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Genius Group (NYSE: GNS) reported significant financial improvements in H1 2024, with net assets increasing 177% to $54.6 million from $19.7 million at end-2023. The company reduced its net loss per share by 74% to ($0.84) compared to ($3.20) in H1 2023. Revenue decreased to $4.9 million from $11.8 million due to spin-offs, while operating expenses reduced to $10.8 million from $15.4 million.
Total assets grew 81% to $78.3 million, and current assets increased 329% to $41.2 million. The company launched a Bitcoin-first strategy in H2 2024, investing $20 million to acquire 214 Bitcoin, and provided guidance of $75 million net asset value for full year 2024. Strategic initiatives included closing an $8.25 million public offering, launching AI-powered education platforms, and establishing Genius Cities in Singapore, Abu Dhabi, and Dubai.
Genius Group (NYSE: GNS) ha riportato significativi miglioramenti finanziari nel primo semestre del 2024, con un aumento degli attivi netti del 177%, raggiungendo i 54,6 milioni di dollari rispetto ai 19,7 milioni di dollari alla fine del 2023. L’azienda ha ridotto la perdita netta per azione del 74%, passando a ($0,84) rispetto a ($3,20) nel primo semestre del 2023. I ricavi sono diminuiti a 4,9 milioni di dollari da 11,8 milioni di dollari a causa delle scissioni, mentre le spese operative sono scese a 10,8 milioni di dollari dai 15,4 milioni di dollari precedenti.
Il totale degli attivi è cresciuto dell’81%, raggiungendo i 78,3 milioni di dollari, e gli attivi correnti sono aumentati del 329%, arrivando a 41,2 milioni di dollari. L’azienda ha lanciato una strategia focalizzata sul Bitcoin nel secondo semestre del 2024, investendo 20 milioni di dollari per acquisire 214 Bitcoin, e ha fornito una previsione di 75 milioni di dollari di valore attivo netto per l’intero anno 2024. Le iniziative strategiche hanno incluso la chiusura di un’offerta pubblica di 8,25 milioni di dollari, il lancio di piattaforme educative alimentate da intelligenza artificiale e l’istituzione di Genius Cities a Singapore, Abu Dhabi e Dubai.
Genius Group (NYSE: GNS) reportó mejoras financieras significativas en el primer semestre de 2024, con un aumento de los activos netos del 177%, alcanzando 54,6 millones de dólares desde 19,7 millones al final de 2023. La compañía redujo su pérdida neta por acción en un 74%, a ($0,84) en comparación con ($3,20) en el primer semestre de 2023. Los ingresos disminuyeron a 4,9 millones de dólares desde 11,8 millones debido a escisiones, mientras que los gastos operativos se redujeron a 10,8 millones desde 15,4 millones.
Los activos totales crecieron un 81% hasta 78,3 millones de dólares, y los activos corrientes aumentaron un 329% a 41,2 millones de dólares. La compañía lanzó una estrategia centrada en Bitcoin en el segundo semestre de 2024, invirtiendo 20 millones de dólares para adquirir 214 Bitcoin, y proporcionó una guía de 75 millones de dólares en valor neto de activos para todo el año 2024. Las iniciativas estratégicas incluyeron el cierre de una oferta pública de 8,25 millones de dólares, el lanzamiento de plataformas educativas impulsadas por inteligencia artificial y el establecimiento de las Genius Cities en Singapur, Abu Dhabi y Dubái.
지니어스 그룹 (NYSE: GNS)은 2024년 상반기 동안 177% 증가하여 순자산이 2023년 말 1970만 달러에서 5460만 달러로 증가했다고 보고했습니다. 이 회사는 2023년 상반기 ($3.20)와 비교하여 주당 순손실을 74% 감소시켜 ($0.84)로 기록했습니다. 수익은 분할로 인해 1180만 달러에서 490만 달러로 감소했으며, 운영 비용은 1540만 달러에서 1080만 달러로 줄어들었습니다.
