosystems [3][12]. Financial Results - Audited revenue for 2023 increased by 27% to $23.1 million from $18.2 million in 2022 [6][7]. - Pro forma revenue surged by 150% to $70.4 million from $28.1 million in 2022, including contributions from the FatBrain AI acquisition [6][12]. - The number of students and users grew by 24% to 5.5 million from 4.4 million in 2022 [6]. - Gross profit rose to $11.9 million, representing 52% of revenue, compared to $8.6 million or 47% in 2022 [6][7]. - The net loss after tax decreased by 90% to ($5.7) million from ($56.0) million in 2022, with pro forma net loss further reduced to ($0.8) million [6][12]. Strategic and Operational Highlights - The company maintains its 2024 pro forma revenue guidance of at least $105 million, indicating a 50% increase compared to 2023's pro forma revenue [6][10]. - Genius Group has welcomed notable education entrepreneurs to its investor base and added new board members and executive team members [12]. - The company has restructured its financing, repaying an $18.3 million convertible note ahead of schedule [12].