Why Singapore-Based Edtech Company Genius Shares Are Surging Today

Genius Group Limited GNS shares are trading higher after the company updated financial guidance for the financial year ending December 31, 2023. 

The company expects FY23 revenue of $27 million-$29 million versus the analyst consensus of $27.69 million (prior view: $26 million-$29 million).

The company said net profit is expected to be adjusted to $3.0 million to $5.0 million from prior guidance of an expected ($15.4) million to ($17.0) million net loss due to adjustments of certain contingent liabilities.

The company expects student and user growth to be between 5.7 million and 6.0 million, a 27% to 33% increase from 4.5 million students and users in 2022.

Roger Hamilton, CEO of Genius Group, commented: "In 2022, we had our IPO and completed six acquisitions. In 2023, we have not completed any acquisitions with all of our revenue coming from organic growth."

In September, the company reported first-half revenue of $11.8 million, a 120.76% growth over the first half of 2022. 

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Price Action: GNS shares are trading higher by 22.03% to $0.72 on the last check Friday.