총 자산은 81% 증가하여 7830만 달러에 이르렀고, 유동 자산은 329% 증가하여 4120만 달러에 도달했습니다. 이 회사는 2024년 하반기 비트코인에 초점을 맞춘 전략을 시작하여 214 비트코인을 구입하기 위해 2000만 달러를 투자했으며, 2024년 전체에 대한 자산 가치로 7500만 달러를 안내했습니다. 전략적 이니셔티브에는 825만 달러 규모의 공모 마감, 인공지능 기반 교육 플랫폼 출시, 그리고 싱가포르, 아부다비, 두바이에 지니어스 도시 설립이 포함되었습니다.
Genius Group (NYSE: GNS) a rapporté des améliorations financières significatives au premier semestre 2024, avec une augmentation des actifs nets de 177 % à 54,6 millions de dollars contre 19,7 millions de dollars fin 2023. L’entreprise a réduit sa perte nette par action de 74 % à ($0,84) par rapport à ($3,20) au premier semestre 2023. Les revenus ont diminué à 4,9 millions de dollars contre 11,8 millions de dollars en raison des spin-offs, tandis que les dépenses d’exploitation ont été réduites à 10,8 millions de dollars contre 15,4 millions de dollars.
Les actifs totaux ont augmenté de 81 % pour atteindre 78,3 millions de dollars, et les actifs courants ont augmenté de 329 % pour atteindre 41,2 millions de dollars. L’entreprise a lancé une stratégie axée sur le Bitcoin au deuxième semestre 2024, investissant 20 millions de dollars pour acquérir 214 Bitcoin, et a fourni des prévisions d’une valeur nette d’actifs de 75 millions de dollars pour l’année complète 2024. Les initiatives stratégiques comprenaient la clôture d’une offre publique de 8,25 millions de dollars, le lancement de plateformes éducatives alimentées par l’IA et l’établissement des Genius Cities à Singapour, Abu Dhabi et Dubaï.
Genius Group (NYSE: GNS) berichtete über erhebliche finanzielle Verbesserungen im ersten Halbjahr 2024, wobei die Nettovermögen um 177 % auf 54,6 Millionen Dollar von 19,7 Millionen Dollar Ende 2023 erhöht wurden. Das Unternehmen verringerte seinen Nettoverlust pro Aktie um 74 % auf ($0,84) im Vergleich zu ($3,20) im ersten Halbjahr 2023. Der Umsatz sank auf 4,9 Millionen Dollar von 11,8 Millionen Dollar aufgrund von Spin-offs, während die Betriebskosten auf 10,8 Millionen Dollar von 15,4 Millionen Dollar gesenkt wurden.
Die Gesamtaktiva wuchsen um 81 % auf 78,3 Millionen Dollar, und die kurzfristigen Vermögenswerte erhöhten sich um 329 % auf 41,2 Millionen Dollar. Das Unternehmen startete im zweiten Halbjahr 2024 eine Bitcoin-first-Strategie, investierte 20 Millionen Dollar in den Erwerb von 214 Bitcoin und gab eine Prognose von 75 Millionen Dollar Nettowert für das gesamte Jahr 2024 ab. Zu den strategischen Initiativen gehörten der Abschluss eines öffentlichen Angebots über 8,25 Millionen Dollar, die Einführung von KI-gestützten Bildungsplattformen und die Einrichtung von Genius Cities in Singapur, Abu Dhabi und Dubai.
Positive
- Net assets increased 177% to $54.6 million
- 74% reduction in net loss per share to ($0.84)
- Operating expenses reduced by 30% to $10.8 million
- Total assets grew 81% to $78.3 million
- Acquired 214 Bitcoin worth $20 million
- Secured $8.25 million public offering and $3.8 million from warrants exercise
Negative
- Revenue declined 58% to $4.9 million in H1 2024
- Operating loss of $8.8 million in H1 2024
- Cash position decreased to $0.50 million from $0.6 million
- Going concern notice in 2023 audit opinion
- LZGI transaction in arbitration after rescission
Insights
The financial results reveal a complex transformation period for Genius Group. The 177% increase in net assets to $54.6 million is notable, but requires context. While total assets grew 81% to $78.3 million, revenue declined significantly from $11.8 million to $4.9 million due to strategic divestitures.
The reduction in operating expenses by 29.9% to $10.8 million and narrowing of losses shows improved operational efficiency. However, the $0.50 million cash position remains concerning for a company of this size. The 329% increase in current assets appears largely tied to receivables from the LZGI transaction reversal, which introduces some uncertainty.
