SINGAPORE, Jan. 22, 2024 (GLOBE NEWSWIRE) — Genius Group Limited Genius Group Limited (NYSE American: GNS) (“Genius Group” or the “Company”), a leading entrepreneur edtech and education group, announces its financial guidance for the financial year ending December 31, 2024.
Genius Group’s financial guidance of 110% revenue growth with positive EBITDA in 2024 is based on continued strong growth in its AI-driven EdTech platform and portfolio of entrepreneurial education courses. This follows the Company’s recently revised guidance of a projected profitable 2023 on 43% to 60% revenue growth.
2024 Financial Guidance:
- Estimated annual revenue of $58m – $60m, a 110% increase from $27m – $29m which was our 2023 guidance
- Number of students (and users) 9.5m – 10m, a 67% increase from 5.7m – 6.0m 2023 guidance
- Adjusted EBITDA of $2.5m – $3.0m
Roger Hamilton, CEO of Genius Group, commented: “We continue to see high demand from our global community of students and faculty for AI-driven, Web3-based learning solutions, from our Genie AI and Genius Metaversity to our Ai-enabled Partner Portal.”
“We believe 2024 is going to be an extremely important year for both technology and education, with a continued trend towards future-focused courses to prepare students, entrepreneurs and employees for a world in which AI and exponential technologies will play an increasingly important part.”
“We believe Genius Group is well positioned to serve the companies and talent that are seeking to learn and earn in the Age of AI, using our Genie AI to provide personalized learning pathways for future-ready leaders. In addition, our improving unit economics we believe will enable us to combine high growth with positive adjusted EBITDA in 2024.”
About Genius Group
Genius Group is a world leading entrepreneur Edtech and education group, with a mission to disrupt the current education model with a student-centered, life-long learning curriculum that prepares students with the leadership, entrepreneurial and life skills to succeed in today’s market. The group has a group user base of 5.4 million users in 200 countries, ranging from early age to 100.
Non-IFRS Financial Measures
The Company has included certain non-IFRS financial measures in this news release including 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. Non-IFRS financial measures are not a substitute for IFRS financial measures.
We calculate Adjusted EBITDA as Net loss for the period plus income taxes plus/ minus net finance result plus depreciation and amortization plus/minus share-based compensation expenses plus bad debt provision. Share-based compensation expenses and bad debt provision are included in General and administrative expenses in the Consolidated Statements of Operations. Measuring adjusted EBITDA is intended to provide additional information to investors and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Reconciliations of non-IFRS measures, such as Adjusted EBITDA, to the most comparable IFRS measures and management’s reasoning for using them are included in the Company’s earnings press release dated September 29, 2023, which is available on the investor relations section of the Company’s website at ir.geniusgroup.net. Investors are encouraged to read these detailed financial disclosures and reconciliations.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the U.S. federal securities laws, including (without limitation) statements regarding our or our management’s expectations, hopes, beliefs, intentions or strategies regarding the future and other statements that are other than statements of historical fact. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements are generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties and show not be relied upon and are not a guarantee of performance.
Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: the Company’s goals and strategies; the Company’s future business development; changes in demand for online learning; changes in technology; fluctuations in economic conditions; the growth of the online learning industry the United States and the other markets the Company serves or plans to serve; reputation and brand; the impact of competition and pricing; government regulations; and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission (the “SEC”). For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that arise after the date hereof.
Contacts
Dave Gentry
RedChip Companies Inc
1-800-RED-CHIP
GNS@redchip.com
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