Genifi Announces Q3 2024 Results

TORONTO, Nov. 20, 2024 /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, 2024.

Third Quarter 2024 Financial Results

• Revenue for the three months ended September 30, 2024 totalled $200,178 as compared to $521,679 for the three months ended September 30, 2023, a decrease of 62%.
• Gross profit for the three months ended September 30, 2024 of $57,882 as compared to $361,285 for the three months ended September 30, 2023, a decrease of 84%.
• Expenses for the three months ended September 30, 2024 of $467,889 as compared to $748,416 for the three months ended September 30, 2023, a decrease of 37%.
• Net loss from continuing operations for the three months ended September 30, 2024 of $310,360 as compared to a loss of $385,206 for the three months ended September 30, 2023.
• Income from discontinued operations net of tax for the three months ended September 30, 2024 of $76,584 as compared to $nil for the three months ended September 30, 2023.
• Net and comprehensive loss for the three months ended September 30, 2024 totalled $233,776 as compared to $385,206 for the three months ended September 30, 2023.
• The Company had working capital of $2,482,965 as of September 30, 2024 compared to $2,901,095 as of December 31, 2023. 

Year-to-Date 2024 Financial Results

• Revenue for the nine months ended September 30, 2024 totalled $715,750 as compared to $1,512,257 for the nine months ended September 30, 2023, a decrease of 53%.
• Gross profit for the nine months ended September 30, 2024 of $310,032 as compared to $1,048,521 for the nine months ended September 30, 2023, a decrease of 70%.
• Expenses for the nine months ended September 30, 2024 of $1,074,278 as compared to $2,966,340 for the nine months ended September 30, 2023, a decrease of 64%.
• Net loss from continuing operations for the nine months ended September 30, 2024 of $576,030 as compared to $1,652,609 for the nine months ended September 30, 2023.
• Income from discontinued operations net of tax for the nine months ended September 30, 2024  of $159,482 as compared to $6,732,497 for the  nine months ended September 30, 2023.
• Net and comprehensive loss for the nine months ended September 30, 2024 totalled $416,548 as compared to a net and comprehensive income of $5,079,888 for the nine months ended September 30, 2023.

	Three months ended    September 30		Nine months ended September 30
	2024 $	2023 $	2024 $	2023 $
Revenue	200,178	521,679	715,750	1,512,257
Gross Profit	57,882	361,285	310,032	1,048,521
Expenses	467,889	748,416	1,074,278	2,966,340
Net (loss) from continuing operations	(310,360)	(385,206)	(576,030)	(1,652,609)
Income from discontinued operations net of tax	76,584	-	159,482	6,732,497
Net and comprehensive income (loss) for the period	(233,776)	(385,206)	(416,548)	5,079,888
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 nine months ended September 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