Genifi Inc. Reports Q3 2023 Results

TORONTO, Nov. 10, 2023 /CNW/ –  Genifi Inc. (formerly Prodigy Ventures Inc.) (TSXV: GNFI) (“genifi” or the “Company”) today announced its financial results for the three and nine months ended September 30, 2023. As previously reported, the Company sold TCB Corporation (“Prodigy Labs”) on January 18, 2023. As a result, its financial results are treated as discontinued operations for the reporting periods noted below.

Third Quarter 2023 Financial Results

Revenue for the three months ended September 30, 2023 totalled $547,735 as compared to $440,410 for the three months ended September 30, 2022, an increase of 24%.Gross profit for the three months ended September 30, 2023 of $387,341 as compared to $297,212 for the three months ended September 30, 2022, an increase of 30%.Expenses for the three months ended September 30, 2023 of $774,472 as compared to $1,199,777 for the three months ended September 30, 2022, a decrease of 35%.Net loss from continuing operations for the three months ended September 30, 2023 of $385,206 as compared to $817,316 for the three months ended September 30, 2022.Income from discontinued operations net of tax for the three months ended September 30, 2023 of $nil as compared to $382,611 for the three months ended September 30, 2022.Net and comprehensive loss for the three months ended September 30, 2023 totalled $385,206 as compared to a net and comprehensive loss of $434,705 for the three months ended September 30, 2022.The Company had working capital of $1,846,128 as of September 30, 2023 compared to $2,125,273 as of December 31, 2022. 

Year-to-Date 2023 Financial Results

Revenue for the nine months ended September 30, 2023 totalled $1,657,228 as compared to $1,302,069 for the nine months ended September 30, 2022, an increase of 27%.Gross profit for the nine months ended September 30, 2023 of $1,193,492 as compared to $877,036 for the nine months ended September 30, 2022, an increase of 36%.Expenses for the nine months ended September 30, 2023 of $3,111,311 as compared to $5,998,041 for the nine months ended September 30, 2022, a decrease of 48%. The decrease is primarily due to a non-cash impairment loss recognized in the second quarter of 2022.Net loss from continuing operations for the nine months ended September 30, 2023 of $1,652,609 as compared to $4,680,112 for the nine months ended September 30, 2022.Income from discontinued operations net of tax for the nine months ended September 30, 2023 of $6,732,497 as compared to $1,161,840 for the nine months ended September 30, 2022.Net and comprehensive income for the nine months ended September 30, 2023 totalled $5,079,888 as compared to a net and comprehensive loss of $3,518,272 for the nine months ended September 30, 2022.

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. Genifi has been recognized as one of Canada’s fastest-growing companies and is committed to driving innovation in the Fintech industry.

For more information about genifi and its Fintech platforms, please visit genifi.com.

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 the Company 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. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company’s Management’s Discussion and Analysis for the three and nine months ended September 30, 2023, 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, the Company 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.