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Genius Group has announced the exercise of Series 2024-C warrants, generating approximately $3.8 million in gross proceeds. The exercise involves 10,950,451 ordinary shares at $0.35 per share. H.C. Wainwright & Co. acted as the exclusive placement agent. In return, the company will issue new Series 2024-D and 2024-E warrants. The 2024-D warrants have a term of five and one-half years, and the 2024-E warrants have a term of two years. Additionally, certain existing warrants from April 2024 will be amended to reduce the exercise price, and new warrants will be issued. The proceeds will be used for general corporate purposes, including working capital, operating expenses, debt repayment, and supporting acquired assets. The offering is expected to close around May 22, 2024, subject to customary conditions.
Genius Group (NYSE American: GNS) reported its financial results for 2023, showcasing significant growth. The company achieved a 27% increase in audited revenue to $23.1 million and a 150% rise in pro forma revenue to $70.4 million, including the impact of the FatBrain AI acquisition. The number of students and users grew 24% to 5.5 million.
Gross profit reached $11.9 million, up from $8.6 million in 2022, while net loss after tax drastically reduced by 90% to $5.7 million. Pro forma net loss was $0.8 million. The company continues to forecast a 2024 pro forma revenue of $105 million. Key developments include the launch of the Genius City model in various global hubs and the successful integration of AI tools and platforms.
Genius Group (NYSE American: GNS) will host an earnings call on May 16, 2024, to discuss its full-year financial results for 2023. The call will be available via dial-in and webcast, with a replay option provided. Investors can access the financial results press release prior to the call.
Genius Group (NYSE American: GNS) will be participating in the Sidoti Micro Cap Conference on May 8 and 9, 2024. The Company will present on May 8th at 10:00 a.m. Eastern Time, with management and the board available for one-on-one meetings with investors.
Genius Group (NYSE American: GNS) has engaged MZ Group to lead a strategic investor relations and financial communications program to increase visibility in key markets. MZ Group will assist in highlighting Genius Group's AI-powered education solutions and disruptive approach. The partnership aims to enhance investor relations and brand awareness in the investment community.