The pivot to a Bitcoin-first strategy and $20 million Bitcoin treasury investment (214 BTC) represents a significant strategic shift. While this could provide upside exposure to crypto markets, it also introduces substantial volatility risk to the balance sheet. The $150 million ATM offering provides important funding capacity, but potential dilution must be considered.
The company’s strategic pivot to become a Bitcoin-first education platform marks a significant transformation. The acquisition of 214 Bitcoin at an implied average price of ~$93,450 per BTC indicates aggressive positioning in the crypto market. The launch of Bitcoin Academy and Blockchain Academy, combined with strategic sponsorships of major crypto events, suggests a comprehensive approach to establishing authority in the blockchain education space.
The integration of AI with blockchain education through GeniusGroup.AI and the acquisition of XD Academy demonstrates a forward-thinking convergence of emerging technologies. The establishment of Genius Cities with AI Hubs represents an innovative approach to creating decentralized education ecosystems. This positions the company at the intersection of two major technological trends – AI and blockchain – potentially creating unique competitive advantages in the edtech sector.
Genius Group increases Net Asset Value to $54.6 million, reduces net loss per share by 74% in First Half of 2024.
Provides guidance of $75 million net asset value for Full Year with growth in Bitcoin Treasury.
SINGAPORE, Dec. 27, 2024 (GLOBE NEWSWIRE) — Genius Group Limited (NYSE American: GNS) (“Genius Group” or the “Company”), a leading AI-powered, Bitcoin-first education group, today announced its financial results for the first half of 2024.
“Following a rationalization of our operations in the first half of the year, we are extremely pleased to report a stronger balance sheet and a reduction in operational expenses for the first six months of 2024. This trend has continued in the second half, with the launch of our Bitcoin-first strategy and growth of our Bitcoin Treasury.” said Roger Hamilton, CEO of Genius Group.
Genius Group’s unaudited first half financial results are for the operations of the Company excluding financials related to the LZGI transaction signed in January 2024. As previously reported, the Company has voted to rescind that transaction, and the matter is currently in arbitration. The financial highlights for the first half of 2024 is prior to the launch of the Company’s Bitcoin Treasury strategy in the second half of 2024.
Financial Highlights for the First Half of 2024
| ● | First half revenue of $4.9 million, compared to $11.8 million for first half of 2023, due to the spin off of Entrepreneur Resorts Limited and closure of University of Antelope Valley. | |
| ● | First half operating expenses of $10.8 million, compared to $15.4 million for first half of 2023, due to the reduction in operational costs and rationalization of operations in anticipation at the time of the LZGI transaction. | |
| ● | First half total loss of ($8.8) million, compared to ($11.4) million for first half of 2023, a reduction of 22.8%. | |
| ● | First half loss per share of ($0.84) per basic and diluted share compared to loss per share of ($3.20) per basic and diluted share in first half of 2023, a reduction of 74%. | |
| ● | $0.50 million cash and equivalents as of June 30, 2024, compared to $0.6 million as of December 31, 2023. | |
| ● | First half total current assets of $41.2 million, compared to $9.6 million as of December 31, 2023, an increase of 329%, due to receivables from the reversal of the LZGI transaction. | |
| ● | First half total assets of $78.3 million, compared to $43.2 as of December 31, 2023, an increase of 81%. | |
| ● | First half net assets of $54.6 million, compared to $19.7 million as of December 31, 2023, an increase of 177%. | |
“While the company has put significant focus on various corporate actions, rationalizing its operations and reducing costs in 2024, we have done so while growing our core Edtech business.” said Gaurav Dama, CFO of Genius Group. “We are finishing 2024 with a strong balance sheet and look forward to moving towards a sustainable cash positive operating model anchored by our Bitcoin Treasury plan in 2025.”
