Genius Group Announces 119% Revenue Growth for Full Year 2022, Expansion of Pro Forma Gross Margin to 53%


SINGAPORE, June 06, 2023 (GLOBE NEWSWIRE) -- Genius Group Limited (NYSE American: GNS) (“Genius Group” or the “Company”), a leading entrepreneur edtech and education group, today announced its financial results for the full year 2022.

Full Year 2022 Financial Highlights

  • Revenue growth of 119% to $18.2 million in 2022 from 2021 revenues of $ 8.3 million
  • Revenues on pro-forma basis of $28.1 million in 2022
  • Gross margin of 47% in 2022, compared to a gross margin of 33% in 2021
  • Pro forma gross margin of 53% in 2022
  • Net loss of ($55.3 million) in 2022 compared to net loss of ($4.5 million) in 2021 and pro forma net loss of ($54.9 million) in 2022, partially due to the Company’s annual valuation testing of its goodwill and intangible asset fair market values,
  • Adjusted EBITDA net loss of ($7.8 million) in 2022 compared to an adjusted EBITDA net loss of ($2.3 million) in 2021 and pro forma adjusted EBITDA net loss of ($7.3 million) in 2022
  • Cash and equivalent as of December 31, 2022, of $5.7 million compared to $1.8 million as of December 31, 2021
  • Total assets of $91.3 million as of December 31, 2022 compared to $17.6 million as of December 31, 2021
  • Intangible assets of $16.1 million as of December 31, 2022 compared to $1.4 million as of December 31, 2021 as a result of the acquisitions completed this year
  • Goodwill of $31.7 million as of December 31, 2022 compared to $1.3 million as of December 31, 2021 as a result of the acquisitions completed this year
  • $36.5 million in derivative liabilities as of December 31, 2022 due to $12.5 million in contingent consideration and $24.0 million in options

2022 Student and Partner Growth Highlights

The Company exceeded its growth targets for students and partners:

  • Students and users growth of 58%, from 2.8 million students at the end of 2021 to 4.5 million students and users at the end of 2022, representing an average daily growth of 4,452 new students and users per day
  • Paying students and users growth of 137%, from 72,422 students and users at the end of 2021 to 171,919 paying students and users at the end of 2022, representing an average daily growth of 272 new paying students and users per day
  • Partner growth of 29% from 11,414 at the end of 2021 to 14,760 at the end of 2022

Roger Hamilton, CEO of Genius Group, commented: “Genius Group has had a transformative year since its IPO in April 2022. We completed the acquisitions of 5 companies, grew at a significantly faster rate than the Edtech industry1, signed strategic partnerships and established an experienced leadership team to drive the growth of Genius Group and its subsidiaries. We plan to continue on this growth trajectory in 2023 as we attract new free and paying students, sign new partnerships, further integrate our past acquisitions and pursue our acquisition strategy.”

2022 Strategic and Operational Highlights

  • IPO of Genius Group on the NYSE American in April 2022
  • Appointment of experienced leadership team and Board members including Erez Simha, Rav Karwal, Tim Murphy and Richard Berman
  • Entered into a Securities Purchase Agreement for the sale of $18.1 million principal amount of Senior Secured Convertible Notes in a private placement with an institutional investor for a purchase price of $17 million
  • Completed the acquisitions of Education Angels, Property Investors Network Ltd, E-Square Education Enterprises (Pty) Ltd, the University of Antelope Valley Inc and Revealed Films Inc
  • Continued growth of GeniusU edtech platform with students in 200 countries
  • Expanded entrepreneur education offering from entrepreneurs and investors to a lifelong learning pathway from early age to 100 years old
  • Launched Entrepreneur Campus and Investor Campus, with Global Summits featuring New York Times Bestselling Authors and Social Media Thought Leaders.

