The following is a summary of the Genius Group Limited (GNS) Q1 2024 Earnings Call Transcript:
Financial Performance:
Genius Group's Q1 2024 revenue increased by 27% year-over-year to reach $23.1 million.
In the same year, gross profit grew 38% to $11.9 million with an expanded margin of 420 basis points.
The net loss was reduced by 90% to $5.7 million, a significant improvement from the previous loss of $58 million.
Following the acquisition of FatBrain AI, the company's pro forma revenues reached $70.4 million, with a gross profit of $17 million.
For the financial year 2024, Genius Group aims to achieve a pro forma revenue in excess of $105 million.
Business Progress:
Genius Group grew its student base by 24%, reaching 5.5 million students worldwide.
The company is projecting a target of 10 million students by the end of 2024.
The planned launch of the Genius City model in ten cities aims for each city to generate $10 million within three years.
The merger with OpenExO and FatBrain AI has resulted in a comprehensive product suite, further expanding the company's capabilities in AI.
Genius Group has ambitious plans for growth, aiming to reach 100 million students and $1 billion in annual revenue by 2030.
The company is finalizing its deal with OpenExO, with further updates anticipated.
High demand is expected to continue for AI education that Genius Group can deliver at scale.
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