Strategic and Operational Highlights for the First Half of 2023
| ● | Closing $8.25 million public offering in January 2024 | |
| ● | Launched AI Avatar Tutor Team on GeniusU and expanding AI powered Genius University | |
| ● | Launch of Genius City Singapore: Company’s 1st Sovereign AI Education Ecosystem | |
| ● | Completion of Warrants Exercise for $3.8 Million Gross Proceeds in May 2024 | |
| ● | Launch of Abu Dhabi and Dubai Genius Cities, AI Hubs at Abu Dhabi University | |
| ● | Rationalization of operations, including closure of University of Antelope Valley | |
| ● | Announcement and subsequent decision to rescind asset purchase agreement with LZGI | |
Recent Strategic and Operational Highlights
| ● | Completion of reverse stock split in August 2024 | |
| ● | Closing $150 million ATM offering | |
| ● | Restructuring of the Board with appointment of Four new Board Members aligned with Company’s Bitcoin-first strategy. | |
| ● | Launch of GeniusGroup.AI to Power Growth of Genius Cities and AI Education | |
| ● | Bitcoin Treasury Reserve Strategy and invested $20M to acquire 214 Bitcoin | |
| ● | Launched Sponsorship of Bitcoin MENA, Abu Dhabi and Bitcoin 2025, Las Vegas | |
| ● | Sponsorship of Consensus Hong Kong and Toronto, and Paris Blockchain Week | |
| ● | Acquisition of Bitcoin Learning Platform, XD Academy | |
| ● | Launch announcement of Bitcoin Academy and Blockchain Academy in Q1 2025 | |
Following the issues relating to the LZGI transaction, the Company previously withdrew guidance for the year 2024. With the restructuring and realignment of the company to its Bitcoin-first strategy in the second half of 2024, the Company anticipates its Net Asset Value to grow to $75 million for the full year, with over $20 million in its Bitcoin Treasury. The Company is committed to its current path towards profitable, cash positive operations and an initial Bitcoin Treasury target of 1,000 Bitcoin.
Other
The audit opinion of its audited consolidated financial statements for the fiscal year ended December 31, 2023, included in the Company’s Annual Form on 20F filed with the Securities and Exchange Commission on May 15, 2024, prepared as going concern. The Company’s unaudited condensed consolidated financial statements as of June 30, 2024 have been prepared on a going concern basis.
About Genius Group
Genius Group (NYSE: GNS) is a Bitcoin-first business delivering AI powered, education and acceleration solutions for the future of work. Genius Group serves 5.4 million users in over 100 countries through its Genius City model and online digital marketplace of AI training, AI tools and AI talent. It provides personalized, entrepreneurial AI pathways combining human talent with AI skills and AI solutions at the individual, enterprise and government level. To learn more, please visit www.geniusgroup.net.
Investor Notice
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described in our most recent Annual Report on Form 20-F, as amended for the fiscal year ended December 31, 2023, filed with the SEC on May 15, 2024. If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See “Forward-Looking Statements” below.
Forward-Looking Statements
Statements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Risk Factors” in the Company’s Annual Reports on Form 20-F, as may be supplemented or amended by the Company’s Reports of a Foreign Private Issuer on Form 6-K. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.
GENIUS GROUP LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(In US Dollars)
| As of June 30, 2024 |
As of December 31, 2023 | |||||||
| (Unaudited) | (Audited) | |||||||
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | 500,329 | 614,753 | ||||||
| Restricted cash | 711,026 | 711,026 | ||||||
