SINGAPORE, Dec. 27, 2024 Genius Group Limited (“Genius Group” or the “Company”), a leading AI-powered, Bitcoin-first education group, 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%. |
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