Genifi Announces Q2 2024 Results

TORONTO, Aug. 27, 2024 /CNW/ - Genifi Inc. (formerly Prodigy Ventures Inc.) (TSXV: GNFI) ("genifi" or the "Company") today announced its financial results for the three and six months ended June 30, 2024.

Second Quarter 2024 Financial Results

• Revenue for the three months ended June 30, 2024 totalled $256,030 as compared to $493,534 for the three months ended June 30, 2023, a decrease of 48%.
• Gross profit for the three months ended June 30, 2024 of $127,813 as compared to $339,163 for the three months ended June 30, 2023, a decrease of 62%.
• Expenses for the three months ended June 30, 2024 of $270,161 as compared to $888,323 for the three months ended June 30, 2023, a decrease of 70%.
• Net loss from continuing operations for the three months ended June 30, 2024 of $104,032 as compared to a loss of $486,950 for the three months ended June 30, 2023.
• Income from discontinued operations net of tax for the three months ended June 30, 2024 of $82,898 as compared to $nil for the three months ended June 30, 2023.
• Net and comprehensive loss for the three months ended June 30, 2024 totalled $21,134 as compared to $486,950 for the three months ended June 30, 2023.
• The Company had working capital of $2,716,162 as of June 30, 2024 compared to $2,901,095 as of December 31, 2023.

Year-to-Date 2024 Financial Results

• Revenue for the six months ended June 30, 2024 totalled $515,572 as compared to $990,578 for the six months ended June 30, 2023, a decrease of 48%.
• Gross profit for the six months ended June 30, 2024 of $252,150 as compared to $687,237 for the six months ended June 30, 2023, a decrease of 63%.
• Expenses for the six months ended June 30, 2024 of $606,389 as compared to $2,217,925 for the six months ended June 30, 2023, a decrease of 73%.
• Net loss from continuing operations for the six months ended June 30, 2024 of $265,670 as compared to $1,267,403 for the six months ended June 30, 2023.
• Income from discontinued operations net of tax for the six months ended June 30, 2024 of $82,898 as compared to $6,732,497 for the six months ended June 30, 2023.
• Net and comprehensive loss for the six months ended June 30, 2024 totalled $182,772 as compared to a net and comprehensive income of $5,465,094 for the six months ended June 30, 2023.

	Three months ended    June 30		Six months ended June 30
	2024 $	2023 $	2024 $	2023 $
Revenue	256,030	493,534	515,572	990,578
Gross Profit	127,813	339,162	252,150	687,237
Expenses	270,161	888,323	606,389	2,217,925
Net (loss) from continuing operations	(104,032)	(486,950)	(265,670)	(1,267,403)
Income from discontinued operations net of tax	82,898	-	82,898	6,732,497
Net and comprehensive income (loss) for the period	(21,134)	(486,950)	(182,772)	5,465,094
Net income (loss) per share – basic and diluted :
Continuing operations	(0.00)	(0.00)	(0.00)	(0.01)
Discontinued operations	0.00	0.00	0.00	0.05

The complete unaudited financial statements and associated Management's Discussion and Analysis are available under the Company's profile at www.sedarplus.ca and the Company's website at www.genifi.com.

About genifi inc.:

Genifi (formerly Prodigy Ventures) delivers Fintech innovation, with its cutting-edge platforms: IDVerifact for digital identity verification, and tunl.chat for generative AI chat.

Forward-Looking and Cautionary Statements

Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. Although genifi believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. The forward-looking information is based on certain assumptions, which could change materially in the future. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in genifi's Management's Discussion and Analysis for the three and six months ended June 30, 2024, a copy of which is filed on SEDAR+ at www.sedarplus.ca. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, genifi does not intend, or assume any obligation, to update these forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE genifi inc.

FOR FURTHER INFORMATION PLEASE CONTACT: GENIFI INC., Andrew Hilton, Chief Financial Officer, [email protected], 416-606-8833