| Accounts receivable, net | 1,834,827 | 1,868,931 | ||||||
| Other receivables | 36,875,097 | 50,465 | ||||||
| Due from related parties | 169,969 | 4,966,733 | ||||||
| Inventories | 574,464 | 755,284 | ||||||
| Prepaid expenses and other current assets | 489,296 | 666,673 | ||||||
| Total Current Assets | 41,155,301 | 9,633,865 | ||||||
| Property and equipment, net | 421,952 | 456,751 | ||||||
| Other investments | 4,454,338 | 28,698 | ||||||
| Investments in joint venture | 369 | 379 | ||||||
| Other receivables | 766,076 | 770,994 | ||||||
| Due from related parties | 5,602,470 | 5,628,298 | ||||||
| Goodwill | 11,405,622 | 11,425,148 | ||||||
| Intangible assets, net | 14,476,868 | 15,250,751 | ||||||
| Other non-current assets | 18,889 | 18,889 | ||||||
| Total Assets | 78,301,886 | 43,213,773 | ||||||
| Liabilities and Shareholders’ Equity | ||||||||
| Current Liabilities | ||||||||
| Accounts payable | 3,156,964 | 4,406,850 | ||||||
| Accrued expenses and other current liabilities | 2,575,505 | 2,419,205 | ||||||
| Contract Liability | 1,916,179 | 2,750,137 | ||||||
| Income tax payable | 225,663 | 174,738 | ||||||
| Loans payable – current portion | 4,185,652 | 2,467,656 | ||||||
| Due to related parties | 4,234,079 | 4,907,181 | ||||||
| Convertible debt obligations, current portion | – | – | ||||||
| Short term debt | 40,000 | 122,415 | ||||||
| Total Current Liabilities | 16,334,042 | 17,248,182 | ||||||
| Due to related parties | 1,807 | 1,820 | ||||||
| Loans payable – non-current portion | 1,343,664 | 254,455 | ||||||
| Deferred tax liability | 2,280,324 | 2,280,323 | ||||||
| Derivative liabilities | 3,714,000 | 3,714,000 | ||||||
| Total Liabilities | 23,673,838 | 23,498,780 | ||||||
| Commitments and Contingencies Shareholders’ Equity: | ||||||||
| Contributed capital | 125,355,215 | 81,617,864 | ||||||
| Reserves | (8,031,640 | ) | (8,459,565 | ) | ||||
| Accumulated deficit | (68,362,461 | ) | (59,132,781 | ) | ||||
| Capital and reserves attributable to owners of Genius Group Ltd | 48,961,114 | 14,025,518 | ||||||
| Non controlling interest | 5,666,934 | 5,689,475 | ||||||
| Total Shareholders’ Equity | 54,628,048 | 19,714,993 | ||||||
| Total Liabilities and Shareholders’ Equity | 78,301,886 | 43,213,773 | ||||||
GENIUS GROUP LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In US Dollars)
| June 30, 2024 | June 30, 2023 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Revenue | $ | 4,880,309 | $ | 11,795,714 | ||||
| Cost of revenue | (3,149,970 | ) | (5,593,340 | ) | ||||
| Gross profit | 1,730,339 | 6,202,374 | ||||||
| Operating (Expenses) Income | ||||||||
| General and administrative | (9,510,000 | ) | (13,672,668 | ) | ||||
| Depreciation and amortization | (729,690 | ) | (919,568 | ) | ||||
| Other operating income | 19,238 | 1,213 | ||||||
| Legal expenses | (531,252 | ) | (776,867 | ) | ||||
| Loss from foreign currency transactions | (54,916 | ) | 2,425 | |||||
| Total operating expenses | (10,806,620 | ) | (15,365,465 | ) | ||||
| Loss from Operations | (9,076,281 | ) | (9,163,091 | ) | ||||
| (Expense) Income | ||||||||
| Interest expense, net | (223,614 | ) | (1,999,361 | ) | ||||
| Other expense | – | (5,227 | ) | |||||
| Other income | 47,673 | 68,311 | ||||||
| Total Other Expense | (175,941 | ) | (1,936,277 | ) | ||||
| Loss Before Income Tax | (9,252,222 | ) | (11,099,368 | ) | ||||
| Income Tax Benefit | – | 324,666 | ||||||
| Net Loss | (9,252,222 | ) | (10,774,702 | ) | ||||
| Other comprehensive income: | ||||||||
| Foreign currency translation | 427,926 | (599,818 | ) | |||||
| Total Comprehensive Loss | (8,824,296 | ) | (11,374,520 | ) | ||||
| Total Comprehensive Loss is attributable to: | ||||||||
| Owners of Genius Group Ltd | (8,801,755 | ) | (10,746,977 | ) | ||||
