Genifi Inc. Reports Q2 2023 Results

 (TSXV-GNFI)

TORONTO, Aug. 10, 2023 /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, 2023. 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.

Second Quarter 2023 Financial Results

• Revenue for the three months ended June 30, 2023 totalled $564,735 as compared to $419,881 for the three months ended June 30, 2022, an increase of 34%.
• Gross profit for the three months ended June 30, 2023 of $410,363 as compared to $279,176 for the three months ended June 30, 2022, an increase of 47%.
• Expenses for the three months ended June 30, 2023 of $959,524 as compared to $3,699,257 for the three months ended June 30, 2022, a decrease of 74%. The decrease is primarily due to a non-cash impairment loss recognized in the second quarter of 2022.
• Net and comprehensive loss from continuing operations for the three months ended June 30, 2023 of $486,950 as compared to $3,169,489 for the three months ended June 30, 2022.
• Income from discontinued operations net of tax for the three months ended June 30, 2023 of $nil as compared to $389,089 for the three months ended June 30, 2022.
• Net loss for the three months ended June 30, 2023 totalled $486,950 as compared to a net loss of $2,780,400 for the three months ended June 30, 2022.
• The Company had working capital of $2,246,345 as of June 30, 2023 compared to $2,125,273 as of December 31, 2022.

Year-to-Date 2023 Financial Results

• Revenue for the six months ended June 30, 2023 totalled $1,109,493 as compared to $861,659 for the six months ended June 30, 2022, an increase of 29%.
• Gross profit for the six months ended June 30, 2023 of $806,152 as compared to $579,824 for the six months ended June 30, 2022, an increase of 39%.
• Expenses for the six months ended June 30, 2023 of $2,336,840 as compared to $4,798,265 for the six months ended June 30, 2022, a decrease of 51%. The decrease is primarily due to a non-cash impairment loss recognized in the second quarter of 2022.
• Net and comprehensive loss from continuing operations for the six months ended June 30, 2023 of $1,267,403 as compared to $3,862,797 for the six months ended June 30, 2022.
• Income from discontinued operations net of tax for the six months ended June 30, 2023 of $6,732,497 as compared to $779,230 for the six months ended June 30, 2022.
• Net income for the six months ended June 30, 2023 totalled $5,465,094 as compared to a net loss of $3,083,567 for the six months ended June 30, 2022.

The complete unaudited financial statements and associated Management's Discussion and Analysis are available under the Company's profile at www.sedar.com or 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, tunl. for open banking, and tunl.chat for AI-driven 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 six months ended June 30, 2023, a copy of which is filed on SEDAR at www.sedar.com. 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.