Recent Strategic and Operational Highlights

  • Share repurchase and share consolidation resolutions approved during the Extraordinary General Meeting held in February 2023
  • Issued a $10 per share digital discount coupon to Genius Group shareholders in partnership with Upstream Exchange
  • Genius Group dual listing on Upstream in April 2023
  • Board and shareholder approval, pending NYSE approval for a $37 million spin-off of Entrepreneur Resorts Ltd (based on its current share price), scheduled for Q3 2023
  • Launch of 2023 Prospectus featuring personalized, lifelong learning pathway in entrepreneur education
  • Launch of California Business School at UAV and partnership with Swiss School of Business and Management, delivering MBA and DBA courses with access to Genius Group’s Global Entrepreneur Program, featuring New York Times Bestselling Authors in leadership, marketing, technology and entrepreneurship
  • Continued student and partner growth on GeniusU platform, with launch of AI-based Partner Portal and Genie AI, powered by GPT4
  • Increased management focus on larger strategic acquisitions as a key growth strategy

Financial Guidance

Genius Group maintains its 2023 financial guidance as we will accelerate the integration of our acquired companies and expect growing operating leverage driven by top line synergies from our EdTech platform and the digitization of our portfolio of products. We believe this will allow Genius Group to accelerate organic growth and provide a clear path to positive EBITDA in 2023. 

Webcast and Conference Call

Genius Group will host a live webcast to discuss the results Tuesday June 6 at 5:00 p.m. ET / 5:00 a.m. SGT. The webcast and supplemental information can be accessed on the investor relations section of the Genius Group website. An archive will be available after the conclusion of the live event and will remain available via the same link for 6 months.

Time: Tuesday, June 6, 2023, at 5:00 p.m. ET / 5:00 a.m. SGT

Webcast: Click on this link or go to the Investor Relations section of the Genius Group website to listen and view the slides. 

Dial-in: 877-407-0712 / +1 201-493-6716

About Genius Group

Genius Group is a 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 4.5 million students and users in 200 countries, ranging from early age to 100.

For more information, please visit

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 for the fiscal year ended December 31, 2022, filed with the SEC on June 6, 2023. 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. 


(Expressed in US Dollars)

    For the year ended December 31, 
  Note 2022  2021 
Current Assets          
Cash and cash equivalents   $5,720,569  $1,784,938 
Restricted cash 2  11,108,816    
Accounts receivable, net 2  4,856,637   1,018,003 
Other Receivables 5  120,304   66,000 
Due from related parties 6  351,357   44,245 
Inventories 7  1,001,977   92,530 
Prepaid expenses and other current assets 8  1,090,787   3,490,446 
Total Current Assets    24,250,447   6,496,162 
Property and equipment, net 9  563,131   6,776,116 
Operating lease right-of-use asset 10  12,573,710   1,077,241 
Investments at fair value 11  29,071   29,069 
Goodwill 12  31,688,887   1,320,100 
Intangible assets, net 13  16,107,293   1,394,969 
Other receivables 5  732,716    
Due from related parties 6  5,288,264    
Other non-current assets 15  26,108   501,750 
Total Assets   $91,259,627  $17,595,407 
Current Liabilities          
Accounts payable   $1,672,306  $1,078,381 
Accrued expenses and other current liabilities 16  3,809,540   2,064,302 
Deferred revenue 17  6,391,993   2,561,912 
Income tax payable 2  355,023    
Due to related parties 19  2,932,090   425,551 
Operating lease liabilities - current portion 10  1,590,538   436,271 
Loans payable - current portion 18  334,391   65,415 
Convertible debt obligations - current portion 20  5,752,328   507,765 
Short term debt 20  539,245    
Total Current Liabilities    23,377,454   7,139,597 
Due to related parties 19  1,729    
Operating lease liabilities – non-current portion 10  11,394,337   894,589 
Loans payable – non-current portion 18  428,025   85,858 
Convertible debt obligations - non-current portion 20  2,223,523   766,245 
Deferred tax liability 14  3,391,129   723,122 
Derivative liabilities 21  36,488,594    
Total Liabilities    77,304,791  $9,609,411 
Stockholders’ Equity          
Contributed capital 22  110,534,000   50,924,276 
Subscriptions receivable 22  (1,900,857)  (1,900,857)
Reserves    (32,933,714)  (31,888,638)
Accumulated deficit    (68,539,210)  (13,493,684)
Capital and reserves attributable to owners of Genius Group Ltd    7,160,219   3,641,097 
Non-controlling interest    6,794,617   4,344,899 
Total Stockholders’ Equity    13,954,836   7,985,996 
Total Liabilities and Stockholders’ Equity   $91,259,627  $17,595,407 