| Non controlling interest | (22,541 | ) | (627,543 | ) | ||||
| Total Comprehensive Loss | (8,824,296 | ) | (11,374,520 | ) | ||||
| Weighted-average number of shares outstanding, basic and diluted | 11,009,270 | 3,366,848 | ||||||
| Basic and diluted loss per share from continuing operations | (0.84 | ) | (3.20 | ) | ||||
GENIUS GROUP LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In US Dollars)
| For the Six months Ended | ||||||||
| June 30, 2024 | June 30, 2023 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Cash Flows from Operating Activities | ||||||||
| Net loss | $ | (9,252,222 | ) | $ | (10,774,702 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Stock-based compensation | 618,543 | 402,565 | ||||||
| Depreciation and amortization | 1,019,961 | 1,208,772 | ||||||
| Provision for interest expense | 223,614 | 1,277,162 | ||||||
| Provision for doubtful accounts | (321,898 | ) | 170,318 | |||||
| Gain on foreign exchange transactions | 54,916 | (2,425 | ) | |||||
| Interest expense on lease liabilities | – | 444,553 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 34,104 | 842,905 | ||||||
| Other receivable | (5,904,240 | ) | (3,556 | ) | ||||
| Prepaid expenses and other current assets | (177,083 | ) | (147,408 | ) | ||||
| Inventories | 180,820 | (169,751 | ) | |||||
| Accounts payable | (1,249,885 | ) | 551,988 | |||||
| Accrued expenses and other current liabilities | 156,300 | (417,574 | ) | |||||
| Contract Liability | (833,958 | ) | (1,341,138 | ) | ||||
| Deferred tax liability | – | (90,613 | ) | |||||
| Income tax payable | 50,926 | (485,980 | ) | |||||
| Other non-current asset | – | 178 | ||||||
| Total adjustments | (6,147,880 | ) | 2,239,996 | |||||
| Net Cash Used in Operating Activities | (15,400,102 | ) | (8,534,706 | ) | ||||
| Cash Flows from Investing Activities | ||||||||
| Internally developed software | (239,156 | ) | (322,419 | ) | ||||
| Purchase of property and equipment | (41,720 | ) | (111,151 | ) | ||||
| Acquisitions | – | (2,299,231 | ) | |||||
| Purchase of investment | (426,182 | ) | (20,000 | ) | ||||
| Net Cash Used in Investing Activities | (707,058 | ) | (2,752,801 | ) | ||||
| Cash Flows from Financing Activities | ||||||||
| Amount due to/from related party, net | 150,042 | 726,648 | ||||||
| Interest paid | (223,614 | ) | – | |||||
| Proceeds from convertible debt, net of issuance costs | – | 8,923,994 | ||||||
| Proceeds from equity issuances | 13,457,414 | – | ||||||
| Lease liabilities | – | (639,096 | ) | |||||
| Proceeds from loan | 4,970,269 | – | ||||||
| Repayment of loan | (2,245,479 | ) | (170,000 | ) | ||||
| Net Cash Provided by Financing Activities | 16,108,632 | 8,841,546 | ||||||
| Effect of Exchange Rate Changes on Cash | (115,896 | ) | (650,176 | ) | ||||
| Net (Decrease) in Cash | (114,424 | ) | (3,096,135 | ) | ||||
| Cash – Beginning of year | 614,753 | 5,720,569 | ||||||
| Cash – End of period | 500,329 | 2,624,432 | ||||||
Summary Combined Consolidated Financial Data
| Unaudited Financials Six Months Ended (USD 000’s) | Audited Financials Year Ended (USD 000’s) | |||||||||||||||
| Summary Income Data: | June 30, 2024 | June 30, 2023 | December 31, 2023 | December 31, 2022 | ||||||||||||
| Revenue | 4,880 | 11,796 | 23,063 | 18,194 | ||||||||||||
| Cost of revenue | (3,150 | ) | (5,593 | ) | (11,127 | ) | (9,555 | ) | ||||||||
| Gross profit | 1,730 | 6,203 | 11,936 | 8,639 | ||||||||||||
| Other Operating Income | 19 | 4 | 344 | 144 | ||||||||||||
| Operating Expenses | (10,826 | ) | (15,369 | ) | (48,347 | ) | (51,121 | ) | ||||||||
| Operating Loss | (9,077 | ) | (9,162 | ) | (36,067 | ) | (42,338 | ) | ||||||||
| Other income | 48 | 68 | 32,981 | 418 | ||||||||||||
