Genius Group Limited (AMEX: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.