The accompanying notes are an integral part of these consolidated financial statements and are disclosed in the 20F filing.


(Expressed in US Dollars)

    For the year ended December 31, 
  Note 2022  2021
As restated (1)
Revenue 23 $18,193,616  $8,294,804 
Cost of revenue 2  (9,554,327)  (5,537,346)
Gross profit    8,639,289   2,757,458 
Operating (Expenses) Income          
General and administrative 25  (21,073,794)  (7,211,204)
Depreciation and amortization 9  (1,182,413)  (38,864)
Other operating income 24  144,396   490,300 
Impairment loss 9,12,13  (28,246,010)   
(Loss) gains from foreign currency transactions 2  135,625   (166,174)
Total operating expenses    (50,222,196)  (6,925,942)
Loss from Operations    (41,582,907)  (4,168,484)
Other Expense          
Other Income 24  418,437    
Revaluation adjustment of contingent liabilities 21  (13,838,197)   
Interest expense, net 26  (1,312,476)  (449,566)
Total Other Expense    (14,732,236)  (449,566)
Loss Before Income Tax    (56,315,143)  (4,618,050)
Income Tax Benefit 27  1,063,596   128,852 
Net Loss    (55,251,547)  (4,489,198)
Other comprehensive income:          
Foreign currency translation 2  (1,045,076)  230,081 
Total Comprehensive Loss   $(56,296,623) $(4,259,117)
Net Loss is attributed to: 28        
Owners of Genius Group Ltd    (55,045,526)  (4,315,239)
Non-controlling interest    (206,021)  (173,959)
Net Loss    (55,251,547)  (4,489,198)
Total Comprehensive Loss is attributable to:          
Owners of Genius Group Ltd    (56,090,602)  (4,085,158)
Non-controlling interest    (206,021)  (173,959)
Total Comprehensive Loss   $(56,296,623) $(4,259,117)
Net loss per share attributed to common stockholders, basic and diluted   $(2.44) $(0.28)
Weighted-average number of shares outstanding, basic, and diluted    22,634,366   16,155,812 
Number of shares outstanding, basic, and diluted    27,705,227   16,155,812 

1) Restatement details in 20F filing.

The accompanying notes are an integral part of these consolidated financial statements and are disclosed in the 20F filing.


(Expressed in US Dollars)