| Other Expense | (224 | ) | (2,005 | ) | (3,704 | ) | (15,151 | ) | ||||||||
| Net Loss Before Tax | (9,253 | ) | (11,099 | ) | (6,790 | ) | (57,070 | ) | ||||||||
| Tax Expense | – | 325 | 1,079 | 1,063 | ||||||||||||
| Net Loss After Tax | (9,253 | ) | (10,774 | ) | (5,711 | ) | (56,007 | ) | ||||||||
| Other Comprehensive Income | 428 | (600 | ) | (204 | ) | 290 | ||||||||||
| Total Loss | (8,825 | ) | (11,374 | ) | (5,915 | ) | (56,297 | ) | ||||||||
| Net income per share, basic and diluted | (0.84 | ) | (3.20 | ) | (1.00 | ) | (24.7 | ) | ||||||||
| Weighted-average number of shares outstanding, basic and diluted | 11,009,270 | 3,366,848 | 5,550,197 | 2,263,437 | ||||||||||||
| Unaudited Financials Six Months Ended, (USD 000’s) | Audited Financials Year Ended (USD 000’s) | |||||||||||
| June 30, 2024 | December 31, 2023 | December 31, 2022 | ||||||||||
| Summary Balance Sheet Data: | ||||||||||||
| Total current assets | 41,155 | 9,634 | 24,251 | |||||||||
| Total non-current assets | 37,147 | 33,580 | 67,009 | |||||||||
| Total Assets | 78,302 | 43,214 | 91,260 | |||||||||
| Total current liabilities | 16,334 | 17,248 | 23,378 | |||||||||
| Total non-current liabilities | 7,340 | 6,251 | 53,927 | |||||||||
| Total Liabilities | 23,674 | 23,499 | 77,305 | |||||||||
| Total Shareholders’ Equity | 54,628 | 19,715 | 13,955 | |||||||||
| Total Liabilities and Shareholders’ Equity | 78,302 | 43,214 | 91,260 | |||||||||
Non-IFRS Financial Measure
We have included Adjusted EBITDA because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business.
We calculate Adjusted EBITDA as net profit / loss for the period plus income taxes and social contribution plus / minus finance revenue /expense result plus depreciation and amortization plus impairments plus revaluation adjustment of contingent liabilities plus share-based compensation expenses plus bad debt provision.
Derived from Financial Statements
| Genius Group Unaudited Financials Six Months Ended (USD 000’s) | Group Audited Financials Year Ended (USD 000’s) | |||||||||||||||
| June 30, 2024 |
June 30, 2023 |
December 31, 2023 |
December 31, 2022 |
|||||||||||||
| Net (Loss) | (9,253 | ) | (10,775 | ) | (5,711 | ) | (56,007 | ) | ||||||||
| Tax Expense | – | (325 | ) | (1,079 | ) | 1,064 | ||||||||||
| Interest Expense, net | 224 | 1,999 | 3,695 | 1,312 | ||||||||||||
| Depreciation and Amortization | 1,020 | 1,209 | 3,271 | 2,351 | ||||||||||||
| Legal expense (non recurring) | 531 | – | 1,178 | – | ||||||||||||
| Impairments | – | – | 15,372 | 28,246 | ||||||||||||
| Revaluation adjustment of Contingent Liabilities |
– | – | (32,775 | ) | 13,838 | |||||||||||
| Stock Based Compensation | 619 | 403 | 10 | 1,309 | ||||||||||||
| Bad Debt Provision | 210 | 170 | 2,822 | 1,509 | ||||||||||||
| Adjusted EBITDA | (6,650 | ) | (7,319 | ) | (13,217 | ) | (8,505 | ) | ||||||||
Contacts
Investors:
Investor Relations Team
Email: investor@geniusgroup.net
Media Contacts:
MZ Group – MZ North America
(949) 259-4987
GNS@mzgroup.us
www.mzgroup.us
FAQ
What caused GNS revenue to decline in H1 2024?
GNS revenue declined to $4.9 million due to the spin-off of Entrepreneur Resorts and closure of University of Antelope Valley.
How many Bitcoin does GNS hold in its treasury as of H1 2024?
GNS invested $20 million to acquire 214 Bitcoin as part of its Bitcoin Treasury strategy.
What is GNS’s net asset value target for full year 2024?
GNS anticipates its Net Asset Value to grow to $75 million for the full year 2024, with over $20 million in its Bitcoin Treasury.
How much did GNS reduce its operating expenses in H1 2024?
GNS reduced operating expenses to $10.8 million from $15.4 million in H1 2023, a 30% reduction.
What is GNS’s Bitcoin treasury target?
GNS has set an initial Bitcoin Treasury target of 1,000 Bitcoin.