  For the year Ended December 31, 
  2022  2021 
Net Loss $(55,251,547) $(4,489,198)
Adjustments to reconcile net loss to net cash used in operating activities:        
Stock-based compensation  1,308,784   293,837 
Depreciation and amortization  2,350,640   1,574,913 
Amortization of tax liability  (1,284,166  105,650 
(Gain) loss on foreign exchange transactions  (135,625)  166,174 
Provision for doubtful accounts  (1,509,486)  (39,108)
Impairment loss  28,246,010    
Revaluation adjustment on contingent liabilities  13,838,197    
Amortization of debt discount     140,837 
Interest expense on lease liabilities  491,336   131,291 
Changes in operating assets and liabilities        
Accounts receivable  1,161,349   (30,554)
Other receivable  (19,138)  (66,000)
Prepaid expenses and other current assets  1,489,459   (1,927,176)
Inventory  (545,449)  20,013 
Accounts payable  (107,372)  256,562 
Accrued expenses and other current liabilities  751,442   254,080 
Deferred revenue  996,324   1,015,200 
Deferred tax liability  220,570   (257,953)
Income tax payable  (237,759)   
Other non-current liabilities     (217,291)
Total Adjustments  47,015,116   1,420,475 
Net cash used in operations  (8,236,431)  (3,068,723)
Internally developed software  (743,995)  (804,314)
Acquisitions  (8,843,458)   
Purchase of equipment  (222,680)  (77,797)
Acquisition of intangible  (279,356)   
Net cash used in investing activities:  (10,089,489)  (882,111)
Amount due to/from related party, net  (221,842)  (154,345)
Proceeds from derivative liability, net  (250,000)   
Advance received for share issuances      953,087 
Proceeds from IPO, net  17,308,453    
Proceeds from convertible debt, net of issuance costs  4,184,964    
Proceeds from equity issuances  2,701,215   3,127,442 
Issuance from convertible debt  (509,311)   
Lease liabilities  (957,430)  (758,522)
Proceeds from Loan  972,593    
Repayment of Loan  (1,285,181)  (71,967)
Net cash provided by financing activities  21,943,461   3,095,695 
Increase (decrease) in cash and cash equivalents during the year  3,617,541   (855,139)
Foreign exchange impact on cash  318,090   366,926 
Cash and cash equivalents, beginning of year  1,784,938   2,273,151 
Supplemental Disclosures of Cash Flow Information:        
Cash paid during the period for interest $847,520  $202,176 
Non-Cash Investing and Financing Activities        
Fair value of shares issued in satisfaction of a liability $350,000  $ 
Fair value of shares issued for the acquisition of entities $35,098,001  $ 
Fair value of shares issued for conversion of convertible notes $7,829,607  $293,837 

The accompanying notes are an integral part of these consolidated financial statements and are disclosed in the 20F filing.

Pro Forma Financials

The following tables set forth summary combined pro forma financial data and audited summary consolidated financial data for the periods and as of the dates indicated. The summary combined unaudited pro forma financial data below includes the consolidated financials of all companies in the Genius Group, including the Pre-IPO Group and the Acquisitions as if they were operating as one group in the periods indicated. The pro forma financials for 2022 include the audited financial data of the Pre-IPO Group and Acquisitions from the audited financials and the unaudited financial data of the Acquisitions.

The summary income data for the years ended December 31, 2022 and 2021 and the summary balance sheet data as of December 31, 2022 and 2021 for the Group are derived from the audited consolidated financial statements included in this Annual Report. Our audited consolidated financial statements have been prepared in U.S. dollars and in accordance with IFRS, as issued by the IASB.

Genius Group is made up of nine companies (taking into account the Acquisitions) that have varying financial performance. For this reason, you should read the summary combined pro forma financial data in conjunction with our audited consolidated financial statements and related notes beginning on page F-1 of this Annual Report, and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this Annual Report. Our historical results do not necessarily indicate our expected results for any future periods.

  Genius Group  Group 
  Pro forma  Audited Financials 
  Year Ended  Year Ended 
  December 31,  December 31, 
  2022  2022  2021 
  (USD 000’s)  (USD 000’s)  (USD 000’s) 
Sales  28,129   18,194   8,295 
Cost of goods sold  (13,328)  (9,555)  (5,537)
Gross profit  14,801   8,639   2,757 
Other Operating Income  280   280   324 
Operating Expenses  (57,013)  (50,502)  (7,250)
Operating Loss  (41,932)  (41,583)  (4,168)
Other income  1,172   419   0 
Other Expense  (15,207)  (15,151)  (450)
Net Loss Before Tax  (55,967)  (56,315)  (4,618)
Tax Benefits  1,064   1,064   129 
Net Loss After Tax  (54,903)  (55,252)  (4,489)
Other Comprehensive Loss  (1,045)  (1,045)  230 
Total Loss  (55,948)  (56,297)  (4,259)
Net income per share, basic and diluted  (2.43)  (2.44)  (0.28)
Weighted-average number of shares outstanding, basic and diluted  22,634,366   22,634,366   16,155,812 

  Genius Group  Group 
  Pro forma  Audited Financials 
  Year Ended  Year Ended 
  December 31,  December 31, 
  2022  2022  2021 
  (USD 000’s)  (USD 000’s)  (USD 000’s) 
Summary Balance Sheet Data:            
Total current assets  24,251   24,251   6,496 
Total non-current assets  67,009   67,009   11,099 
Total Assets  91,260   91,260   17,595 
Total current liabilities  23,378   23,378   7,140 
Total non-current liabilities  53,927   53,927   2,469 
Total Liabilities  77,305   77,305   9,609 
Total Stockholders’ Equity  13,955   13,955   7,986 
Total Liabilities and Shareholders’ Equity  91,260   91,260   17,595 

Non-IFRS Financial Measure

We have included Adjusted EBITDA in this Annual Report 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.

  Genius Group  Group 
  Pro forma  Audited Financials 
  Year Ended  Year Ended 
  December 31,  December 31, 
  2022  2022  2021 
  (USD 000’s)  (USD 000’s)  (USD 000’s) 
Net Loss  (54,903)  (55,252)  (4,489)
Tax Benefits  (1,064)  (1,064)  (129)
Interest Expense, net  1,325   1,312   450 
Depreciation and Amortization  2,453   2,351   1,575 
Impairment  28,246   28,246    
Revaluation Adjustment of Contingent Liabilities  13,838   13,838   —  
Stock Based Compensation  1,309   1,309   294 
Bad Debt Provision  1,529   1,509   (39)
Adjusted EBITDA  (7,267)  (7,750)  (2,338)

Key Business Metrics

We monitor the key business metrics and Non-IFRS financial measures to help us evaluate our business and growth trends, set growth targets and budgets, and measure the effectiveness of our sales and marketing efforts. These key business metrics and Non-IFRS financial measures are presented for supplemental informational purposes only, are not a substitute for IFRS financial measures, and may differ from similarly titled metrics or measures presented by other companies. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Key Business Metrics and Non-IFRS Financial Measures” for detailed descriptions of the measures and metrics.

Education segment – Genius Group (including Acquisitions)

  Key Business Metrics –
Education Segment
Pro Forma Year Ended December 31,
  2022  2021 
Number of students and users  4,450,852   2,825,628 
Number of Free Students and users  4,278,933   2,768,530 
Number of Paying Students and users  171,919   72,422 
Number of Partners  14,760   11,414 
Number of countries of operation  191   191 
Marketing Spend  1,994,331   1,139,928 
Education Revenue  23,469,609   25,468,253 
Revenue from New Paying Students  10,164,848   7,377,236 
New Students  1,640,698   890,328 
New Paying Students  19,681   10,425 
Conversion rate  1.20%  1.17%
Average Acquisition Cost per New Paying Student  101   109 
Average Annual Revenue per New Paying Student  516   707 
Net Income (Loss) margin  (172.07)%  (4.56)%
Adjusted EBITDA margin  (11.76)%  4.10%

Campus segment – Entrepreneur Resorts

  Key Business Metrics –
Campus Segment
Pro Forma Year Ended December 31,
  2022  2021 
Revenue  4,638,122   3,100,750 
No of Locations  6   6 
No of Seats/Rooms  367   367 
Utilization  33%  28%
Total Orders  136,204   96,390 
Revenue Per Order  34   32 


Flora Hewitt, Vice President of Investor Relations and Mergers and Acquisitions

Media Contacts: Adia PR

US Investors: 
Dave Gentry
RedChip Companies Inc

1 Holon IQ Edtech growth estimated of 16.3% CAGR from 2019 to 2025

Articles from GlobeNewswire